REGISTERED NUMBER: 12062165 (England and Wales)

TRIMIKLINI LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Income and Retained Earnings

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Cash Flows

12

Notes to the Consolidated Statement of Cash Flows

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

Tassos Anastasi

Dia Anastasi

Costas Anastasi

Harry Hajipapas

Debra Rose Hajipapas

Christos Hajipapas

Natalie Sofocleous

Voula Yiannakas

SECRETARY:

Tassos Anastasi

REGISTERED OFFICE:

246 Green Lanes

London

N13 5XT

REGISTERED NUMBER:

12062165 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF THE BUSINESS

The Group comprises the parent company, Trimiklini Limited, and two wholly owned UK subsidiaries, Cyplon Travel Limited and Cyprus Holidays Limited (a dormant subsidiary of Cyplon Travel Limited).

The parent company was incorporated on 20 June 2019.

The principal activity of the parent company during the period under review was that of a holding company. Cyplon Travel Limited is a travel company and Cyprus Holidays Limited is a dormant company.

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 due to increased efficiencies from new technology and improving market conditions.

Key performance indicators

The principal KPI for the group will be the gross profit percentage of its trading subsidiaries which operate in the travel industry. This increased slightly from 7.5% to 9.4%.

PRINCIPAL RISKS AND UNCERTAINTIES

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

Going concern: The Directors have considered the Group's current and future position and its availability of financing, our assessment supports that the Group 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 Group 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 Group invests surplus cash in interest yielding bank deposit accounts. The Group'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 group 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 Group aims to mitigate liquidity risk by managing cash generated by its operations. The group 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 Group ensures that funds are placed in low risk rated accounts and actively monitors the credit rating of each of the banks.

FUTURE DEVELOPMENTS

The group has made a small profit during the year and the directors are of the opinion that by continuing to invest in new technology and its people, the group will return to greater profitability and will be in a better position to face any future challenges. The group has significant reserves and is in a position to be able to face these future challenges and to continue to be competitive and invest in technology, marketing and its people.

ON BEHALF OF THE BOARD:

Harry Hajipapas - Director

23 July 2025

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

PRINCIPAL ACTIVITY

The principal activity of the parent company during the period under review was that of a holding company.

Cyplon Travel Limited is a travel company and Cyprus Holidays Limited is a dormant company.

DIVIDENDS

Particulars of recommended dividends are detailed in note 8 to the financial statements.

FUTURE DEVELOPMENTS

Please see 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.

Tassos Anastasi

Dia Anastasi

Costas Anastasi

Harry Hajipapas

Debra Rose Hajipapas

Christos Hajipapas

Natalie Sofocleous

Voula Yiannakas

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 Trimiklini Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company 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 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 group's or the parent company's ability to continue as a going concern for a period of at lease 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.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group or parent company's ability to continue as a going concern. This is especially true considering the continuing repercussions on the travel industry from the Covid-19 Pandemic. Considering these factors it is very difficult to evaluate the potential implications on the group and parent company's trade, customers, suppliers and wider economy.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 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 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 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 directors either intend to liquidate the group or the parent 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 group and 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 Report of the Auditors.

Use of our report

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

Panos Michaelides ACA (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

6

19,056,977

12,707,613

Cost of sales

17,262,332

11,751,633

GROSS PROFIT

1,794,645

955,980

Administrative expenses

2,027,388

1,386,634

(232,743

)

(430,654

)

Other operating income

7

125,443

83,575

OPERATING LOSS

10

(107,300

)

(347,079

)

Income from fixed asset investments

67

-

Interest receivable and similar income

11

294,686

272,285

294,753

272,285

187,453

(74,794

)

Interest payable and similar expenses

12

-

6,853

PROFIT/(LOSS) BEFORE TAXATION

187,453

(81,647

)

Tax on profit/(loss)

13

90,284

16,479

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

97,169

(98,126

)

Retained earnings at beginning of year

(550,977

)

(440,851

)

Dividends

15

(20,000

)

(12,000

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

(473,808

)

(550,977

)

Profit/(loss) attributable to:

Owners of the parent

97,169

(98,126

)

FIXED ASSETS

Intangible assets

16

522,776

653,470

Tangible assets

17

1,405,484

1,437,754

Investments

18

-

-

1,928,260

2,091,224

CURRENT ASSETS

Debtors

19

4,479,532

2,744,471

Cash at bank and in hand

8,647,770

6,936,166

13,127,302

9,680,637

CREDITORS

Amounts falling due within one year

20

7,971,354

4,764,822

NET CURRENT ASSETS

5,155,948

4,915,815

TOTAL ASSETS LESS CURRENT LIABILITIES

7,084,208

7,007,039

CAPITAL AND RESERVES

Called up share capital

22

7,558,016

7,558,016

Retained earnings

23

(473,808

)

(550,977

)

SHAREHOLDERS' FUNDS

7,084,208

7,007,039

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

FIXED ASSETS

Intangible assets

16

-

-

Tangible assets

17

-

-

Investments

18

7,558,016

7,558,016

7,558,016

7,558,016

CURRENT ASSETS

Debtors

19

10,116

6,000

CREDITORS

Amounts falling due within one year

20

5,000

3,950

NET CURRENT ASSETS

5,116

2,050

TOTAL ASSETS LESS CURRENT LIABILITIES

7,563,132

7,560,066

CAPITAL AND RESERVES

Called up share capital

22

7,558,016

7,558,016

Retained earnings

23

5,116

2,050

SHAREHOLDERS' FUNDS

7,563,132

7,560,066

Company's profit for the financial year

23,066

13,150

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

Cash flows from operating activities

Cash generated from operations

1

1,461,920

459,982

Interest paid

-

(6,853

)

Tax paid

(16,479

)

(26,747

)

Net cash from operating activities

1,445,441

426,382

Cash flows from investing activities

Purchase of tangible fixed assets

(7,979

)

(26,251

)

Interest received

294,753

272,285

Net cash from investing activities

286,774

246,034

Cash flows from financing activities

Amount withdrawn by directors

(611

)

(2,285

)

Equity dividends paid

(20,000

)

(12,000

)

Net cash from financing activities

(20,611

)

(14,285

)

Increase in cash and cash equivalents

1,711,604

658,131

Cash and cash equivalents at beginning of year

2

6,936,166

6,278,035

Cash and cash equivalents at end of year

2

8,647,770

6,936,166

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit/(loss) before taxation

187,453

(81,647

)

Depreciation charges

170,943

173,564

Finance costs

-

6,853

Finance income

(294,753

)

(272,285

)

63,643

(173,515

)

Increase in trade and other debtors

(1,734,940

)

(800,006

)

Increase in trade and other creditors

3,133,217

1,433,503

Cash generated from operations

1,461,920

459,982

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

8,647,770

6,936,166

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

6,936,166

6,278,092

Bank overdrafts

-

(57

)

6,936,166

6,278,035

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

6,936,166

1,711,604

8,647,770

6,936,166

1,711,604

8,647,770

Total

6,936,166

1,711,604

8,647,770

1.	GENERAL INFORMATION

The company's two 100% subsidiaries, Cyplon Travel Limited and Cyprus Holidays Limited, have the same registered office address and are both private companies limited by shares and registered in England and Wales

2.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

3.	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'.

4.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The group 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 or loss.

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

Consolidation

The Group financial statements consolidate the financial statements of the Parent Company and its subsidiary undertakings drawn up to 31 March each year. The results of subsidiaries acquired or sold are consolidated from, or to, the date on which control passed.

The Group has relied upon the exemption conferred in Section 408 of the Companies Act 2006 from filing the parent company profit and loss account, see note 28.

Business combinations are accounted for under the purchase method and where necessary adjustments are made to the financial statements of subsidiaries to bring the accounting policies in line with those used by the Group. Turnover and profits arising on trading between Group Companies are excluded.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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:

Goodwill - 10% straight line

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

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.

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 initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

Deferred tax

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

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

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

Research and development

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.

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.

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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Business combination

Business combinations relating to acquiring control of trade and assets to form one or more businesses are accounted for using the purchase method.

The cost of a business combination is measured at the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination.

Where control is achieved in stages, the cost of the business combination is the aggregate of the fair values of the assets given, liabilities incurred or assumed, and equity instruments issued at the date of each transaction in the series.

Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date providing it is probable and can be measured reliably. Where it is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration is treated as an adjustment to the cost of the combination.

5.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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 judgment 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 of goodwill and amortisation rates applied and the revenue recognition policy.

6.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the group.

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.

7.	OTHER OPERATING INCOME

2025

2024

£

£

Rents received

40,000

40,000

Management charges receivable

85,443

43,575

125,443

83,575

The rents receivable in this and the previous year relate to the use of the freehold property by two connected companies.

8.	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

The average number of employees by undertakings that were proportionately consolidated during the year was 27 (2024 - 23 ) .

9.	DIRECTORS' EMOLUMENTS

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

10.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Depreciation - owned assets

40,249

42,870

Goodwill amortisation

130,694

130,694

Auditors' remuneration

13,500

11,000

Foreign exchange differences

15,767

26,600

11.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

£

Deposit account interest

288,962

270,649

Gain on financial instruments

5,724

1,636

294,686

272,285

12.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

6,853