ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 07821913

NUCO TRAVEL LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

NUCO TRAVEL LTD

COMPANY INFORMATION

Directors	D Nugent
	S Passmore
	T Steer
	D H Greenbrown
	L Jennings
	G Fowles


Registered number	07821913


Registered office	Beech House
	2 Gatley Road
	Cheadle
	Cheshire
	United Kingdom
	SK8 1PY


Independent auditors	Xeinadin Audit Limited
	Chartered Accountants & Statutory Auditor
	Becket House
	36 Old Jewry
	EC2R 8DD

NUCO TRAVEL LTD

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Comprehensive Income	9
Statement of Financial Position	10
Statement of Changes in Equity	11 - 12
Notes to the Financial Statements	13 - 26

NUCO TRAVEL LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

Introduction

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

Business review

The Company is engaged in the organisation and sale of package holidays, primarily focused on ski and mountain based travel.
The year to 30 April 2025 saw strong demand for winter travel, with passenger numbers exceeding the prior year. The business continued to control costs carefully, with a particular focus on accommodation contracting and transport efficiency, margins remained resilient.
Broader economic conditions remained challenging, with inflationary pressures across Europe and ongoing geopolitical uncertainties. Household budgets in the UK remained under pressure during the year, with higher living costs affecting discretionary spending on travel. Despite this, demand for ski trips proved resilient, supported by strong loyalty among returning customers.
The Company’s cash position remained strong, with net cash at the year end of £0.5m and net assets of £2.1m. This provides a solid foundation for future trading and ensures the Company is well placed to meet its obligations and support ongoing investment. Liquidity is managed closely, with no significant external funding required.
Looking ahead, the Board expects demand for ski travel to remain resilient. The Company will continue to invest in booking systems, broaden its product offering, and strengthen supplier contracts to support sustainable growth.

Principal risks and uncertainties

The principal risks faced by the Company are:

∙Economic environment – Reduced consumer confidence or disposable income could dampen demand. The Company mitigates this through product diversification and strong customer relationships.

∙Foreign exchange – A significant portion of supplier costs are denominated in euros. Adverse movements could affect margins. The Company manages this through a structured hedging programme.

∙Regulatory and bonding requirements – As a tour operator, the Company must comply with travel regulations and maintain bonding. Failure to do so could restrict trading. Compliance is actively monitored and bonding facilities are maintained.

∙Seasonality – Revenues are concentrated in the winter ski season, creating a seasonal working capital cycle. This is managed through careful cash flow forecasting and holding appropriate reserves.

Page 1

NUCO TRAVEL LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Financial key performance indicators

The Board uses a range of KPIs, including:

2025

2024

Revenue per passenger	£783	£786
Gross margin %	21%	25%
EBITDA	£1.2m	£1.9m
Profit before tax	£0.8m	£1.6m

This report was approved by the board and signed on its behalf.

D Nugent

Director

Date: 30 September 2025

Page 2

NUCO TRAVEL LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £528,556 (2024 - £1,236,977).

Dividends of £2,269,166 (2024: £318,385) were declared and paid during the year.

Directors

The directors who served during the year were:

D Nugent

S Passmore

T Steer

D H Greenbrown

L Jennings

G Fowles

Future developments

The Company intends to continue investment in booking systems, strengthen supplier relationships, and consider new product opportunities to support future growth. The Company’s financial position provides a stable base to support these developments.

Page 3

NUCO TRAVEL LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

D Nugent

Director

Date: 30 September 2025

Page 4

NUCO TRAVEL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NUCO TRAVEL LTD

Opinion

We have audited the financial statements of Nuco Travel Ltd (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 and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 5

NUCO TRAVEL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NUCO TRAVEL LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

NUCO TRAVEL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NUCO TRAVEL LTD (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 7

NUCO TRAVEL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NUCO TRAVEL LTD (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Palmer FCA (Senior Statutory Auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditor

Becket House

36 Old Jewry

EC2R 8DD

30 September 2025

Page 8

NUCO TRAVEL LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

	2025	2024
Note	£	£


Turnover	4	21,403,720	19,456,772
Cost of sales		(16,815,128)	(14,590,135)
Gross profit		4,588,592	4,866,637
Administrative expenses		(3,945,820)	(3,271,982)
Operating profit	5	642,772	1,594,655
Interest receivable and similar income	9	53,484	9,912
Interest payable and similar expenses	10	(14,724)	(23,912)
Profit before tax		681,532	1,580,655
Tax on profit	11	(152,976)	(343,678)
Profit for the financial year		528,556	1,236,977

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 13 to 26 form part of these financial statements.

Page 9

NUCO TRAVEL LTD

REGISTERED NUMBER: 07821913

STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		1,325,068		761,719
Tangible assets	14		92,096		31,796
			1,417,164		793,515
Current assets
Debtors: amounts falling due within one year	15	4,148,667		3,626,736
Cash at bank and in hand	16	531,910		1,071,616
		4,680,577		4,698,352
Creditors: amounts falling due within one year	17	(5,099,034)		(2,662,392)
Net current (liabilities)/assets			(418,457)		2,035,960
Total assets less current liabilities			998,707		2,829,475
Creditors: amounts falling due after more than one year	18		(59,824)		(164,232)
Provisions for liabilities
Deferred tax	20	(22,199)		(7,949)
Net assets			916,684		2,657,294

Capital and reserves
Called up share capital	21	9	9
Capital redemption reserve	22	1	1
Profit and loss account	22	916,674	2,657,284
		916,684	2,657,294

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D Nugent

Director

Date: 30 September 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 10

NUCO TRAVEL LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 May 2024	9	1	2,657,284	2,657,294
Comprehensive income for the year
Profit for the year	-	-	528,556	528,556
Total comprehensive income for the year	-	-	528,556	528,556
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(2,269,166)	(2,269,166)
At 30 April 2025	9	1	916,674	916,684

The notes on pages 13 to 26 form part of these financial statements.

Page 11

NUCO TRAVEL LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 May 2023	9	1	1,738,692	1,738,702
Comprehensive income for the year
Profit for the year	-	-	1,236,977	1,236,977
Total comprehensive income for the year	-	-	1,236,977	1,236,977
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(318,385)	(318,385)
At 30 April 2024	9	1	2,657,284	2,657,294

The notes on pages 13 to 26 form part of these financial statements.

Page 12

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1.	General information

Nuco Travel Ltd is a private company limited by shares incorporated in England and Wales, United Kingdom.
The registered office is Beech House, 2 Gatley Road, Cheadle, Cheshire, England, SK8 1PY.
The principal activity of the entity continued to be that of a tour operator specialising in ski holidays.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Powder24 Limited as at 30 April 2025 and these financial statements may be obtained from Beech House, 2 Gatley Road, Cheadle, Cheshire, England, SK8 1PY.

2.3

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.

Page 13

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.4

Revenue

Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from holidays departed during the financial year, stated net of value added tax and trade discounts.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

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.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

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.

The estimated useful lives range as follows:

				Website development	-	5	years
				Customer database	-	10	years

2.11

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.

Page 15

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.11

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:

Fixtures and fittings	-	33%	on cost
Computer equipment	-	33%	on cost
Other fixed assets	-	20%	on cost

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.

2.12

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.

2.13

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.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Advance receipts and payments

All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income.

Page 16

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.17

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts debtors and creditors and loans from related parties.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of Financial Statements requires management to make judgments, estimates and assumptions that affect the application of the accounting policies and reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and revisions to estimates are recognised in the period in which the estimate is revised and in any future periods affected.
The directors did not consider there were any areas of significant estimation in preparing these financial statements.

Travel related services	21,403,720	19,456,772
	21,403,720	19,456,772

All turnover arose within the United Kingdom.

Exchange differences

2,455

21,441

Page 17

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Fees payable to the Company's auditors for the audit of the Company's financial statements

20,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Wages and salaries	1,659,728	1,331,720
Social security costs	181,938	180,097
Cost of defined contribution scheme	77,923	37,318
	1,919,589	1,549,135

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Staff including directors	50	49

Page 18

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	242,126	231,157
Company contributions to defined contribution pension schemes	51,239	7,483
	293,365	238,640

	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 £67,565 (2024 - £NIL).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £38,895 (2024 - £NIL).
	The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £38,895 (2024 - £NIL).

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	53,484	9,912
		53,484	9,912

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Bank interest payable	14,724	23,912
		14,724	23,912

Page 19

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Corporation tax
Current tax on profits for the year	138,726	343,678

Total current tax	138,726	343,678

Deferred tax
Origination and reversal of timing differences	14,250	-
Total deferred tax	14,250	-


		152,976	343,678

Profit on ordinary activities before tax

681,532

1,580,655

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	170,383	395,164
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,990	-
Fixed asset differences	71,376	-
Adjustments to tax charge in respect of prior periods	550	-
Other differences leading to an increase (decrease) in the tax charge	(93,323)	(51,486)
Total tax charge for the year	152,976	343,678

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

12.	Dividends
		2025	2024
		£	£

	Dividends paid	2,269,166	318,385
		2,269,166	318,385

13.	Intangible assets

	Customer database	Website development	Total
	£	£	£
Cost
At 1 May 2024	300,001	857,910	1,157,911
Additions	-	849,266	849,266
At 30 April 2025	300,001	1,707,176	2,007,177
Amortisation
At 1 May 2024	150,000	246,192	396,192
Charge for the year on owned assets	30,000	255,917	285,917
At 30 April 2025	180,000	502,109	682,109
Net book value
At 30 April 2025	120,001	1,205,067	1,325,068
At 30 April 2024	150,001	611,718	761,719

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NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

14.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Other fixed assets	Total
	£	£	£	£
Cost or valuation
At 1 May 2024	23,782	69,184	-	92,966
Additions	17,327	24,700	50,025	92,052
At 30 April 2025	41,109	93,884	50,025	185,018
Depreciation
At 1 May 2024	21,747	39,423	-	61,170
Charge for the year on owned assets	3,530	22,386	5,836	31,752
At 30 April 2025	25,277	61,809	5,836	92,922
Net book value
At 30 April 2025	15,832	32,075	44,189	92,096
At 30 April 2024	2,035	29,761	-	31,796

15.

Debtors

					2025	2024
					£	£


Trade debtors	16,557	404,434
Amounts owed by group undertakings	3,272,926	2,904,913
Other debtors	818,024	267,733
Prepayments and accrued income	41,160	49,656
	4,148,667	3,626,736

Amounts owed by group undertakings are unsecured, no interest applies and are repayable on demand.

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NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

16.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	531,910	1,071,616
	531,910	1,071,616

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	100,000	101,047
Trade creditors	1,251,923	774,277
Amounts owed to group undertakings	1,837,862	6,554
Corporation tax	405,287	344,568
Other taxation and social security	60,590	74,516
Other creditors	569,906	87,484
Accruals and deferred income	873,466	1,273,946
	5,099,034	2,662,392

Included in accruals and deferred income is £503,308 (2024: £1,010,486) of deposits in relation to bookings departing after the Statement of Financial Position date.
Amounts owed to group undertakings are unsecured, no interest applies and are repayable on demand.
National Westminster Bank PLC holds a charge over the company. This includes fixed and floating charges which covers all the property or undertaking of the company present and future.

18.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	59,824	164,232
	59,824	164,232

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NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Amounts falling due within one year
Bank loans	100,000	101,047
Amounts falling due 1-2 years
Bank loans	59,824	164,232


	159,824	265,279

20.	Deferred taxation

		2025
		£

	At beginning of year	(7,949)
	Charged to profit or loss	(14,250)
	At end of year	(22,199)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(22,939)	(7,949)
Short term timing differences	740	-
	(22,199)	(7,949)

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NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

21.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

890 (2024 - 890) ordinary shares of £0.01 each	9	9

22.

Reserves

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

Profit and loss includes all current and prior periods retained profit.

23.	Contingent liabilities

As at 30 April 2024, there were contingent liabilities outstanding in repsect of counter indemnities and guarantess given by the Company and the Group, in the normal course of business, to the Company's bond obligors in respect of ABTOT bonds amounting to £549,903 (2024: £Nil).

24.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £77,923 (2024: £37,318). Contributions totalling £7,861 (2024: £8,939) were payable to the fund at the reporting date and are included in creditors.

Not later than 1 year	20,494	27,400
Later than 1 year and not later than 5 years	-	20,494
	20,494	47,894

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NUCO TRAVEL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

26.	Related party transactions
	In accordance with the provisions of FRS 102 the company has not disclosed transactions or balances with wholly owned members of the group.

27.	Controlling party

The ultimate parent company is Powder24 Limited, a company registered in England and Wales. The address of its registered office is Beech House, 2 Gatley Road, Cheadle, Cheshire, England, SK8 1PY.

The results of the company are consolidated in the accounts of Powder24 Limited. Consolidated accounts of this company are available to the public and nay be obtained from the registered office address. This is both the largest and smallest group of undertakings for which consolidated accounts are drawn up.

Page 26