The directors present the strategic report for the year ended 30 April 2025.

Select School Travel Limited is a provider of Ski and Educational tours to school groups in the independent and state school sector travelling to Europe and worldwide destinations.

The strategy of the business is three-fold:     

• to promote affordable tours to a wide range of schools ensuring all pupils have equal opportunity to participate in the educational benefit of school trips regardless of budget.

• To identify and explore additional profitable opportunities involving the use of the company’s existing resources.

• To identify and explore the feasibility of environmentally sustainable travel.

In keeping with the company’s overall strategy, the directors have carried out a project on the expansion of hotel capacity in France to expand the educational summer tours offering.

The company has two main products, ski tours and educational tours. The ski product operates trips for schools to third party hotels in Europe and North America. The educational tours product provides trips to UK, Europe and North America and have a mixture of history, language and cultural themes.

Turnover in 2024/25 has increased by £2.5m to £27.0m from £24.4m in 2023/24. This is largely due to continued expansion in both educational tours and ski tours.

Orders for the company’s Ski and Educational tours product continue to be strong throughout the year with much of 2025/26 business already secured. Gross profit margin has increased, up to 21.7% from 17.5% in 2023/24, largely driven by more efficient sourcing from our supplier partners. Headcount has increased to facilitate the expanded programme. Net Assets have increased by £2.9m to £7.3m from £4.4m in 2023/24, as the company continues to streamline its operations eliminating wastage and reducing the average passenger cost.

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties affecting the company:

Climate Change – Severe weather events could cause disruption of trips or a change in customer preferences. The company is particularly reliant on snow conditions for the ski season, long term climate change could potentially cause disruption in the future, but directors do not consider it to be an immediate risk to operations or customer perceptions.

Health and safety – The Directors regard health and safety with the upmost importance for both customers, employees of the company and its service providers. The company imposes strict health and safety guidelines and adheres to the directives set out by the Schools Travel Forum. Schools are required to perform their own risk assessment, however there is a risk of reputational damage and financial cost for the company.

Foreign Currency - The company is exposed to foreign currency exchange risk. The company predominately transacts in Euros and US Dollars. A fall in currency would result in increased costs denominated in Sterling. The exposure is mitigated by entering into derivative financial instruments to forward currency requirements as a means of hedging.

Suppliers – The providers of Ski and Educational tours are required to make payments in advance to secure accommodation and services. The company regularly negotiates with suppliers to reduce the levels and timings of prepayments to minimise exposure.

Destination Disruption – Recent years have seen increased geopolitical risks in Europe and worldwide, which have added costs to the company cost base. The directors have mitigated the exposure by appropriate price rises, but further deterioration of the geopolitical landscape could further expose the company to unsustainable price rises. General instability and terrorism can affect customer perception, the company follows the UK Government’s Foreign Office advice to minimise exposure to customers.

Customer Demand and competitiveness – The company monitors closely the willingness for schools and parents to travel given the cost of living increases. The directors continue to assess market conditions and will amend prices to maximise customer demand for its products and deliver sustainable financial returns. Moreover, the directors continually strive to ensure competitiveness by ensuring our IT systems deliver operational efficiency and customer satisfaction.

Cyber Security – The Directors are responsible for ensuring the confidentiality, integrity and availability for the data the company holds for guests, suppliers and employees. Any cyber breach is likely to have serious consequences from regulators, and cause reputational damage. The company therefore employs strict information security software and procedures to mitigate risk.

Regulatory Requirements – The company is regulated by the CAA, ABTA and ABTOT, failure to meet adequate financial criteria could lead to removal of the licence or increased bonding requirements. The Directors constantly monitor the company’s financial performance to ensure regulatory compliance.

The company monitors its performance using a number of measures. These include:

During the year, current liabilities increased by £1.7m to £8.5m, partly due to an increase in client monies paid in advance which reflects strong sales growth, but also higher trade payables due to a later finishing ski season in 24/25.

Cash balances increased by £3.9m to £14.1m due to general profitability.

Fixed assets increased by £0.8m due to the company investing in overseas assets where the net book value increased from £44k to £816k due to a project to increase capacity in a key educational tour location.

On behalf of the board

The directors present their report and financial statements for the year ended 30 April 2025.

The principal activity of the company is that of the provision of package holidays to schools.

The company operates a branch in France which operates a Chateau used by the company.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company’s principal foreign currency exposures arise from trading with overseas companies. The company makes use of foreign exchange forward contracts where necessary.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Select School Travel Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

• Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and

• Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.

As a result of these procedures, we considered the opportunities and incentives that may exist within the

company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: Air Travel Organiser's Licence (ATOL), Association of British Travel Agents (ABTA) and Association of Bonded Travel Organisers Trust (ABTOT), employment law, and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

• Making enquiries of management, about any known or suspected instances of non-compliance with laws and regulations and fraud, including ATOL, ABTA and ABTOT;

• Reviewing minutes of meetings of the board and senior management;

• Reading correspondence with regulators;

• Challenging assumptions and judgements made by management in their significant accounting estimates such as the legal provision; and

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

The income statement has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Select School Travel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Church Road, Burgess Hill, West Sussex, RH15 9AE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 394A of the Companies Act 2006 not to prepare consolidated accounts, on the basis that, its subsidiary, Select Travel (Transport) Limited, is dormant. The financial statements present information about the company as an individual entity.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational exitance for the foreseeable future. The directors have considered relevant information, including the company's principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment, Based on these assessments and having regard to the resources available to the entity, the directors have conclude that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements. true

Revenue represents amounts received for tours net of VAT and trade discounts and is recognised on the date of departure.

Where a booking is cancelled, cancellation income is contractually due and is determined by the timing of the cancellation, relative to the departure date, based on the terms and conditions or a mutually agreed compromise agreement. The income is recognised upon cancellation.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property, plant and equipment are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

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 company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense. Used holiday entitlement is recognised in the period employee services are received. Termination benefits are included immediately as an expense.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Where material contingent liabilities exist, the directors obtain legal advice in making any judgements as to whether a provision is required and the quantum involved.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Where all details relating to potential claims are not known, extrapolations of known data is used to quantify the possible amounts involved.

An analysis of the company's revenue is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 5).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 30 April 2025 are as follows:

The company has provided a £200,000 (2024 - £200,000) deposit to NatWest in relation to a forward currency facility, which is secured by a debenture.

Included within Payments received on account is £5,741,258 (2024 - £5,100,239) in relation to payments received in advance for future trips.

Forward foreign exchange contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivates are the forward rates for GBP:EUR, GBP:USD and GBP:CAD. The fair value of forward contracts outstanding at the year end is £28,097 and are included in derivative financial instruments as an asset (2024 - £13,216 as a liability)

A provision has been recognised in relation to potential subrogation claims against the company, in relation to bookings which have been cancelled by schools and then subsequently claimed on the schools' insurance. The directors have taken legal advice and determined that a provision be recognised in respect of this potential claim together with the legal fees expected to be incurred in fighting the claims.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The directors have considered the deferred tax liabilities note above and concluded that it is not possible to state the estimated liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependent on events which are not yet known.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year the company had the following transactions with related parties, all of whom are related parties by virtue of having either common directors or shareholders, and all transactions were entered into on a commercial arms length basis.

The company incurred costs of £18,900 (2024: £1,716) from Select Chalets and Hotels Limited.

At the statement of financial position date the amounts owed to Select Chalets and Hotels Limited was £nil (2024: £763)

.

The company incurred costs of £116,919 (2024: £120,565 ) from Sarl Chateau Colombieries.

At the statement of financial position date the amounts owed to Sarl Chateau Colombieries was £693 (2024: £nil).

The company incurred costs of £25,187 (2024: £25,000) from Blackdog Estate Investments.

At the statement of financial position date the amounts owed to Blackdog Estate Investments was £6,250 (2024: £6,250).