REGISTERED NUMBER: 01085841

CYPLON TRAVEL LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

Report of the Independent Auditors

5

to

7

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Notes to the Financial Statements

10

to

17

DIRECTORS:

Dia Anastasi

Costas Anastasi

Harry Hajipapas

Christos Hajipapas

Natalie Sofocleous

Voula Yiannakas

Tassos Anastasi

Debra Rose Hajipapas

SECRETARY:

Tassos Anastasi

REGISTERED OFFICE:

246 Green Lanes

London

N13 5XT

REGISTERED NUMBER:

01085841

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

INTRODUCTION

The directors present their Strategic Report on the company for the year ended 31 March 2025.

BUSINESS REVIEW

The principal activity of the company during the year under review was that of tour operators and travel agents. The difficulties in the travel industry continue to prove challenging to the company, but despite this the company has returned to pre-Covid 19 levels of turnover and is now expecting to see increased turnover year on year. Since the prior year, turnover increased from £12.7m to £19.1m, an increase of 50%.

The reported gross profit margin has increased slightly from 7.5% to 9.4%, this is due to increased efficiencies from new technology and improving market conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board meets regularly and evaluates the company's risk position. The principal risks and uncertainties facing the company are detailed below.

Going concern: The Directors have considered the company's current and future position and its availability of financing, our assessment supports that the company can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. As such, the Directors continue to adopt the going concern basis of preparation for these financial statements.

Market demand: The demand for holidays is vulnerable to general economic conditions. The Board manages capacity and the cost base to suit the prevailing market demand and identifies new efficient routes to market to grow market share and maintain margins.

As a consequence of the wars in Israel and Ukraine, political uncertainty throughout the Eurozone and the rest of the world, and the ongoing cost-of living crisis, there is a risk of a fall in customer propensity towards travelling abroad. However, so far the current demand for holidays has remained a consumer priority.

Regulation changes and competition: The sale of travel and holiday arrangements is a competitive and highly regulated industry. The company seeks to manage the associated risks by constantly monitoring regulatory changes and adapting its business model and terms of trade as necessary.

Interest rate risk: The company invests surplus cash in interest yielding bank deposit accounts. The company's interest income is therefore affected by movements in interest rates.

Foreign currency risk: There is also a risk from currency fluctuations because the group deals heavily in Euros and US Dollars as part of its normal trading activities. Because of these currency dealings, the company enters into forward exchange contracts to fund its requirements and minimise the risk involved. These forward exchange contracts have been recognised at fair value in these accounts.

Liquidity risk: The company aims to mitigate liquidity risk by managing cash generated by its operations. The company monitors its cash balances and deposits surplus funds with a range of banks on a short and long term fixed and variable basis in line with cash requirements. The company ensures that funds are placed in low risk rated accounts and actively monitors the credit rating of each of the banks.

FUTURE DEVELOPMENTS

The company has made a profit during the year and the directors are of the opinion that by continuing to invest in new technology and its people, the company will return to greater profitability and will be in a better position to face any future challenges.

FINANCIAL KEY PERFORMANCE INDICATORS

Total revenue increased by 50% to £19.1m from £12.7m in the prior year.

The gross profit margin increased slightly from 7.5% in the prior year to 9.4% this year.

ON BEHALF OF THE BOARD:

Harry Hajipapas - Director

23 July 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a travel company.

DIVIDENDS

Particulars of recommended dividends are detailed in note 10 to the financial statements.

FUTURE DEVELOPMENTS

Details of future developments can be found in the strategic report on page 2.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Dia Anastasi

Costas Anastasi

Harry Hajipapas

Christos Hajipapas

Natalie Sofocleous

Voula Yiannakas

Tassos Anastasi

Debra Rose Hajipapas

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Harry Hajipapas - Director

23 July 2025

Opinion

We have audited the financial statements of Cyplon Travel Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 March 2025 and of its 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 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

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 Directors.

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 directors' 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 Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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 an auditor's 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 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Corporation Tax legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and inappropriate revenue recognition. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the appropriateness of journals, reviewing accounting estimates for biases, corroborating balances recognised to supporting documentation on a sample basis and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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 auditor's 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 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.

Panos Michaelides FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

23 July 2025

TURNOVER

4

19,056,977

12,707,613

Cost of sales

17,262,332

11,751,633

GROSS PROFIT

1,794,645

955,980

Administrative expenses

1,889,757

1,251,093

(95,112

)

(295,113

)

Other operating income

5

125,443

83,575

OPERATING PROFIT/(LOSS)

7

30,331

(211,538

)

Income from fixed asset investments

67

-

Interest receivable and similar income

294,686

272,285

294,753

272,285

325,084

60,747

Interest payable and similar expenses

8

-

6,853

PROFIT BEFORE TAXATION

325,084

53,894

Tax on profit

9

90,284

16,479

PROFIT FOR THE FINANCIAL YEAR

234,800

37,415

Retained earnings at beginning of year

4,944,017

4,924,602

Dividends

10

(30,000

)

(18,000

)

RETAINED EARNINGS AT END OF YEAR

5,148,817

4,944,017

FIXED ASSETS

Tangible assets

11

1,405,484

1,437,754

Investments

12

2,500

2,500

1,407,984

1,440,254

CURRENT ASSETS

Debtors

13

4,479,532

2,744,592

Cash at bank and in hand

8,647,770

6,936,166

13,127,302

9,680,758

CREDITORS

Amounts falling due within one year

14

7,976,470

4,766,996

NET CURRENT ASSETS

5,150,832

4,913,762

TOTAL ASSETS LESS CURRENT LIABILITIES

6,558,816

6,354,016

CAPITAL AND RESERVES

Called up share capital

15

60,000

60,000

Revaluation reserve

16

1,349,999

1,349,999

Retained earnings

16

5,148,817

4,944,017

SHAREHOLDERS' FUNDS

6,558,816

6,354,016

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2025 and were signed on its behalf by:

Harry Hajipapas - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 246 Green Lanes, London, N13 5XT.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit and loss.

The financial statements are prepared in sterling, which is the functional currency of the entity. The figures are rounded to the nearest pound.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Cyplon Travel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Trimiklini Limited, 246 Green Lanes, London, N13 5XT.

Significant judgements and estimates

The preparation of financial statements in conformity with Financial Reporting Standard 102, requires the use of certain critical accounting estimates. It also requires the directors of the company to exercise their judgement in the process of applying the accounting policies which are detailed above.

These judgements are continually evaluated by the directors and management and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and underlying assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The key accounting policies and key sources of estimation uncertainty relate to the carrying value and depreciation rates applied to tangible fixed assets and the recognition of revenue.

Turnover

Turnover represents the total value of holidays booked, excluding value added tax but gross of commissions, for which the departure date falls within the year under review.

Revenue from the provision of management services represents amounts chargeable to clients for management services provided during the year, net of VAT. Services to clients, which at the balance sheet date have not been billed, have been recognised as revenue.Revenue is recognised by reference to an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Research and development

Research expenditure is written off in the year in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following

criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,

over the useful economic life of that asset as follows:

Freehold property - over 50 years

Fittings fixtures and equipment - 15% straight line

Motor vehicles - 16% straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

4.

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:

2025

2024

£

£

Tour operating activities

19,056,977

12,707,613

19,056,977

12,707,613

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

19,056,977

12,707,613

19,056,977

12,707,613

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5.	OTHER OPERATING INCOME

2025

2024

£

£

Rents received

40,000

40,000

Management charges received

85,443

43,575

125,443

83,575

6.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,248,999

768,092

Social security costs

153,441

91,583

Other pension costs

16,863

13,201

1,419,303

872,876

The average number of employees during the year was as follows:

2025

2024

Average number of employees

27

23

2025

2024

£

£

Directors' remuneration

681,086

327,779

Directors' pension contributions to money purchase schemes

2,620

2,420

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

261,500

100,000

Pension contributions to money purchase schemes

110

110

7.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

40,249

42,870

Auditors' remuneration

10,000

8,000

Foreign exchange differences

15,767

26,600

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

6,853

9.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

88,408

14,603

Adjustment re previous years

1,876

1,876

Tax on profit

90,284

16,479

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

325,084

53,894

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

81,271

13,474

Effects of:

Expenses not deductible for tax purposes

12,163

11,998

Capital allowances in excess of depreciation

(5,026

)

(9,927

)

Adjustments to tax charge in respect of previous periods

1,876

1,876

Different UK tax rates on some earnings

-

(942

)

Total tax charge

90,284

16,479

10.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1.00 each

Interim

30,000

18,000

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)

11.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

1,350,000

688,521

161,219

2,199,740

Additions

-

7,979

-

7,979

At 31 March 2025

1,350,000

696,500

161,219

2,207,719

DEPRECIATION

At 1 April 2024

-

643,122

118,864

761,986

Charge for year

-

14,512

25,737

40,249

At 31 March 2025

-

657,634

144,601

802,235

NET BOOK VALUE

At 31 March 2025

1,350,000

38,866

16,618

1,405,484

At 31 March 2024

1,350,000

45,399

42,355

1,437,754

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Freehold Property

Total

£

£

At 31 March 2025

Aggregate cost

1

1

Aggregate depreciation

-

-

Carrying amount

1

1

At 31 March 2024

Aggregate cost

1

1

Aggregate depreciation

-

-

Carrying amount

1

1

On 14 January 2020, Cyplon Travel Limited purchased freehold property from its fellow subsidiary at the time, Bombuera Estates Limited for £1.

The property is shown at the directors' valuation. Included in freehold property is freehold land at valuation of £675,000 (2024: £675,000) which is not depreciated.

12.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

2,500

NET BOOK VALUE

At 31 March 2025

2,500

At 31 March 2024

2,500

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

The Corporate Traveller Limited

Registered office: 246 Green Lanes, London, United Kingdom, N13 5XT

Nature of business:

%

Class of shares:

holding

Ordinary

50.00

Cyprus Holidays Limited

Registered office: 246 Green Lanes, London, United Kingdom, N13 5XT

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

320,340

574,685

Amounts owed by group undertakings

500

384

Other debtors

534,995

485,553

Derivative financial asset

3,029

-

VAT

55,092

40,598

Prepayments

3,565,576

1,643,372

4,479,532

2,744,592

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

6,656,370

4,161,662

Amounts owed to group undertakings

10,116

6,000

Taxation

88,408

14,603

Other taxes and social security

18,423

13,547

Other creditors

1

1

Derivative financial liability

-

2,695

Directors' current accounts

1,887

2,498

Accrued expenses

1,201,265

565,990

7,976,470

4,766,996

Included in Accrued expenses of £1,201,265 (2024: £565,991) is an amount of £41,194 (2024: £113,794) relating to BSP Outstanding Cash sales.