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Registered number: 06418075 RED SEA HOLIDAYS UK LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 SEPTEMBER 2025
RED SEA HOLIDAYS UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors present their strategic report for the year ended 30 September 2025.
Business review
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 end of the period 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 those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose. Red Sea Holidays achieved a turnover of £9,771,780 (2024: £8,546,111) with a loss after tax of £699,764 (2024: £460,933). The Egyptian holiday market continued to be significantly affected by ongoing geo-political events in the Middle East, with serious safety concerns for travellers. Despite this, UK customers continued to travel to the region and the Company's revenues increased this year over the previous accounting period. However, with tensions escalating between the USA/Israel and Iran, culminating in the recent additional military action, the booking window may be further reduced and revenues may be further affected going forward. Key performance indicators
|  | 2025 | 2024
|  | £ | £
| Turnover | 9,771,780 | 8,546,111
| Gross profit | 413,792 | 549,650
| Gross profit margin | 4.23% | 6.43%
| Loss on ordinary activities before tax | (700,859) | (460,756)
| Net current (liabilities) / assets | (578,310) | 117,850
| EBITDA | (725,793) | (488,363)
Market environment and outlook
A ceasefire between Israel and Palestine was agreed on the 10 October 2025 supported by the United States of America, bringing about what looked to be the beginning to the end of the conflict as well as increased stability in the region. Since that point in time, we saw confidence beginning to build again, with UK customers returning to Egypt in growing numbers to both Sharm el Sheikh and Hurghada. This also encouraged additional investment in flying from the UK with Jet2.com planning to launch a new program from early 2027. However, the recent outbreak of hostilities between USA/Israel and Iran has thrown this progressive position into doubt. The outlook for the remaining period of next year is now very uncertain, which may impact the Company's attempts to build both passenger numbers and revenues for 2026, and return to profitability. Page 1
RED SEA HOLIDAYS UK LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Principal risks and uncertainties
The following risk factors may affect the Company's operating results and its financial position. 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 risk and uncertainties facing the Company. - 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. 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). - Geo-political events and natural disasters: The nature of the business operation exposes the Company to a wide range of geo-political natural disasters. To counter this, the Company operates a flexible business model with the ability to shift capacity amongst a variety of destinations where necessary. - Information technology: The Company is heavily reliant upon information technology. Investment is being made to ensure the Company has advanced and efficient systems in place, but there is a risk if there were a major failure - particularly if it were to affect selling systems. Procedures are in place to minimise the time a selling system is unavailable in the event of such failure. - Financial risk: The Company operates in a sector that is exposed to the financial risk caused by the volatility of foreign currency exchange rates. The Company is directly exposed to movements in exchange rates as a large proportion of the travel components it sells are denominated in foreign currency. This risk is managed through the use of hedging. - Economic conditions: The demand for holidays is affected by local economic conditions. The cost of living in the UK is still a great concern, as is the ongoing war in Ukraine, and the ensuing volatility in exchange rates and consumer confidence creates a fragile trading environment. Despite the negative impact upon the travel industry, the directors believe that the Company is able to quickly adapt to changes in the local market demand, however a further prolonged period of booking slowdown could adversely affect future financial results and liquidity. This report was approved by the board on 13 March 2026 and signed on its behalf.
P J Kearns Director
Page 2
RED SEA HOLIDAYS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED SEA HOLIDAYS UK LIMITED UNDER SECTION 449 OF THE COMPANIES ACT 2006
Opinion
We have audited the financial statements of Red Sea Holidays UK Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Financial Position 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 Company's affairs as at 30 September 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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, 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. Page 3
RED SEA HOLIDAYS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED SEA HOLIDAYS UK LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
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 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.
Matters on which we are required to report by exception
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. 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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; or Page 4
RED SEA HOLIDAYS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED SEA HOLIDAYS UK LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 5
RED SEA HOLIDAYS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED SEA HOLIDAYS UK LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
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 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 judgment and maintain professional skepticism 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 its regulators, the Civil Aviation Authority ("CAA") and the Association of British Travel Agents ("ABTA"), and sample test relevant documentation to access 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. 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. Page 6
RED SEA HOLIDAYS UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED SEA HOLIDAYS UK LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
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. M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 13 March 2026 Page 7
RED SEA HOLIDAYS UK LIMITED REGISTERED NUMBER: 06418075 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 9,977 |  | 14,676
|  |  | 9,977 |  | 14,676
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 978,901 |  | 678,158 |
Cash at bank and in hand | 6 | 2,842,235 |  | 2,445,795 |
|  | 3,821,136 |  | 3,123,953 |
Creditors: amounts falling due within one year | 7 | (4,399,446) |  | (3,006,103) |
Net current (liabilities)/assets |  |  | (578,310) |  | 117,850
Total assets less current liabilities |  |  | (568,333) |  | 132,526
Creditors: amounts falling due after more than one year | 8 |  | (3,057,153) |  | (3,057,153)
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (2,133) |  | (3,228) |
|  |  | (2,133) |  | (3,228)
Net liabilities |  |  | (3,627,619) |  | (2,927,855)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 30,100 |  | 30,100
Profit and loss account |  |  | (3,657,719) |  | (2,957,955)
|  |  | (3,627,619) |  | (2,927,855)
Page 8
RED SEA HOLIDAYS UK LIMITED REGISTERED NUMBER: 06418075 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 SEPTEMBER 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2026.
P J Kearns
Director
The notes on pages 10 to 18 form part of these financial statements. Page 9
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Red Sea Holidays UK Limited (the 'company') is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 5 New Street Square, London, EC4A 3TW. The company's principal activities are disclosed in the Directors 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
Following the impact of recent geo-political and economic events, the Company's directors and management have continued to meet regularly to review the Company's financial position, budgets and forecasts in order to manage and mitigate the potential financial impact of issues such as the war in the Middle East amongst others. As a result of these forecasts, and specifically given the continuing written support of the principal shareholder/director, the Company's directors and management 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, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future. Page 10
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.3 | 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 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'.
| 2.4 | Revenue and associated costs
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents customer bookings where the date of departure has taken place during the period or when all services have been satisfied in the period. The direct expenses relating to these bookings are recognised in line with the associated turnover on the same basis. Direct expenses include all accommodation and transport costs which are classified as “cost of sales” within the Statement of Comprehensive Income. Transactions relating to customer bookings are recognised in the financial statements at the point the payment is received and recorded in advanced deposits. This treatment reflects the fact that customers retain the right to change or cancel their booking up to the date of departure. Transactions relating to customers’ bookings are reflected in turnover on the date of departure of travel. Cancellation revenue is recognised at the point of cancellation. Page 11
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Operating leases: the Company 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds. Page 12
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 13
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold property improvements | - | 20-25%
|  |  |  | Office and computer equipment | - | 33%
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.
| 2.11 | 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.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.
| 2.13 | 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.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 14
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 10 (2024 - 7).
4. | Tangible fixed assets
|  | Leasehold property improvements | Office and computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 October 2024 | 4,688 | 43,259 | 47,947
| Additions | - | 4,034 | 4,034
| At 30 September 2025 | 4,688 | 47,293 | 51,981
| Depreciation |  |  |
| At 1 October 2024 | 439 | 32,832 | 33,271
| Charge for the year on owned assets | 938 | 7,795 | 8,733
| At 30 September 2025 | 1,377 | 40,627 | 42,004
| Net book value |  |  |
| At 30 September 2025 | 3,311 | 6,666 | 9,977
| At 30 September 2024 | 4,249 | 10,427 | 14,676
Page 15
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 68,281 | 29,871
| Other debtors | 65,103 | 27,887
| Prepayments and accrued income | 845,517 | 620,400
|  | 978,901 | 678,158
| Included in prepayments and accrued income above is the sum of £797,747 (2024: £569,960) which relates to advance supplier payments for bookings departing from 1 October 2025 onwards.
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,842,235 | 2,445,795
|  | 2,842,235 | 2,445,795
| Restricted funds: Included in cash at bank is the sum of £925,075 (2024: £753,583) held in an independent professionally administered Civil Aviation Authority (“CAA”) ATOL Trust Account. A proportion of consumer collected funds from the sale of ATOL protected flight package bookings are deposited into the trust and are restricted until released to the company by the trustee based upon a set of predetermined rules agreed with the CAA.
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 90,890 | 111,654
| Other taxation and social security | 14,788 | 9,534
| Other creditors | 2,803,329 | 1,639,443
| Accruals and deferred income | 1,490,439 | 1,245,472
|  | 4,399,446 | 3,006,103
| Included in accruals and deferred income above is the sum of £1,467,610 (2024: £1,201,704) which relates to advance customer receipts for bookings departing from 1 October 2025 onwards.
Page 16
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 3,057,153 | 3,057,153
|  | 3,057,153 | 3,057,153
| The full amount shown as other creditors above, which relates to a loan from a director, is subject to subordinated undertakings in favour of the Civil Aviation Authority ("CAA") and cannot be repaid without their prior written consent (see note 12).
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (3,228)
| Charged to profit or loss | 1,095
| At end of year | (2,133)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (2,133) | (3,228)
|  | (2,133) | (3,228)
10. | Pension commitments
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 £16,836 (2024: £16,881). Contributions totalling £Nil (2024: £1,502) were payable to the fund at the reporting date. Page 17
RED SEA HOLIDAYS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | Related party transactions
| Mohamed Abd-Elfattah, a director and principal shareholder, has provided the company with an interest free loan of £3,057,153 (2024: £3,057,153). This loan cannot be repaid without obtaining written consent from the Civil Aviation Authority ("CAA") and is classified as due more than one year in the statement of financial position.
12. | Controlling party
Mohamed Abd-Elfattah, a director of the company, controls the company as a result of directly owning 75% of the issued share capital of the company.
Page 18