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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
COMPANY INFORMATION
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HIDDEN TRAVEL GROUP LIMITED
CONTENTS
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HIDDEN TRAVEL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Directors present their strategic report of the Company for the year ended 30 September 2025.
The Company is required by the Companies Act 2006, to set out in this report a fair review of the business of the Company during the financial year ended 30 September 2025, the position of the Company at the year end, and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for the strategies to succeed, the business review should not be relied upon by any other party or for any other purpose. Corporate structure The principal activity of the Company is that of a tour operator. The Company has six wholly owned subsidiaries, five of which are non-trading. One subsidiary, based in the United States, is a trading entity. Section 172 (1) Statement The information provided below is intended to explain how the Directors considered the interests of the Company’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Company under section 172 of the Companies Act 2006. Business review At the beginning of the financial year, the Company completed the sale of the Long Travel and Completely Croatia brands. While both brands were profitable, the Board determined that they offered limited long-term strategic potential when compared with the opportunities presented by the Solos brand. The disposals form part of a deliberate and focused strategy to simplify the business, redeploy resources, and concentrate management attention on the areas of greatest opportunity. The Board believes that the Solos brand provides a significantly stronger platform for sustained growth, both in terms of domestic market position and international scalability. Aligned with its longer-term growth objectives, the Company also established a US subsidiary during the year to support the expansion of the Solos brand into the North American market. This development represents an important strategic milestone, providing access to a wider customer base and a market with substantial medium and long-term potential. Early performance indicators have been positive as the Company builds a brand presence in North America. The strategic divestment of Long Travel and Completely Croatia, combined with the international expansion of the Solos brand, has enabled senior management to allocate their time and resources towards pursuing the highest-value opportunities. This focused approach positions the Company to capitalise on growth prospects and strengthen its competitive position. Building on the strong performance of the previous financial year, the Company delivered encouraging results for the year ended 30 September 2025. Total turnover for the period was £13.2 million. Although reported revenue increased by only £0.3 million year-on-year, this reflects the impact of the brand disposals noted above. Excluding these, the core Solos brand showed strong momentum, achieving a £1.6 million increase in revenue on a like-for-like basis. Profitability also improved. EBITDA exceeded £1.3 million, representing a £0.4 million increase on the prior year. This performance highlights the benefits of strategic focus, increased operational efficiency, and investment in the Group’s core brand.
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HIDDEN TRAVEL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Looking ahead, the Company is well positioned for continued revenue growth in 2026 and beyond. This outlook is supported by a strong and increasing level of forward bookings each year, together with the ongoing development of both domestic and international product offerings. The business continues to benefit from a loyal customer base, reflected in consistently high and growing levels of repeat travel, complemented by the ongoing acquisition of new customers through targeted marketing activity. The Board considers these factors to provide a strong platform for sustained performance and long-term shareholder value.
Key Performance Indicators The Company operates a robust measurement and control programme, monitoring key performance indicators on a daily, weekly, and monthly basis. The Directors prepare a rolling monthly financial forecast and maintain a disciplined cash management framework, including regular short and long-term cash flow projections, to ensure financial stability and support informed decision-making. Performance During the Year The financial statements on pages 10 to 32 set out the Company’s financial performance and position for the year. During the period, the Company continued to deliver strong commercial momentum, evidenced by sustained growth in forward bookings and consistent improvements at both monthly and annual levels. This progress was supported by the ongoing expansion of the Company’s tour portfolio and a broadening customer base. The Company generated a year-on-year increase in profit before taxation of £1.1 million and its financial strength was further demonstrated by a solid liquidity position, with operating activities generating cash flows of £0.8 million cash flow. To support its growth trajectory and maintain service quality, the Company expanded its workforce in a targeted manner. Additional resources were deployed to manage increasing enquiry volumes, enhance operational efficiency, and ensure timely and responsive customer engagement. At the same time, the Company maintained an operational focus on reducing manual processes to improve efficiency. This includes a continuing commitment to introducing additional IT infrastructure and automation in the coming years, reducing reliance on further staff increases and supporting sustainable scalability. The increase in headcount, combined with the ongoing focus on process optimisation and technology investment, has strengthened the Company’s operational resilience and its ability to scale effectively while maintaining a high standard of customer experience. Costs continue to be carefully managed, with capital directed towards software, systems, and technology solutions aimed at monitoring performance, improving productivity, and driving efficiency across the business. Travel regulatory bodies The Company holds an Air Travel Organisers Licence ('ATOL') granted by the Civil Aviation Authority ('CAA'). The Company is also a bonded member of the Association of Bonded Travel Organisers Trust ('ABTOT'). Principal risks and uncertainties The risk factors described below are those which the Directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company.
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HIDDEN TRAVEL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Economic challenges:
The travel industry continues to demonstrate strong growth, despite the challenging UK economic environment, which includes high inflation, elevated interest rates, ongoing cost-of-living crisis, and rising unemployment. In this context, the Company remains confident in its ability to achieve year-on-year growth in both revenue and profitability. The resilience of the travel sector amid these pressures highlights its adaptability and the enduring demand for travel experiences. This provides a solid foundation for the Company’s confidence in maintaining performance and pursuing further growth opportunities in both domestic and international markets. Regulatory risk: The Company is exposed to various regulators, including the Civil Aviation Authority ('CAA'), which issues an Air Travel Organisers Licence ('ATOL'), which is required in order for the Company to operate and has been renewed in March 2025. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). The Company is also a bonded member of the Association of Bonded Travel Organisers Trust ('ABTOT') and renews its ABTOT consumer protection bond in March each year and is subject to assessments of fitness and financial criteria. Geo-political events and natural disasters: The nature of the Company's operations inherently exposes it to various geopolitical risks and natural disasters. To mitigate these challenges, the Company employs a flexible business model, enabling it to adjust capacity across a range of destinations as needed. Notably, the Company does not operate in destinations directly impacted by the Ukraine conflict or the ongoing unrest in the Middle East. Commercial relationships: The Company maintains well established relationships with both customers and suppliers. Risk is mitigated by avoiding over-reliance on any single supplier within a particular area. While the loss or deterioration of a key supplier relationship could have a limited impact on operations, management takes proactive measures to minimise this risk. Regular engagement with suppliers is maintained to foster strong working relationships and to monitor their financial stability.
This report was approved by the board on 27 January 2026 and signed on its behalf.
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HIDDEN TRAVEL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £863,508 (2024 - £519,110).
No dividends were paid or proposed for the year ended 30 September 2025.
The directors who served during the year were:
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HIDDEN TRAVEL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HIDDEN TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP LIMITED
We have audited the financial statements of Hidden Travel Group Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Statement of Financial Position, the Statement of Cash Flows, the 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, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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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HIDDEN TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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HIDDEN TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP 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 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:
- We exercise professional judgement and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with The Package and Linked Travel Arrangements Regulations 2018 ("PTR") and sample test relevent documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
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HIDDEN TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIDDEN TRAVEL GROUP LIMITED (CONTINUED)
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.
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 and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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HIDDEN TRAVEL GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
REGISTERED NUMBER: 04687483
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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HIDDEN TRAVEL GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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HIDDEN TRAVEL GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
As disclosed in the Directors' Report, the principal activity of the Company in the period under review continued to be that of a tour operator.
The Company is a private company limited by shares and is incorporated in England. The address of the Group's principal place of business, being the same as the registered office stated on the Company Information page, is: Whittington Hall Whittington Road Worcester WR5 2ZX
3.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 management to exercise judgment in applying the Company's accounting policies (see note 4).
The following principal accounting policies have been applied:
The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability.
The directors have prepared budgets and cashflow forecasts to September 2028 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact , which still shows a healthy financial position ongoing. Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. As a result, and with the Group continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3.Accounting policies (continued)
Turnover is the amount derived from ordinary activities for tours which have departed in the year and represents the aggregate revenue receivable.
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3.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.
The estimated useful lives range as follows:
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
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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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. a) Critical judgments in applying the Company's accounting policies The directors believe that there are no critical judgments involved in applying the Company's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13.Taxation (continued)
There were no factors that may affect future tax charges.
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
22.Deferred taxation (continued)
Profit and loss account
At 30 September 2025, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of Association of Bonded Travel Organisers Trust (ABTOT) travel bonds amounting to £202,316 (2024: £165,324).
The business has an arrangement with its merchant providers that 5% of all receipts will be withheld for 130 days from the date of receipt. These will be released to the business after expiry of 130 days. As at 30 September 2025 total receipts withheld under this arranagement were £331,937 (2024: £316,385). These are included in debtors due within 1 year.
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HIDDEN TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £39,435 (2024 - £41,295). Contributions totalling £7,490 (2024 - £6,514) were payable to the fund at the reporting date and are included in creditors.
During the year the business sold two of its brands Long Travel and Completely Croatia brands for a total value of £217,970. This income is shown under operating income in note 6. Cashflows related to these brands are not clearly distinguished from the Company's total operations.
The Company's immediate holding company is Hidden Travel Holdings Limited, a company registered in England and Wales. Copies of the financial statements of Hidden Travel Holdings Limited can be obtained from Whittington Hall, Whittington Road, Worcester, WR5 2ZX.
The Company's ultimate holding company is Stone VP (No. 1) Limited, a company registered in England and Wales. Copies of the financial statements of Stone VP (No. 1) Limited can be obtained from Whittington Hall, Whittington Road, Worcester, WR5 2ZX.
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