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Registered number: 04671643 BLUE CUBE TRAVEL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
BLUE CUBE TRAVEL LIMITED COMPANY INFORMATION
Directors | I F Phaure
| K A Stirling
| M M Nachmani
| I Magen
Registered number | 04671643
Registered office | 8th Floor
| Becket House
| 36 Old Jewry
| London
| EC2R 8DD
Trading Address | Unit 5 Provenance Wharf
| 8 Kew Bridge Road
| Brentford
| TW8 0FJ
Independent auditors | Xeinadin Audit Limited
| Chartered Accountants & Statutory Auditor
| 8th Floor
| Becket House
| 36 Old Jewry
| London
| EC2R 8DD
BLUE CUBE TRAVEL LIMITED CONTENTS
| Page
Strategic Report | 1 - 5
Directors' Report | 6 - 7
Independent Auditors' Report | 8 - 11
Statement of Comprehensive Income | 12
Statement of Financial Position | 13
Statement of Changes in Equity | 14 - 15
Statement of Cash Flows | 16 - 17
Notes to the Financial Statements | 18 - 34
BLUE CUBE TRAVEL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MAY 2025
Introduction
The directors present their strategic report, together with the financial statements, for Blue Cube Travel Limited for the year ended 31st May 2025. Blue Cube Travel Ltd is a medium-sized UK-based travel company specializing in corporate travel. Established in 2003, it operates across 3 offices and maintains a strong reputation for personalized service and reliability. As the travel industry undergoes digital and environmental transformation, Blue Cube Travel Limited must evolve its business model to stay competitive. This report provides a comprehensive strategic plan focusing on five key areas: digital transformation, sustainability, growth and profitability, customer experience, and market expansion. It outlines a 3-year roadmap (2025–2028) aimed at improving efficiency, strengthening brand presence, and achieving sustainable growth. Blue Cube Travel were acquired by Talma EMEA Limited in October 2024, Talma EMEA Limited are part of Talma Group, a global Travel Management Company, who feature in the Top 25 Global travel management companies, with a turnover of $1bn forecasted for 2025. Our Mission ∙Our mission is to ‘make the Complex Simple’ ∙We aim to ‘make every business trip a little less ordinary’ Our Vision ∙Our vision is to create a company culture that attracts, inspires and motivates a diverse talent pool of people, create a sustainable business through an 8 step plan which continuously measures our social and environmental impact, adopt best business practices to improve our productivity and profits, providing security for our employees, nurture our supply chain and partnerships to build mutual trust, loyalty and innovative practices, ensure every interaction with clients, supply chain, partners and our people is personal, never lose sight of our vision, our drive or ambition and stay true to our core values and entrepreneurial spirit. ∙We seek to be recognised as leader in high touch, concierge-style travel where both clients and staff choose to never leave. Our Values Our work is guided by a set of core values: ∙People ∙Planet ∙Profit ∙Partners ∙Personalisation
Business review
For the year ended 31st May 2025 the key performance indicators have been summarized below.
| 2025 | 2024
| £ | £
Operating profit | 3,041,952 | 3,666,608
Profit before tax | 2,801,300 | 3,384,895
Page 1
BLUE CUBE TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
The Company continues to operate as a corporate travel company. The cost base of the Company increased from £3.9m to £5.3m, with key contributors being the continued investment in people (with staff costs raising £262,000 to £3.1M) and one-off cost of £1m due to loss on disposal of a building.
Principal risks and uncertainties
Blue Clue Travel Limited operates in a dynamic and highly competitive industry that is influenced by global economic, environmental, and technological factors. The following are the principal risks and uncertainties that may affect the achievement of the company’s strategic objectives: Economic and Market Risk ∙Description: Economic downturns, inflation, or geopolitical instability (e.g., conflicts, oil price shocks) can significantly reduce consumer spending on travel. ∙Impact: Lower demand, reduced margins, and cash flow constraints. ∙Mitigation: Diversify into domestic and short-haul travel; implement flexible pricing; maintain cash reserves and cost discipline. Technological Risk ∙Description: The travel industry is rapidly digitalizing, with customer expectations for seamless online experiences. Lagging in technology adoption or CRM implementation could reduce competitiveness. ∙Impact: Customer attrition and operational inefficiency. ∙Mitigation: Phased investment in digital platforms; regular system upgrades; IT staff training and vendor partnerships. Cybersecurity and Data Protection Risk ∙Description: Increasing reliance on digital systems raises exposure to cyberattacks and data breaches involving sensitive customer information. ∙Impact: Financial loss, regulatory penalties (GDPR), and reputational damage. ∙Mitigation: Strengthened cybersecurity framework, staff awareness programs, encryption protocols, and incident response planning. Operational and Supply Chain Risk ∙Description: Dependence on third-party providers (airlines, hotels, tour operators) exposes the company to service disruption or quality issues. ∙Impact: Customer dissatisfaction, refund liabilities, and brand erosion. ∙Mitigation: Diversify supplier base, include service-level agreements, and conduct regular partner audits. Regulatory and Compliance Risk ∙Description: Non-compliance with consumer protection, data privacy, and travel package regulations can result in fines or business restrictions. ∙Impact: Legal exposure and reputational harm. ∙Mitigation: Maintain internal compliance monitoring, periodic audits, and staff training on regulatory updates. Environmental and Sustainability Risk ∙Description: Growing scrutiny of carbon emissions and sustainable travel practices may impact traditional travel offerings. ∙Impact: Reputational and competitive disadvantage if sustainability standards are not met. Page 2
BLUE CUBE TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025 ∙Mitigation: Implement carbon offset programs, eco-certified partnerships, and transparent sustainability reporting. Talent and Human Capital Risk ∙Description: Loss of key employees or inadequate training can hinder innovation and customer service quality. ∙Impact: Reduced productivity, poor customer experience, and skill gaps. ∙Mitigation: Competitive remuneration, clear career pathways, and investment in training and development programs. Pandemic or Natural Disaster Risk ∙Description: Global health crises or natural disasters can cause large-scale travel restrictions and cancellations. ∙Impact: Sharp decline in revenue and cash flow. ∙Mitigation: Flexible booking policies, crisis management planning, and travel insurance partnerships. Reputational Risk ∙Description: Negative publicity, service failures, or social media backlash can damage trust. ∙Impact: Customer loss and reduced bookings. ∙Mitigation: Proactive PR management, real-time customer feedback systems, and service recovery protocols. Risk Assessment and Mitigation ∙Economic downturn – Mitigate by diversifying offerings and promoting domestic travel. ∙Technology adoption challenges – Use phased implementation and vendor support. ∙Cybersecurity threats – Strengthen IT security and conduct staff training. ∙Market saturation – Focus on value-added services and niche experiences. ∙Regulatory changes – Maintain compliance through legal monitoring and industry partnerships
Financial key performance indicators
The Company is exposed to a variety of financial risks including liquidity risk. The Company has in place a risk management programme that seeks to limit any adverse effect on the financial performance of the Company. Liquidity risk The Company is financed through available revolving credit facilities and shareholder cash liquidity made available to support working capital needs. See additionally the reference points in the going concern note. The directors consider that the Company has the appropriate funding to meet the needs of the business from existing facilities. Credit risk The Company operates a treasury and funding operation with group companies, and management closely. Page 3
BLUE CUBE TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Other key performance indicators
Other KPIs monitored by the company include: ∙Revenue growth rate ∙EBIDTA margin ∙Digital conversion rate ∙Customer retention rate ∙NPS (Net Promoter Score) ∙Social media engagement rate ∙Employee productivity (bookings per consultant)
Future developments
The Company's current implementation roadmap is as follows: 2025 ∙Launch CRM modernization ∙Implementation of robust back office & accounting system ∙Begin AI personalization pilot 2026 ∙Launch Blue Cube mobile app and AI chatbot. 2027–2028 ∙Scale ‘Green Travel’ line globally ∙Achieve £100m revenue
Directors' statement of compliance with duty to promote the success of the Company
Long-Term Consequences of Decisions The Board considers the long-term sustainability of the business when making strategic and operational decisions. Major investments, including the company’s digital transformation initiative and sustainability programme, are assessed not only for financial returns but also for their long-term impact on the brand, customers, and industry reputation. Interests of Employees The directors recognise that employees are central to the company’s success. Regular engagement sessions, training, and recognition programmes are conducted to maintain a motivated and skilled workforce. The company promotes an inclusive and supportive culture that encourages innovation, professional growth, and wellbeing. Fostering Relationships with Suppliers, Customers, and Partners The Board values strong, ethical, and long-term relationships with its key stakeholders, including travel partners, hotel chains, airlines, and corporate clients. The company maintains open communication and fair business practices with all suppliers, ensuring mutual benefit and reliability in service delivery. Customer satisfaction remains a core metric of success, and regular surveys and feedback are used to improve service quality and loyalty initiatives. Impact on the Community and Environment Blue Cube Travel acknowledges its responsibility to operate sustainably and ethically. The directors oversee the integration of environmental, social, and governance (ESG) principles into the business model. The company Page 4
BLUE CUBE TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025 has introduced carbon-offset travel packages, supports local community tourism initiatives, and aims to achieve carbon neutrality in operations by 2030. Maintaining a Reputation for High Standards of Business Conduct The directors are committed to upholding integrity, transparency, and professionalism in all business dealings. Compliance with applicable laws, data protection standards, and industry regulations is a top priority. Regular internal audits and compliance reviews ensure adherence to best practices. Acting Fairly Between Members of the Company The Board treats the shareholders fairly and ensures that decisions align with the interests of the company. The directors maintain open communication channels and provide transparent reporting on financial performance, strategic objectives, and risk management. Conclusion Blue Cube Travel Limited is well-positioned to evolve into a modern, customer-focused, and sustainable travel company. By embracing digital transformation, prioritizing eco-friendly practices, and diversifying its market reach, the company can secure long-term profitability and brand resilience. Success will depend on disciplined execution, continuous innovation, and strong leadership commitment to the strategic vision. This report was approved by the board on 26 November 2025 and signed on its behalf.
I F Phaure Director
Page 5
BLUE CUBE TRAVEL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2025 The directors present their report and the financial statements for the year ended 31 May 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,861,865 (2024 - £2,479,975). The directors have recommended a dividend amounting to £4,355,597 (2024: £Nil) for the financial year.
Directors
The directors who served during the year were:
I F Phaure
K A Stirling
M M Nachmani (appointed 15 October 2024)
I Magen (appointed 15 October 2024)
Matters covered in the Strategic Report
As permitted, certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report. These matters include the Business Review, Future Developments, Principal Risks and Uncertainties. Consideration of the Company’s engagement with customers, suppliers and others, together with employee engagement disclosures, are included in the Section 172 statement. Page 6
BLUE CUBE TRAVEL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 26 November 2025 and signed on its behalf.
................................................ I F Phaure Director
Page 7
BLUE CUBE TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLUE CUBE TRAVEL LIMITED
Opinion
We have audited the financial statements of Blue Cube Travel Limited (the 'Company') for the year ended 31 May 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 May 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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. Page 8
BLUE CUBE TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLUE CUBE TRAVEL LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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 Directors' Responsibilities Statement set out on page 6, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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. Page 9
BLUE CUBE TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLUE CUBE TRAVEL LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • Enquiry of management and those charged with governance around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. • Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations; The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, employment law and IATA compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 10
BLUE CUBE TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLUE CUBE TRAVEL LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Yasin Khandwalla (FCCA) (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Chartered Accountants & Statutory Auditor 8th Floor Becket House 36 Old Jewry London EC2R 8DD 26 November 2025 Page 11
BLUE CUBE TRAVEL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MAY 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 8,349,673 | 7,608,424
Gross profit |  | 8,349,673 | 7,608,424
Administrative expenses |  | (4,306,495) | (3,941,816)
Loss on sale of tangible assets |  | (1,001,226) | -
Operating profit |  | 3,041,952 | 3,666,608
Interest receivable and similar income | 9 | 9,295 | 26,521
Interest payable and similar expenses | 10 | (249,947) | (308,234)
Profit before tax |  | 2,801,300 | 3,384,895
Tax on profit | 11 | (939,435) | (904,920)
Profit for the financial year |  | 1,861,865 | 2,479,975
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 34 form part of these financial statements.
Page 12
BLUE CUBE TRAVEL LIMITED REGISTERED NUMBER: 04671643 STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 565,211 |  | 3,139,209
|  |  | 565,211 |  | 3,139,209
Non current asset |  |  |  |  |
Debtors: amounts falling due after more than one year | 15 |  | 30,000 |  | 30,000
| 15 |  | 30,000 |  | 30,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 3,803,001 |  | 3,401,310 |
Cash at bank and in hand | 16 | 2,107,303 |  | 2,424,202 |
|  | 5,910,304 |  | 5,825,512 |
Creditors: amounts falling due within one year | 17 | (4,092,073) |  | (2,595,713) |
Net current assets |  |  | 1,818,231 |  | 3,229,799
Total assets less current liabilities |  |  | 2,383,442 |  | 6,369,008
Creditors: amounts falling due after more than one year | 18 |  | (356,427) |  | (1,774,259)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | - |  | (74,002) |
|  |  | - |  | (74,002)
Net assets |  |  | 2,057,015 |  | 4,550,747
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 40,000 |  | 40,000
Capital redemption reserve | 23 |  | 25,000 |  | 25,000
Profit and loss account | 23 |  | 1,992,015 |  | 4,485,747
|  |  | 2,057,015 |  | 4,550,747
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 November 2025.
I F Phaure
Director
The notes on pages 18 to 34 form part of these financial statements. Page 13
BLUE CUBE TRAVEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 June 2024 | 40,000 | 25,000 | 4,485,747 | 4,550,747
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,861,865 | 1,861,865
Total comprehensive income for the year | - | - | 1,861,865 | 1,861,865
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (4,355,597) | (4,355,597)
Total transactions with owners | - | - | (4,355,597) | (4,355,597)
At 31 May 2025 | 40,000 | 25,000 | 1,992,015 | 2,057,015
| The notes on pages 18 to 34 form part of these financial statements.
Page 14
BLUE CUBE TRAVEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MAY 2024
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 June 2023 | 60,000 | 5,000 | 4,153,792 | 4,218,792
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,479,975 | 2,479,975
Total comprehensive income for the year | - | - | 2,479,975 | 2,479,975
Contributions by and distributions to owners |  |  |  |
Purchase of own shares | - | 20,000 | (2,148,020) | (2,128,020)
Shares cancelled during the year | (20,000) | - | - | (20,000)
Total transactions with owners | (20,000) | 20,000 | (2,148,020) | (2,148,020)
At 31 May 2024 | 40,000 | 25,000 | 4,485,747 | 4,550,747
| The notes on pages 18 to 34 form part of these financial statements.
Page 15
BLUE CUBE TRAVEL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,861,865 | 2,479,975
Adjustments for: |  |
Depreciation of tangible assets | 155,063 | 98,141
Loss on disposal of tangible assets | 1,001,226 | -
Interest paid | 249,947 | 308,234
Interest received | (9,295) | (26,521)
Taxation charge | 939,435 | 904,920
(Increase) in debtors | (289,551) | (749,930)
(Increase)/decrease in amounts owed by groups | (100,000) | 9,905
Increase/(decrease) in creditors | 1,693,125 | (454,848)
Corporation tax (paid) | (1,011,322) | (1,157,156)
Net cash generated from operating activities | 4,490,493 | 1,412,720
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (582,291) | (103,091)
Sale of tangible fixed assets | 2,000,000 | -
Interest received | 9,295 | 26,521
Interest paid on Finance lease | (40,853) | -
Net cash from investing activities | 1,386,151 | (76,570)
Page 16
BLUE CUBE TRAVEL LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repurchase of own shares | - | (2,148,020)
Repayment of loans | (2,108,373) | (314,092)
Repayment of/new finance leases | 479,521 | -
Dividends paid | (4,355,597) | -
Interest paid | (209,094) | (308,234)
Net cash used in financing activities | (6,193,543) | (2,770,346)
Net (decrease) in cash and cash equivalents | (316,899) | (1,434,196)
Cash and cash equivalents at beginning of year | 2,424,202 | 3,858,398
Cash and cash equivalents at the end of year | 2,107,303 | 2,424,202
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,107,303 | 2,424,202
| 2,107,303 | 2,424,202
The notes on pages 18 to 34 form part of these financial statements.
Page 17
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
Blue Cube Travel Limited is a private company limited by shares incorporated in England and Wales. The registered number and the address of the registered office and trading office is given in the Company informtion of these financial statements. The nature of the Company's operations and principal activities are that of the provision of travel arrangements and agency services to corporate bodies. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
| 2.2 | Foreign currency translation
Functional and presentation currency These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.3 | Turnover
Turnover represents the value of net commissions, mark-up on net fares, transaction fees and other income earned for the arrangement of travel services net of Value Added Tax. Revenue is taken to the profit and loss account based on date of booking. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Page 18
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Right of use leased asset
The Company recognises a right-of-use asset and a lease liability at the lease commencement. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liabilit adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date. to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is measured at the present value of the lease payments that are not paid at the transition date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: ∙fixed payments, including in-substance fixed payments; ∙variable lease payments that depend on an index or a rate, initially measured using the index .or rate as at the commencement date; ∙amounts expected to be payable under a residual value guarantee; ∙and the exercise price under a purchase option that the Company is reasonably certain to exercise; ∙lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option and; ∙penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 19
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 20
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 20% - 33.33% straight line
|  |  |  | Computer equipment | - | 25% - 33.33% straight line
|  |  |  | Right of use asset | - | Straight line over the remaining lease term
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date. Page 21
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 22
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. There are no critical accounting estimates or judgements made in applying the company's accounting policies.
4. | Turnover
The whole of the turnover is attributable to travel and expense management for corporate clients and individuals.
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation on Tangible Fixed assets | 155,063 | 98,141
| Exchange differences | (16) | 3,059
| Loss on sale of Building | 1,001,236 | -
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 19,600 | 15,400
Page 23
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,570,753 | 2,331,598
| Social security costs | 316,943 | 256,511
| Cost of defined contribution scheme | 66,373 | 117,553
|  | 2,954,069 | 2,705,662
| The average monthly number of employees, including directors, during the year was 52 (2024 - 53).
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 562,899 | 529,936
| Company contributions to defined contribution pension schemes | - | 64,000
|  | 562,899 | 593,936
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £286,792 (2024 - £282,451).
| The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2024 - £32,000).
| Key management consists of the directors. The compensation paid to the key management for employee services is the same as directors.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 9,295 | 26,521
|  | 9,295 | 26,521
Page 24
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest on CBIL | 14,557 | 32,916
| Interest on EFRBS | 124,077 | 120,544
| Mortgage interest payable | 70,460 | 130,046
| Interest on Finance lease | 40,853 | -
| Other interest - on overdue tax | - | 24,728
|  | 249,947 | 308,234
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,025,577 | 886,322
| Adjustments in respect of previous periods | - | 2,244
|  | 1,025,577 | 888,566
| Total current tax | 1,025,577 | 888,566
| Deferred tax |  |
| Origination and reversal of timing differences | (86,142) | 16,354
| Total deferred tax | (86,142) | 16,354
|  | 939,435 | 904,920
Page 25
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,801,300 | 3,384,895
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 700,325 | 846,224
| Effects of: |  |
| Expenses not deductible for tax purposes | 25,629 | 46,841
| Adjustments to tax charge in respect of prior periods | - | 39,667
| Fixed Asset Differences | 213,480 | -
| Other differences leading to an increase (decrease) in the tax charge | 1 | (27,812)
| Total tax charge for the year | 939,435 | 904,920
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim Dividend | 4,355,597 | -
|  | 4,355,597 | -
13. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on sale of tangible assets | 1,001,226 | -
|  | 1,001,226 | -
Page 26
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
14. | Tangible fixed assets
|  | Long-term leasehold property | Motor vehicles | Office equipment | Computer equipment | Right of use Asset
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 June 2024 | 3,478,606 | 3,062 | 215,772 | 173,238 | -
| Additions | - | - | - | 31,184 | 551,107
| Disposals | (3,478,606) | - | - | (880) | -
| At 31 May 2025 | - | 3,062 | 215,772 | 203,542 | 551,107
| Depreciation |  |  |  |  |
| At 1 June 2024 | 454,189 | 3,062 | 157,551 | 116,667 | -
| Charge for the year on owned assets | 23,191 | - | 12,245 | 33,564 | -
| Charge for the year on right-of-assets | - | - | - | - | 86,063
| Disposals | (477,380) | - | - | (880) | -
| At 31 May 2025 | - | 3,062 | 169,796 | 149,351 | 86,063
| Net book value |  |  |  |  |
| At 31 May 2025 | - | - | 45,976 | 54,191 | 465,044
| At 31 May 2024 | 3,024,417 | - | 58,221 | 56,571 | -
Page 27
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 14.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost or valuation |
| At 1 June 2024 | 3,870,678
| Additions | 582,291
| Disposals | (3,479,486)
| At 31 May 2025 | 973,483
| Depreciation |
| At 1 June 2024 | 731,469
| Charge for the year on owned assets | 69,000
| Charge for the year on right-of-assets | 86,063
| Disposals | (478,260)
| At 31 May 2025 | 408,272
| Net book value |
| At 31 May 2025 | 565,211
| At 31 May 2024 | 3,139,209
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Long term leasehold property | - | 3,024,417
|  | - | 3,024,417
| During the year the Company sold its property at market value.
Page 28
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 30,000 | 30,000
|  | 30,000 | 30,000
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 3,392,903 | 2,683,779
| Amounts owed by group undertakings | 100,000 | -
| Other debtors | 72,825 | 511,071
| Prepayments and accrued income | 225,133 | 206,460
| Deferred taxation | 12,140 | -
|  | 3,803,001 | 3,401,310
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,107,303 | 2,424,202
|  | 2,107,303 | 2,424,202
Page 29
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 334,114
| Trade creditors | 1,909,408 | 867,869
| Corporation tax | 525,577 | 511,322
| Other taxation and social security | 89,853 | 316,195
| Lease liabilities | 123,094 | -
| Other creditors | 1,332,864 | 457,985
| Accruals and deferred income | 111,277 | 108,228
|  | 4,092,073 | 2,595,713
| Included in trade creditors is a payable amount of £1,609,563 (2024:£594,532) relating to air payments pending in the BSP ticketing system and due to airlines.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 1,774,259
| Lease liabilities | 356,427 | -
|  | 356,427 | 1,774,259
| Included within creditors due after more than one year are lease liabilities for year ended May 2025 in respect of right-of-use assets. Expenses relating to right of use assets amounted to £86,063 Secured loans, legal charges and securities In September 2017, the Company entered into a loan facility with National Westminster Bank Plc, repayable over a 10 year term, attracting an interest rate of 1.95% over Base Rate. As at the year end, the balance outstanding on this loan facility was £NIL (2024: £1,744,467). This loan facility was secured by a fixed charge over the property, dated 27 October 2017.The charge was satisfied on 12 October 2024 In September 2017, the Company entered into a loan facility with National Westminster Bank Plc, repayable over a 7 year term, attracting an interest rate of 2.1% over Base Rate. As at the year end, the balance outstanding on this loan facility was £NIL (2024: £13,906). This loan facility was secured by a fixed charge over the property, dated 5 October 2017.The charge was satisfied on 12 October 2024 In November 2020, the Company secured a loan of £700,000 through a Coronavirus Business Interruption Loan Scheme. As at the year end, the balance outstanding on this loan facility was £NIL (2024: £350,00). Barclays Bank Plc has a deed of change dates 4 January 2011 over certain credit balances of the Company.
Page 30
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | - | 334,114
|  | - | 334,114
| Amounts falling due 1-2 years |  |
| Bank loans | - | 333,837
|  | - | 333,837
| Amounts falling due 2-5 years |  |
| Bank loans | - | 743,993
|  | - | 743,993
| Amounts falling due after more than 5 years |  |
| Bank loans | - | 696,429
|  | - | 696,429
|  | - | 2,108,373
20. | Finance leases
| The Company’s obligations under lease agreements relating to right-of-use assets are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 123,095 | -
| Between 1-5 years | 356,427 | -
|  | 479,522 | -
Page 31
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
21. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (74,002)
| Charged to profit or loss | 86,142
| At end of year | 12,140
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | 9,459 | (75,340)
| Short term timing differences | 2,681 | 1,338
|  | 12,140 | (74,002)
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 40,000 (2024 - 40,000) Ordinary shares of £1.00 each | 40,000 | 40,000
| On 15 October 2024, Talma EMEA Limited, a company incorporated in the UK, acquired 100% of the issued share capital of Blue Cube Travel Limited (see note 28).
23. | Reserves
Capital redemption reserve Capital redemption reserve records the nominal value of shares repurchased by the Company. Profit and loss account Includes all current and prior period retained profit and losses. Page 32
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £66,373 (2024: £117,553). Contributions totalling £13,256 (2024: £10,727) were payable to the fund at the balance sheet date and are included in creditors.
25. | Commitments under operating leases
| At 31 May 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 15,000 | 31,792
| Later than 1 year and not later than 5 years | 6,250 | 29,565
|  | 21,250 | 61,357
| The above leases are short-term.
26. | Related party transactions
| During the year the company had a net trading transaction movement amounting to £51,229 (2024: £1,352) with Blue Cube Travel Ghana Limited, a company under common control. As at the year end the Company was owed £Nil (2024: £51,229) from Blue Cube Travel Ghana Limited. At the year end the company owed Talma EMEA Limited (see note 28) £713,653. Transactions with directors: During the year the company had a loan account with a director K. A. Stirling. After net movements of £164,682 the amount owed to K.A Stirling was £Nil (2024: £164,682 company was owed). During the year the company had a loan account with a director I.F. Phaure. After net movements of £155,285, the amount owed to I.F. Phaure was £Nil (2024: £155,285 company was owed). During the year the company disposed its property to Henhz Property Limited, a company in which both K.A. Stirling and I.F Phaure are directors.
27. | Post balance sheet events
The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company. Page 33
BLUE CUBE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
28. | Controlling party
The company's immediate parent is Talma EMEA Limited. The registered office address of Talma EMEA Limited is Suite 3 Farnham Road, Liss, GU33 6JG. Talma Shlomo Travel Solutions Limited, a company based in Israel, is the ultimate controlling party.
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