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Registered number: 07406226 NEXT GENERATION TRAVEL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
NEXT GENERATION TRAVEL LIMITED COMPANY INFORMATION
Directors | Mrs D C Beckett
| Mrs S L Belfield
| Mr D J Craven
| Mrs S E Foden
| Mrs M Whiteman
| Mr A J Morris
Registered number | 07406226
Registered office | Chiltern House
| 181 Bristol Avenue
| Blackpool
| Lancashire
| FY2 0FP
Independent auditors | White Hart Associates (London) Limited
| Chartered Accountants and Statutory Auditors
| 2nd Floor, Nucleus House
| 2 Lower Mortlake Road
| Richmond
| TW9 2JA
NEXT GENERATION TRAVEL LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Consolidated Statement of Comprehensive Income | 10
Consolidated Statement of Financial Position | 11
Company Statement of Financial Position | 12 - 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Consolidated Analysis of Net Debt | 17
Notes to the Financial Statements | 18 - 46
NEXT GENERATION TRAVEL LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The directors present their strategic report of the Company (Next Generation Travel Limited) and the Group (Next Generation Travel Limited and its subsidiaries) for the year ended 31 July 2025.
Business review
The Group is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Group and the Company during the financial year ended 31 July 2025, the position of the Group and the Company at the end of the period and a description of the principal risks and uncertainties facing the Group. This review is prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose. The Group is pleased to report an exceptional year of growth across all brands. Our EBITDA targets for the year were exceeded and we ended with an improvement of £1.2m year-on-year. Wages and salaries were lower year-on-year, as a result of the efficiencies starting to come through from improved processes and previous investment in people, training and systems. Operational issues have continued to reduce year-on-year as our supplier relationships and service level agreements mature through delivering our clear purchasing strategy. Customer service levels have remained very high with improved NPS scores across all brands. Investment in IT has continued and we have a clear road map of future developments to ensure we continue to deliver excellent service levels and a robust and scalable infrastructure to support growth plans. The key performance indicators used by the directors to monitor the progress of the Group are set out below:-
|  | 2025 | 2024
|  | £ | £
| Turnover | 30,663,879 | 29,541,180
| Gross profit | 7,038,562 | 5,966,407
| Gross profit as a percentage of turnover | 22.95% | 20.18%
| Profit on ordinary activities before taxation | 1,436,837 | 148,924
| Profit on ordinary activities before taxation as a percentage of turnover | 4.69% | 0.50%
| Net cash inflow from operating activities | 2,948,278 | 893,163
| Net assets/(liabilities) | 188,824 | (1,024,774)
Page 1
NEXT GENERATION TRAVEL LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Principal risks and uncertainties
The following risk factors may affect the Group's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Group. Economic risk The demand for educational tours is somewhat affected by local economic conditions. During 2025, rising costs across the economy have provided further challenges, however this has been compensated by the strong desire of teachers and parents to ensure students do not miss out on trips linked to the curriculum and by groups moving away from their previous tour operator due to poor service. Regulatory risk The Group is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Group to operate. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). Market risk The Group operates in a highly competitive market featuring innovation in travel products and the methods by which it is marketed, as well as price pressures. The Group seeks to constantly invest in its brands to increase public awareness, as well as offer a wide selection of products from a wide range of suppliers at competitive prices, to maintain its market position at the same time as continuing to deliver exceptional customer service. The Group also monitors competitor activity closely. Finance risk The Group is naturally exposed to foreign exchange rate risk when it purchases overseas services in currencies other than British Pounds. All exchange gains and losses so arising are taken to the income statement once realised. The Group strategy is to hedge against the majority of this risk and for any element not hedged, the Group bears the risk associated with such foreign exchange movements. Commercial relationships The Group has well established and close relationships with both customers and suppliers and risk is spread by not placing over-reliance on any one supplier in any specific destination. The management team liaises regularly with suppliers to maintain good working relationships and to understand the supplier's financial position. System risk The Group is heavily reliant on the uninterrupted operation of its IT systems and website. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Group to carry on its business effectively. The Group has made arrangements to mitigate this risk. Page 2
NEXT GENERATION TRAVEL LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Principal risks and uncertainties (continued) Commercial risk The nature of the business exposes the Group to various commercial risks which may affect the trading performance of the Group, but all foreseeable potential risks are considered on an ongoing basis by the Board. These factors may affect the Group by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Group. The Group seeks to minimise such risks by operating a flexible limited commitment business model with the ability to shift capacity amongst a variety of destinations where necessary. This report was approved by the board on 25 November 2025 and signed on its behalf.
Mrs M Whiteman Director
Page 3
NEXT GENERATION TRAVEL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2025 The directors present their report and the financial statements for the year ended 31 July 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Principal activity
The principal activity of the Group in the year under review was that of travel tour operators. The Company's principal activity in the year was that of acting as a group holding company. It is the Company's subsidiaries which trade and operate as travel tour operators.
Results and dividends
The profit for the year, after taxation, amounted to £1,001,369 (2024 - £25,480). The directors do not recommend a final dividend for the year ended 31 July 2025. The total distribution of dividends for the year ended 31 July 2025 was £Nil (2024 - £Nil). Page 4
NEXT GENERATION TRAVEL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Directors
The directors who served during the year were:
Mrs D C Beckett
Mrs S L Belfield
Mr D J Craven
Mrs S E Foden
Mrs M Whiteman
Mr A J Morris
Matters covered in the Group Strategic Report
The directors have disclosed additional performance data for the Group in the strategic report, which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.
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 and the Group'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 and the Group's auditors are aware of that information.
Auditors
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 25 November 2025 and signed on its behalf.
Mrs M Whiteman Director
Page 5
NEXT GENERATION TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXT GENERATION TRAVEL LIMITED
Opinion
We have audited the financial statements of Next Generation Travel Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 July 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or 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 directors with respect to going concern are described in the relevant sections of this report. Page 6
NEXT GENERATION TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXT GENERATION 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 Group 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 Group 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 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 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 7
NEXT GENERATION TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXT GENERATION TRAVEL LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We exercise professional judgment and maintain professional skepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; Page 8
NEXT GENERATION TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEXT GENERATION TRAVEL LIMITED (CONTINUED) Auditors' responsibilities for the audit of the financial statements (continued) - We review the scope of the Group's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We review the Group's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties; 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.
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. M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 25 November 2025 Page 9
NEXT GENERATION TRAVEL LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 30,663,879 | 29,541,180
Cost of sales |  | (23,625,317) | (23,574,773)
Gross profit |  | 7,038,562 | 5,966,407
Administrative expenses |  | (5,558,724) | (5,773,182)
Other operating income | 5 | 4,678 | 16,616
Operating profit | 6 | 1,484,516 | 209,841
Interest receivable and similar income | 10 | 138,271 | 68,718
Interest payable and similar expenses | 11 | (185,950) | (129,635)
Profit before taxation |  | 1,436,837 | 148,924
Tax on profit | 12 | (435,468) | (123,444)
Profit for the financial year |  | 1,001,369 | 25,480
Fair value gain/(loss) on cash flow hedges |  | 210,400 | (73,996)
Total comprehensive income for the year |  | 1,211,769 | (48,516)
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 1,001,369 | 25,480
The notes on pages 18 to 46 form part of these financial statements.
Page 10
NEXT GENERATION TRAVEL LIMITED REGISTERED NUMBER: 07406226 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 2,509,270 |  | 2,783,867
Tangible assets | 15 |  | 77,064 |  | 104,183
|  |  | 2,586,334 |  | 2,888,050
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 2,345,271 |  | 3,006,639 |
Cash at bank and in hand | 18 | 6,219,323 |  | 4,611,297 |
|  | 8,564,594 |  | 7,617,936 |
Creditors: amounts falling due within one year | 19 | (10,916,399) |  | (9,460,463) |
Net current liabilities |  |  | (2,351,805) |  | (1,842,527)
Total assets less current liabilities |  |  | 234,529 |  | 1,045,523
Creditors: amounts falling due after more than one year | 20 |  | - |  | (2,070,297)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | (45,705) |  | - |
|  |  | (45,705) |  | -
Net assets/(liabilities) |  |  | 188,824 |  | (1,024,774)
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 323,373 |  | 321,998
Share premium account | 24 |  | 443,706 |  | 443,252
Cash flow hedging reserve | 24 |  | 13,092 |  | (197,308)
Profit and loss account | 24 |  | (591,347) |  | (1,592,716)
Equity attributable to owners of the Parent Company |  |  | 188,824 |  | (1,024,774)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 November 2025.
Mrs M Whiteman
Director
The notes on pages 18 to 46 form part of these financial statements. Page 11
NEXT GENERATION TRAVEL LIMITED REGISTERED NUMBER: 07406226 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 1,148,415 |  | 1,237,634
Tangible assets | 15 |  | 49,916 |  | 65,119
Investments | 16 |  | 3,680,608 |  | 3,680,608
|  |  | 4,878,939 |  | 4,983,361
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 27,312,614 |  | 18,761,781 |
Cash at bank and in hand | 18 | 3,865,959 |  | 561,502 |
|  | 31,178,573 |  | 19,323,283 |
Creditors: amounts falling due within one year | 19 | (34,230,975) |  | (26,706,465) |
Net current liabilities |  |  | (3,052,402) |  | (7,383,182)
Total assets less current liabilities |  |  | 1,826,537 |  | (2,399,821)
Creditors: amounts falling due after more than one year | 20 |  | - |  | (2,070,297)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | (39,628) |  | - |
|  |  | (39,628) |  | -
Net assets/(liabilities) |  |  | 1,786,909 |  | (4,470,118)
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 323,373 |  | 321,998
Share premium account | 24 |  | 443,706 |  | 443,252
Profit and loss account brought forward |  | (5,235,368) |  | (2,640,164) |
Profit/(loss) for the year |  | 6,255,198 |  | (2,595,204) |
Profit and loss account carried forward |  |  | 1,019,830 |  | (5,235,368)
|  |  | 1,786,909 |  | (4,470,118)
Page 12
NEXT GENERATION TRAVEL LIMITED REGISTERED NUMBER: 07406226 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JULY 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 November 2025.
Mrs M Whiteman
Director
The notes on pages 18 to 46 form part of these financial statements. Page 13
NEXT GENERATION TRAVEL LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Share premium account | Cash flow hedging reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 August 2023 | 317,748 | 443,252 | (123,312) | (1,618,196) | (980,508)
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 25,480 | 25,480
Fair value loss on cash flow hedges | - | - | (73,996) | - | (73,996)
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 4,250 | - | - | - | 4,250
At 1 August 2024 | 321,998 | 443,252 | (197,308) | (1,592,716) | (1,024,774)
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,001,369 | 1,001,369
Fair value gain on cash flow hedges | - | - | 210,400 | - | 210,400
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 1,375 | 454 | - | - | 1,829
At 31 July 2025 | 323,373 | 443,706 | 13,092 | (591,347) | 188,824
| The notes on pages 18 to 46 form part of these financial statements.
Page 14
NEXT GENERATION TRAVEL LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 317,748 | 443,252 | (2,640,164) | (1,879,164)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (2,595,204) | (2,595,204)
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 4,250 | - | - | 4,250
At 1 August 2024 | 321,998 | 443,252 | (5,235,368) | (4,470,118)
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 6,255,198 | 6,255,198
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 1,375 | 454 | - | 1,829
At 31 July 2025 | 323,373 | 443,706 | 1,019,830 | 1,786,909
| The notes on pages 18 to 46 form part of these financial statements.
Page 15
NEXT GENERATION TRAVEL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,001,369 | 25,480
Adjustments for: |  |
Amortisation of intangible assets | 411,343 | 390,718
Depreciation of tangible assets | 46,502 | 51,363
Interest paid | 185,950 | 129,635
Taxation charge | 435,468 | 123,444
Decrease/(increase) in debtors | 463,112 | (317,752)
Increase in creditors | 404,534 | 439,642
Corporation tax received | - | 50,633
Net cash generated from operating activities | 2,948,278 | 893,163
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (136,747) | (320,882)
Purchase of tangible fixed assets | (19,384) | (60,835)
Net cash from investing activities | (156,131) | (381,717)
Cash flows from financing activities |  |
Issue of ordinary shares | 1,829 | 4,250
Repayment of loans | - | (228,984)
Interest paid | (185,950) | (129,635)
Movements in other loans | (1,000,000) | 1,000,000
Net cash used in financing activities | (1,184,121) | 645,631
Net increase in cash and cash equivalents | 1,608,026 | 1,157,077
Cash and cash equivalents at beginning of year | 4,611,297 | 3,454,220
Cash and cash equivalents at the end of year | 6,219,323 | 4,611,297
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 6,219,323 | 4,611,297
Page 16
NEXT GENERATION TRAVEL LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JULY 2025
| At 1 August 2024 | Cash flows | Other non-cash changes | At 31 July 2025
| £ | £ | £ | £
Cash at bank and in hand | 4,611,297 | 1,608,026 | - | 6,219,323
Debt due after 1 year | (2,070,297) | 1,000,000 | 1,070,297 | -
Debt due within 1 year | - | - | (1,070,297) | (1,070,297)
Cash flow hedges | - | - | 13,092 | 13,092
| 2,541,000 | 2,608,026 | 13,092 | 5,162,118
The notes on pages 18 to 46 form part of these financial statements.
Page 17
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
As disclosed in the Directors' Report, the principal activity of the Group in the year under review continued to be that of travel tour operators. The Company's principal activity in the year was that of acting as a group holding company. It is the Company's subsidiaries which trade and operate as travel tour operators. The Company is a private company limited by shares and is incorporated in England. The address of the company's principal place of business, being the same as the registered office stated on the Company Information page, is: Chiltern House 181 Bristol Avenue Blackpool Lancashire FY2 0FP 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The Company has also taken advantage of the exemption allowed under paragraph 1.12 of FRS 102 and has not presented its own Statement of Cash Flows in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 18
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Group has continued to see a recovery in trade over recent years, despite rising costs of living and regional wars around the globe, which impacted demand and disposable incomes for some consumers. Despite this, the Group has continued to see improvements in revenue, margins and profits for the year. This, combined with strong forward bookings at year-end, gives the Group confidence that business will continue to grow in coming years. Group management and the directors continue to constantly review the Group’s financial position as well as forecasts, and plan mitigation actions in order to protect against any potential future downturns in trading. This work has also enabled them to assess and plan for the potential impact of any capital requirements that might be required by the Group's travel regulators. The Directors also continue to monitor requirements in respect of debt service and covenants and have obtained confirmation of the support of their bankers for a period of at least 12 months from the approval of the financial statements. The directors have continued to review forecasts which extend until 31 December 2026. These forecasts include assumptions in respect of passenger numbers and have been stress tested across a number of scenarios. The outcome of the testing of these forecasts shows that sufficient resources are expected to be in place to allow the Group to meet obligations as they fall due. Notwithstanding this, and despite all of the cost mitigation actions undertaken along with an increase in bookings seen since the relaxation of overseas travel restrictions, some uncertainty does remain regarding the quantum and timing of future revenue and cash flows which could have an impact on future covenant compliance and regulatory capital requirements. The directors have therefore obtained a letter of support from the Group's main shareholder which confirms that support will be extended to the business, if required, to allow it to continue as a going concern. The director’s have satisfied themselves that the main shareholder has the resources available to provide the level of support that would be expected in a reasonable worst case scenario. Based on the above and the sensitised forecasts and budgets, Group management and the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. In light of the above, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. Page 19
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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 Consolidated 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'.
| 2.5 | Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts. Turnover from the provision of services is recognised when the risks and rewards of ownership have been transferred to the customer. The risks and rewards of ownership of services are deemed to have been transferred when the services have been provided to the customer which is generally on day of departure. Unearned revenue received in advance of departure is held as a liability on the statement of financial position. Trade debtors still represent gross amounts receivable and trade creditors still represent gross amounts payable in respect of travel and holiday arrangements.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 20
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. The company has capitalised development expenditure as an intangible asset as it is able to demonstrate all of the following: (a) The technical feasibility of completing the development so the intangible asset will be available for use or sale. (b) Its intention to complete the development and to use or sell the intangible asset. (c) Its ability to use or sell the intangible asset. (d) How the intangible asset will generate probable future economic benefits. (e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. (f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development. Furthermore, as the development costs capitalised under this policy are expected to produce future economic benefits the amortisation of such costs will be treated as a realised loss in accordance with section 844 of Companies Act 2006 rather than the initial expenditure. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | 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.
| 2.10 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 21
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.11 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.12 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. Page 22
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.13 | 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 and the Group operate and generate 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. Page 23
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.14 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 to 20 years. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Computer software | - |  | 33.33% on a straight line basis
|  |  |  | Development expenditure | - |  | 20% on a straight line basis
|  |  |  | Brands | - |  | 6.67% on a straight line basis
|  |  |  | Customer contracts | - |  | 5% on a straight line basis
| 2.15 | 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 24
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.15 | Tangible fixed assets (continued)
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:
|  |  |  | Short-term leasehold property | - | Over the life of the lease
|  |  |  | Fixtures and fittings | - | 20% on a straight line basis
|  |  |  | Office equipment | - | 20% on a straight line basis
|  |  |  | Computer equipment | - | 33.33% on a straight line basis
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.
| 2.16 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.17 | 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.
| 2.18 | 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 Consolidated 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 Group's cash management.
| 2.19 | 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. Page 25
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.20 | 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. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Page 26
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 27
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. The Group applies hedge accounting for foreign exchange derivatives. The Group designates certain derivaties as either: - Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); - Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge); or - Hedges of a net investment in a foreign operation (net investment hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining hedged item is recognised after more than 12 months, and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. At year-end, the Group had contracted to buy £4,414,714 (2024 - £8,492,345) of foreign currencies in future months. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
| 2.22 | Hedge accounting
The Group uses foreign currency forward contracts to manage its exposure to cash flow risk on its future creditors payable in foreign currencies. These derivatives are measured at fair value at each reporting date. To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year. Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss. Page 28
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 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 on historical experience and other factors that are considered 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 the revision and future periods where the revision affects both current and future periods. a) Critical judgments in applying the Company's accounting policies Amortisation rates The directors have made judgements when determining the useful economic life of goodwill and other intangible assets. Amortisation is recognised so as to write off the value of the assets over the life that economic benefit is expected to flow. Impairment At the period end, the directors have considered whether there is any indication that tangible assets, goodwill and investments are impaired and have conducted an impairment review in respect of goodwill, customer contracts and brand intangibles. Management have utilised discounted cashflow forecasts to calculate a value in use in respect of these assets and have concluded that no impairment charge is required in the financial statements for the year ended 31 July 2025. Valuation of share based payments As outlined in note 26, the Company has issued equity settled share options to employees and directors of the Company. Management have calculated an estimated value of the share based payments using the Black-Scholes model. The model requires estimates and assumptions to be taken in respect of a risk free rate of return, volatility and the fair value of the share at the date of grant. Management have concluded that any share based payment charge would not be material to the financial statements and accordingly no charge has been recorded in the consolidated statement of comprehensive income. b) Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Tour operator sales | 30,663,879 | 29,541,180
| All turnover arose within the United Kingdom.
Page 29
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 4,678 | 16,616
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (388,920) | (290,715)
| Other operating lease rentals | 118,007 | 114,129
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 40,399 | 57,002
Page 30
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
8. | Employees
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 3,132,347 | 3,217,635 | 1,446,826 | 2,971,914
| Social security costs | 339,296 | 296,325 | 160,645 | 274,254
| Cost of defined contribution scheme | 134,549 | 123,516 | 72,039 | 113,133
|  | 3,606,192 | 3,637,476 | 1,679,510 | 3,359,301
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Management | 17 | 18 | 17 | 17
|  | Sales and operations | 45 | 49 | 45 | 45
|  | Admin and support | 32 | 35 | 32 | 32
|  |  | 94 | 102 | 94 | 94
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 441,020 | 461,219
| Group contributions to defined contribution pension schemes | 33,911 | 29,820
|  | 474,931 | 491,039
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £153,931 (2024 - £150,441).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £15,651 (2024 - £14,965).
| Included within directors' emoluments above are non-cash benefits relating to private medical care paid for on behalf of the directors.
Page 31
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 138,271 | 68,718
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 185,950 | 129,635
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 178,415 | -
| Total current tax | 178,415 | -
| Deferred tax |  |
| Origination and reversal of timing differences | 257,053 | 123,444
|  | 435,468 | 123,444
Page 32
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the average effective rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,436,837 | 148,924
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 359,209 | 37,231
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 78,834 | 86,212
| Capital allowances for year in excess of depreciation | (26,839) | 2,238
| Utilisation of tax losses | (232,789) | (125,681)
| Movement in deferred taxation | 257,053 | 123,444
| Total tax charge for the year | 435,468 | 123,444
| Factors that may affect future tax charges
There were no factors that may affect future tax charges at 31 July 2025.
13. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £6,255,198 (2024 - loss £2,595,204). Page 33
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
14. | Intangible assets
| Group
|  | Customer contracts | Development expenditure | Brands | Goodwill | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 August 2024 | 1,098,415 | 1,055,094 | 1,091,190 | 2,465,440 | 5,710,139
| Additions | - | 136,747 | - | - | 136,747
| At 31 July 2025 | 1,098,415 | 1,191,841 | 1,091,190 | 2,465,440 | 5,846,886
| Amortisation |  |  |  |  |
| At 1 August 2024 | 664,332 | 490,595 | 328,041 | 1,443,304 | 2,926,272
| Charge for the year on owned assets | 54,921 | 105,062 | 72,746 | 178,615 | 411,344
| At 31 July 2025 | 719,253 | 595,657 | 400,787 | 1,621,919 | 3,337,616
| Net book value |  |  |  |  |
| At 31 July 2025 | 379,162 | 596,184 | 690,403 | 843,521 | 2,509,270
| At 31 July 2024 | 434,083 | 564,499 | 763,149 | 1,022,136 | 2,783,867
Page 34
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14.Intangible assets (continued)
| Company
|  | Development expenditure | Brands | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 August 2024 | 610,793 | 734,114 | 801,419 | 2,146,326
| Additions | 136,747 | - | - | 136,747
| At 31 July 2025 | 747,540 | 734,114 | 801,419 | 2,283,073
| Amortisation |  |  |  |
| At 1 August 2024 | 68,174 | 280,431 | 560,087 | 908,692
| Charge for the year | 96,883 | 48,941 | 80,142 | 225,966
| At 31 July 2025 | 165,057 | 329,372 | 640,229 | 1,134,658
| Net book value |  |  |  |
| At 31 July 2025 | 582,483 | 404,742 | 161,190 | 1,148,415
| At 31 July 2024 | 542,619 | 453,683 | 241,332 | 1,237,634
| Goodwill relates to non contractual and separable contracts and non contractual brands acquired which do not meet the criteria for separate recognition as an intangible asset under the triennial review of FRS102.
Page 35
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
15. | Tangible fixed assets
| Group
|  | Short-term leasehold property | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 August 2024 | 81,883 | 86,943 | 143,338 | 165,881 | 478,045
| Additions | 2,842 | 780 | 2,583 | 13,179 | 19,384
| At 31 July 2025 | 84,725 | 87,723 | 145,921 | 179,060 | 497,429
| Depreciation |  |  |  |  |
| At 1 August 2024 | 65,295 | 54,005 | 119,821 | 134,741 | 373,862
| Charge for the year on owned assets | 4,841 | 8,184 | 12,208 | 21,270 | 46,503
| At 31 July 2025 | 70,136 | 62,189 | 132,029 | 156,011 | 420,365
| Net book value |  |  |  |  |
| At 31 July 2025 | 14,589 | 25,534 | 13,892 | 23,049 | 77,064
| At 31 July 2024 | 16,588 | 32,938 | 23,517 | 31,140 | 104,183
Page 36
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 15.Tangible fixed assets (continued)
| Company
|  | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 August 2024 | 32,858 | 25,457 | 125,184 | 183,499
| Additions | 780 | 887 | 13,179 | 14,846
| At 31 July 2025 | 33,638 | 26,344 | 138,363 | 198,345
| Depreciation |  |  |  |
| At 1 August 2024 | 5,476 | 17,917 | 94,987 | 118,380
| Charge for the year on owned assets | 6,598 | 2,785 | 20,666 | 30,049
| At 31 July 2025 | 12,074 | 20,702 | 115,653 | 148,429
| Net book value |  |  |  |
| At 31 July 2025 | 21,564 | 5,642 | 22,710 | 49,916
| At 31 July 2024 | 27,382 | 7,540 | 30,197 | 65,119
Page 37
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 August 2024 | 3,680,608
| At 31 July 2025 | 3,680,608
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| ABT Transport Limited | (i) | Dormant | Ordinary | 100%
| Anglia Tours Limited | (i) | Tour operators | Ordinary | 100%
| FHT Transport Services Limited | (i) | Dormant | Ordinary | 100%
| FHT Travel Limited | (i) | Tour operators | Ordinary | 100%
| WST Transport Services Limited | (i) | Transport services | Ordinary | 100%
| WST Travel Limited | (i) | Tour operators | Ordinary | 100%
| (i) Chiltern House, 181 Bristol Avenue, Blackpool, FY2 0FP
| The aggregate of the share capital and reserves as at 31 July 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(loss)
|  | £ | £
| ABT Transport Limited | 100 | -
| Anglia Tours Limited | 83,941 | 1,201,926
| FHT Transport Services Limited | 100 | -
| FHT Travel Limited | 150,000 | (237)
| WST Transport Services Limited | 1 | -
| WST Travel Limited | 574,279 | 2,402,643
Page 38
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts owed by group undertakings | - | - | 27,159,360 | 18,267,855
| Other debtors | 161,850 | 574,750 | 102,012 | 241,059
| Prepayments and accrued income | 2,170,329 | 2,220,541 | 51,242 | 31,752
| Deferred taxation | - | 211,348 | - | 221,115
| Financial instruments | 13,092 | - | - | -
|  | 2,345,271 | 3,006,639 | 27,312,614 | 18,761,781
| Included within prepayments and accrued income above are payments made to suppliers relating to bookings departing after the year end, where the Group is acting as principal. The total of these prepaid costs at 31 July 2025 was £1,527,577 (2024 - £1,867,834).
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 6,219,323 | 4,611,297 | 3,865,959 | 561,502
|  | 6,219,323 | 4,611,297 | 3,865,959 | 561,502
| Included within cash at bank and in hand are UK Trust Accounts which are independently and professionally managed by PT Trustees Limited ("PTT"). As at 31 July 2025, the sum of £1,514,222 (2024: £1,471,456) was held in the Trust Accounts as restricted cash, to be released upon a set of rules agreed with the Civil Aviation Authority ("CAA") and PTT which provide full consumer protection for ATOL bookings.
Page 39
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Other loans | 570,297 | - | 570,297 | -
| Trade creditors | 1,973,026 | 1,147,721 | 71,455 | 95,394
| Amounts owed to group undertakings | - | - | 32,566,988 | 26,132,155
| Corporation tax | 183,841 | - | 5,426 | -
| Other taxation and social security | 268,800 | 108,796 | 123,578 | 78,918
| Other creditors | 94,171 | 75,283 | 17,367 | 16,728
| Accruals and deferred income | 7,326,264 | 7,931,355 | 375,864 | 383,270
| Preference shares | 500,000 | - | 500,000 | -
| Financial instruments | - | 197,308 | - | -
|  | 10,916,399 | 9,460,463 | 34,230,975 | 26,706,465
| Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.
| Included within accruals and deferred income above are receipts from customers relating to bookings departing after the year end, where the Group is acting as principal. The total of these receipts taken in advance at 31 July 2025 was £5,469,813 (2024 - £5,621,012). The Group had BSP outstanding cash sales of £Nil at 31 July 2025 (2024 - £Nil). The redeemable preference shares amounting to £500,000 carry a coupon rate of 8% and have an expected redemption date of 31 January 2026.
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Other loans | - | 1,570,297 | - | 1,570,297
| Preference shares | - | 500,000 | - | 500,000
|  | - | 2,070,297 | - | 2,070,297
| Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.
Page 40
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
21. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Other loans | 570,297 | - | 570,297 | -
| Amounts falling due within 1-2 years |  |  |  |
| Other loans | - | 1,570,297 | - | 1,570,297
|  | 570,297 | 1,570,297 | 570,297 | 1,570,297
| Included within other loans above are loans of £570,297 from directors/shareholders, which have been subordinated to the Civil Aviation Authority ('CAA') and cannot be repaid without the CAA's prior written consent. The loans bear interest at 8% per annum and are expected to be repaid on 13 April 2026, subject to authority being provided by the CAA. Additionally, included within other loans above was a loan of £1,000,000 from the majority shareholder, Mr D J Craven, which was agreed on 26 June 2024. This loan was also subordinated to the CAA but was repaid on 7 April 2025, after having obtained the CAA's written consent to do so.
Page 41
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
22. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 211,348
| Charged to profit or loss | (257,053)
| At end of year | (45,705)
| Company
|  | 2025
|  | £
| At beginning of year | 221,115
| Charged to profit or loss | (260,743)
| At end of year | (39,628)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (45,705) | (21,441) | (39,628) | (11,674)
| Tax losses carried forward | - | 232,789 | - | 232,789
|  | (45,705) | 211,348 | (39,628) | 221,115
| Deferred tax assets relating to accelerated capital allowances will be reversed as the Group claims capital allowances on the tax value of its tangible fixed assets, being on a reducing balance basis at 18%. Deferred tax assets relating to tax losses carried forward will be reversed in their entirety in following periods against taxable profits.
Page 42
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as equity
|  | Allotted, called up and fully paid |  |
|  | 250,000 (2024 - 250,000) Ordinary shares of £1.00 each | 250,000 | 250,000
|  | 16,625 (2024 - 15,250) A Ordinary shares of £1.00 each | 16,625 | 15,250
|  | 56,748 (2024 - 56,748) B Ordinary shares of £1.00 each | 56,748 | 56,748
|  |  | 323,373 | 321,998
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as debt
|  | Allotted, called up and fully paid |  |
|  | 500,000 (2024 - 500,000) Preference shares of £1.00 each | 500,000 | 500,000
| Ordinary shares carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up. Shares are not redeemable. A Ordinary shares carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up. Shares are not redeemable. B Ordinary shares carry 0.67 votes at meetings, full dividend rights and full rights to participation in any capital distribution on winding up. Shares are not redeemable but subject to a put/call option. As per the put option, per the terms of a letter of variation dated 8 July 2019, the option may be exercised only with the agreement of the company and therefore the shares have been treated as equity. As per a further letter of variation dated 8 January 2024, on a qualifying sale, listing, asset sale or liquidation of the Company, each B Ordinary share is entitled to receive the relevant B Ordinary share price, as defined within the articles of association and after the payment of amounts due to preference share holders. The redeemable preference shares amounting to £500,000 carry a coupon rate of 8%, no voting rights and in the event of winding up take priority over all classes of Ordinary shares. The expected redemption date of the preference shares is 31 January 2026.
On 18 October 2024, the Company issued 1,375 A Ordinary shares of £1.00 each at a premium of £1.33 each. Page 43
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
24. | Reserves
Share premium account The share premium account represents consideration received for shares issued above their nominal value, net of transaction costs. Cash flow hedging reserve The cash flow hedging reserve relates to, in accordance with the Group's accounting policies, the effective portion of changes in the fair value of foreign exchange forward contract derivatives are recognised. Profit and loss account The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Group's shareholders. Page 44
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
25. | Share-based payments
| The Company has granted options, which remain exercisable, to subscribe for ordinary shares of £1 each as follows:
|  |  | Grant Date | Subscription price per share | Period within which options are exercisable | Number of shares for which rights are exercisable | Number of shares for which rights are exercisable
|  |  |  | £ |  | 2025 No. | 2024 No.
| Tranche |  |  |  |  |  |
| C |  | 9 March 2015 | 1.33 | 9.5 years | - | 1,375
| D |  | 14 June 2021 | 0.60 | 9.5 years | 750 | 750
| F | . | 9 January 2024 | 1.00 | 9.5 years | 47,184 | 47,184
| Each tranche of share options falls under an Enterprise Management Incentive ('EMI') scheme and may only be exercised on the event of a takeover, share sale or asset sale, or after a period of 9 years and 6 months. Each share option lapses and ceases to be exercisable 10 years after the date of being granted. Share options are settled by way of granting a fixed number of Ordinary shares of the Company, as outlined under the terms of the EMI scheme contract. Tranche C options totalling 1,375 A Ordinary shares of £1.00 were exercised on 18 October 2024 and paid for at a premium of £1.33 each. The directors have confirmed that no share options were granted, expired or were forfeited during the year and that none of the remaining share options were exercisable at 31 July 2025. The directors have reviewed the value of the share based payments in relation to the above options, calculated under the Black-Scholes model, and have not recognised any revaluation charges in the statement of comprehensive income on the grounds of materiality. During the year, the Company has recognised a total expense of £Nil (2024 - £53,224) in relation to the costs of issuing and managing EMI scheme share options. No liabilities were arising at 31 July 2025 (2024 - £Nil) in relation to unpaid share options.
26. | Contingent liabilities
At 31 July 2025, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Group's bond insurance obligors in respect of Association of Bonded Travel Organisers Trust Limited ('ABTOT') travel bonds amounting to £3,718,555 (2024 - £3,231,437).
27. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £134,549 (2024 - £123,516). Contributions totalling £17,367 (2024 - £16,728) were payable to the fund at the reporting date and are included in creditors. Page 45
NEXT GENERATION TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
28. | Commitments under operating leases
| At 31 July 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 115,783 | 103,590 | 19,708 | 16,632
| Later than 1 year and not later than 5 years | 119,908 | 48,125 | 36,667 | -
|  | 235,691 | 151,715 | 56,375 | 16,632
29. | Transactions with directors
Loans of £570,297, subordinated to the Civil Aviation Authority, were provided to the Group by five directors of the Company. The terms of the loans are disclosed in note 21 of the financial statements. Additionally, during the year, a further loan of £1,000,000, also subordinated to the Civil Aviation Authority, was repaid to one of the directors of the Company. The terms of the loan is disclosed in note 21 of the financial statements.
30. | Related party transactions
| During the year the Group paid rent of £43,917 (2024 - £37,667) for the use of offices that are partially owned by one of the directors, Mr D J Craven. During the year, the Group paid consultancy fees of £90,000 (2024 - £Nil) to one of the directors, Mr D J Craven. The Group considers key management personnel to be made up of the board of directors, the total compensation of which is disclosed in note 9 of the financial statements.
31. | Post balance sheet events
During 2025 and into 2026, the Group will continue to operate as outlined in the principal activity note. There have been no significant events affecting the Group since the year end.
32. | Controlling party
The ultimate controlling party of the Group is considered to be Mr D J Craven, due to his shareholding in the Company.
Page 46