Caseware UK (AP4) 2024.0.164 2024.0.164 2025-10-31 2025-10-31 2025-10-31 false 2024-11-01 false false No description of principal activity 95 83 false 06537480 2024-11-01 2025-10-31 06537480 2023-11-01 2024-10-31 06537480 2025-10-31 06537480 2024-10-31 06537480 2023-11-01 06537480 1 2024-11-01 2025-10-31 06537480 d:CompanySecretary1 2024-11-01 2025-10-31 06537480 d:Director1 2024-11-01 2025-10-31 06537480 d:Director2 2024-11-01 2025-10-31 06537480 d:Director4 2024-11-01 2025-10-31 06537480 d:RegisteredOffice 2024-11-01 2025-10-31 06537480 c:Buildings 2024-11-01 2025-10-31 06537480 c:Buildings 2025-10-31 06537480 c:Buildings 2024-10-31 06537480 c:Buildings c:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 06537480 c:Buildings c:LongLeaseholdAssets 2024-11-01 2025-10-31 06537480 c:Buildings c:LongLeaseholdAssets 2025-10-31 06537480 c:Buildings c:LongLeaseholdAssets 2024-10-31 06537480 c:PlantMachinery 2024-11-01 2025-10-31 06537480 c:PlantMachinery 2025-10-31 06537480 c:PlantMachinery 2024-10-31 06537480 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 06537480 c:MotorVehicles 2024-11-01 2025-10-31 06537480 c:MotorVehicles 2025-10-31 06537480 c:MotorVehicles 2024-10-31 06537480 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 06537480 c:FurnitureFittings 2024-11-01 2025-10-31 06537480 c:FurnitureFittings 2025-10-31 06537480 c:FurnitureFittings 2024-10-31 06537480 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 06537480 c:ComputerEquipment 2024-11-01 2025-10-31 06537480 c:ComputerEquipment 2025-10-31 06537480 c:ComputerEquipment 2024-10-31 06537480 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 06537480 c:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 06537480 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-11-01 2025-10-31 06537480 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-10-31 06537480 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-10-31 06537480 c:Goodwill 2024-11-01 2025-10-31 06537480 c:Goodwill 2025-10-31 06537480 c:Goodwill 2024-10-31 06537480 c:ComputerSoftware 2024-11-01 2025-10-31 06537480 c:ComputerSoftware 2025-10-31 06537480 c:ComputerSoftware 2024-10-31 06537480 c:CurrentFinancialInstruments 2025-10-31 06537480 c:CurrentFinancialInstruments 2024-10-31 06537480 c:CurrentFinancialInstruments 1 2025-10-31 06537480 c:CurrentFinancialInstruments 1 2024-10-31 06537480 c:CurrentFinancialInstruments 3 2025-10-31 06537480 c:CurrentFinancialInstruments 3 2024-10-31 06537480 c:CurrentFinancialInstruments 6 2025-10-31 06537480 c:CurrentFinancialInstruments 6 2024-10-31 06537480 c:Non-currentFinancialInstruments 2025-10-31 06537480 c:Non-currentFinancialInstruments 2024-10-31 06537480 c:CurrentFinancialInstruments c:WithinOneYear 2025-10-31 06537480 c:CurrentFinancialInstruments c:WithinOneYear 2024-10-31 06537480 c:Non-currentFinancialInstruments c:AfterOneYear 2025-10-31 06537480 c:Non-currentFinancialInstruments c:AfterOneYear 2024-10-31 06537480 c:ShareCapital 2025-10-31 06537480 c:ShareCapital 2024-10-31 06537480 c:ShareCapital 2023-11-01 06537480 c:SharePremium 2024-11-01 2025-10-31 06537480 c:SharePremium 2025-10-31 06537480 c:SharePremium 2024-10-31 06537480 c:SharePremium 2023-11-01 06537480 c:RevaluationReserve 2024-11-01 2025-10-31 06537480 c:RetainedEarningsAccumulatedLosses 2024-11-01 2025-10-31 06537480 c:RetainedEarningsAccumulatedLosses 2025-10-31 06537480 c:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 06537480 c:RetainedEarningsAccumulatedLosses 2024-10-31 06537480 c:RetainedEarningsAccumulatedLosses 2023-11-01 06537480 c:AcceleratedTaxDepreciationDeferredTax 2025-10-31 06537480 c:AcceleratedTaxDepreciationDeferredTax 2024-10-31 06537480 c:TaxLossesCarry-forwardsDeferredTax 2025-10-31 06537480 c:TaxLossesCarry-forwardsDeferredTax 2024-10-31 06537480 c:RetirementBenefitObligationsDeferredTax 2025-10-31 06537480 c:RetirementBenefitObligationsDeferredTax 2024-10-31 06537480 c:OtherDeferredTax 2025-10-31 06537480 c:OtherDeferredTax 2024-10-31 06537480 d:OrdinaryShareClass1 2024-11-01 2025-10-31 06537480 d:OrdinaryShareClass1 2025-10-31 06537480 d:OrdinaryShareClass1 2024-10-31 06537480 d:FRS102 2024-11-01 2025-10-31 06537480 d:Audited 2024-11-01 2025-10-31 06537480 d:FullAccounts 2024-11-01 2025-10-31 06537480 d:PrivateLimitedCompanyLtd 2024-11-01 2025-10-31 06537480 c:Subsidiary1 2024-11-01 2025-10-31 06537480 c:Subsidiary1 1 2024-11-01 2025-10-31 06537480 c:Subsidiary2 2024-11-01 2025-10-31 06537480 c:Subsidiary2 1 2024-11-01 2025-10-31 06537480 c:Subsidiary5 2024-11-01 2025-10-31 06537480 c:Subsidiary5 1 2024-11-01 2025-10-31 06537480 c:WithinOneYear 2025-10-31 06537480 c:WithinOneYear 2024-10-31 06537480 c:BetweenOneFiveYears 2025-10-31 06537480 c:BetweenOneFiveYears 2024-10-31 06537480 c:MoreThanFiveYears 2025-10-31 06537480 c:MoreThanFiveYears 2024-10-31 06537480 d:Consolidated 2025-10-31 06537480 d:ConsolidatedGroupCompanyAccounts 2024-11-01 2025-10-31 06537480 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2024-11-01 2025-10-31 06537480 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2024-11-01 2025-10-31 06537480 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2024-11-01 2025-10-31 06537480 2 2024-11-01 2025-10-31 06537480 4 2024-11-01 2025-10-31 06537480 6 2024-11-01 2025-10-31 06537480 7 2024-11-01 2025-10-31 06537480 c:ExternallyAcquiredIntangibleAssets 2024-11-01 2025-10-31 06537480 c:Goodwill c:OwnedIntangibleAssets 2024-11-01 2025-10-31 06537480 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2024-11-01 2025-10-31 06537480 c:ComputerSoftware c:OwnedIntangibleAssets 2024-11-01 2025-10-31 06537480 f:PoundSterling 2024-11-01 2025-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06537480 CLASS TOURS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
CLASS TOURS LIMITED COMPANY INFORMATION
Directors | N S English
| P M Bryant
| A G Larsen
Company secretary | N S English
Registered number | 06537480
Registered office | 6-7 Lovers Walk
| Brighton
| East Sussex
| BN1 6AH
Independent auditors | Xeinadin Audit Limited
| Chartered Accountants & Statutory Auditor
| Becket House
| 36 Old Jewry
| London
| EC2R 8DD
CLASS TOURS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Consolidated Statement of Comprehensive Income | 10
Consolidated Statement of Financial Position | 11 - 12
Company Statement of Financial Position | 13 - 14
Consolidated Statement of Changes in Equity | 15 - 16
Company Statement of Changes in Equity | 17 - 18
Notes to the Financial Statements | 19 - 45
CLASS TOURS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction and business review
The Group is a leading provider of educational travel experiences for schools, offering high quality, curriculum linked trips across Europe and worldwide. Our mission is to support learning beyond the classroom by delivering enriching, safe and memorable experiences for students. During the year, the Group delivered a strong financial performance. Turnover increased by 7%, rising from £18.3 million to £19.6 million, driven by sustained market demand for school travel, targeted marketing initiatives and continued gains in market share. Gross margins improved to 28% (2024: 27%), reflecting strategic pricing actions, a greater focus on higher margin programmes and ongoing operational efficiencies. Profit before taxation increased from £0.96 million to £1.27 million. The Group remains well positioned for continued expansion, supported by its strong brand reputation, loyal customer base and ongoing investment in product development. The Board continues to prioritise financial resilience while pursuing opportunities to further enhance the Group’s service offering. Post year end, on 25 November 2025, UCP 1 Limited, an entity incorporated in Jersey and backed by UC Partners, a UK-based private equity firm, acquired the Group’s majority shareholding through the acquisition of Voyager Topco Limited. The Board welcomes this new ownership structure and anticipates that it will support the next phase of the Group’s strategic growth.
Future developments
Looking ahead to 2026, the Directors expect continued revenue growth, supported by a strong forward sales pipeline and stable gross margin performance. In 2025, the Group secured a lease for the development of the Paris/Disney Centre, a 400 bed facility scheduled to open in early 2028. Construction commenced in late 2025 and represents a significant milestone in the Group’s long term growth strategy. This new centre will strengthen the Group’s presence in the European educational travel market and provide a premium, purpose built environment for school groups. The Group will continue to invest in infrastructure, expand capacity and enhance its service offering, maintaining a clear focus on sustainable growth and delivering exceptional educational travel experiences. Page 1
CLASS TOURS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Principal risks and uncertainties
Economic environment The economic outlook is improving as the cost of living crisis continues to ease. However, whilst the Group is reliant on discretionary consumer spending to drive demand for its educational trips, economic downturns have historically resulted in smaller group sizes, rather than fewer trips and demand for our centres has traditionally been extremely resilient, thanks to their core client base being independent schools. The current conflict in Iran has not resulted in any school groups cancelling or postponing travel. However, the associated increase in oil prices may place some pressure on margins, which management will monitor closely. Competition Competition in the educational travel market is historically intense and we mitigate this threat by focusing on the educational benefits of our trips, providing excellent customer service and competitive pricing. Financial risk The Group’s principal financial instruments are bank balances, trade and other creditors, trade debtors and other debtors. The main purpose of these financial instruments is to maintain funds for the company’s operations. Financing risk The company is partly funded through loan notes. The Group has interest bearing liabilities on these loan notes, which attract interest at a fixed rate and rolled up bi-annually. Exchange rate risk The Group faces transactional exposure primarily relating to the cost of acquiring accommodation and operating our centres. The main exposure to exchange rate fluctuations is in relation to the Euro/Sterling exchange rates. This risk is managed by entering into forward contracts, maintaining appropriate levels of currency reserves to match our forward booking profile and adjusting our pricing accordingly. Cash flow risk The directors have prepared a cash flow forecast for a 12-month period from the date of approval of the financial statements. The forecast assumes revenues growing in 2026. The outcome of the downside scenario indicates that the Group will continue to have adequate financial resources to meet their liabilities as they fall due for that period. Page 2
CLASS TOURS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Financial key performance indicators
The performance indicators are considered to be:
Other key performance indicators
Customer satisfaction and employee retention are important non-financial key performance indicators, performance against which was considered satisfactory for the year. This report was approved by the board and signed on its behalf.
................................................ A G Larsen Director
Date: 13 March 2026
Page 3
CLASS TOURS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently; ∙make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £1,166,696 (2024 - £873,079). The directors have recommended a dividend amounting to £375,000 (2024: £Nil) for the financial year.
Directors
The directors who served during the year were:
N S English
P M Bryant
A G Larsen
Matters covered in the Group Strategic Report
Where necessary, disclosures relating to future developments, results and dividends have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006. Page 4
CLASS TOURS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: • so far as the director is aware, there is no relevant audit information of which the company and the group’s auditors are unaware, and • the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group’s auditors are aware of that information.
Auditors
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
A G Larsen Director
Date: 13 March 2026
Page 5
CLASS TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASS TOURS LIMITED
Opinion
We have audited the financial statements of Class Tours Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 October 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed and disclosure made in note 2.3, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the 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. Page 6
CLASS TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASS TOURS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group 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 Group 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept 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. Page 7
CLASS TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASS TOURS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Reviewing minutes of meetings of those charged with governance; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; ∙Enquiry of management and those charged with governance to identify and instances of non-compliance with laws and regulations. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's licence to operate. We identified the following areas as those most likely to have such an effect: ATOL, ABTA and ABTOT compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Page 8
CLASS TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLASS TOURS LIMITED (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Yasin Khandwalla FCCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Chartered Accountants & Statutory Auditor Becket House 36 Old Jewry London EC2R 8DD 13 March 2026 Page 9
CLASS TOURS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 19,648,367 | 18,345,590
Cost of sales |  | (14,206,447) | (13,446,500)
Gross profit |  | 5,441,920 | 4,899,090
Administrative expenses |  | (3,808,530) | (3,887,443)
Exceptional administrative expenses | 13 | (339,735) | -
Other operating income | 5 | 28,115 | 19,606
Operating profit | 6 | 1,321,770 | 1,031,253
Interest receivable and similar income | 10 | 70,224 | 64,492
Interest payable and similar expenses | 11 | (121,255) | (128,847)
Profit before taxation |  | 1,270,739 | 966,898
Tax on profit | 12 | (104,043) | (93,819)
Profit for the financial year |  | 1,166,696 | 873,079
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 1,166,696 | 873,079
The notes on pages 19 to 45 form part of these financial statements.
Page 10
CLASS TOURS LIMITED REGISTERED NUMBER: 06537480 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 15 |  | 277,211 |  | 348,908
Tangible assets | 16 |  | 4,850,062 |  | 3,657,224
|  |  | 5,127,273 |  | 4,006,132
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 1,480,109 |  | 1,715,098 |
Cash at bank and in hand | 19 | 2,905,145 |  | 2,757,163 |
|  | 4,385,254 |  | 4,472,261 |
Creditors: amounts falling due within one year | 20 | (6,780,635) |  | (5,409,313) |
Net current liabilities |  |  | (2,395,381) |  | (937,052)
Total assets less current liabilities |  |  | 2,731,892 |  | 3,069,080
Creditors: amounts falling due after more than one year | 21 |  | (939,495) |  | (2,102,644)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (34,265) |  | - |
|  |  | (34,265) |  | -
Net assets |  |  | 1,758,132 |  | 966,436
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 141,414 |  | 141,414
Share premium account | 25 |  | 10,000 |  | 10,000
Revaluation reserve | 25 |  | 322,201 |  | 322,201
Profit and loss account | 25 |  | 1,284,517 |  | 492,821
Equity attributable to owners of the Parent Company |  |  | 1,758,132 |  | 966,436
|  |  | 1,758,132 |  | 966,436
Page 11
CLASS TOURS LIMITED REGISTERED NUMBER: 06537480 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A G Larsen
Director
Date: 13 March 2026
The notes on pages 19 to 45 form part of these financial statements. Page 12
CLASS TOURS LIMITED REGISTERED NUMBER: 06537480 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 15 |  | 275,211 |  | 348,908
Tangible assets | 16 |  | 2,754,052 |  | 1,253,880
Investments | 17 |  | 22,956 |  | 1,000
|  |  | 3,052,219 |  | 1,603,788
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 3,120,463 |  | 3,617,210 |
Cash at bank and in hand | 19 | 2,706,501 |  | 2,422,784 |
|  | 5,826,964 |  | 6,039,994 |
Creditors: amounts falling due within one year | 20 | (7,044,543) |  | (5,695,524) |
Net current (liabilities)/assets |  |  | (1,217,579) |  | 344,470
Total assets less current liabilities |  |  | 1,834,640 |  | 1,948,258
Creditors: amounts falling due after more than one year | 21 |  | (139,338) |  | (1,166,772)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (142,599) |  | (47,206) |
Net assets |  |  | 1,552,703 |  | 734,280
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 141,414 |  | 141,414
Share premium account | 25 |  | 10,000 |  | 10,000
Profit and loss account | 25 |  | 1,401,289 |  | 582,866
|  |  | 1,552,703 |  | 734,280
Page 13
CLASS TOURS LIMITED REGISTERED NUMBER: 06537480 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A G Larsen
Director
Date: 13 March 2026
The notes on pages 19 to 45 form part of these financial statements.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
Page 14

|  | CLASS TOURS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
|  | Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £
| At 1 November 2024 | 141,414 | 10,000 | 322,201 | 492,821 | 966,436
| Comprehensive income for the year |  |  |  |  |
| Profit for the year | - | - | - | 1,166,696 | 1,166,696
| Contributions by and distributions to owners |  |  |  |  |
| Dividends: Equity capital | - | - | - | (375,000) | (375,000)
| At 31 October 2025 | 141,414 | 10,000 | 322,201 | 1,284,517 | 1,758,132
| The notes on pages 19 to 45 form part of these financial statements.
Page 15

|  | CLASS TOURS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2024
|  | Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £
| At 1 November 2023 | 141,414 | 10,000 | 322,201 | (380,258) | 93,357
| Comprehensive income for the year |  |  |  |  |
| Profit for the year | - | - | - | 873,079 | 873,079
| At 31 October 2024 | 141,414 | 10,000 | 322,201 | 492,821 | 966,436
| The notes on pages 19 to 45 form part of these financial statements.
Page 16

CLASS TOURS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 November 2024 | 141,414 | 10,000 | 582,866 | 734,280
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,193,423 | 1,193,423
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (375,000) | (375,000)
At 31 October 2025 | 141,414 | 10,000 | 1,401,289 | 1,552,703
| The notes on pages 19 to 45 form part of these financial statements.
Page 17
CLASS TOURS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 November 2023 | 141,414 | 10,000 | (183,686) | (32,272)
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 766,552 | 766,552
At 31 October 2024 | 141,414 | 10,000 | 582,866 | 734,280
| The notes on pages 19 to 45 form part of these financial statements.
Page 18
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Class Tours Limited ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office and principal place of business is 6-7 Lovers Walk, Brighton, England, BN1 6AH. The group consists of Class Tours Limited and all of its subsidiaries. The company's and group's principal activities and nature of its operations are disclosed in the strategic report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). Reduced disclosure framework 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 therefore has taken advantage of exemptions from the following disclosure requirements for the parent company information presentation 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' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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 33 'Related Party Disclosures' - Compensation for key management personnel.
| 2.2 | Basis of consolidation
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. The consolidated financial statements present the results of the company and its own subsidiaries (''the group'') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. Page 19
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Group reported a profit after taxation of £1,166,696 for the year ended 31 October 2025 (2024: £873,079) and had net assets of £1,758,132 at the reporting date (2024: £966,436). The Group continues to demonstrate strong trading performance, improved gross margins and positive operating cash generation. The directors have prepared detailed cash flow forecasts and projections for the period to at least 12 months from the date of approval of these financial statements. The forecasts incorporate the approved FY26 budget which project revenue growth to £22.3m, representing growth of approximately 13% year on year, with forecast adjusted EBITDA of £2.7m. The projections reflect continued growth in forward bookings, stable gross margins and the Group’s established trading performance. At 31 October 2025, the Group reported net current liabilities of £2,395,381. This position primarily reflects the Group’s business model, whereby significant advance receipts from customers are recognised as current liabilities. Payments received on account totalled £4,382,118 at the year end and relate to future departures. The Group receives cash deposits in advance, supporting ongoing working capital requirements. The net current liability position also reflects one-off and strategic items during the year, including the repayment of loan notes and accrued interest of approximately £1.1m, investment in the Moulin Neighbours development of approximately £1.5m, and acquisition-related exit costs of approximately £0.5m. At the year end the Group held cash balances of £2,905,145 (including escrow and restricted balances as disclosed in note 19). In addition, the Group has access to a revolving credit facility of £2.8m with RMB to support working capital and acquisitions. £750,000 was drawn in December 2025. The facility is repayable over five years, with quarterly interest payable only on amounts drawn, together with a modest commitment fee on undrawn balances. The directors continue to closely monitor customer monies received in advance for future travel, including amounts held in escrow, to ensure compliance with regulatory requirements and to manage cash flows, recognising that the timing and delivery of travel arrangements may be subject to external factors beyond the Group’s control (see note 20 and 26). The directors have considered downside sensitivities within their forecasts, including reductions in booking volumes and delays in customer receipts. Under these scenarios, the Group continues to maintain sufficient liquidity through a combination of operational cash generation and access to its revolving credit facility. Having considered the Group’s profitability, net asset position, forward bookings, forecast performance and available financing facilities, the directors have a reasonable expectation that the Group will have adequate resources to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on the going concern basis. Page 20
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.5 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Turnover derived from tour operations carried out as a principal is recognised on the date of departure. Turnover derived from confirmed non-cancellable hotel bookings are recognised on the date of booking.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 21
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 22
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.12 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
| 2.13 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Development expenditure is capitalised when there is a clearly defined project, the related expenditure is separately identifiable and the outcome of the project has been assessed with reasonable certainty as its technical, commercial and financial feasibility. In the absence of such criteria, development costs are expensed. Development costs are amortised over their expected useful lives of five years from the project release date.
| 2.14 | Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or revaluation, net of depreciation and any impairment losses. Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 23
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | on cost (buildings only)
|  |  |  | Leasehold improvements | - | 10% | on cost
|  |  |  | Plant and machinery | - | 25% | and 15% on reducing balance
|  |  |  | Motor vehicles and coaches | - | 25% | on reducing balance and 20% straight line
|  |  |  | Fixtures and fittings | - | 25% | on reducing balance
|  |  |  | Computer equipment | - | 25% | on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.15 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment.
| 2.16 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.18 | Cash, cash equivalents and restricted cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Restricted cash and monies held in Escrow are not freely available for the Company and Group to spend or invest, as they are held for a specific purpose. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 24
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.20 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.22 | Advanced receipts and payments
All revenue received relating to bookings that depart after the Statement of Financial Position date is treated as advance receipts and is separately disclosed under creditors note. Payments made to suppliers relating to bookings that depart after the Statement of Financial Position date are treated as advance payments and are separately disclosed under debtors note. Page 25
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application for 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 estimates are 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. Valuation of Property The properties are held at revalued amounts based on valuations performed by independent professionally qualified valuers. These valuations are subject to estimation uncertainty and are based on assumptions including market conditions, comparable property transactions, rental yields, location, and the physical condition of the properties. A reasonably possible change in these assumptions could result in a material adjustment to the carrying values of the properties. The directors confirm that no changes have occured to these properties that would have a material impact on their value during the period from the valuation to the year end, 31 October 2025. Useful economic lives of tangible assets and intangible assets: The annual depreciation charge of tangible and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Page 26
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Licensable turnover | 3,920,036 | 4,158,268
| Non-licensable turnover | 13,981,067 | 11,743,318
| Unbonded turnover | 1,747,264 | 2,444,004
|  | 19,648,367 | 18,345,590
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 18,498,116 | 17,345,287
| Rest of Europe | 1,150,251 | 1,000,303
|  | 19,648,367 | 18,345,590
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | - | 6,750
| Sundry income | 28,115 | 12,856
|  | 28,115 | 19,606
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation on assets held under finance lease | 147,022 | 192,144
| Exchange differences | (82,689) | 145,760
| Other operating lease rentals | 286,621 | 278,927
| Amortisation of intangible assets | 118,138 | 98,319
Page 27
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 37,000 | 35,800
| Non-audit fees | 15,000 | 14,000
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 3,990,369 | 3,223,722 | 3,205,195 | 2,487,323
| Social security costs | 341,284 | 471,113 | 261,169 | 381,052
| Cost of defined contribution scheme | 87,854 | 58,433 | 71,308 | 41,453
|  | 4,419,507 | 3,753,268 | 3,537,672 | 2,909,828
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 3 | 3 | 3 | 3
|  | UK Sales and administration | 60 | 62 | 38 | 36
|  | France operations | 97 | 79 | 54 | 44
|  |  | 160 | 144 | 95 | 83
Page 28
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 80,141 | 85,579
| Directors pension costs | 2,908 | 1,321
|  | 83,049 | 86,900
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 70,224 | 64,492
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank and loan interest payable | 54,216 | 66,865
| Finance leases and hire purchase contracts | 64,613 | 59,874
| Other interest payable | 2,426 | 2,108
|  | 121,255 | 128,847
Page 29
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 104,043 | 93,819
| Total deferred tax | 104,043 | 93,819
| Tax on profit | 104,043 | 93,819
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,270,739 | 966,898
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 317,685 | 241,725
| Effects of: |  |
| Tax effect of expenses that are not deductible in determining taxable profit | 85,536 | 22,674
| Fixed asset differences | 88,178 | 20,721
| Remeasurement of deferred tax for change in tax rates | - | 12,562
| Other difference | 7,141 | (53,966)
| Group relief | (394,497) | (149,897)
| Total tax charge for the year | 104,043 | 93,819
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 30
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
13. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Professional fees | 339,735 | -
| Professional fees are in relation to change in ownership in the year (see note 32).
14. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £1,193,423 (2024 - £766,552).
15. | Intangible assets
| Group
|  | Development expenditure | Computer software | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 November 2024 | 70,116 | 400,929 | 88,523 | 559,568
| Additions | 109,945 | 94,822 | - | 204,767
| Transfers between classes | (132,782) | 19,235 | - | (113,547)
| Foreign exchange movement | (44,379) | - | - | (44,379)
| At 31 October 2025 | 2,900 | 514,986 | 88,523 | 606,409
| Amortisation |  |  |  |
| At 1 November 2024 | - | 122,138 | 88,522 | 210,660
| Charge for the year | 400 | 118,138 | - | 118,538
| At 31 October 2025 | 400 | 240,276 | 88,522 | 329,198
| Net book value |  |  |  |
| At 31 October 2025 | 2,500 | 274,710 | 1 | 277,211
| At 31 October 2024 | 70,116 | 278,791 | 1 | 348,908
Page 31
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 15.Intangible assets (continued)
| Company
|  | Development expenditure | Computer software | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 November 2024 | 70,116 | 400,929 | 35,001 | 506,046
| Additions | 107,545 | 94,822 | - | 202,367
| Transfers between classes | (132,782) | 19,235 | - | (113,547)
| Foreign exchange movement | (44,379) | - | - | (44,379)
| At 31 October 2025 | 500 | 514,986 | 35,001 | 550,487
| Amortisation |  |  |  |
| At 1 November 2024 | - | 122,138 | 35,000 | 157,138
| Charge for the year | - | 118,138 | - | 118,138
| At 31 October 2025 | - | 240,276 | 35,000 | 275,276
| Net book value |  |  |  |
| At 31 October 2025 | 500 | 274,710 | 1 | 275,211
| At 31 October 2024 | 70,116 | 278,791 | 1 | 348,908
Page 32

|  | CLASS TOURS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
| 16. | Tangible fixed assets
|  | Group
|  | Freehold property | Leasehold property | Plant and machinery | Motor vehicles and coaches | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 November 2024 | 2,201,956 | 897,285 | 406,748 | 2,476,290 | 243,564 | 101,232 | 6,327,075
| Additions | 1,356,459 | 60,142 | 53,384 | 19,349 | 114,684 | 11,132 | 1,615,150
| Disposals | - | (166,284) | (60,705) | - | (73,809) | (3,564) | (304,362)
| Transfers between classes | 357,918 | (248,702) | 4,331 | - | - | - | 113,547
| Exchange adjustments | 25,245 | 19,514 | (955) | (29,313) | 2,912 | (72) | 17,331
| At 31 October 2025 | 3,941,578 | 561,955 | 402,803 | 2,466,326 | 287,351 | 108,728 | 7,768,741
| Depreciation |  |  |  |  |  |  |
| At 1 November 2024 | 421,412 | 580,305 | 307,966 | 1,143,343 | 131,430 | 85,395 | 2,669,851
| Charge for the year | 69,460 | 132,738 | 36,208 | 254,150 | 44,996 | 5,861 | 543,413
| Disposals | - | (166,284) | (60,705) | - | (71,857) | (3,564) | (302,410)
| Transfers between classes | 173,141 | (173,141) | - | - | - | - | -
| Exchange adjustments | (4,597) | 17,301 | 1,948 | (5,638) | (1,454) | 265 | 7,825
| At 31 October 2025 | 659,416 | 390,919 | 285,417 | 1,391,855 | 103,115 | 87,957 | 2,918,679
| Net book value |  |  |  |  |  |  |
Page 33

|  | CLASS TOURS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16.Tangible fixed assets (continued)
| At 31 October 2025 | 3,282,162 | 171,036 | 117,386 | 1,074,471 | 184,236 | 20,771 | 4,850,062
| At 31 October 2024 | 1,780,544 | 316,980 | 98,782 | 1,332,947 | 112,134 | 15,837 | 3,657,224
| The freehold property was revalued in February 2017 by Cocatrix Immobilier, an independent valuer. The directors believe that no further valuation is required of the property as at 31 October 2025.
Page 34

CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 16.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles and coaches | 782,735 | 996,891
Cost at 31 October 2025 is as follows:
|  |  | Freehold and leasehold Properties
|  |  | £
|  | At cost | 4,153,948
|  | At valuation: |
|  | 2017 | 349,585
|  |  | 4,503,533
| If the Freehold and Leasehold Property had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group |  |
| Cost | 4,153,948 | 2,749,656
| Accumulated depreciation | (987,409) | (945,783)
| Net book value | 3,166,539 | 1,803,873
| Transfers between classes have been made above to more accurately reflect the nature of the assets included in that amount.
Page 35

|  | CLASS TOURS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16.Tangible fixed assets (continued)
|  | Company
|  | Freehold property | Leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 November 2024 | 654,569 | 1,141,242 | 285,883 | 117,709 | 191,600 | 87,219 | 2,478,222
| Additions | 1,389,634 | 60,142 | 52,368 | 19,349 | 113,297 | 11,132 | 1,645,922
| Disposals | - | (117,312) | (60,705) | - | (73,809) | (3,564) | (255,390)
| Transfers between classes | 361,376 | (247,829) | - | - | - | - | 113,547
| Exchange adjustments | 25,245 | (13,661) | (955) | 1,488 | 2,912 | (72) | 14,957
| At 31 October 2025 | 2,430,824 | 822,582 | 276,591 | 138,546 | 234,000 | 94,715 | 3,997,258
| Depreciation |  |  |  |  |  |  |
| At 1 November 2024 | 153,714 | 616,635 | 225,660 | 43,548 | 112,070 | 72,715 | 1,224,342
| Charge for the year | 43,722 | 131,516 | 21,294 | 21,003 | 36,768 | 5,861 | 260,164
| Disposals | - | (117,312) | (60,705) | - | (71,857) | (3,564) | (253,438)
| Transfers between classes | 173,141 | (173,141) | - | - | - | - | -
| Exchange adjustments | (4,597) | 17,301 | 1,948 | (1,325) | (1,454) | 265 | 12,138
| At 31 October 2025 | 365,980 | 474,999 | 188,197 | 63,226 | 75,527 | 75,277 | 1,243,206
| Net book value |  |  |  |  |  |  |
Page 36

|  | CLASS TOURS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16.Tangible fixed assets (continued)
| At 31 October 2025 | 2,064,844 | 347,583 | 88,394 | 75,320 | 158,473 | 19,438 | 2,754,052
| At 31 October 2024 | 500,855 | 524,607 | 60,223 | 74,161 | 79,530 | 14,504 | 1,253,880
Cost or valuation at 31 October 2025 is as follows:
|  |  | Freehold and leasehold properties
|  |  | £
|  | At cost | 3,253,406
|  | At valuation: |
|  | Not revalued | -
|  |  | 3,253,406
Page 37

CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
17. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 November 2024 | 1,000
| Additions | 21,956
| At 31 October 2025 | 22,956
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Castaway School Travel Limited* | 6-7 Lovers Walk, Brighton, East Sussex England BN1 6AH | Ordinary | 100%
| Poole Bay Travel Limited* | as above | Ordinary | 100%
| Class Tours France SAS | Chateau de la Baudonniere - 203 Impasse Boudont 50320 le grippon | Ordinary | 100%
| On 4 September 2025, the Group incorporated a new wholly owned subsidiary in France, Class Tours France SAS. The subsidiary was established to facilitate the lease agreement with Crédit Agricole, which was finalised in October 2025. *These companies are exempt from audit by virtue of Section 479A of the Companies Act 2006. In accordance with Section 479C of the Companies Act 2006, Class Tours Limited has provided guarantees over the liabilities of these subsidiaries.
Page 38
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
18. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 56,526 | 148,987 | 22,422 | 75,748
| Amounts owed by group undertakings | - | - | 1,752,686 | 2,110,997
| Other debtors | 150,656 | 232,225 | 118,503 | 208,992
| Payments on account | 1,037,014 | 1,025,502 | 1,029,874 | 1,019,703
| Deferred taxation | - | 69,778 | - | -
| Prepayments and accrued income | 216,352 | 238,606 | 177,417 | 201,770
| Financial instruments | 19,561 | - | 19,561 | -
|  | 1,480,109 | 1,715,098 | 3,120,463 | 3,617,210
| Payments on account relate to advance payments to suppliers for departures after the balance sheet date.
19. | Cash, cash equivalents and restricted cash
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,905,145 | 2,757,163 | 2,706,501 | 2,422,784
| Cash at bank and in hand comprise amounts held in Escrow totalling £912,611 (2024: £786,482). Amounts held in Escrow are segregated monies received and held in a separate CAA Approved Escrow account. These amounts are held as a financial guarantee for the company's travel licenses and for the protection of monies collected from passengers. Additionally, at year end, restricted cash of €960,000 (£843,365) is included within cash and cash in hand. This balance relates to the Paris/Disney lease arrangement entered into during the year. The funds are held by Crédit Agricole on behalf of the Group and are subject to contractual restrictions. They will serve as collateral for a bank guarantee that is expected to be executed.
Page 39
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 333,334 | 333,333 | 333,334 | 333,333
| Payments received on account | 4,382,118 | 3,474,312 | 4,332,219 | 3,443,252
| Trade creditors | 540,093 | 389,778 | 481,613 | 333,503
| Amounts owed to group undertakings | 86,555 | 154,799 | 759,868 | 834,516
| Other taxation and social security | 113,735 | 129,366 | 85,174 | 71,859
| Obligations under finance lease and hire purchase contracts | 135,713 | 127,967 | - | -
| Other creditors | 445,762 | 109,847 | 432,241 | 96,233
| Accruals | 743,325 | 646,701 | 620,094 | 539,618
| Financial instruments | - | 43,210 | - | 43,210
|  | 6,780,635 | 5,409,313 | 7,044,543 | 5,695,524
| Payment received on account relates to the advanced receipts from customers for departures after the balance sheet date. The bank loan was secured by a fixed and floating charge over all the property of the company and a guarantee and debentures from the company's subsidiaries. The bank loan was repayable over equal monthly instalments commencing in May 2022, and interest was charged at 2.88% above base rate, paid quarterly. This was settled in full post year end.
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | - | 333,334 | - | 333,334
| Net obligations under finance leases and hire purchase contracts | 800,157 | 935,872 | - | -
| Amounts owed to group undertakings | - | 657,000 | - | 657,000
| Other creditors | 139,338 | 176,438 | 139,338 | 176,438
|  | 939,495 | 2,102,644 | 139,338 | 1,166,772
Amounts due under finance leases are secured on the assets financed. During the year the subordinated loan to the Civil Aviation Authority (CAA) of £657,000 was released and repaid in full. Page 40
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 195,386 | 195,386
| Between 1-5 years | 803,428 | 783,869
| Over 5 years | 143,809 | 358,756
| Less future finance charges | (206,753) | (274,342)
|  | 935,870 | 1,063,669
| Finance lease payments represent rentals payable by the group for motor vehicles and coaches. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is between 5 to 7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
23. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 69,778 | 163,597
| Charged to profit or loss | (13,485) | (30,232)
| Utilised in year | (90,558) | (63,587)
| At end of year | (34,265) | 69,778
Page 41
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 23.Deferred taxation (continued)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (47,206) | 5,134
| Utilised in year | (95,393) | (52,340)
| At end of year | (142,599) | (47,206)
| The deferred taxation balance is made up as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (405,761) | (372,397) | (144,922) | (47,888)
| Tax losses carried forward | 418,035 | 488,341 | - | -
| Short term timing difference | 2,652 | 3,025 | 2,323 | 682
| Capital loss | (49,191) | (49,191) | - | -
|  | (34,265) | 69,778 | (142,599) | (47,206)
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 141,414 (2024 - 141,414) Ordinary shares of £1.00 each | 141,414 | 141,414
| The company's Ordinary shares carry full voting, dividend and capital distribution rights (including on winding up) and do not confer any rights of redemption.
Page 42
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
25. | Reserves
Share premium account Consideration received for shares issued above their nominal value net of transaction costs. Revaluation reserve The revaluation reserve represents the carrying value of revalued assets over and above the original cost. Profit and loss account Profit and loss reserves includes all current and prior year retained profit and losses, as well as accumulated profit on the fair value revaluation of foreign exchange commitments amounting to £19,561 (2024: £43,210 loss).
26. | Contingent liabilities and regulatory requirements
Class Tours Limited currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of Bonded Travel Organisers Trust ('ABTOT') and Association of British Travel Agents ('ABTA'). In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license based on meeting agreed financial criteria and renews this in March (effective 1st April) each year. As a condition of granting this license, the company has agreed with the CAA to operate an Escrow account for all licensable bookings. The directors are expecting the ATOL license to be renewed under similar terms and conditions (see note 19). As at 31 October 2025, there were contingent liabilities given by the company in the normal course of business in respect of ABTOT bonds amounting to £2,917,537 (2024: £2,564,176).
27. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £87,854 (2024: £58,433). Contributions totalling £20,110 (2024: £15,027) were payable to the fund at the balance sheet date. Page 43
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
28. | Commitments under operating leases
| At 31 October 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 277,158 | 278,906 | 169,570 | 171,318
| Later than 1 year and not later than 5 years | 786,418 | 1,009,311 | 553,750 | 711,357
| Later than 5 years | - | 72,683 | - | 30,380
|  | 1,063,576 | 1,360,900 | 723,320 | 913,055
29.Forward contracts The Group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 October 2025, the outstanding contracts all mature within 5 months of the year end. At the year end, the group has forward contracts to buy 3,100,000 euros (2024: 4,200,000 euros) and pay a fixed sterling amount of £2,714,583 (2024: £3,587,066). The group has revalued these contracts at the year end rate resulting in an unrealised gain of £19,561 (2024: loss of £43,210).
30. | Related party transactions
| FRS 102 Section 33, does not require disclosure of transactions entered into between two or more members of the Group, provided that any subsidiary which is a party to the transaction is a wholly owned member. Hence these transactions were not disclosed in these financial statements. There were no material related party transactions entered into during the year that have not been concluded under normal market conditions. During the year printing services to the value of £26,306 (2024: £23,532) have been provided by Fairhall & Bryant which is co-owned by the husband of one of the directors.
31. | Post balance sheet events
On 25 November 2025, subsequent to the year end, the entire issued share capital of Voyager Topco Limited (the parent company of Voyager Bidco Limited) was acquired by Acadia Bidco Limited. Following this transaction, the ultimate controlling party of the Group changed to UCP 1 Limited, an entity incorporated in Jersey. Page 44
CLASS TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
32. | Controlling party
At the balance sheet date, the immediate parent company of Class Tours Limited was Voyager Bidco Limited, which owned 100% of the Company’s issued share capital. Voyager Bidco Limited is a wholly owned subsidiary of Voyager Topco Limited. At the balance sheet date, the ultimate parent undertaking, and therefore the ultimate controlling party, was RJD Private Equity Fund III LP. Following the acquisition of Voyager Topco Limited on 25 November 2025 (see note 31), UCP 1 Limited, a company incorporated in Jersey, became the ultimate controlling party.
Page 45