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Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2025
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors of Voyager Topco Limited present their Strategic Report for the year ended 31st October 2025.
Principal Activity The principal activity of the Company is that of a holding company. 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. The loss before taxation reduced from £0.75 million to £0.38 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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
The performance indicators are considered to be:
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Customer satisfaction and employee retention are important non-financial key performance indicators, performance was considered satisfactory for the year.
This report was approved by the board and signed on its behalf.
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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.
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.
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 judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
The loss for the year, after taxation, amounted to £554,043 (2024 - loss £911,155).
The directors who served during the year were:
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.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGER TOPCO LIMITED
We have audited the financial statements of Voyager Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025, which comprise the group income statement, the group statement of comprehensive income, the group and company statements of financial position, the group statement of cash flows, the group and 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 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGER TOPCO LIMITED (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGER TOPCO LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 such as tax legislation and the Companies Act 2006.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group 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 Group 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 Group's licence to operate. We identified the following areas as those most likely to have such an effect: health and safety including ATOL, ABTA and ABTOT compliance recognising the nature of the Group's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VOYAGER TOPCO LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Becket House
36 Old Jewry
EC2R 8DD
7 May 2026
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CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
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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:
The notes on pages 20 to 45 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
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COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2025
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 45 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Voyager Topco Limited ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 6-7 Lovers Walk, Brighton, East Sussex, England, BN1 6AH.
The group consists of Voyager Topco Limited and all of its subsidiaries. The company's and the group's principal activities and nature of its operations are disclosed in the directors' Report.
2.Accounting policies
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 judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements.
The consolidated financial statements incorporate those of Voyager Topco Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
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 group. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The company is an intermediate holding company within a private equity group structure and does not undertake external trading activities. Its ability to meet its obligations is therefore dependent on the performance of its subsidiary undertakings and the continued financial support of the wider group.
The Group reported a loss after taxation of £554,043 for the year ended 31 October 2025 (2024: £911,155) and had net liabilities of £11,429,192 at the reporting date (2024: £10,875,149). The Group continues to demonstrate strong trading performance, improved gross margins and positive operating cash generation. Subsequent to the year end, on 25 November 2025, the Group was acquired by Acadia Bidco Limited, with ultimate control passing to UCP 1 Limited (see note 32). The directors have considered the implications of this change in ownership as part of their going concern assessment, including the ongoing strategic support available to the Group under the new ownership structure. 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 £1,741,990. 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 £2,918,257 (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 19). 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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on the going concern basis.
Functional and presentation currency
Transactions and balances
Revenue is recognised on the date of departure. Hotel revenue is recognised on the date the booking becomes non-cancellable. Income from cancellations is recognised where the company is entitled to the revenue under the terms and conditions of the booking.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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 to 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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:.
Depreciation is provided on the following basis:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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.
freely available for the 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
The Group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 accounting estimates and judgements in applying the company's accounting policies The following estimates and judgements 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 occurred 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
12.Taxation (continued)
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements. The loss after tax of the parent Company for the year was £
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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