Company Registration No. 14416314 (England and Wales)
Journey Topco Limited
Annual report and
group financial statements
for the year ended 31 October 2025
Journey Topco Limited
Company information
Directors
Simon Bullingham
Mark Reed
Maria Beatrice Carrara
(Appointed 26 September 2025)
Mohammad Almojel
(Appointed 2 October 2025)
Company number
14416314
Registered office
77 Charlotte Street
London
W1T 4PW
Independent auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Journey Topco Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
Journey Topco Limited
Strategic report
For the year ended 31 October 2025
1

The directors present the strategic report for the year ended 31 October 2025.

Review of the business

The group recorded a net loss after tax of £6,257,178 (2024: £7,238,260). The group had net liabilities of £20,439,241 (2024: £14,182,176).

The group had turnover of £11,965,682 (2024: £8,477,296) and a gross profit of £9,344,678 (2024: £6,675,692).

The group is in a net liability position, however the group affirms its commitment to operating as a going concern, securing funding to bolster the financial position and sustain operations for the foreseeable future. Our strategic initiatives couples with prudent financial management aim to migrate risks and capitalise on opportunities for growth.

The directors are pleased with the performance of the group. The results are in line with the expectations of the directors, with the group’s focus on the investment in its software products and services.

Principal risks and uncertainties

The directors consider that the financial risks relevant to the group are credit risk, cash flow risk and liquidity risk.

The group’s credit risk is primarily attributable to its trade debtors and their ability to meet payment obligations. To mitigate this risk, the group implements active credit control measures and closely monitors performance against key performance indicators.

The group’s cash flow risk is primarily attributable to its investment in research and development of its software products which may lead to periods of negative cash flow. To mitigate cash flow risk the company maintains a rigorous cash flow forecasting process, closely monitoring its cash flow position.

The group’s liquidity risk is mitigated by maintaining sufficient cash reserves and access to credit facilities. Regular stress testing of financial scenarios are performed to assess the group’s ability to withstand adverse scenarios.

Development and performance

The Group will continue its commitment to innovation in its product offering and market expansion.

Future activities will focus on consolidating existing markets, targeting high-end luxury clients, and exploring new growth opportunities, including international expansion.

The group will also continue development of its onejourney platform, a unique eCommerce solution that enables the sale of a wide range of experiences, including rooms, spa treatments, dining, activities, and other hotel merchandise in a single ecommerce experience.

The group’s investor is running a new funding round which remains open and has currently secured £8.8m in investment. The proceeds have been allocated to support ongoing product development and provide funding for working capital and strategic growth initiatives.

Key performance indicators

The key performance indicators that management monitors are turnover, gross margin and the operating result.

Journey Topco Limited
Strategic report (continued)
For the year ended 31 October 2025
2

On behalf of the board

Simon Bullingham
Director
8 May 2026
Journey Topco Limited
Directors' report
For the year ended 31 October 2025
3

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the group is that of providing E-commerce Software and Digital Marketing services for the luxury hospitality sector. The principal activity of the company is that of a holding company.

The trading subsidiary Journey Hospitality Limited's primary focus has been the development of its unified booking platform, One Journey, which continues to receive significant investment.

Results and dividends

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

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

Directors

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

Simon Bullingham
Mark Reed
Simon Rowan
(Resigned 26 September 2025)
Maria Beatrice Carrara
(Appointed 26 September 2025)
Mohammad Almojel
(Appointed 2 October 2025)
Research and development

During the year, the group capitalised £1,939,521 (2024: £2,059,640) of intangible assets related to Research & Development activities.

Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Journey Topco Limited
Directors' report (continued)
For the year ended 31 October 2025
4
Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

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

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of true its fair review of the business, principal risks and uncertainties, financial risks and future developments.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Simon Bullingham
Director
8 May 2026
Journey Topco Limited
Independent auditor's report
To the members of Journey Topco Limited
5
Opinion

We have audited the financial statements of Journey Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group and of the parent company's affairs as at 31 October 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.

Journey Topco Limited
Independent auditor's report (continued)
To the members of Journey Topco Limited
6

Opinions 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' r eport 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 group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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

Journey Topco Limited
Independent auditor's report (continued)
To the members of Journey Topco Limited
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Journey Topco Limited
Independent auditor's report (continued)
To the members of Journey Topco Limited
8

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Neil Davies
For and on behalf of
11 May 2026
Saffery LLP
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Journey Topco Limited
Group statement of comprehensive income
For the year ended 31 October 2025
9
2025
2024
Notes
£
£
Turnover
3
11,965,682
8,477,296
Cost of sales
(2,621,004)
(1,801,604)
Gross profit
9,344,678
6,675,692
Administrative expenses
(13,725,004)
(14,013,684)
Other operating income
5,950
-
0
Operating loss
4
(4,374,376)
(7,337,992)
Interest receivable and similar income
8
18,913
1,900
Interest payable and similar expenses
9
(2,981,202)
(2,161,114)
Loss before taxation
(7,336,665)
(9,497,206)
Tax on loss
10
1,079,487
2,258,946
Loss for the financial year
(6,257,178)
(7,238,260)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Journey Topco Limited
Group statement of financial position
As at 31 October 2025
10
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
3,841,283
4,376,029
Other intangible assets
11
5,755,872
7,753,907
Total intangible assets
9,597,155
12,129,936
Tangible assets
12
135,247
217,399
9,732,402
12,347,335
Current assets
Stocks
13
4,085
-
Debtors
14
3,075,514
1,853,582
Cash at bank and in hand
946,782
303,811
4,026,381
2,157,393
Creditors: amounts falling due within one year
15
(3,943,251)
(5,362,706)
Net current assets/(liabilities)
83,130
(3,205,313)
Total assets less current liabilities
9,815,532
9,142,022
Creditors: amounts falling due after more than one year
16
(29,432,008)
(22,510,576)
Provisions for liabilities
Deferred tax liability
18
822,765
813,622
(822,765)
(813,622)
Net liabilities
(20,439,241)
(14,182,176)
Capital and reserves
Called up share capital
20
774
661
Profit and loss reserves
(20,440,015)
(14,182,837)
Total equity
(20,439,241)
(14,182,176)

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

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:
08 May 2026
Simon Bullingham
Director
Company registration number 14416314 (England and Wales)
Journey Topco Limited
Company statement of financial position
As at 31 October 2025
31 October 2025
11
2025
2024
Notes
£
£
£
£
Current assets
Debtors
14
774
661
Net current assets
774
661
Capital and reserves
Called up share capital
20
774
661

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £nil.

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

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:
08 May 2026
Simon Bullingham
Director
Company registration number 14416314 (England and Wales)
Journey Topco Limited
Group statement of changes in equity
For the year ended 31 October 2025
12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2023
586
(6,944,577)
(6,943,991)
Year ended 31 October 2024:
Loss and total comprehensive income
-
(7,238,260)
(7,238,260)
Issue of share capital
20
75
-
75
Balance at 31 October 2024
661
(14,182,837)
(14,182,176)
Year ended 31 October 2025:
Loss and total comprehensive income
-
(6,257,178)
(6,257,178)
Issue of share capital
20
119
-
119
Other movements
(6)
-
(6)
Balance at 31 October 2025
774
(20,440,015)
(20,439,241)
Journey Topco Limited
Company statement of changes in equity
For the year ended 31 October 2025
13
Share capital
Notes
£
Balance at 1 November 2023
586
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
Issue of share capital
20
75
Balance at 31 October 2024
661
Year ended 31 October 2025:
Profit and total comprehensive income
-
Issue of share capital
20
119
Other movements
(6)
Balance at 31 October 2025
774
Journey Topco Limited
Group statement of cash flows
For the year ended 31 October 2025
14
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(3,404,476)
(2,193,550)
Interest paid
(660,157)
(180,000)
Income taxes refunded
503,448
753,928
Net cash outflow from operating activities
(3,561,185)
(1,619,622)
Investing activities
Purchase of intangible assets
(1,939,521)
(2,059,640)
Proceeds from disposal of intangibles
-
585,750
Purchase of tangible fixed assets
(35,166)
(77,460)
Proceeds from disposal of tangible fixed assets
-
2,016
Interest received
18,913
1,900
Net cash used in investing activities
(1,955,774)
(1,547,434)
Financing activities
Proceeds from issue of shares
-
75
Proceeds from borrowings
1,400,000
3,173,364
Repayment of loan notes
(161,964)
(62,504)
Proceeds from new bank loans
5,000,000
-
Repayment of bank loans
(78,106)
-
Net cash generated from financing activities
6,159,930
3,110,935
Net increase/(decrease) in cash and cash equivalents
642,971
(56,121)
Cash and cash equivalents at beginning of year
303,811
359,932
Cash and cash equivalents at end of year
946,782
303,811
Journey Topco Limited
Notes to the group financial statements
For the year ended 31 October 2025
15
1
Accounting policies
Company information

Journey Topco Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 77 Charlotte Street, London, England, W1T 4PW

The group consists of Journey Topco Limited and all of its subsidiaries.

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.

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 neare st £1.

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

The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- 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.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Journey Topco Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
16
1.3
Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the group's ability to continue as a going concern for the foreseeable future.

In making this assessment, the directors have considered the group's current financial position, including significant net liabilities continuing losses. Management is closely monitoring the group's cash flow requirements, assessing available funds, and reviewing detailed financial forecasts. Mitigating actions are being actively pursued to enhance financial stability and ensure the group can continue to meet its obligations as they fall due.

These financial statements do not include any adjustments that may be required if the group were unable to continue as a going concern.

The directors note that the group's ability to continue as a going concern is dependent on the successful execution of its business plans and the absence of any unforeseen adverse events or material changes in the economic or regulatory environment.

The group has received written confirmation from its investors stating that they do not intend to demand repayment of their outstanding loans for a period of at least twelve months from the date of signing these financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Agency revenue relates to ongoing services provided under contractual agreements with clients. Revenue is recognised in accordance with its stage of completion, which can be calculated on a monthly basis.

Tech revenue relates to commissions received and is recognised in accordance with when the service was provided

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
17
1.6
Intangible fixed assets - goodwill

Trademark and Software costs are arising on the acquisition of Premier Software Solutions Limited in the year represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.

Goodwill represents the excess contribution over the assets acquired from Journey Hospitality in the previous year. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Development costs
4 years straight line
Trademark and Software
4 years straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold property
Over the period of the lease
Fixtures and fittings
20% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
18
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
19
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Taxation

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

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
20
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

1.18
Leases

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

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

Material items which fall outside the ongoing activities of the company are separately disclosed in the statement of comprehensive income where they are relevant to understanding the true and fair view of financial performance of the company for the period reported.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
21
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical Judgements

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

Going concern basis

In concluding that the group is able to continue as a going concern, the directors have produced a detailed cash flow forecast and have determined that further investment will be required within the next 12 months. See note 1.3 for more detail.

Valuation of intangible assets

Intangible assets a valued at the lower of fair value or cost less amortisation. Determining the costs attributed is based on employee salary capitalisation and capitalisation of purchases in respect of the intangible assets.

Key sources of estimation uncertainty

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

Impairment of goodwill

Goodwill has been calculated from the excess consideration over assets acquired.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Tech
7,479,010
5,288,903
Agency
4,486,672
3,188,393
11,965,682
8,477,296
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
10,945,737
7,878,300
Europe
419,274
342,947
United States
33,487
39,986
Rest of the world
567,184
216,063
11,965,682
8,477,296
Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
22
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
1,006
9,933
Fees payable to the group's auditor for the audit of the group's financial statements
49,300
47,530
Depreciation of owned tangible fixed assets
116,679
157,449
Loss/(profit) on disposal of tangible fixed assets
639
(911)
Amortisation of intangible assets
4,462,302
4,065,000
Loss on disposal of intangible assets
10,000
-
Operating lease charges
205,405
174,324
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,500
5,250
Audit of the financial statements of the company's subsidiaries
43,800
42,280
49,300
47,530
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Employees
115
136
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,943,900
5,862,128
-
0
-
0
Social security costs
780,869
636,945
-
-
Pension costs
102,314
114,387
-
0
-
0
5,827,083
6,613,460
-
0
-
0
Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
6
Employees (continued)
23

During the year, £1,939,521 (2024: £1,843,999) of wage costs were capitalised as development costs. These are not included in the wage costs above.

7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
359,778
358,313
Company pension contributions to defined contribution schemes
1,321
1,321
361,099
359,634
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
224,674
223,532
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
18,913
1,900
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
660,157
-
Other interest
2,321,045
2,161,114
Total finance costs
2,981,202
2,161,114
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(509,876)
(753,928)
Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
10
Taxation
2025
2024
£
£ (continued)
24
Deferred tax
Origination and reversal of timing differences
(571,119)
(1,771,302)
Adjustment in respect of prior periods
1,508
266,284
Total deferred tax
(569,611)
(1,505,018)
Total tax credit
(1,079,487)
(2,258,946)

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

2025
2024
£
£
Loss before taxation
(7,336,665)
(9,497,206)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(1,834,166)
(2,374,302)
Tax effect of expenses that are not deductible in determining taxable profit
133,298
144,264
Change in unrecognised deferred tax assets
1,124,997
452,935
Adjustments in respect of prior years
1,508
266,284
Permanent capital allowances in excess of depreciation
4,752
5,801
Research & Development tax relief
(509,876)
(753,928)
Taxation credit
(1,079,487)
(2,258,946)

The group has trade losses carried forward of £8,218,517 (2024: £6,648,009). Additionally there are capital losses carried forwards of £236,012 (2024: £236,012).

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
25
11
Intangible fixed assets
Group
Goodwill
Development costs
Trademark and Software
Total
£
£
£
£
Cost
At 1 November 2024
4,949,469
9,371,258
4,316,552
18,637,279
Additions
-
0
1,939,521
-
0
1,939,521
Disposals
-
0
-
0
(16,552)
(16,552)
At 31 October 2025
4,949,469
11,310,779
4,300,000
20,560,248
Amortisation and impairment
At 1 November 2024
573,440
4,039,370
1,894,533
6,507,343
Amortisation charged for the year
534,746
2,872,348
1,055,208
4,462,302
Disposals
-
0
-
0
(6,552)
(6,552)
At 31 October 2025
1,108,186
6,911,718
2,943,189
10,963,093
Carrying amount
At 31 October 2025
3,841,283
4,399,061
1,356,811
9,597,155
At 31 October 2024
4,376,029
5,331,888
2,422,019
12,129,936
The company had no intangible fixed assets at 31 October 2025 or 31 October 2024.
12
Tangible fixed assets
Group
Leasehold property
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 November 2024
154,962
104,866
198,246
458,074
Additions
-
0
600
34,566
35,166
Disposals
-
0
-
0
(9,680)
(9,680)
At 31 October 2025
154,962
105,466
223,132
483,560
Depreciation and impairment
At 1 November 2024
70,902
71,639
98,134
240,675
Depreciation charged in the year
33,274
12,155
71,250
116,679
Eliminated in respect of disposals
-
0
-
0
(9,041)
(9,041)
At 31 October 2025
104,176
83,794
160,343
348,313
Carrying amount
At 31 October 2025
50,786
21,672
62,789
135,247
At 31 October 2024
84,060
33,227
100,112
217,399
Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
12
Tangible fixed assets (continued)
26
The company had no tangible fixed assets as at 31 October 2025 or 31 October 2024.
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
4,085
-
0
-
0
-
0
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,146,541
816,582
-
0
-
0
Corporation tax recoverable
6,428
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
774
661
Other debtors
93,103
-
0
-
0
-
0
Prepayments and accrued income
391,435
177,747
-
0
-
0
1,637,507
994,329
774
661
Deferred tax asset (note 18)
1,438,007
859,253
-
0
-
0
3,075,514
1,853,582
774
661
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
951,890
-
0
-
0
-
0
Trade creditors
660,617
495,226
-
0
-
0
Other taxation and social security
602,021
2,285,405
-
-
Other creditors
49,454
1,138,708
-
0
-
0
Accruals and deferred income
1,679,269
1,443,367
-
0
-
0
3,943,251
5,362,706
-
0
-
0
Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
27
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
3,970,004
-
0
-
0
-
0
Other borrowings
17
25,462,004
21,902,923
-
0
-
0
Other creditors
-
0
607,653
-
0
-
0
29,432,008
22,510,576
-
-

The balance in other creditors from the prior year related to deferred consideration of the purchase of Premier Software Solutions Limited. This has subsequently been paid off in full.

17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
4,921,894
-
0
-
0
-
0
Other loans
25,462,004
21,902,923
-
0
-
0
30,383,898
21,902,923
-
-
Payable within one year
951,890
-
0
-
0
-
0
Payable after one year
29,432,008
21,902,923
-
0
-
0

Other loans relate to unsecured fixed rate non-qualifying corporate bond loan notes issued in the prior and current period by Journey Midco Limited, a wholly owned subsidiary. They are charged interest at a rate of 10% per annum.

Bank loans relate to a secured term loan facility entered into the current period by Journey Hospitality Limited, a wholly owned subsidiary. They are charged interest at a rate of SONIA plus 10% per annum. The facility is secured by fixed and floating charges over all future assets, property and intellectual property rights owned by all companies in the group.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
28
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
26,740
39,031
-
-
Tax losses
-
-
1,438,007
859,253
Eligible intangible assets
803,889
777,358
-
-
Short term timing differences
(7,864)
(2,767)
-
-
822,765
813,622
1,438,007
859,253
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 November 2024
(45,631)
-
Credit to profit or loss
(569,611)
-
Asset at 31 October 2025
(615,242)
-

The deferred tax liability on eligible intangible assets is not expected to reverse within 12 months. R&D tax credits have been claimed on this expenditure however the asset is not expected to be sold in the short term.

All other deferred tax liabilities are expected to unwind in accordance with the useful lives of related assets and as profits become available to utilise carried forward losses.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
102,314
114,387

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
29
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of 1p each
51,735
42,611
517
426
Ordinary "B" shares of 1p each
3,309
3,309
33
33
Ordinary "C" shares of 1p each
18,041
15,267
180
152
Ordinary "D" shares of 1p each
4,373
4,933
44
50
77,458
66,120
774
661

Ordinary A and B shares have attached to them full voting, dividend and capital distribution rights. In the event of a default Ordinary A and B shares have full voting rights.

Ordinary C shares hold no voting rights. Ordinary C shares hold capital distribution rights.

Ordinary D shares hold no voting rights and have no rights to dividends and capital distributions.

In the year the 2 directors were issued a further 2,626 C shares (2024: 1,589 C shares) and nil D shares (2024: 400 D shares). Employees were issued with 403 C shares (2024: 146 C shares) and nil D shares (2024: 160 D shares). RC Acquisitions were issued a further 9,635 A shares (2024: 5,220 A shares). All shares issued had a nominal value of 1p per share, RC Acquisitions paid £nil for the A shares and £nil was paid for both C and D shares.

Additionally in the year a correction was made to a previous capital statement in December 2023 to remove 560 D shares which had not actually been issued at this time for nil value.

21
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
109,857
91,893
-
-
Between two and five years
161,642
230,314
-
-
271,499
322,207
-
-
22
Events after the reporting date

Following the year end a shareholder provided further funding to the 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 are subject to the same terms as those described in note 17.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
30
23
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.

Key management compensation has not been disclosed as the directors deem this to be equal to the directors remuneration disclosed in note 7.

24
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Journey Midco Limited
United Kingdom
Holding company
Ordinary
100.00
-
Journey Bidco Limited
United Kingdom
Holding company
Ordinary
0
100.00
Journey Hospitality Limited
United Kingdom
Provide E-commerce Software and Digital Marketing services
Ordinary
0
100.00
Travel2Trade Limited
United Kingdom
Dormant
Ordinary
0
100.00
Journey E-Commerce Limited
United Kingdom
Dormant
Ordinary
0
100.00
Journey Technology Limited
United Kingdom
Dormant
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

Journey Midco Limited
77 Charlotte Street, London, England, W1T 4PW
Journey Bidco Limited
77 Charlotte Street, London, England, W1T 4PW
Journey Hospitality Limited
Journey Head Office Elmstone Business Park, Stoke Road, Elmstone Hardwicke, Cheltenham, England, GL51 9SY
Travel2Trade Limited
Journey Head Office Elmstone Business Park, Stoke Road, Elmstone Hardwicke, Cheltenham, England, GL51 9SY
Journey E-Commerce Limited
Journey Head Office Elmstone Business Park, Stoke Road, Elmstone Hardwicke, Cheltenham, England, GL51 9SY
Journey Technology Limited
Journey Head Office Elmstone Business Park, Stoke Road, Elmstone Hardwicke, Cheltenham, England, GL51 9SY
25
Controlling party

The parent company is RC Acquisitions I Gp Limited which is a company incorporated in Jersey and its registered address is 77 Charlotte Street, London, W1T 4PW.

Journey Topco Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
31
26
Cash absorbed by group operations
2025
2024
£
£
Loss for the year after tax
(6,257,178)
(7,238,260)
Adjustments for:
Taxation credited
(1,079,487)
(2,258,946)
Finance costs
2,981,202
2,161,114
Investment income
(18,913)
(1,900)
Loss/(gain) on disposal of tangible fixed assets
639
(911)
Loss on disposal of intangible assets
10,000
-
Amortisation and impairment of intangible assets
4,462,302
4,065,000
Depreciation and impairment of tangible fixed assets
116,679
157,449
Movements in working capital:
Increase in stocks
(4,085)
-
(Increase)/decrease in debtors
(636,637)
131,382
(Decrease)/increase in creditors
(2,978,998)
791,522
Cash absorbed by operations
(3,404,476)
(2,193,550)
27
Analysis of changes in net debt - group
1 November 2024
Cash flows
Market value movements
31 October 2025
£
£
£
£
Cash at bank and in hand
303,811
642,971
-
946,782
Borrowings excluding overdrafts
(21,902,923)
(10,802,020)
2,321,045
(30,383,898)
(21,599,112)
(10,159,049)
2,321,045
(29,437,116)
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