Company Registration No. 14426179 (England and Wales)
Journey Bidco Limited
Financial statements
for the year ended 31 October 2025
Pages for filing with the registrar
Journey Bidco Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Journey Bidco Limited
Statement of financial position
As at 31 October 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
4
7,238,215
7,238,215
Current assets
Debtors
5
17,501,646
13,967,444
Creditors: amounts falling due within one year
6
(25,462,004)
(21,897,554)
Net current liabilities
(7,960,358)
(7,930,110)
Net liabilities
(722,143)
(691,895)
Capital and reserves
Called up share capital
7
-
0
-
0
Profit and loss reserves
(722,143)
(691,895)
Total equity
(722,143)
(691,895)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 8 May 2026 and are signed on its behalf by:
2026-05-13
Simon Bullingham
Director
Company Registration No. 14426179
Journey Bidco Limited
Notes to the financial statements
For the year ended 31 October 2025
2
1
Accounting policies
Company information

Journey Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77 Charlotte Street, London, W1T 4PW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Journey Topco Limited. These consolidated financial statements are available from its registered office, 77 Charlotte Street, London, England, W1T 4PW.

1.2
Fixed asset investments

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

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

Journey Bidco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
3
1.3
Financial instruments

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.4
Equity instruments

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

Journey Bidco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
4
2
Critical accounting judgements 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 considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2025
2024
Number
Number
Total
0
0
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
7,238,215
7,238,215
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
17,501,646
13,967,444

Loans to group undertakings have no fixed repayment date and are unsecured. They are charged interest at a rate of 10% per annum.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
25,462,004
21,897,554

Loans from group undertakings have no fixed repayment date and are unsecured. They are charged interest at a rate of 10% per annum.

Journey Bidco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
5
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Ordinary shares of 1p each
1
1
-
0
-
0
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Neil Davies
Statutory Auditors:
Saffery LLP
Date of audit report:
11 May 2026
9
Events after the reporting date

Following the year end a shareholder provided further funding to the wider group in tranches following the year end totalling £8,032,350 under an existing funding agreement. This is in addition to the £800,000 received during the year. These amounts have resulted in an increase to the loans due to group companies within the company. These amounts are subject to the same terms as those described in note 6.

10
Related party transactions

The company has taken advantage of the exemption within FRS 102, which allows transactions entered into between members of a group not to be disclosed on the basis that any subsidiary undertaking party to the transaction is a wholly-owned member of the group.

11
Parent company

The company is a wholly owned subsidiary of Journey Midco Limited. The company is exempt from the requirement to prepare group accounts as it is included in the consolidated accounts of a larger group.

The largest and smallest group in which the results of the company are included are the consolidated accounts of Journey Topco Limited. These are available to the public and may be obtained from Companies House.

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