REGISTERED NUMBER: 11745457 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

EVOLUTION TRAVEL GROUP LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Director

8

Report of the Independent Auditors

10

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

21

DIRECTOR:

Mr Peter Hudec

REGISTERED OFFICE:

9 Kerry Street

Horsforth

Leeds

LS18 4AW

REGISTERED NUMBER:

11745457 (England and Wales)

AUDITORS:

Q&K Auditors Ltd

14 Clifton Moor Business Village

James Nicolson Link

York

YO30 4XG

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

This Strategic Report has been prepared in accordance with the requirements of sections 414A-414D and related provisions of the Companies Act 2006. Its purpose is to provide a fair, balanced and comprehensive review of the development, performance and position of the Group during the financial year, together with a description of the principal risks and uncertainties it faces. The report also outlines the Group's business model, key financial and non-financial performance indicators, stakeholder and governance considerations, and the main factors likely to affect the Group's future development.

Corporate Structure

The Group operates through a two-tier holding structure consisting of entities incorporated in Malta, the United Kingdom, and Spain. The ultimate parent undertaking is Evolution Travel Group Limited, a UK-incorporated non-trading holding company owned entirely by the ultimate beneficial owners (UBOs). Evolution Travel Group Limited wholly owns ET Holding Limited, a Malta-incorporated non-trading holding entity, which in turn owns 100% of all operational and non-operational subsidiaries.

Evolution Travel Limited (Malta) is the primary trading entity of the Group, responsible for the core commercial activity and generating approximately 94% of the Group's external revenues.

Evolution Travel Network Limited (United Kingdom) generates c.6% of Group revenue and is responsible for training, onboarding, and licensing of the Group's proprietary software to independent Travel Consultants ("TCs"). Evolution Travel Network Limited also owns part of the Group's intellectual property.

Evolutiontech Limited (Malta) is a non-trading entity currently used for internal corporate purposes and is under consideration as the future consolidated intellectual property holding company.

Evolution Travel Iberia SL (Spain) is a non-trading entity holding a tour operating licence, maintained primarily as a strategic vehicle for future expansion into additional markets.

The Group's economic activity is therefore concentrated in Evolution Travel Limited and Evolution Travel Network Limited, while the remaining entities support corporate, strategic, and regulatory positioning.

REVIEW OF BUSINESS

Business Model

The Group operates an integrated travel services model combining a centralised tour operating function with a network of independent Travel Consultants ("TCs"), enabled by a proprietary digital platform and complemented by a third-party integrated system.

Evolution Travel Limited functions as the Group's principal revenue-generating entity, acting as a tour operator and online travel agency selling travel products exclusively to B2C individual travellers. Sales are driven primarily by independent TCs who operate remotely, using the Group's technology and processes. Evolution Travel Limited is responsible for procurement, pricing, booking operations, after-sales support, and customer service.

Evolution Travel Network Limited, based in the UK, provides training and onboarding for TCs, licences the proprietary software platform (subject to an initial entry fee and annual renewal fee), and receives royalties from Evolution Travel Limited for the use of intellectual property. Evolution Travel Network Limited does not sell travel to consumers and holds no UK travel regulatory authorisations. It operates purely as an internal support and enablement entity.

The Group's operations are underpinned by a proprietary technology platform developed internally, encompassing modules for booking, CRM, back-office management, supplier administration, financial tracking, and workflow automation. A third-party platform licensed to Evolutiontech Limited is integrated into the system architecture and licensed onward to Evolution Travel Limited, enhancing inventory breadth and operational flexibility. The combined architecture is exclusive to the Group's business model and not marketed externally.

Customer activity is concentrated in Italy, with occasional sales from other European countries and the United States. The consultant network is primarily Italy-based, with smaller representation in Spain and other countries.

Evolution Travel Limited sources travel inventory through direct contracts with hotels, DMCs, cruise companies, bedbanks, and third-party tour operators, with all supplier relationships held centrally. TCs cannot independently contract suppliers.

Revenue streams comprise mark-ups, commissions, and service fees for Evolution Travel Limited, and entry fees, annual licensing, and royalty income for Evolution Travel Network Limited.

The Group benefits from several competitive advantages, including a scalable independent consultant model, digital-first structure, comprehensive proprietary technology, centralised procurement, strong local market presence, and consistent year-on-year growth.

Even after the reporting period, operational momentum continued: volumes increased by approximately 16% year-to-date to November 2025 (vs November 2024), passengers increased by approximately 8% over the same period, and margins improved due to long-haul sales growth. The consultant network also expanded, with new joiners consistently outnumbering leavers.

Financial Performance

The Group delivered strong financial performance during the year, with consolidated revenue of approximately €32.15 million, representing year-on-year growth of around 8%. Performance was supported by higher sales volumes, strong demand for long-haul destinations, and increased average booking values.

Gross margin was approximately 11%, operating margin approximately 3.3%, and net profit margin approximately 3.1%.

Margin performance benefitted from favourable product mix, disciplined cost control, and stable underlying overheads.

Key performance drivers included growth of the consultant network, higher conversion rates, strong activity in core markets, and robust demand for higher-value destinations. No significant foreign exchange or royalty-related impacts occurred during the period.

Operating costs increased broadly in line with activity levels. Consultant incentives rose proportionally, staff costs increased due to internal expansion, and advertising expenditure increased as part of the Group's brand and growth strategy. Other overheads remained stable due to the Group's remote-enabled structure.

Total cash and cash equivalents exceeded €5 million at year-end. Operating cash flows amounted to approximately €2.5 million, with total net cash flow of approximately €1.8 million, reflecting an improvement of around 12.5% compared with 2023. Working capital remained positive, supported by strong cash collection. The Group operates without external debt.

The Group continued investing in technology enhancements and AI-supported tools. No capital injections, restructuring costs, or material regulatory impacts occurred. IP restructuring remains under consideration.

Key Performance Indicators

Unless otherwise stated, the financial information in this Strategic Report relates to the audited results for the year ended 31 December 2024. Certain operational indicators, where noted, refer to year-to-date performance to November 2025 and are included solely to illustrate post-year-end trends; these do not form part of the audited 2024 financial statements.

The Director monitors selected financial and operational KPIs to assess performance.

- Financial KPIs:

o Revenue growth: approximately 8% year-on-year.

o Gross margin: approximately 11%.

o Operating cash flow: approximately €2.5 million.

o Total net cash flow: approximately €1.8 million.

- Operational KPIs:

o Passenger growth: steady/slightly negative in 2024 vs 2023, but increasing by approximately 8% year-to-date to November 2025.

o Consultant network growth: net positive, with joiners consistently exceeding leavers.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group faces a number of risks and uncertainties inherent to its business model and to the travel industry. Overall, these risks are considered low to moderate.

The Director, supported by the Board of Evolution Travel Limited and the directors of the Group's other subsidiaries, reviews the Group's risk profile and mitigation plans through scheduled reporting, documented risk assessments, and established governance procedures.

In particular:

- Market and demand risk: The travel sector remains exposed to macroeconomic trends, geopolitical events, and shifts in consumer confidence. The Group mitigates this through a diversified supplier base, scalable consultant model, and continuous market monitoring.

-Technology and systems risk: Dependence on a proprietary platform and third-party integration creates exposure to system downtime, cybersecurity threats, and operational disruption. Mitigation includes structured development cycles, ongoing investment in security, and contingency planning.

- Supplier and Inventory Risk: Supplier default or service issues represent a potential but low exposure due to centralised procurement, supplier vetting, and a diversified inventory base.

- Regulatory and compliance risk: The Group is subject to consumer protection regulations and GDPR requirements. Internal governance and compliance procedures are being strengthened, supported by regular monitoring and clear internal controls.

- Financial risk: FX exposure is minimal and liquidity remains strong. Credit risk is also low, but arises differently across the Group's two revenue streams. For travel activity, credit exposure is limited due to the Group's prepayment model, under which customer payments are normally collected in advance or by departure date, with no material credit sales. For software licensing, limited credit terms may be offered to consultants; however, any unpaid amounts result in the immediate suspension of system access, which mitigates ongoing exposure. Supplier default remains the only notable financial risk within the business model..

- Strategic and concentration risk: Revenue is concentrated in Evolution Travel Limited and primarily originates from a relatively narrow market base. This concentration risk is mitigated by the Group's plans to expand the consultant network into additional EU markets, supported by its scalable digital operating model.

- Reputational risk: As a consumer-facing business, service failures or supplier issues may impact reputation. Mitigation includes consultant training, centralised quality control, and clear service procedures.

- External events risk: Geopolitical disruptions, natural events, or global health emergencies may affect travel activity. The Group mitigates this through flexible routing and a diversified supplier base.

As the most significant operational and financial risks arise within Evolution Travel Limited-by far the Group's primary revenue-generating entity-the Group's risk management framework is centred on that subsidiary.

The other entities either carry negligible risk due to their holding or non-operational nature, or their limited exposures are already captured within the general risk considerations outlined above. In 2025 the Group completed a comprehensive risk analysis and formally adopted a Risk Management Policy for Evolution Travel Limited, strengthening governance, standardising controls and enhancing visibility across all key risk categories relevant to the Group's operations.

NON FINANCIAL INFORMATION AND STAKEHOLDER CONSIDERATIONS

The Director recognises that long-term success depends not only on financial performance but also on the effective management of non-financial matters and the interests of key stakeholders, including employees, consultants, customers, suppliers and wider communities.

The Group operates with a small internal team (fewer than 10 employees, including directors who are employees), supported by its broader network of independent Travel Consultants, who are not employees of the Group. The Group places emphasis on professional development, structured training, and maintaining a collaborative and supportive culture within its consultant community.

As a service-based business with no physical operations of environmental significance, the Group's direct environmental impact is limited. The Group complies with environmental and industry-related regulations to the extent applicable to its activities, but does not operate specific sustainability initiatives given the nature of its business model.

Social and community matters include maintaining high standards of customer service, ensuring responsible sales practices by consultants, and upholding data protection and privacy standards across all Group activities.

STRATEGY AND FUTURE OUTLOOK

The Group's strategy emphasises sustainable, technology-driven growth and continued expansion of its consultant ecosystem.

Strategic priorities include expanding the consultant network, strengthening presence in Spain and other markets, investing in proprietary technology, integrating AI tools, enhancing customer experience, expanding training programmes, and evaluating the consolidation of intellectual property under Evolutiontech Limited.

The Group's technology strategy focuses on platform development, AI deployment, automation initiatives, and ongoing investment in cybersecurity and system stability.

The market outlook for 2025-2026 is broadly positive, with strong demand for leisure travel, continued growth in long-haul and premium segments, a stable but competitive environment, manageable supplier price inflation, and low to moderate geopolitical uncertainty affecting certain destinations.

The Group expects continued expansion of the consultant network, further margin improvement driven by product mix, maintenance of strong liquidity and a debt-free structure, and an overall positive operating outlook.

The outlook is based on current market conditions and on the assumption of broadly stable international relations. As with all operators in the global travel sector, any significant deterioration in geopolitical stability or the emergence of a widespread international conflict would fall outside the Group's control and could have disruptive consequences for the sector as a whole. At present, such risks are considered low-probability, and the Group's planning reflects the conditions reasonably expected to prevail.

No acquisitions, major structural changes (other than potential IP consolidation), new financing, business model changes, or restructurings are anticipated.

FAIR, BALANCED AND COMPREHENSIVE REVIEW

The Director considers this Strategic Report to present a fair, balanced and comprehensive review of the development and performance of the Group's business during the year, and of its position at the end of the reporting period.

FORWARD-LOOKING STATEMENT

This Strategic Report contains forward-looking statements based on current expectations and assumptions. These statements involve risks and uncertainties that may cause actual results to differ materially from those expressed or implied. The Group undertakes no obligation to update such statements except as required by law.

ON BEHALF OF THE BOARD:

Mr Peter Hudec - Director

30 December 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of carrying on the business of travel and tourist agents.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be €470,000 (2023: €Nil).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

Mr Peter Hudec held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 director is 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Q&K Auditors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Peter Hudec - Director

30 December 2025

Opinion

We have audited the financial statements of Evolution Travel Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 December 2024 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 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 and 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.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 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 director

As explained more fully in the Statement of Director's Responsibilities set out on page eight, 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 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.

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.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that most significant are those that relate to the financial reporting framework, namely FRS102 and the Companies Act 2006.

We understood how the company is complying with those frameworks by making enquiries of management as to their procedures for identifying and responding to fraud risks.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override. We considered the controls the company has established to address risk identified by management, or that otherwise seek to prevent, detect or deter fraud and how management monitor those controls.

Based on our understanding, we designed audit procedures to identify non-compliance with laws and regulations.

Our procedures included journal entry testing based on our risk assessment, analytical procedures to identify unusual

relationships that may indicate risk of material misstatement and challenging the assumptions and judgements made by management in respect of significant accounting estimates.

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.

Other matters

The comparative figures for the year ended 31 December 2023 are unaudited. These figures have been included for comparative purposes only and, accordingly, we do not express an audit opinion on them.

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.

Robert Ormiston (Senior Statutory Auditor)

for and on behalf of Q&K Auditors Ltd

14 Clifton Moor Business Village

James Nicolson Link

York

YO30 4XG

30 December 2025

TURNOVER

32,152,268

29,749,314

Cost of sales

28,588,841

26,718,562

GROSS PROFIT

3,563,427

3,030,752

Administrative expenses

2,482,207

2,175,711

OPERATING PROFIT

4

1,081,220

855,041

Interest receivable and similar income

-

188

1,081,220

855,229

Interest payable and similar expenses

5

718

970

PROFIT BEFORE TAXATION

1,080,502

854,259

Tax on profit

6

65,951

155,769

PROFIT FOR THE FINANCIAL YEAR

1,014,551

698,490

Profit attributable to:

Owners of the parent

1,014,551

698,490

PROFIT FOR THE YEAR

1,014,551

698,490

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,014,551

698,490

Total comprehensive income attributable to:

Owners of the parent

1,014,551

698,490

FIXED ASSETS

Intangible assets

9

467,857

521,029

Tangible assets

10

425

637

Investments

11

-

-

468,282

521,666

CURRENT ASSETS

Debtors

12

7,269,116

6,150,998

Cash at bank

5,397,656

3,564,399

12,666,772

9,715,397

CREDITORS

Amounts falling due within one year

13

11,835,341

9,449,686

NET CURRENT ASSETS

831,431

265,711

TOTAL ASSETS LESS CURRENT LIABILITIES

1,299,713

787,377

CREDITORS

Amounts falling due after more than one year

14

(9,973

)

(42,178

)

PROVISIONS FOR LIABILITIES

16

-

(10

)

NET ASSETS

1,289,740

745,189

CAPITAL AND RESERVES

Called up share capital

17

121

121

Retained earnings

18

1,289,619

745,068

SHAREHOLDERS' FUNDS

1,289,740

745,189

The financial statements were approved by the director and authorised for issue on 30 December 2025 and were signed by:

Mr Peter Hudec - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

240

240

240

240

CURRENT ASSETS

Cash at bank

10,000

121

CREDITORS

Amounts falling due within one year

13

119

240

NET CURRENT ASSETS/(LIABILITIES)

9,881

(119

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,121

121

CAPITAL AND RESERVES

Called up share capital

17

121

121

Retained earnings

18

10,000

-

SHAREHOLDERS' FUNDS

10,121

121

Company's profit for the financial year

480,000

-

The financial statements were approved by the director and authorised for issue on 30 December 2025 and were signed by:

Mr Peter Hudec - Director

Called up

share

Retained

Total

capital

earnings

equity

€

€

€

Balance at 1 January 2023

121

46,578

46,699

Changes in equity

Total comprehensive income

-

698,490

698,490

Balance at 31 December 2023

121

745,068

745,189

Changes in equity

Dividends

-

(470,000

)

(470,000

)

Total comprehensive income

-

1,014,551

1,014,551

Balance at 31 December 2024

121

1,289,619

1,289,740

Called up

share

Retained

Total

capital

earnings

equity

€

€

€

Balance at 1 January 2023

121

-

121

Changes in equity

Balance at 31 December 2023

121

-

121

Changes in equity

Dividends

-

(470,000

)

(470,000

)

Total comprehensive income

-

480,000

480,000

Balance at 31 December 2024

121

10,000

10,121

Cash flows from operating activities

Cash generated from operations

1

2,523,597

1,952,499

Interest paid

(718

)

(970

)

Net cash from operating activities

2,522,879

1,951,529

Cash flows from investing activities

Purchase of intangible fixed assets

(219,622

)

(320,911

)

Purchase of tangible fixed assets

-

(849

)

Interest received

-

188

Net cash from investing activities

(219,622

)

(321,572

)

Cash flows from financing activities

Equity dividends paid

(470,000

)

-

Net cash from financing activities

(470,000

)

-

Increase in cash and cash equivalents

1,833,257

1,629,957

Cash and cash equivalents at beginning of year

2

3,564,399

1,934,442

Cash and cash equivalents at end of year

2

5,397,656

3,564,399

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

€

€

Profit before taxation

1,080,502

854,259

Depreciation charges

273,001

246,829

Finance costs

718

970

Finance income

-

(188

)

1,354,221

1,101,870

Increase in trade and other debtors

(1,118,118

)

(1,076,352

)

Increase in trade and other creditors

2,287,494

1,926,981

Cash generated from operations

2,523,597

1,952,499

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

€

€

Cash and cash equivalents

5,397,656

3,564,399

Year ended 31 December 2023

31.12.23

1.1.23

€

€

Cash and cash equivalents

3,564,399

1,934,442

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

€

€

€

Net cash

Cash at bank

3,564,399

1,833,257

5,397,656

3,564,399

1,833,257

5,397,656

Debt

Debts falling due within 1 year

1,534

(13,724

)

(12,190

)

Debts falling due after 1 year

(42,168

)

32,195

(9,973

)

(40,634

)

18,471

(22,163

)

Total

3,523,765

1,851,728

5,375,493

1.	STATUTORY INFORMATION

Evolution Travel Group Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 11745457 and registered office address is 9 Kerry Street, Horsforth, Leeds, LS18 4AW.

The company is the parent of a group of companies and the main trading company is Evolution Travel Ltd. registered in Malta as a limited liability company under the Companies Act, (Cap. 386) with registration number C 67043. It's registered office address is 1st Floor, Suite 3, Central Business Centre, Mdina Road,

Zebbug ZBG9015, Malta. This is considered to be the principal place of business.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

An acquired intangible asset is recognised only if it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably. An intangible asset is initially measured at cost, comprising its purchase price and any directly attributable cost of preparing the asset for its intended use.

Intangible assets are subsequently carried at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is calculated to write down the carrying amount of the intangible asset using the straight-line method over its expected useful life. Amortisation of an asset begins when it is available for use and ceases at the earlier of the date that the asset is classified as held for sale (or included in a disposal group that is classified as held for sale) or the date that the asset is derecognised.

Computer software is capitalised from internal development costs.

Computer software is amortised over a useful life of 3 years.

Intangible assets with indefinite useful life

The intangible assets with an indefinite useful life are not amortised. The useful life is reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite is accounted for as a change in an accounting estimate.

Separately acquired trademarks (patents and licences) are shown at historical cost. Trademarks acquired in a business combination are recognised at fair value at the acquisition date. They have an indefinite useful life and are subsequently carried at cost less 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.

Fixtures and fittings

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33% on cost and 25% on cost

Financial instruments

The group enters into basic financial instrument transactions resulting from the recognition of financial assets

and liabilities such as trade debtors, trade creditors and loans from banks. Debt instruments that are payable or receivable within one year, typically trade debtors or trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be received or paid.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.