ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 01615851

TRANSUN TRAVEL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

TRANSUN TRAVEL LIMITED

COMPANY INFORMATION

Director	P Kostich


Registered number	01615851


Registered office	1a Iffley Road
	Oxford
	Oxfordshire
	OX4 1AS


Independent auditors	Xeinadin Audit Limited
	Chartered Accountants & Statutory Auditors
	8th floor, Becket House
	36 Old Jewry
	London
	EC2R 8DD

TRANSUN TRAVEL LIMITED

CONTENTS

	Page
Group Strategic Report	1
Director's Report	2 - 3
Independent Auditors' Report	4 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Statement of Financial Position	10 - 11
Company Statement of Financial Position	12 - 13
Consolidated Statement of Changes in Equity	14 - 15
Company Statement of Changes in Equity	16 - 17
Consolidated Statement of Cash Flows	18
Notes to the Financial Statements	19 - 37

TRANSUN TRAVEL LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The director presents his strategic report for the year ended 31 March 2025

Business review

The results for the year and financial position of the company and the group are as shown in the annexed financial statements. The company maintained a strong trading performance during the year and achieved profitable sales. The company’s performance during the year is expressed in the key performance indicators.

Principal risks and uncertainties

The director is mindful of increased competition in the company’s core Lapland market but has diversified the product offering sufficiently to limit its effect. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. In respect of bank balances, all the business’ cash balances are held in such a way that achieves a competitive rate of interest and minimises cash flow risk. The director is mindful of the inherent risk in fluctuating foreign currency exchange rates and so the company uses forward contracts and serial purchases to minimise that risk.

Development and performance during the year and position at the end of it

During the year the group has realised the anticipated improvement in its performance. The Group is aware of its need to continually diversify its products to appeal to new markets.

KPIs
2025 2024 %
Turnover £13,915,752 £12,233,890 13.8%
Gross profit £3,059,313 £3,000,737 2%
Gross profit margin 22% 24.5% -2.5%

Net assets £4,365,490 £4,172,789 4.6%

This report was approved by the board on 12 August 2025 and signed on its behalf.

P Kostich

Director

Page 1

TRANSUN TRAVEL LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The director presents his report and the financial statements for the year ended 31 March 2025.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £73,197 (2024 - £277,939).

The directors have proposed the payment of dividends amounting to £100,000 (2024 - £Nil).

Director

The director who served during the year was:

P Kostich

Future developments

The director anticipates maintaining the group’s profitable performance based on its key performance indicators.

Page 2

TRANSUN TRAVEL LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 12 August 2025 and signed on its behalf.

P Kostich

Director

Page 3

TRANSUN TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANSUN TRAVEL LIMITED

Opinion

We have audited the financial statements of Transun Travel Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's profit for the year 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.

Page 4

TRANSUN TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANSUN TRAVEL LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Page 5

TRANSUN TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANSUN TRAVEL LIMITED (CONTINUED)

Matters on which we are required to report by exception

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

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

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

∙the parent Company 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 directors

As explained more fully in the Director's Responsibilities Statement set out on page 2, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or has no realistic alternative but to do so.

Page 6

TRANSUN TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANSUN TRAVEL LIMITED (CONTINUED)

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 an Auditors' Report 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Reviewing minutes of meetings of meetings of those charged with governance;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reprting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: ABTA and ATOL compliance recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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

Page 7

TRANSUN TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANSUN TRAVEL LIMITED (CONTINUED)

Auditors' report.

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 Auditors' Report.

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 an Auditors' Report 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.

Alexander Wall (ACA) (Senior Statutory Auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditors

8th floor, Becket House

36 Old Jewry

London

EC2R 8DD

12 August 2025

Page 8

TRANSUN TRAVEL LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
	£	£


Turnover	4	13,915,752	12,233,890
Cost of sales		(10,856,439)	(9,233,153)
Gross profit		3,059,313	3,000,737
Administrative expenses		(2,990,171)	(2,717,231)
Operating profit		69,142	283,506
Interest receivable and similar income	9	259,530	198,223
Interest payable and similar expenses	10	(4,986)	(5,398)
Profit before taxation		323,686	476,331
Tax on profit	11	(250,489)	(198,392)
Profit for the financial year		73,197	277,939

Other comprehensive income
Unrealised surplus on revaluation of tangible fixed assets	104,882	-
Foreign exchange reserve movement	(11,149)	74,234
Other comprehensive income for the year	93,733	74,234
Total comprehensive income for the year	166,930	352,173

Profit for the year attributable to:
Owners of the parent Company	73,197	277,939
	73,197	277,939

The notes on pages 19 to 37 form part of these financial statements.

Page 9

TRANSUN TRAVEL LIMITED

REGISTERED NUMBER: 01615851

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
		£		£

Fixed assets
Intangible assets	13		13,788		16,479
Tangible assets	14		2,741,668		2,395,949
			2,755,456		2,412,428
Current assets
Debtors: amounts falling due within one year	16	741,980		716,884
Cash at bank and in hand	17	7,327,802		6,332,594
		8,069,782		7,049,478
Creditors: amounts falling due within one year	18	(6,376,019)		(5,079,617)
Net current assets			1,693,763		1,969,861
Total assets less current liabilities			4,449,219		4,382,289
Creditors: amounts falling due after more than one year	19		(209,500)		(209,500)
Provisions for liabilities
Net assets			4,239,719		4,172,789

Page 10

TRANSUN TRAVEL LIMITED

REGISTERED NUMBER: 01615851

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Capital and reserves
Called up share capital	20	50,000	50,000
Revaluation reserve	21	854,461	749,579
Foreign exchange reserve	21	(670,024)	(658,875)
Profit and loss account	21	3,921,021	3,947,824
Equity attributable to owners of the parent Company		4,155,458	4,088,528
Non-controlling interests		84,261	84,261
		4,239,719	4,172,789

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P Kostich

Director

Date: 12 August 2025

The notes on pages 19 to 37 form part of these financial statements.

Page 11

TRANSUN TRAVEL LIMITED

REGISTERED NUMBER: 01615851

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		13,788		16,479
Tangible assets	14		1,239,618		1,112,685
Investments	15		1,032,749		1,032,749
			2,286,155		2,161,913
Current assets
Debtors: amounts falling due after more than one year	16	2,760,368		2,621,187
Debtors: amounts falling due within one year	16	619,339		332,338
Cash at bank and in hand	17	7,300,931		6,277,008
		10,680,638		9,230,533
Creditors: amounts falling due within one year	18	(6,434,321)		(5,132,917)
Net current assets			4,246,317		4,097,616
Total assets less current liabilities			6,532,472		6,259,529

Creditors: amounts falling due after more than one year	19		(209,500)		(209,500)

Net assets			6,322,972		6,050,029

Page 12

TRANSUN TRAVEL LIMITED

REGISTERED NUMBER: 01615851

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

	2025	2024
Note	£	£

Capital and reserves
Called up share capital		50,000	50,000
Revaluation reserve	21	854,461	749,579
Profit and loss account	21	5,418,511	5,250,450
		6,322,972	6,050,029

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P Kostich

Director

Date: 12 August 2025

The notes on pages 19 to 37 form part of these financial statements.

Page 13


		TRANSUN TRAVEL LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Revaluation reserve	Foreign exchange reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£	£
At 1 April 2024	50,000	749,579	(658,875)	3,947,824	4,088,528	84,261	4,172,789
Comprehensive income for the year
Profit for the year	-	-	-	73,197	73,197	-	73,197
Surplus on revaluation of freehold property	-	104,882	-	-	104,882	-	104,882
Foreign exchange movement	-	-	(11,149)	-	(11,149)	-	(11,149)
Other comprehensive income for the year	-	104,882	(11,149)	-	93,733	-	93,733
Total comprehensive income for the year	-	104,882	(11,149)	73,197	166,930	-	166,930
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(100,000)	(100,000)	-	(100,000)
At 31 March 2025	50,000	854,461	(670,024)	3,921,021	4,155,458	84,261	4,239,719

The notes on pages 19 to 37 form part of these financial statements.

Page 14


		TRANSUN TRAVEL LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Revaluation reserve	Foreign exchange reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£	£
At 1 April 2023	50,000	749,579	(733,109)	3,669,885	3,736,355	84,261	3,820,616
Comprehensive income for the year
Profit for the year	-	-	-	277,939	277,939	-	277,939
Foreign exchange movement	-	-	74,234	-	74,234	-	74,234
Other comprehensive income for the year	-	-	74,234	-	74,234	-	74,234
Total comprehensive income for the year	-	-	74,234	277,939	352,173	-	352,173
At 31 March 2024	50,000	749,579	(658,875)	3,947,824	4,088,528	84,261	4,172,789

The notes on pages 19 to 37 form part of these financial statements.

Page 15

TRANSUN TRAVEL LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	50,000	749,579	5,250,450	6,050,029
Comprehensive income for the year
Profit for the year	-	-	268,061	268,061
Surplus on revaluation of freehold property	-	104,882	-	104,882
Total comprehensive income for the year	-	104,882	268,061	372,943
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(100,000)	(100,000)
At 31 March 2025	50,000	854,461	5,418,511	6,322,972

The notes on pages 19 to 37 form part of these financial statements.

Page 16

TRANSUN TRAVEL LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	50,000	749,579	4,630,019	5,429,598
Comprehensive income for the year
Profit for the year	-	-	620,431	620,431
Total comprehensive income for the year	-	-	620,431	620,431
At 31 March 2024	50,000	749,579	5,250,450	6,050,029

The notes on pages 19 to 37 form part of these financial statements.

Page 17

TRANSUN TRAVEL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	73,197	277,939
Adjustments for:
Amortisation of intangible assets	2,691	3,601
Depreciation of tangible assets	100,811	36,585
Foreign exchange	(167,255)	268,008
Loss on disposal of tangible assets	3,562	-
Interest paid	4,986	5,398
Interest received	(259,530)	(198,223)
Taxation charge	250,489	198,392
Decrease/(increase) in debtors	71,202	(134,116)
Increase in creditors	1,274,895	1,700,026
Corporation tax (paid)	(325,280)	(307,127)
Net cash generated from operating activities	1,029,768	1,850,483

Cash flows from investing activities
Purchase of intangible fixed assets	-	(73,445)
Purchase of tangible fixed assets	(289,104)	(87,567)
Interest received	259,530	198,223
Net cash from investing activities	(29,574)	37,211
Cash flows from financing activities
Interest paid	(4,986)	(5,398)
Net cash used in financing activities	(4,986)	(5,398)
Net increase in cash and cash equivalents	995,208	1,882,296
Cash and cash equivalents at beginning of year	6,332,594	4,450,298
Cash and cash equivalents at the end of year	7,327,802	6,332,594

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	7,327,802	6,332,594
	7,327,802	6,332,594

The notes on pages 19 to 37 form part of these financial statements.

Page 18

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Transun Travel Limited is a private company limited by shares incorporated in England and Wales.
The address of the registered office is given in the company information of these financial statements.
The nature of the company's operations and principal activities are that of a tour operator.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.4

Revenue

Turnover represents amounts receivable and received for holidays travelled in the year excluding value added tax. Income and related costs are recognised on a departure date basis. Other turnover is recognised when the amount can be reliably measured and it is probable that future economic benefits will flow to the entity.

2.5

Advance holiday payments and receipts

All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and disclosed within accruals and deferred income. Payments made to suppliers in respect of future tours are included within other debtors

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 20

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on the following basis:
Website development - Over 4 years

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is stated at cost.

Page 21

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Land is not depreciated.

Depreciation is provided on the following basis:

Land and buildings	-	2.5%
Motor vehicles	-	25%
Fixtures and fittings	-	15-25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Revaluation of tangible fixed assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Individual freehold properties are carried at fair value. This was determined in March 2025 by external valuers.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments held in foreign subsidiaries are measured at fair value in GBP using the exchange rates at the date when the fair value was determined as per FRS 102.30.9.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.16

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at

Page 23

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.17

Financial instruments (continued)

a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies 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 historical experience and other factors that are recognised 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 revision and future periods where the revision affects both current and future periods.
Critical judgements
Valuation of freehold properties held under the revaluation model
Freehold property is carried at fair value. This was determined in April 2025 by external valuers and since then has been reviewed by directors on an annual basis. In order to provide an accurate valuation the directors review movements in the markets of the property values in the areas where property is held with use of publications issued by established Chartered Surveryors.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Page 24

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Turnover

The whole of the turnover is attributable to the company's principal activity as a tour operator.

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	13,913,709	12,230,773
Rest of the world	2,043	3,117
	13,915,752	12,233,890

Amortisation of intangible assets	2,691	3,601
Depreciation of tangible fixed assets	100,811	36,585
Exchange differences	(170,617)	75,662
Other operating lease rentals	60,147	58,717

	Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	16,500	11,900
	Fees payable to the Company's auditors for non-audit services	7,100	5,100

Page 25

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Employees
	Staff costs, including director's remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	2,086,384	2,033,488	2,010,900	1,985,154
Social security costs	272,393	54,378	270,792	53,460
Cost of defined contribution scheme	38,147	13,401	38,147	13,401
	2,396,924	2,101,267	2,319,839	2,052,015

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Administration and support	20	13	8	9

8.	Director's remuneration
		2025	2024
		£	£

Director's emoluments	1,579,000	1,579,000
	1,579,000	1,579,000

	The highest paid director received remuneration of £1,579,000 (2024 - £1,579,000).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,648 (2024 - £9,648).

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	259,530	198,223
		259,530	198,223

Page 26

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	-	179
Other loan interest payable	4,986	4,999
Other interest payable	-	220
	4,986	5,398

Corporation tax
Current tax on profits for the year	123,507	204,066
Adjustments in respect of previous periods	126,982	(5,674)
	250,489	198,392

Total current tax	250,489	198,392

	Deferred tax
	Total deferred tax	-	-


		250,489	198,392

Page 27

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

323,686

476,331

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	80,922	119,083
Effects of:
Expenses not deductible for tax purposes	407	555
Adjustments to tax charge in respect of previous periods	133,341	-
Movement in deferred tax not recognised	(6,538)	(1,195)
Other differences leading to an increase (decrease) in taxation	42,357	79,949
Total tax charge for the year	250,489	198,392

12.	Dividends
		2025	2024
		£	£

	Dividends	100,000	-
		100,000	-

Page 28

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Intangible assets
	Group and Company

		Computer software
		£
	Cost
	At 1 April 2024	81,334
	At 31 March 2025	81,334
	Amortisation
	At 1 April 2024	64,855
	Charge for the year on owned assets	2,691
	At 31 March 2025	67,546
	Net book value
	At 31 March 2025	13,788
	At 31 March 2024	16,479

Page 29

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Tangible fixed assets
	Group

	Land and buildings	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 April 2024	3,330,196	79,618	425,108	3,834,922
Additions	225,224	-	63,880	289,104
Disposals	-	-	(19,887)	(19,887)
Revaluations	(234,357)	-	-	(234,357)
Exchange adjustments	86,219	-	4,996	91,215
At 31 March 2025	3,407,282	79,618	474,097	3,960,997
Depreciation
At 1 April 2024	1,061,558	16,836	360,579	1,438,973
Charge for the year on owned assets	65,629	14,827	20,355	100,811
Disposals	-	-	(16,325)	(16,325)
On revalued assets	(339,239)	-	-	(339,239)
Exchange adjustments	32,360	(2,387)	5,136	35,109
At 31 March 2025	820,308	29,276	369,745	1,219,329
Net book value
At 31 March 2025	2,586,974	50,342	104,352	2,741,668
At 31 March 2024	2,268,638	62,782	64,529	2,395,949

Page 30

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.Tangible fixed assets (continued)

	Company

	Land and buildings	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 April 2024	1,387,557	18,736	287,486	1,693,779
Additions	-	-	52,184	52,184
Disposals	-	-	(19,887)	(19,887)
Revaluations	(234,357)	-	-	(234,357)
At 31 March 2025	1,153,200	18,736	319,783	1,491,719
Depreciation
At 1 April 2024	332,439	9,734	238,921	581,094
Charge for the year on owned assets	6,800	2,250	17,521	26,571
Disposals	-	-	(16,325)	(16,325)
On revalued assets	(339,239)	-	-	(339,239)
At 31 March 2025	-	11,984	240,117	252,101
Net book value
At 31 March 2025	1,153,200	6,752	79,666	1,239,618
At 31 March 2024	1,055,118	9,002	48,565	1,112,685

The freehold property at 1A Iffley Road was revalued by Aitchison Raffety Chartered Surveyor, as at 25 March 2025. The valuation was done on the basis of open market value. If the land and buildings had not been included at valuation they would have been included under the historical cost convention, cost would amount to £637,978 (2024: £637,978).

Page 31

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	1,032,749
	At 31 March 2025	1,032,749

	Net book value
	At 31 March 2025	1,032,749
	At 31 March 2024	1,032,749

Page 32

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Transun Flights Limited	1a Iffley Road, Oxford, Oxfordshire, United Kingdom, OX4 1AS	Ordinary	100%
Transun Retail Limited	1a Iffley Road Oxford OX4 1AS United Kingdom	Ordinary	100%
TTM (Thailand) Co., Ltd	87/2 Building CRC Tower All Season Floor 33 Thanon Witthayu Bang Na Bangkok Thailand	Ordinary	100%
TTM (Thailand) Co., Ltd		Preference	5%
NUI International Company Limited	87/2 Building CRC Tower All Season Floor 33 Thanon Witthayu Bang Na Bangkok Thailand	Ordinary	12%
TTM Holdings Co., Ltd. *	200/4 Mu 2 Thanon Hadchaweang Bang Na Bangkok Thailand	Ordinary	99.97%

In turn, TTM Holdings Co., Ltd owns 88% of the ordinary shares and 100% of the preference shares in NUI International Company Limited, giving Transun Travel Limited 100% of the voting rights and control of NUI International Company Limited.
Transun Flights Limited carries out flight purchasing operations. NUI invests in real estate and engages in resort and hotel operations in Thailand. TTM Holdings Co., Ltd is a sub holding company. TTM (Thailand) Co., Ltd acts as a travel agency.

Page 33

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£


Amounts owed by group undertakings	-	-	2,760,368	2,621,187
	-	-	2,760,368	2,621,187

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	155,736	159,353	164,955	169,348
Other debtors	371,044	324,895	239,184	60,660
Prepayments and accrued income	63,500	177,234	63,500	46,928
Tax recoverable	151,700	55,402	151,700	55,402
	741,980	716,884	619,339	332,338

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	7,327,802	6,332,594	7,300,931	6,277,008
	7,327,802	6,332,594	7,300,931	6,277,008

Page 34

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	1,225,373	1,009,182	1,225,362	1,009,171
Amounts owed to group undertakings	-	-	164,742	164,742
Corporation tax	123,507	102,000	123,507	102,000
Other taxation and social security	302,328	90,551	301,221	89,317
Other creditors	2,410,419	328,692	2,311,616	222,260
Accruals and deferred income	2,314,392	3,549,192	2,307,873	3,545,427
	6,376,019	5,079,617	6,434,321	5,132,917

Accruals and deferred income includes advance receipts from customers for future travel amounting to £1,869,675 (2024: 1,911,009).

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Other creditors	209,500	209,500	209,500	209,500
	209,500	209,500	209,500	209,500

On the 16 February 2004 the group borrowed £209,500 from the director's pension fund. Interest on the loan is charged on a commercial rate. The pension fund has not sought repayment.

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

50,000 (2024 - 50,000) Ordinary shares of £1.00 each	50,000	50,000

Page 35

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

21.

Reserves

Revaluation reserve

Revaluation reserve records the surplus arising on the valuation of property held for own use of the company in prior years.

Foreign exchange reserve

Foreign exchange reserve records the difference between translated values of assets and liabilities of foreign operations into the entity's functional currency, on consolidation.

Profit and loss account

Profit and loss included all current and prior periods retained profit.

22.	Contingent liabilities

Transun Travel Limited currently hold an Air Travel Organisers License (ATOL) issued by the Civil Aviation Authority ('CAA'), and are members of the Association of British Travel Agents Limited ('ABTA').
There are no other material contingent liabilities.

23.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £38,147 (2024: £13,401). Contributions totalling £21,040 (2024: £11,300) were payable to the fund at the balance sheet date and are included in creditors.

24.	Commitments under operating leases
	At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	43,544	45,423	19,200	19,200
Later than 1 year and not later than 5 years	202,500	197,338	96,000	96,000
Later than 5 years	326,321	290,761	144,000	163,200
	572,365	533,522	259,200	278,400

Page 36

TRANSUN TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

25.

Related party transactions

During the year the companies advanced £835,798 (2024: £130,530) to a director and shareholder of the company and repayments and dividends in the year totalled £2,919,200 (2024: £19,483). At the year end the Company owed the director £2,289,771 (2024: £206,369).
At the year end, the Thai based subsidiaries, owed the director £91,006 (2024: £63,141).
Commitments under non-cancellable operating leases include a 15 year lease, which commenced on 1 October 2023, with an annual value of £19,200. The lease operates between the group and the director.
As at the year end, the Company was owed £2,760,368 (2024: £2,621,187) by the Thai entities within the Group.
Transun Flights Limited, a fellow group Company, were owed £164,742 (2024: £164,742) by the Company as at the year end. This amount is repayable on demand.
The Group has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries.

26.	Controlling party

The ultimate controlling party is P Kostich by virtue of his shareholding.

27.	Post balance sheet events

The directors confirm there have been no significant event affecting the Group since the year end.

Page 37