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Registered number: 14742164
INQUISITIVE TRAVELLER LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2025
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INQUISITIVE TRAVELLER LIMITED
REGISTERED NUMBER: 14742164
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
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Debtors: amounts falling due after more than one year
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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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INQUISITIVE TRAVELLER LIMITED
REGISTERED NUMBER: 14742164
CONSOLIDATED 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 consolidated 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 4 to 17 form part of these financial statements.
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INQUISITIVE TRAVELLER LIMITED
REGISTERED NUMBER: 14742164
COMPANY 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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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 consolidated 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 4 to 17 form part of these financial statements.
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Inquisitive Traveller Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is 28 Pilford Avenue, Cheltenham, United Kingdom, GL53 9EH.
The principal activity of the company is that of a holding company for its investments. The principal activity of the group is that of a tour operator.
2.Accounting policies
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Basis of preparation of financial statements
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The consolidated 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 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 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.
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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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.
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'.
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 at the date of customer confirmation. The remaining turnover is recognised at the date of departure. Cancellation income is recognised at the date of cancellation.
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Operating leases: the Group 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.
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.
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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.
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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 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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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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Advanced 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.
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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.
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.
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.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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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INQUISITIVE TRAVELLER LIMITED
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.
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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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The average monthly number of employees, including directors, during the year was 45 (2024 - 41).
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INQUISITIVE TRAVELLER LIMITED
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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The goodwill arose on the acquisition of Experience Travel Group Limited and A&D Holidays Limited.
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INQUISITIVE TRAVELLER LIMITED
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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Investments in subsidiary companies
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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The following were subsidiary undertakings of the Company:
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Experience Travel Group Limited
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8th Floor Becket House, 36 Old Jewry, London, EC2R 8DD
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28 Pilford Avenue, Cheltenham, England, GL53 9EH
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The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Experience Travel Group Limited
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Due after more than one year
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Prepayments and accrued income
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Prepayments in the above and below includes £770,783 (2024: £747,536) of advanced payments to suppliers in respect of future departures.
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Cash and cash equivalents
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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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 £2,630,959 (2024: £2,426,536) 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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Other creditors represents a £15,000 (2024: £15,000) loan that is subordinated to the Civil Aviation Authority (CAA), and cannot be withdrawn without the CAA's prior written consent.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Charged to profit or loss
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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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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Allotted, called up and fully paid
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10,000 (2024 - 10,000) Ordinary shares of £0.10 each
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Profit and loss account
The profit and loss account includes all current period retained profits.
During the year, certain costs within a subsidiary were reclassified from Cost of Sales to Administrative Expenses to better reflect the nature of those costs. Comparative figures for the prior year
have been restated accordingly. This adjustment has no impact on profit for the year or net assets.
The subsidiaries of the group, Experience Travel Group Limited & A&D Holidays Limited each currently hold an Air Travel Organisers License ('ATOL') issued by the Civil Aviation Authority ('CAA').
In order to offer air inclusive package holidays, the subsidiaries of the group require the annual renewal by the CAA of their ATOL licenses. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The subsidiaries of the group have 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's consolidated accounts. The directors of 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.
During the year, Experience Travel Group Limited was a member of the Association of British Travel Agents (ABTA).
As at 30 April 2025, there were contingent liabilities given by the Group in the normal course of business in respect of an insurance backed ABTA bond, amounting to £91,920 (2024: £54,971).
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £48,878 (2024: £42,936).
Contributions totalling £10,606 (2024: £16,996) were payable to the funds at the reporting date and are included in creditors.
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Commitments under operating leases
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At 30 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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20.Other financial commitments
The Group enters into forward contracts to mitigate the exchange rate risk for future currency payables. At 30 April 2024 the Group is committed to selling £3,209,427 (2024: £2,826,684) and receiving a fixed amount of USD, TBH, INR, SGD, JPY, MAD, CAD, MYR & ZAR.
The Group has revalued the contracts at the year end resulting in an unrealised loss of £114,295 (2024: £14,657).
The fair value position at the year end on open forward contracts amounted to a loss of £113,935 (2024: £14,657) and is within creditors in the balance sheet.
The outstanding contracts all mature within 24 months.
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INQUISITIVE TRAVELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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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 C C Lion-Cachet repaid £nil to the company. Interest of £nil was charged. At the year end the balance owed to the company was £100 (2024: £100).
During the year S G Clark repaid £6,474 to the company. Interest of £nil was charged. At the year end the balance owed to the company was £2,502 (2024: £8,976).
During the year A R Hunt repaid £nil to the company. Interest of £965 was charged at the official rate of
2.25%. At the year end the balance owed to the company was £43,838 (2024: £42,873).
During the year a total of £68,498 (2024: £75,000) of consultancy fees were incurred by the company for services provided by a director, C C Lion-Cachet.
At the year end, the company owed Experience Travel Group Limited, a subsidiary undertaking, £71,762 (2024: £42,169).
At the year end, the company owed A&D Holidays Limited, a subsidiary undertaking, £86,354 (2024: £33,388).
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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At at 30 April 2025, there is not deemed to be an ultimate controlling party of Inquisitive Traveller Limited.
The auditors' report on the financial statements for the year ended 30 April 2025 was unqualified.
The audit report was signed on 22 August 2025 by Yasin Khandwalla (FCCA) (Senior statutory auditor) on behalf of Xeinadin Audit Limited.
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