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Registered number:
FOR THE YEAR ENDED 31 AUGUST 2025
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STEPPES TRAVEL LIMITED FY2025
COMPANY INFORMATION
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STEPPES TRAVEL LIMITED FY2025
CONTENTS
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STEPPES TRAVEL LIMITED FY2025
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The directors present their strategic report for the year ended 31 August 2025.
Section 172 (1) Statement The information provided below is intended to explain how the directors considered the interests of the Company’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Company under section 172 of the Companies Act 2006.
The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Company during the financial year ended 31 August 2025, the position of the Company at the end of the period and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Company achieved another solid trading year during FY 2025, building on the results achieved for FY 2024, with a good gross margin. Future developments In an era of AI, our access to information will be even greater. However, that does not necessarily increase our knowledge. Expertise is what still matters in the design of tailormade travel that break the mould. Our team have that in abundance and as below (Talent management/staff retention) remains the key to our success. Not just in the insight they provide our clients but the service they give. Further to this, we are embracing AI to enhance personalised experiences, optimise operations and improve efficiency. We are harnessing AI to speed up our itinerary building to allow our travel experts to spend more time with our clients. As well as from an operations and efficiency perspective, we are suing AI to improve our business and risk management. Travel regulatory bodies The Company holds an ATOL granted by the CAA which falls due for renewal in March 2026. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company.
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STEPPES TRAVEL LIMITED FY2025
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Principal risks and uncertainties
Talent management/staff retention The Company’s success is heavily dependent on retaining key management and sales personnel. Attraction and retention of talent is vital for its continued success and we are proud to have such an experienced and long serving team. The company offers competitive levels of remuneration, and a host of benefits including health care, cycle scheme and above statutory levels of holiday allowance and pension contributions. An EMI scheme is also in place. The company is committed to investing in the training and development of its staff with several members completing a variety of courses during the year. Political volatility, natural catastrophes and outbreaks The provision of the Company’s holidays and travel services is exposed to the inherent risk of domestic and/or international incidents affecting some of the countries/destinations within its operations. Such incidents include: - acts of terrorism, particularly in key tourist destinations: - natural disasters in key tourist destinations: - weather conditions, both in the UK and in key tourist destinations: - health epidemics in key tourist destinations and the UK: - increases in government taxes in both UK and overseas: - wars or other international incidents which affect air or sea travel The inability to respond efficiently and effectively to large scale events could lead to significant operational disruption, leading to reduced profits/larger losses caused by holiday cancellations and/or repatriation of customers and a general decline in consumer demand. The company deals with this by having a robust crisis management procedure in place with regular crisis management training. As it offers a broad range of destinations the company is able to pivot easily to offer would-be travellers to an affected country a range of alternatives, and it is not heavily reliant on any one geographical region. Regulatory environment The Company operates with in a highly regulated environment, and as such is exposed to various regulators such as the Civil Aviation Authority (“CAA”), which issues the Company’s Air Travel Organisation Licence (“ATOL”) which is required for the Company to operate its flight inclusive packages. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA’s website (www.caa.co.uk). The Company continues to operate under an escrow arrangement established with the Air Travel Trust, where client funds are released once the client has returned from their holiday. The Company is also a member of the Association of Bonded Travel Organisers Trust (“ABTOT”) and as such is under the high degree of financial and operational scrutiny required to be granted and maintain insurance bonding in order to protect its sales of non-flight packages. Commercial relationships: The Company has well established and close relationships with customers and suppliers and the risk is spread by not placing over-reliance on any one supplier in any particular area. The management team meets regularly with suppliers to maintain good working relationships and to understand the suppliers’ financial position.
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STEPPES TRAVEL LIMITED FY2025
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Information technology:
The Company is heavily reliant upon information technology. Investment has been made to ensure the Company has advanced and efficient systems in place, but there is a risk if there were a major failure - particularly if it were to affect reservations systems. Cyber Security In recognition of the increased risks of a cyber attack or breach the company ensures that all staff receive regular online training via the Knowbe4 programme, and has put Cyber insurance cover in place. Positive Impact Travel We continue to focus on philanthropy to enhance the positive impact of our business and that travel is a force for good. We have undertaken an extensive audit of our key partners, using an Impact Questionnaire to verify their credentials in relation to community, conservation, carbon and philanthropy, and we continue to prioritise the selling of properties we believe to have impeccable sustainability standards. We are proud to be B Corp Certified and a member of the Travel by B Corp group. Summary of Steppes Travel philanthropic giving for FY2024-25 As part of our impact strategy, we have committed to give a minimum of 1% of our turnover to support community, conservation and carbon sequestration initiatives. The figure of £168,753 is approximately 1.3% of our turnover for FY24/25. Carbon offset of clients' flights based on economy class seats £68,343 paid to World Land Trust. Steppes Fund For Change (SFFC) £100,410 as follows: Galapagos Conservation Trust £23,992 Long Table £15,788 Sea Wilding £15,788 Steppes fund for female guides £36,545 Galapagos Whale Shark Project £3,252 Pink Ladies Jaipur rickshaw enterprise £1,725 Myanmar earthquake appeal £3,320
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STEPPES TRAVEL LIMITED FY2025
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
The key performance indicators used by the directors to monitor the progress of the Company are set out below:
This report was approved by the board on 17 December 2025 and signed on its behalf.
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STEPPES TRAVEL LIMITED FY2025
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The directors present their report and the financial statements for the year ended 31 August 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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.
Financial protection of client monies
The Company protects funds relating to ATOL bookings by use of an independently administered Trust account. Refer to note 18 for further details. departure groups.
The profit for the year, after taxation, amounted to £580,243 (2024 - £651,658).
Interim dividends of £298,577 were paid during the year. No final dividends were paid or proposed for the year to 31 August 2025.
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STEPPES TRAVEL LIMITED FY2025
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
The directors who served during the year were:
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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STEPPES TRAVEL LIMITED FY2025
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPPES TRAVEL LIMITED FY2025
We have audited the financial statements of Steppes Travel Limited FY2025 (the 'Company') for the year ended 31 August 2025, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, 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 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.
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STEPPES TRAVEL LIMITED FY2025
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPPES TRAVEL LIMITED FY2025 (CONTINUED)
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.
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.
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.
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STEPPES TRAVEL LIMITED FY2025
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPPES TRAVEL LIMITED FY2025 (CONTINUED)
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:
- We exercise professional judgement and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA") and its membership of The Association of Bonded Travel Organisers Trust Limited ("ABTOT") and sample test relevant documentation to assess this and the effectiveness of its control environment; - We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
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.
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STEPPES TRAVEL LIMITED FY2025
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEPPES TRAVEL LIMITED FY2025 (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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STEPPES TRAVEL LIMITED FY2025
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
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STEPPES TRAVEL LIMITED FY2025
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
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STEPPES TRAVEL LIMITED FY2025
REGISTERED NUMBER: 03307429
BALANCE SHEET
AS AT 31 AUGUST 2025
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STEPPES TRAVEL LIMITED FY2025
REGISTERED NUMBER: 03307429
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 39 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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