Company No: 07422718 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	65,347		46,531
Investments	5	1,130,355		667,166
		1,195,702		713,697
Current assets
Debtors	6	1,378,842		1,583,990
Cash at bank and in hand		3,000,680		2,979,004
		4,379,522		4,562,994
Creditors: amounts falling due within one year	7	( 2,903,539)		( 3,294,504)
Net current assets		1,475,983		1,268,490
Total assets less current liabilities		2,671,685		1,982,187
Provision for liabilities		( 57,166)		( 1,903)
Net assets		2,614,519		1,980,284
Capital and reserves
Called-up share capital		100		100
Undistributable reserve		320,209		( 6,656 )
Profit and loss account		2,294,210		1,986,840
Total shareholders' funds		2,614,519		1,980,284

For the financial year ending 30 November 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Independents Hotel Reservations Limited (registered number: 07422718) were approved and authorised for issue by the Director on 14 May 2026. They were signed on its behalf by:

P C Nash Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Independents Hotel Reservations Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Windsor Farm Capland, Hatch Beauchamp, Taunton, TA3 6TR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the value of commission received under contracts from the supply of hotel booking agent services. This is to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where commission is attributable to services performed but not yet invoiced, the amounts are reflected as accrued income and included as part of debtors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other creditors or other debtors in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	20 % reducing balance
Fixtures and fittings	20 % reducing balance
Office equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Fair value adjustments are presented within other non-operating income and expenses. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	10		10

3. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 December 2024	161,041		161,041
At 30 November 2025	161,041		161,041
Accumulated amortisation
At 01 December 2024	161,041		161,041
At 30 November 2025	161,041		161,041
Net book value
At 30 November 2025	0		0
At 30 November 2024	0		0

4. Tangible assets

	Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 December 2024	65,661		2,071		29,910		97,642
Additions	37,762		0		0		37,762
Disposals	( 24,931)		0		0		( 24,931)
At 30 November 2025	78,492		2,071		29,910		110,473
Accumulated depreciation
At 01 December 2024	26,179		1,981		22,951		51,111
Charge for the financial year	13,423		18		1,392		14,833
Disposals	( 20,818)		0		0		( 20,818)
At 30 November 2025	18,784		1,999		24,343		45,126
Net book value
At 30 November 2025	59,708		72		5,567		65,347
At 30 November 2024	39,482		90		6,959		46,531

5. Fixed asset investments

	Listed investments		Total
	£		£
Cost or valuation before impairment
At 01 December 2024	779,130		779,130
Additions	115,150		115,150
Disposals	( 33,522)		( 33,522)
Movement in fair value	381,561		381,561
Reversal of impairment	( 111,964)		( 111,964)
At 30 November 2025	1,130,355		1,130,355
Provisions for impairment
At 01 December 2024	111,964		111,964
Reversal of impairment	( 111,964)		( 111,964)
At 30 November 2025	0		0
Carrying value at 30 November 2025	1,130,355		1,130,355
Carrying value at 30 November 2024	667,166		667,166

The fair value of listed investments was determined with reference to the quoted market price at the reporting date.

6. Debtors

	2025		2024
	£		£
Trade debtors	1,353,078		1,550,645
Other debtors	25,764		33,345
	1,378,842		1,583,990

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	2,749,569		3,099,361
Taxation and social security	145,560		184,548
Other creditors	8,410		10,595
	2,903,539		3,294,504

8. Related party transactions

Transactions with the entity's director

The director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 December 2023, the balance owed by the director was £497,163. During the year, £nil was advanced to the director, and £497,163 was repaid by the director. At 30 November 2024, the balance owed by the director was £nil.