Skift Travel UK Ltd
Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 10389710 (England and Wales)
Skift Travel UK Ltd
Company Information
Directors
R Ali
J Clampet
(Appointed 16 September 2024)
Secretary
Fieldfisher Secretaries
Company number
10389710
Registered office
C/O Fieldfisher
Riverbank House
2 Swan Lane
London
EC4R 3TT
Auditor
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Skift Travel UK Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Skift Travel UK Ltd
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
278,623
194,938
Cash at bank and in hand
75,637
70,502
354,260
265,440
Creditors: amounts falling due within one year
6
(62,014)
(40,437)
Net current assets
292,246
225,003
Capital and reserves
Called up share capital
8
1,000
1,000
Other reserves
8,399
-
0
Profit and loss reserves
282,847
224,003
Total equity
292,246
225,003

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 November 2025 and are signed on its behalf by:
J Clampet
Director
Company Registration No. 10389710
Skift Travel UK Ltd
Notes to the Financial Statements
For the year ended 31 December 2024
Page 2
1
Accounting policies
Company information

Skift Travel UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Fieldfisher, Riverbank House, 2 Swan Lane, London, EC4R 3TT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern
The Company made a profit for the year of £58,844 (2023: £46,764) and had net assets at the balance sheet date of £292,246 (2023: £225,003) including an amount due from the parent company of £278,623. The Company has been provided with confirmation from the parent company that financial support will be provided where necessary, to enable the company to continue to trade and meet its liabilities as they fall due, for at least 12 months from the date of approval of the financial statements. The Company requires financial support from parent company because all its revenue is earned from the parent company. The parent company is forecasted to generate cash and profits in the foreseeable future and the directors have no reason to believe that the parent company will be unable to provide the support.
Having made enquiries, and based on the forecasts produced and financial position of the parent
company, the directors have concluded that there is a reasonable expectation that the company has
adequate resources to continue in operational existence for at least 12 months from the date of the audit report of these financial statements. As such, the accounts have been prepared on a going concern basis.
1.3
Turnover

Turnover is recognised at the fair value of the consideration received and services provided in the normal course of business.

1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call
with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Skift Travel UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 3
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company only has basic financial instruments measured at amortised cost, with no financial

instruments classified as other, or basic financial instruments measured at fair value.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Skift Travel UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Skift Travel UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 5
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Share based payments

The company has share based options issued to employees by parent company. Share based payments are fair valued on grant date. Valuation involves use of unobservable inputs. The company uses Black-Scholes model to fair value options.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
9
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
21,897
34,048
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
278,623
194,938
Skift Travel UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
40,940
27,537
Accruals and deferred income
21,074
12,900
62,014
40,437
7
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January
30,000
30,000
0.64
0.48
Granted
31,500
5,000
Forfeited
(4,000)
(5,000)
Exercised
(5,000)
-
0
-
0
-
0
Outstanding at 31 December
52,500
30,000
0.84
0.64

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions and behavioural considerations.

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

The options outstanding at 31 December 2024 had an exercise price of £0.84 (2023: £0.64), and a ll option grants continue to be in effect as long as the grantee is still in service with the company. Should the grantee stop service, the grant would need to be exercised within 90 days or it is forfeited.

In 2024 the number of shares that were granted were 31,500 (2023: 5,000).

Skift Travel UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Darren Jordan
Statutory Auditor:
Moore Kingston Smith LLP
10
Related party transactions
During the period, the parent company, Skift Inc paid £893,116 (2023: £807,178) in respect of wages and other business expenses on behalf of Skift Travel UK Ltd and was charged £995,520 (2023: £888,926) for the services provided by Skift Travel UK Ltd. At 31 December 2024 Skift Travel UK Ltd was owed £278,623 (2023: £194,938) by its parent company.
11
Control
The immediate parent company is Skift Inc. The ultimate controlling party is R Ali.
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