REGISTERED NUMBER: 09414005 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Period 1 February 2024 to 31 August 2024

for

EDUCATION TRAVEL & LEISURE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTOR:

Mr Erhan Sengur

REGISTERED OFFICE:

36-43

Kirby Street

London

EC1N 8TE

REGISTERED NUMBER:

09414005 (England and Wales)

AUDITORS:

BLS Burnells LLP

The Atrium

1 Harefield Road

Uxbridge

Middlesex

UB8 1EX

ACCOUNTANTS:

ADPL LLP

Chartered Certified Accountants

293 Palmers Green

London

N13 4XS

The director presents his strategic report for the period 1 February 2024 to 31 August 2024.

Business Overview

Education Travel & Leisure Limited operates in the purpose-built student accommodation (PBSA) sector, providing high-quality housing solutions to domestic and international students. The business focuses on leasing and managing PBSA assets in key university cities including London, Brighton, Leeds and Dublin.

The company's mission is to deliver secure, modern, and well-managed accommodation aligned with evolving student expectations while providing long-term stable returns.

The principal activity of the company during the year continued to be the renting and management of student accommodation.

There have been no significant changes to this activity during the year.

Market Overview

The UK PBSA market remains robust, underpinned by strong fundamentals:

Student demand: Continued growth in student numbers, particularly from international markets (non-EU, notably China and India), supports high occupancy levels. As of 2025, UCAS applications have increased year-on-year.

Supply imbalance: There is an ongoing structural undersupply of quality, affordable student accommodation in several cities, exacerbated by high planning constraints and construction cost inflation.

Inflation hedging: PBSA rental income has shown inflation-linked resilience, with annual rent increases typically aligned with CPI or market rates.

Investor appetite: The sector remains attractive to institutional investors seeking long-term, stable cash flows, despite broader real estate market volatility.

Strategic Objectives

The company's strategic focus remains on:

Portfolio Growth: Acquisition of assets in high-demand, undersupplied markets.

Operational Excellence: Maintaining high occupancy rates (>95%) through strong property management and student engagement.

Digital Transformation: Enhancing tenant experience through digital platforms for booking, maintenance, and communication.

REVIEW OF BUSINESS

- Turnover for the year reduced by 23% to £13,003,502 (2024: £16,964,634). This is due to the shortening of the

financial period of the company.

- Operating profit was £3,184,243, reflecting higher occupancy and rent growth.

- Net asset value stood at £3,688,777, up from Jan 2024 due to increase in debtors.

Outlook for 2024-2025

The board remains cautiously optimistic:

- Demand for UK university education is expected to remain strong, particularly in key Russell Group cities.

- The PBSA sector is expected to outperform traditional residential lettings in rental growth and occupancy.

- Inflationary pressures on operational costs are being mitigated by indexed rental contracts and cost efficiencies.

Key performance indicators

As the principal activity is the renting of student accommodation and management of leased property the key performance indicators continue to be within the provision of key business areas such as occupancy and leasing, financial, marketing and leasing, operational efficiency and ultimately customer satisfaction and service.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management objectives and policies

The Company uses various financial instruments including cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.

All of the Company's financial instruments are of sterling denomination and the Company does not trade in financial instruments or derivatives.

Demand risk

The Company is subject to revenue risk arising from potential occupancy voids where no nomination is in place and counterparty credit risk where a nomination is in place from the university partner.

While the Company operates with the benefit of various contractual rights that support high levels of occupancy, the supply of purpose built student accommodation is increasing providing increased competition focused on price, quality and location.

Portfolio risk

The assets of the Company are in the student market and reduced student numbers could impact upon financial performance.

The Company seeks to mitigate this risk by building excellent long term relationships with its university partner's and agents and ensuring up to date in depth market analysis is completed each year to enable the Company to review its strategic position.

Market risk

The risk has been mitigated as for the 2024/25 academic year, the company secured more nomination agreements and in additional locations thus revenue is expected to increase.

The majority if income is accounted for by High and Mid-ranked Universities and Language Schools, where Education Travel has long standing relationships. The company will maintain a close dialogue with its partners as their accommodation requirements for 2024/25 become clearer. In the event beds are not taken up by the companies various partners, the company is ready to shift its sales to a direct-let basis.

ON BEHALF OF THE BOARD:

Mr Erhan Sengur - Director

3 October 2025

The director presents his report with the financial statements of the company for the period 1 February 2024 to 31 August 2024.

DIVIDENDS

No dividends will be distributed for the period ended 31 August 2024.

DIRECTOR

Mr Erhan Sengur held office during the whole of the period from 1 February 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, BLS Burnells LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Erhan Sengur - Director

3 October 2025

Opinion

We have audited the financial statements of Education Travel & Leisure Limited (the 'company') for the period ended 31 August 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Report of the Director for the financial year for which the

financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal

requirements.

- the comparatives are un-audited.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We exercise professional judgement and maintain professional scepticism throughout the audit.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risk, such procedures include examining, on a sample basis, evidence regarding the amounts and disclosures in the financial statements, holding discussions with management or those charged with governance to identify instances of fraud and non-compliance with laws and regulations, testing journal entries for appropriateness and carrying out analytical review to identify anomalies for further testing.

We obtain understanding of internal controls relevant to the audit and design audit procedures that are appropriate in the circumstances.

We evaluate the appropriateness of accounting policies used and the reasonableness of any significant accounting estimates made by management as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgement, there are conditions or events which could affect the ability of the company to continue as a going concern for the foreseeable future, being a period of at least 12 months following the approval of the financial statements.

Because of inherent limitations of an audit, there is a risk we will not detect all irregularities, including those which result in material misstatement in the financial statements or non -compliance with laws and regulations. The risk is greater where the irregularity is due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Vishal Bhatt (Senior Statutory Auditor)

for and on behalf of BLS Burnells LLP

The Atrium

1 Harefield Road

Uxbridge

Middlesex

UB8 1EX

3 October 2025

TURNOVER

3

13,003,502

16,964,634

Cost of sales

8,944,005

15,380,539

GROSS PROFIT

4,059,497

1,584,095

Administrative expenses

979,858

1,122,110

3,079,639

461,985

Other operating income

59,120

124,570

OPERATING PROFIT

5

3,138,759

586,555

Interest receivable and similar income

460

227

PROFIT BEFORE TAXATION

3,139,219

586,782

Tax on profit

6

792,677

149,062

PROFIT FOR THE FINANCIAL PERIOD

2,346,542

437,720

Retained earnings at beginning of period as previously reported

1,354,032

1,021,962

Dividends

7

-

(120,000

)

Prior year adjustment - corrections of material errors

8

(14,350

)

-

RETAINED EARNINGS AT END OF PERIOD

3,686,224

1,339,682

FIXED ASSETS

Tangible assets

9

3,883,028

3,878,354

CURRENT ASSETS

Debtors

10

8,579,780

4,378,200

Cash at bank and in hand

3,166,325

4,918,614

11,746,105

9,296,814

CREDITORS

Amounts falling due within one year

11

11,841,971

11,805,848

NET CURRENT LIABILITIES

(95,866

)

(2,509,034

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,787,162

1,369,320

CREDITORS

Amounts falling due after more than one year

12

(95,931

)

(27,499

)

PROVISIONS FOR LIABILITIES

14

(4,907

)

(2,039

)

NET ASSETS

3,686,324

1,339,782

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

3,686,224

1,339,682

SHAREHOLDERS' FUNDS

3,686,324

1,339,782

The financial statements were approved by the director and authorised for issue on 3 October 2025 and were signed by:

Mr Erhan Sengur - Director

Cash flows from operating activities

Cash generated from operations

1

(1,463,583

)

1,682,378

Tax paid

140,106

(76,572

)

Net cash from operating activities

(1,323,477

)

1,605,806

Cash flows from investing activities

Purchase of tangible fixed assets

(14,131

)

(2,594,161

)

Interest received

460

227

Net cash from investing activities

(13,671

)

(2,593,934

)

Cash flows from financing activities

Amount introduced by directors

(339,132

)

50,593

Amount withdrawn by directors

(76,000

)

(392,308

)

Equity dividends paid

-

(120,000

)

Net cash from financing activities

(415,132

)

(461,715

)

Decrease in cash and cash equivalents

(1,752,280

)

(1,449,843

)

Cash and cash equivalents at beginning of period

2

4,918,605

6,368,448

Cash and cash equivalents at end of period

2

3,166,325

4,918,605

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.2.24

to

Year Ended

31.8.24

31.1.24

as restated

(Unaudited)

£

£

Profit before taxation

3,139,219

586,782

Depreciation charges

9,458

14,637

Finance income

(460

)

(227

)

3,148,217

601,192

Increase in trade and other debtors

(3,786,449

)

(2,314,195

)

(Decrease)/increase in trade and other creditors

(825,351

)

3,395,381

Cash generated from operations

(1,463,583

)

1,682,378

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 August 2024

31.8.24

1.2.24

£

£

Cash and cash equivalents

3,166,325

4,918,614

Bank overdrafts

-

(9

)

3,166,325

4,918,605

Year ended 31 January 2024

31.1.24

1.2.23

as restated

(Unaudited)

£

£

Cash and cash equivalents

4,918,614

6,368,448

Bank overdrafts

(9

)

-

4,918,605

6,368,448

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24

Cash flow

At 31.8.24

£

£

£

Net cash

Cash at bank and in hand

4,918,614

(1,752,289

)

3,166,325

Bank overdrafts

(9

)

9

-

4,918,605

(1,752,280

)

3,166,325

Total

4,918,605

(1,752,280

)

3,166,325

1.	STATUTORY INFORMATION

Education Travel & Leisure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or received.

However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the Profit and Loss Account.

Revenue recognition

Revenue for the company is recognised in accordance with the completion of the service or the transfer of benefit to the customer. Rental income from student accommodation is recognised when the stay is due, reflecting the performance obligation being met over time. Administrative fees and additional services, such as the provision of bedding and kitchen packs, are recognised as revenue once the service or product has been delivered to the customer. Similarly, income from short-term lets via online platforms such as Airbnb and Booking.com, as well as assured shorthold tenancies (ASTs) in residential properties, is recognised on a regular basis in line with the duration of each stay or rental period. This approach ensures that income is only recognised when it is earned and measurable, aligning with standard accounting principles.

Tangible fixed assets

Tangible fixed assets comprise items of plant, equipment and motor vehicles, which are stated at cost, and the property at revaluation, less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

- 20% straight line

Plant and machinery

- 25% on reducing balance

Computer equipment

- 25% on reducing balance

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period

1.2.24

to

Year Ended

31.8.24

31.1.24

as restated

(Unaudited)

£

£

Student accomodation

13,003,502

16,964,634

13,003,502

16,964,634

An analysis of turnover by geographical market is given below:

Period

1.2.24

to

Year Ended

31.8.24

31.1.24

as restated

(Unaudited)

£

£

United Kingdom

13,003,502

16,964,634

13,003,502

16,964,634

4.	EMPLOYEES AND DIRECTORS

The average number of employees, including director, during the year was 20 (2024: 11).

31.8.24

31.1.24

Director

1

1

Management

4

2

Operations

13

6

Administration

2

2

Period

1.2.24

to

Year Ended

31.8.24

31.1.24

as restated

(Unaudited)

£

£

Director's remuneration

23,333

40,000

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

1.2.24

to

Year Ended

31.8.24

31.1.24

as restated

(Unaudited)

£

£

Depreciation - owned assets

9,457

14,638

Auditors' remuneration

17,000

-

Foreign exchange differences

(495

)

3,238

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

1.2.24

to

Year Ended

31.8.24

31.1.24

as restated

(Unaudited)

£

£

Current tax:

UK corporation tax

789,809

149,269

Deferred tax

2,868

(207

)

Tax on profit

792,677

149,062

7.

DIVIDENDS

Period

1.2.24

to

Year Ended

31.8.24

31.1.24

as restated

(Unaudited)

£

£

Final

-

120,000

8.	PRIOR YEAR ADJUSTMENT

The prior year adjustment relates to £14,600 of rental income received on letting of the flats as it was overstated in the accounts year ended 31 January 2024.

9.	TANGIBLE FIXED ASSETS

Short

Long

Plant and

Computer

leasehold

leasehold

machinery

equipment

Totals

£

£

£

£

£

COST

At 1 February 2024

55,303

3,845,504

22,013

-

3,922,820

Additions

-

-

-

14,131

14,131

At 31 August 2024

55,303

3,845,504

22,013

14,131

3,936,951

DEPRECIATION

At 1 February 2024

33,182

-

11,284

-

44,466

Charge for period

6,452

-

1,564

1,441

9,457

At 31 August 2024

39,634

-

12,848

1,441

53,923

NET BOOK VALUE

At 31 August 2024

15,669

3,845,504

9,165

12,690

3,883,028

At 31 January 2024

22,121

3,845,504

10,729

-

3,878,354