REGISTERED NUMBER: 12957258

THE TRAVEL PHILOSOPHY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

T Anastasi

C Anastasi

H Hajipapas

C Hajipapas

Ms S Robins

REGISTERED OFFICE:

246 Green Lanes

London

London

N13 5XT

REGISTERED NUMBER:

12957258

ACCOUNTANTS:

Duncan & Toplis Limited

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

FIXED ASSETS

Intangible assets

5

74,743

83,049

Tangible assets

6

411

484

75,154

83,533

CURRENT ASSETS

Debtors

7

451,463

173,074

Cash at bank

43,535

26,428

494,998

199,502

CREDITORS

Amounts falling due within one year

8

696,714

418,004

NET CURRENT LIABILITIES

(201,716

)

(218,502

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(126,562

)

(134,969

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(126,662

)

(135,069

)

(126,562

)

(134,969

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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:

H Hajipapas - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England. 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 the provisions of FRS 102, Section 1A, '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 under the historical cost convention.

Going concern

During the year ended 31 March 2025, the company recorded a profit of £8,407 (2024: £8,071), and is in a net liability position of £126,562 (2024: liability of £134,969). In the preparation of the financial statements, the directors have considered the working capital sufficiency, which includes the preparation of forecasts for the period to July 2026, which show the company is expecting to continue to grow and make a profit moving forward.

The directors are of the opinion that the going concern basis continues to be the appropriate basis for the preparation of the financial statements as its connected company has confirmed its intention and ability to provide financial support as may be necessary to enable the company to continue to operate as a going concern and to meet all of its obligations in full for at least twelve months from the approval date of these financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, net of VAT. The following criteria must also be met before revenue is recognised:

- Management service fees: management service fees are charged for the continuing use of the rights and continuing services provided during the franchise agreement term. They are recognised as the service is provided and he rights are used.

- Sales of franchises: Sales of franchises represents the charges for packages which include, training, various start up fees and continued support. Revenue from franchise fees is recognised when the franchisee completes the relevant training.

- Commissions from holiday sales: Commissions on the sale of holidays are recognised on receipt of the commission.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

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

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.

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:

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

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.

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.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2024

and 31 March 2025

92,280

AMORTISATION

At 1 April 2024

9,231

Amortisation for year

8,306

At 31 March 2025

17,537

NET BOOK VALUE

At 31 March 2025

74,743

At 31 March 2024

83,049

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2024

and 31 March 2025

669

DEPRECIATION

At 1 April 2024

185

Charge for year

73

At 31 March 2025

258

NET BOOK VALUE

At 31 March 2025

411

At 31 March 2024

484

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

5,689

8,686

Other debtors

445,774

164,388

451,463

173,074

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

53,672

534

Taxation and social security

43,343

29,462

Other creditors

599,699

388,008

696,714

418,004

9.	CALLED UP SHARE CAPITAL

10.	RELATED PARTY DISCLOSURES

At the year end, the company owed a connected company, with common directors and the same beneficial shareholders, £478,937 (2024: £381,130). Included in this is an interest free loan of £300,000 that was made to the company. At the year end, this is still outstanding and is repayable on demand to the connected company.The company is owed by the same connected company, £369,163 (2024: £109,465).