Caseware UK (AP4) 2024.0.164 2024.0.164 2025-07-31 2025-07-31 false true true true true true No description of principal activity 19 2024-08-01 24 false false SC299214 2024-08-01 2025-07-31 SC299214 2023-08-01 2024-07-31 SC299214 2025-07-31 SC299214 2024-07-31 SC299214 2023-08-01 SC299214 1 2024-08-01 2025-07-31 SC299214 c:Exceptional 2024-08-01 2025-07-31 SC299214 c:Exceptional 2023-08-01 2024-07-31 SC299214 d:Director1 2024-08-01 2025-07-31 SC299214 d:Director2 2024-08-01 2025-07-31 SC299214 d:RegisteredOffice 2024-08-01 2025-07-31 SC299214 c:FurnitureFittings 2024-08-01 2025-07-31 SC299214 c:FurnitureFittings 2025-07-31 SC299214 c:FurnitureFittings 2024-07-31 SC299214 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-08-01 2025-07-31 SC299214 c:OfficeEquipment 2024-08-01 2025-07-31 SC299214 c:OfficeEquipment 2025-07-31 SC299214 c:OfficeEquipment 2024-07-31 SC299214 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-08-01 2025-07-31 SC299214 c:OwnedOrFreeholdAssets 2024-08-01 2025-07-31 SC299214 c:Goodwill 2024-08-01 2025-07-31 SC299214 c:Goodwill 2025-07-31 SC299214 c:Goodwill 2024-07-31 SC299214 c:ComputerSoftware 2025-07-31 SC299214 c:ComputerSoftware 2024-07-31 SC299214 c:CurrentFinancialInstruments 2025-07-31 SC299214 c:CurrentFinancialInstruments 2024-07-31 SC299214 c:Non-currentFinancialInstruments 2025-07-31 SC299214 c:Non-currentFinancialInstruments 2024-07-31 SC299214 c:CurrentFinancialInstruments c:WithinOneYear 2025-07-31 SC299214 c:CurrentFinancialInstruments c:WithinOneYear 2024-07-31 SC299214 c:ReportableOperatingSegment1 2024-08-01 2025-07-31 SC299214 c:ReportableOperatingSegment1 2023-08-01 2024-07-31 SC299214 c:UKTax 2024-08-01 2025-07-31 SC299214 c:UKTax 2023-08-01 2024-07-31 SC299214 c:ShareCapital 2024-08-01 2025-07-31 SC299214 c:ShareCapital 2025-07-31 SC299214 c:ShareCapital 2023-08-01 2024-07-31 SC299214 c:ShareCapital 2024-07-31 SC299214 c:ShareCapital 2023-08-01 SC299214 c:CapitalRedemptionReserve 2024-08-01 2025-07-31 SC299214 c:CapitalRedemptionReserve 2025-07-31 SC299214 c:CapitalRedemptionReserve 2023-08-01 2024-07-31 SC299214 c:CapitalRedemptionReserve 2024-07-31 SC299214 c:CapitalRedemptionReserve 2023-08-01 SC299214 c:RetainedEarningsAccumulatedLosses 2024-08-01 2025-07-31 SC299214 c:RetainedEarningsAccumulatedLosses 2025-07-31 SC299214 c:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 SC299214 c:RetainedEarningsAccumulatedLosses 2024-07-31 SC299214 c:RetainedEarningsAccumulatedLosses 2023-08-01 SC299214 c:RetirementBenefitObligationsDeferredTax 2025-07-31 SC299214 c:RetirementBenefitObligationsDeferredTax 2024-07-31 SC299214 c:OtherDeferredTax 2025-07-31 SC299214 c:OtherDeferredTax 2024-07-31 SC299214 d:OrdinaryShareClass1 2024-08-01 2025-07-31 SC299214 d:OrdinaryShareClass1 2025-07-31 SC299214 d:OrdinaryShareClass1 2024-07-31 SC299214 d:FRS102 2024-08-01 2025-07-31 SC299214 d:Audited 2024-08-01 2025-07-31 SC299214 d:FullAccounts 2024-08-01 2025-07-31 SC299214 d:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 SC299214 c:WithinOneYear 2025-07-31 SC299214 c:WithinOneYear 2024-07-31 SC299214 c:BetweenOneFiveYears 2025-07-31 SC299214 c:BetweenOneFiveYears 2024-07-31 SC299214 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2024-08-01 2025-07-31 SC299214 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2024-08-01 2025-07-31 SC299214 2 2024-08-01 2025-07-31 SC299214 4 2024-08-01 2025-07-31 SC299214 7 2024-08-01 2025-07-31 SC299214 c:ExternallyAcquiredIntangibleAssets 2024-08-01 2025-07-31 SC299214 c:Goodwill c:OwnedIntangibleAssets 2024-08-01 2025-07-31 SC299214 c:ComputerSoftware c:OwnedIntangibleAssets 2024-08-01 2025-07-31 SC299214 e:PoundSterling 2024-08-01 2025-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC299214 IBT TRAVEL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
IBT TRAVEL LIMITED COMPANY INFORMATION
Directors | J W Icke
| R Parry
Registered number | SC299214
Registered office | Cairn House
| 15 Skye Road
| Prestwick
| Ayrshire
| KA9 2TA
Independent auditors | Xeinadin Audit Limited
| Chartered Accountants & Statutory Auditor
| 8th Floor
| Becket House
| 36 Old Jewry
| London
| EC2R 8DD
IBT TRAVEL LIMITED CONTENTS
| Page
Strategic report | 1 - 5
Directors' report | 6 - 7
Independent auditors' report | 8 - 11
Statement of comprehensive income | 12
Statement of financial position | 13
Statement of changes in equity | 14 - 15
Notes to the financial statements | 16 - 32
IBT TRAVEL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The directors of IBT Travel Limited present their Strategic Report for the year ended 31st July 2025. Principal Activity The principal activity of the business remains the provision of school group travel arrangements on a worldwide basis across a range of educations, language, music, sport and ski tours.
Business review
During the year, financial performance for was positive, with a 9% increase in Turnover to £12.9m (2024:£11.8m). In the period the company also recorded an operating profit of £1.0m (2024: (Loss £1.2m)). The business continues to benefit from organic growth supported by high levels of customer service and increased customer retention. The profitability of the business is further supported by continued improvements in systems and process improving financial control across the business. Within the school travel market there is an ongoing shift in demand towards outsourced tour operators and away from DIY trips as educators increasingly prefer providers recognised by regulatory bodies that ensure a higher quality of tour delivery as well as financial security for parents. There is also a continued focus on “out of the classroom” learning which plays into the Company’s core educational focus. Enquiries and bookings have remained strong throughout the year across all divisions, providing a positive outlook for the 2025–26 financial year. The directors continue to focus on margin improvement through disciplined cost control, streamlining operational processes and investing in staff training to ensure consistently high levels of customer service. Page 1
IBT TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Principal risks and uncertainties
The directors have identified the following principal risks and uncertainties which could affect the Company’s performance and the achievement of its strategic objectives. These risks are reviewed regularly. Market Risk The Company operates within the UK educational travel market and is exposed to changes in school budgets, parental affordability and wider economic conditions. A reduction in demand for educational trips could adversely affect revenues. This risk is mitigated through a diversified product offering, strong customer relationships and continued focus on service quality . Geopolitical Risk The Company is exposed to geopolitical events that may affect international travel, including conflicts, terrorism and changes in travel advisories. The Company closely monitors geopolitical developments and government guidance and works with trusted suppliers to ensure trips are delivered safely. Commercial Risk The Company faces competitive pressures, pricing challenges and changes in customer preferences. Failure to respond effectively could impact margins and profitability. Management regularly reviews pricing strategies, monitors competitor activity and invests in systems and processes to maintain operational efficiency. Foreign Currency Risk The Company is exposed to foreign currency movements arising from overseas supplier costs. Exposure is mitigated through pricing strategies, advance purchasing where appropriate and ongoing monitoring of exchange rate movements. Regulatory Environment The Company operates in a highly regulated environment, including health and safety, safeguarding, travel regulations and apprenticeship standards. The Company maintains comprehensive policies, procedures and staff training programmes to ensure compliance with applicable regulations. Credit and Supplier Failure Risk The Company is exposed to the risk of customer default and supplier failure, including airlines and accommodation providers. The Company manages this risk through advance customer deposits, supplier due diligence and maintaining relationships with multiple providers. Cyber Security The Company relies on IT systems for bookings, financial management and customer data. Cyber incidents could disrupt operations or result in data loss. This risk is mitigated through secure systems, access controls, staff training and regular review of IT security arrangements. Page 2
IBT TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Financial key performance indicators
Financial indicators: The key financial performance indicators for the business are turnover and gross profit.
|  | 2025 | 2024 | Change
|  | £ | £ | %
| Turnover | 12,929,995 | 11,813,042 | 9
| Gross profit | 3,009,421 | 2,846,530 | 6
| Operating profit/loss | 1,019,673 | (1,151,525) | 188
Page 3
IBT TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Section 172 Companies Act 2006
The company is ineligible for medium-sized company exemptions under section 467 of Companies Act. Therefore, large company accounts have been prepared. Large companies are required to publish a statement setting out how the Board have complied with Section 172(1) of the Companies Act 2006, this requires the Board to act in a manner they consider would most likely promote the success of the group for the benefit of its members as a whole, and in doing so having regard to: • likely consequences of any decisions in the long term; • interest of employees; • need to foster close business relationships with customers, suppliers and others • impact of the group’s operations on the community and environment • maintaining a reputation for high standard of business conduct • acting fairly in regard to all members of the company Directors’ Statement as required by section 414CZA of The Companies Act 2006 This report sets out how the directors comply with the requirement of Section 172 Companies Act 2006 and how these requirements have impacted on the Board’s decision making throughout 2024-25. The key matters that the directors report on when undertaking their duties are: The likely consequence of any decision in the long term. The business is operated within tight budgetary guidelines and, as part of regular monitoring, looks out for external events that may materially impact the business and develops mitigation plans to offset any adverse impacts or take advantage of growth opportunities. The interest of the company’s employees. The company’s employees are fundamental to the long-term success of the business. The company aims to be a responsible employer in the approach to pay and benefits the employees receive. All employees have objectives and personal development plans which enable them to further their careers within the business. An annual survey is conducted to measure the engagement of the employees and follow up plans are put in place to improve this on a yearly basis. The need to foster the company’s business relationships with suppliers, customers and others. Delivery of excellent service to our customers is key to the success of the business in order to retain, grow and acquire new business. The company conducts regular client satisfaction surveys and monitors department performance against these surveys. The company maintains excellent relationships with all its suppliers and conducts regular supplier reviews to monitor performance. The impact of the company’s operations on the community and environment. The company encourages all its employees to get involved in charitable projects to improve the places where they live and work. The desirability of the company maintaining a reputation for high standards of business conduct. The directors take the reputation of the company seriously which is not limited to only operational and financial performance. The company regularly reviews its policies to ensures they remain appropriate as the business develops and grows. Page 4
IBT TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 The need to act fairly between members. The intentions of the Board of Directors are to behave responsibly toward stakeholders and treat them fairly and equally so they too may benefit from the successful delivery of the Board’s plan. This report was approved by the board on 5 March 2026 and signed on its behalf.
J W Icke Director
Page 5
IBT TRAVEL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2025 The directors present their report and the financial statements for the year ended 31 July 2025.
Directors' responsibilities statement
The directors are responsible for preparing the 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; ∙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 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 £1,107,917 (2024 - loss £1,184,323). The directors have recommended a dividend amounting to £Nil (2024: £4,015,000) for the financial year.
Directors
The directors who served during the year were:
J W Icke
R Parry
Political contributions
The company made no political or charitable donations or incurred any political expenditure during the period (2024: £nil).
Matters covered in the Strategic report
Where necessary, disclosures relating to future developments, results and dividends have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006. Page 6
IBT TRAVEL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 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.
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 on 5 March 2026 and signed on its behalf.
J W Icke Director
Page 7
IBT TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IBT TRAVEL LIMITED
Opinion
We have audited the financial statements of IBT Travel Limited (the 'Company') for the year ended 31 July 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 31 July 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 8
IBT TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IBT TRAVEL LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the 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 6, 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 9
IBT TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IBT TRAVEL LIMITED (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 or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: ATOL, ABTA and ABTOT compliance recognising the nature of the Company’s activities. 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 10
IBT TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IBT TRAVEL LIMITED (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. Yasin Khandwalla (FCCA) (Senior statutory auditor) for and on behalf of Xeinadin Audit Limited Chartered Accountants Statutory Auditor 8th Floor Becket House 36 Old Jewry London EC2R 8DD 5 March 2026 Page 11
IBT TRAVEL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,929,995 | 11,813,042
Cost of sales |  | (9,920,574) | (8,966,512)
Gross profit |  | 3,009,421 | 2,846,530
Administrative expenses |  | (1,989,748) | (1,771,579)
Exceptional administrative expenses |  | - | (2,226,476)
Operating profit/(loss) | 5 | 1,019,673 | (1,151,525)
Interest receivable and similar income | 9 | 39,079 | 41,066
Interest payable and similar expenses | 10 | (2,312) | (38,488)
Profit/(loss) before tax |  | 1,056,440 | (1,148,947)
Tax on profit/(loss) | 11 | 51,477 | (35,376)
Profit/(loss) for the financial year |  | 1,107,917 | (1,184,323)
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 1,107,917 | (1,184,323)
The notes on pages 16 to 32 form part of these financial statements.
Page 12
IBT TRAVEL LIMITED REGISTERED NUMBER: SC299214 STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 98,147 |  | 87,500
Tangible assets | 15 |  | 48,494 |  | 56,809
|  |  | 146,641 |  | 144,309
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 16 | 3,239,213 |  | 2,258,010 |
Debtors: amounts falling due within one year | 16 | 1,285,109 |  | 1,038,112 |
Cash at bank and in hand | 17 | 1,387,769 |  | 1,973,081 |
|  | 5,912,091 |  | 5,269,203 |
Creditors: amounts falling due within one year | 18 | (3,763,486) |  | (4,244,036) |
Net current assets |  |  | 2,148,605 |  | 1,025,167
Total assets less current liabilities |  |  | 2,295,246 |  | 1,169,476
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (24,757) |  | (6,904) |
|  |  | (24,757) |  | (6,904)
Net assets |  |  | 2,270,489 |  | 1,162,572
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 240,000 |  | 240,000
Capital redemption reserve | 21 |  | 613,492 |  | 613,492
Profit and loss account | 21 |  | 1,416,997 |  | 309,080
|  |  | 2,270,489 |  | 1,162,572
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2026.
J W Icke
Director
The notes on pages 16 to 32 form part of these financial statements. Page 13
IBT TRAVEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2024 | 240,000 | 613,492 | 309,080 | 1,162,572
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,107,917 | 1,107,917
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 1,107,917 | 1,107,917
Total transactions with owners | - | - | - | -
At 31 July 2025 | 240,000 | 613,492 | 1,416,997 | 2,270,489
| The notes on pages 16 to 32 form part of these financial statements.
Page 14
IBT TRAVEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2024
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 240,000 | 613,492 | 5,508,403 | 6,361,895
Comprehensive income for the year |  |  |  |
Profit for the period | - | - | (1,184,323) | (1,184,323)
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | (1,184,323) | (1,184,323)
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (4,015,000) | (4,015,000)
Total transactions with owners | - | - | (4,015,000) | (4,015,000)
At 31 July 2024 | 240,000 | 613,492 | 309,080 | 1,162,572
| The notes on pages 16 to 32 form part of these financial statements.
Page 15
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
IBT Travel Limited is a private company limited by shares incorporated in the United Kingdom. The registered office and principal place of business is Cairn House, 15 Skye Road, Prestwick, Ayrshire, KA9 2TA. The principal activity of the business remains the provision of school group travel arrangements on a worldwide basis across a range of educational, language, music, sports and ski tours. 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. These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated. 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).
| 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); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Bright Ventures Education Group Limited as at 31st July 2025 and these financial statements may be obtained from its registered office, 35 Churchill Park, Colwick Business Estate, Nottingham, NG4 2HF. Page 16
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. The company reported a profit of £1m for the year and had net assets of £2.3m at the balance sheet date. Included within assets is a long-term intercompany debtor of £3.2m due from a fellow group undertaking. The directors have assessed the company’s ability to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements. This assessment included consideration of the company’s profitability, forecast cash flows, and the recoverability of the intercompany debtor balance. The intercompany balance is long term in nature and is not expected to be repaid within the next twelve months. The directors are satisfied that the debtor is recoverable, based on the financial position and trading performance of the group. The company does not rely on repayment of this balance to meet its day-to-day working capital requirements. Based on this assessment, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and therefore consider it appropriate to prepare the financial statements on a going concern basis.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the 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'. Page 17
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover consists of tour operating income. Turnover and expenses relating to trips are taken to the statement of comprehensive income on date of departure.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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.
| 2.9 | 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 18
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.10 | 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.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 19
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.12 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of 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 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. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following basis: Computer Software: 10% straight line
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 20
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
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:
|  |  |  | Fixtures and fittings | - | 10% | reducing balance
|  |  |  | Office equipment | - | 10% | reducing balance; 25% reducing balance
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.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date. 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. Page 21
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.18 | 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.
| 2.19 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.20 | 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
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 recognised 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 revision and future periods where the revision affects both current and future periods. The directors are of the view that there are no critical judgements (apart from those involving estimates) in applying their accounting policies that have had significant effect on amounts recognised in the financial statements. Page 22
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Educational travel sales | 12,929,995 | 11,813,042
|  | 12,929,995 | 11,813,042
| All turnover arose within the United Kingdom.
5. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (22,915) | 75,557
| Other operating lease rentals | 35,898 | 46,589
| Amortisation - intangible fixed assets | 52,728 | 50,000
| Depreciation - tangible fixed assets | 26,308 | 32,423
| Loss on sale of fixed assets | - | 9,341
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 14,000 | 13,000
| 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.
Page 23
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,091,074 | 860,092
| Social security costs | 118,364 | 62,422
| Cost of defined contribution scheme | 41,588 | 13,857
|  | 1,251,026 | 936,371
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors, sales and administration | 24 | 19
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | - | 12,000
|  | - | 12,000
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 39,079 | 41,066
|  | 39,079 | 41,066
Page 24
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | - | 38,488
| Other interest payable | 2,312 | -
|  | 2,312 | 38,488
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 115,789
| Adjustments in respect of previous periods | (69,330) | 69,330
|  | (69,330) | 185,119
| Total current tax | (69,330) | 185,119
| Deferred tax |  |
| Origination and reversal of timing differences | 17,853 | (149,743)
| Total deferred tax | 17,853 | (149,743)
|  | (51,477) | 35,376
Page 25
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 1,056,440 | (1,148,947)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 264,110 | (287,237)
| Effects of: |  |
| Expenses not deductible for tax purposes | 26,489 | 561,403
| Capital allowances for year in excess of depreciation | 12,500 | 12,500
| Adjustments to tax charge in respect of prior periods | (69,330) | 69,330
| Capital losses | - | (117,012)
| Other differences leading to an increase (decrease) in the tax charge | (5,515) | -
| Group relief | (279,731) | (203,608)
| Total tax charge for the year | (51,477) | 35,376
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Final dividends | - | 4,015,000
|  | - | 4,015,000
Page 26
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
13. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Inter company balance write off | - | 2,226,476
|  | - | 2,226,476
14. | Intangible assets
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 August 2024 | - | 1,007,500 | 1,007,500
| Additions | 63,375 | - | 63,375
| At 31 July 2025 | 63,375 | 1,007,500 | 1,070,875
| Amortisation |  |  |
| At 1 August 2024 | - | 920,000 | 920,000
| Charge for the year on owned assets | 2,728 | 50,000 | 52,728
| At 31 July 2025 | 2,728 | 970,000 | 972,728
| Net book value |  |  |
| At 31 July 2025 | 60,647 | 37,500 | 98,147
| At 31 July 2024 | - | 87,500 | 87,500
Page 27
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
15. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 August 2024 | 18,205 | 239,346 | 257,551
| Additions | - | 17,993 | 17,993
| At 31 July 2025 | 18,205 | 257,339 | 275,544
| Depreciation |  |  |
| At 1 August 2024 | 9,387 | 191,355 | 200,742
| Charge for the year on owned assets | 1,820 | 24,488 | 26,308
| At 31 July 2025 | 11,207 | 215,843 | 227,050
| Net book value |  |  |
| At 31 July 2025 | 6,998 | 41,496 | 48,494
| At 31 July 2024 | 8,818 | 47,991 | 56,809
Page 28
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 3,239,213 | 2,258,010
|  | 3,239,213 | 2,258,010
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 3,033 | 1,958
| Other debtors | 83,933 | -
| Prepayments and accrued income | 1,198,143 | 1,036,154
|  | 1,285,109 | 1,038,112
| Prepayments and accrued income, include prepayments made to suppliers for future travel amounting to £1,053,759 (2024: £1,023,382).
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,387,769 | 1,973,081
|  | 1,387,769 | 1,973,081
| Cash and cash equivalents compromise amounts held in Escrow totalling £794,545 (2024:£679,129). Amounts held in Escrow are segregated monies received and held in a separate Escrow account. These amounts are held as a financial guarantee for the Company’s travel licences and for the protection of monies collected from passengers (see Note 22).
Page 29
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax | - | 115,789
| Other taxation and social security | 32,833 | 31,647
| Other creditors | 59,155 | 89,086
| Accruals and deferred income | 3,671,498 | 4,007,514
|  | 3,763,486 | 4,244,036
| Accruals and deferred income, include advance receipts from customers for future travel amounting to £2,938,619 (2024: £3,544,553).
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (6,904)
| Charged to profit or loss | (17,853)
| At end of year | (24,757)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short term timing difference | 2,573 | -
| Fixed asset timing differences | (27,330) | (6,904)
|  | (24,757) | (6,904)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 240,000 (2024 - 240,000) Ordinary shares of £1.00 each | 240,000 | 240,000
Page 30
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
21. | Reserves
Capital redemption reserve The capital redemption reserve represents amounts transferred from retained profits in respect of shares redeemed or purchased out of profits. Profit and loss account The profit and loss account includes all current and prior periods retained profit.
22. | External regulatory requirements and contingent liabilities
The company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA') and is a member of the Association of Bonded Travel Organisers Trust ('ABTOT') and Association of British Travel Agents (‘ABTA’). In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license based on meeting agreed financial criteria and renews this in March (effective 1st April) each year. As a condition of granting this license, the company has agreed with the CAA to operate an Escrow account for all licensable bookings. The directors are expecting the ATOL license to be renewed under similar terms and conditions. As of 31 July 2025, IBT Travel Limited had in place an insurance backed bond with ABTOT amounting to £1,308,329 (2024: £1,370,013)
23. | Pension commitments
The company operates a defined contribution 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 £41,588 (2024: £13,857). There were contributions payable to the fund at the reporting date amounting to £6,808 (2024: £1,950).
24. | Commitments under operating leases
| At 31 July 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 29,000 | 29,000
| Later than 1 year and not later than 5 years | 19,333 | 48,333
|  | 48,333 | 77,333
Page 31
IBT TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
25. | Related party transactions
| The company has taken advantage of the exemption not to disclose related party transactions with companies that are wholly owned within the group.
26. | Post balance sheet events
The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company.
27. | Controlling party
The ultimate controlling party is Literacy Capital Plc, by virtue of its controlling interest in the intermediary parent company, Bright Ventures Education Group Limited (Formerly known as Huron Topco Limited). The immediate parent undertaking is Huron Bidco Limited. The largest group to consolidate these financial statements is Bright Ventures Education Group Limited. Copies of the group financial statements for Bright Ventures Education Group Limited can be obtained from its registered office: 35 Churchill Park, Colwick Business Estate, Nottingham, NG4 2HF.
Page 32