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Registered number: 05071391
EXPERIENCE TRAVEL GROUP LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2025
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EXPERIENCE TRAVEL GROUP LTD
REGISTERED NUMBER: 05071391
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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EXPERIENCE TRAVEL GROUP LTD
REGISTERED NUMBER: 05071391
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2025
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 12 form part of these financial statements.
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Experience Travel Group Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD. The trading address of the company is 7 Prescott Place, Clapham, London, SW4 6BS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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).
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Foreign currency translation
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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.
Turnover represents amounts receivable and received for holidays travelled in the year and on non refundable deposits for future departures booked during the year, excluding value added tax. Non refundable deposits are recognised as turnover on the date of customer confirmation. The remaining turnover is recognised on the date of departure. Cancellation income is recognised on the date of cancellation.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
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Current and deferred taxation
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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.
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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Advance receipts and payments
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Receipts from customers in respect of tours with departure dates after the year end are treated as advanced receipts and are included in accruals and deferred income. The amount stated is net of non-refundable deposits recognised in turnover.
Payments made to suppliers in respect of tours with departure dates after the year end are treated as advanced payments and are included in prepayments.
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.
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.
Amortisation on capitalised website development costs begins to be recognised once the developed service comes into use.
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, on a reducing balance basis.
Depreciation is provided on the following 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.
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.
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
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.
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.
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Provisions for liabilities
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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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors, other debtors, trade creditors, other creditors, loans from banks and other third parties & loans with related parties.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are intially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for foreign exchange derivatives.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include the estimation of the useful lives of tangible and intangible fixed assets for calculating depreciation and amortisation.
The directors are of the view that there are no critical judgements that have had a significant effect on the amounts recognised in the financial statements.
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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The average monthly number of employees, including directors, during the year was 21 (2024 - 18).
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Charge for the year on owned assets
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments include £257,924 (2024: £203,826) of advanced payments to suppliers in respect of future departures.
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Accruals and deferred income in the above and below includes £907,332 (2024: £777,917) of advanced receipts from customers, net of non-refundable deposits recognised in turnover.
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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A Government backed Coronavirus Business Interruption Loan (CBIL) was taken by the company amounting to £250,000 in May 2020. This is repayable over 5 years.
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Charged to profit or loss
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
12.Deferred taxation (continued)
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Tax losses carried forward
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Share premium account
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Profit and loss account
Profit and loss account includes all current and prior year retained profits.
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Contingent liabilities and regulatory requirements
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During the year, the company was a member of the Association of British Travel Agents (ABTA).
As at 30 April 2025, there were contingent liabilities given by the Company in the normal course of business in respect of an insurance backed ABTA bond, amounting to £91,920 (2024: £54,971).
The company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The company has complied with these requirements in previous years. For the September 2025 renewal, the CAA have stated that they will be basing the renewal on their financial assessment of Inquisitive Traveller Limited, the parent company. The directors of the company and the group see no reasons why the ATOL license will not be renewed in September 2025 on substantially the same terms and conditions as currently agreed with the CAA.
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 £17,855 (2024: £16,741). Contributions totalling £4,751 (2024: £4,067) were payable to the fund at the reporting date and are included in other creditors.
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EXPERIENCE TRAVEL GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
16.Other financial commitments
The Company enters into forward contracts to mitigate the exchange rate risk for future currency payables. At 30 April 2025 the Company is committed to selling £1,208,011 (2024: £1,290,488) and receiving a fixed amount of USD, TBH, INR & SGD.
The company has revalued the contracts at the year end resulting in an unrealised loss of £39,514 (2024: £10,577).
The outstanding contracts all mature within 24 months.
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Related party transactions
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During the year the company maintained loan accounts with its directors.
During the year S G Clark repaid £6,474 to the company. At the year end the balance owed to the company was £2,502 (2024: £8,976).
During the year N Clark repaid £4 to the company. At the year end the balance owed to the company was £6 (2024: £10).
During the year T Armstrong drew £638 from the company. At the year end the balance owed to the company was £638 (2024: £nil).
During the year the company repaid £2,473 to director M J Nicholas. At the year end the balance owed by the company was £nil (2024: £2,473).
During the year the company repaid £95,000 to director R A Armstrong. At the year end the balance owed by the company was £nil (2024: £95,000).
No interest was charged on any of the directors’ loan accounts during the year.
The company has taken advantage of the exemption available under FRS102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly-owned.
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The Company's immediate parent and ultimate controlling party is Inquisitive Traveller Limited, incorporated in England and Wales. Inquisitive Traveller Limited's registered office address is 28 Pilford Avenue, Cheltenham, United Kingdom, GL53 9EH. Inquisitive Traveller Limited produce publically available consolidated financial statements which are available upon request from Companies House, Crown Way, Cardiff, CF14 3VZ.
The auditors' report on the financial statements for the year ended 30 April 2025 was unqualified.
The audit report was signed on 26 August 2025 by Yasin Khandwalla (FCCA) (Senior statutory auditor) on behalf of Xeinadin Audit Limited.
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