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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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ADVANTAGE TRAVEL CENTRES LIMITED
COMPANY INFORMATION
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ADVANTAGE TRAVEL CENTRES LIMITED
CONTENTS
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ADVANTAGE TRAVEL CENTRES LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The chairman presents his report for the period.
FY25 was another exceptional year for the travel industry, with UK consumers demonstrating a remarkable and resilient appetite for travel despite persistent economic headwinds, political pressures, and geopolitical uncertainty across several international markets.
The leisure travel market remained robustly buoyant, while business travel also delivered an impressive performance. By year-end, booking volumes finished ahead of the previous year, underscoring the enduring importance and irreplaceable value of face-to-face meetings in our increasingly interconnected world. Many of our members across the UK continued to flourish and thrive, with numerous businesses expanding their operations and attracting new customers across both leisure and business travel sectors. As the world becomes increasingly complex and challenging to navigate, discerning travellers are increasingly choosing to work with professional agents who provide that essential expertise, duty of care, and peace of mind. Building on this strong market foundation, Advantage delivered another robust and impressive financial performance, fully aligned with our clear strategic vision. This vision is anchored across our strategic pillars for growth: Our People & Culture, Product & Portfolio Capitalisation, Brand Elevation & Influence, Innovation & Transformation, Growth & Expansion and Commercial & Financial Success. Throughout the year, we continued to expand our membership by reinforcing our position as a leading force in the travel industry. Today, The Advantage Global Network spans 83 countries across all key source markets, establishing a truly global footprint. Our collective UK membership turnover now exceeds £8.9bn annually – representing a substantial increase of £30m over the previous year – with £17.6bn across our global network. This significant growth in our members' collective turnover not only demonstrates the business's considerable success during 2025 but also positions us strongly to deliver on our ambitious future growth plans. A key highlight of the year was the rollout of our distinctive new corporate identity, alongside a carefully crafted and forward-looking strategy for the Group’s future. This included a reimagined Mission, Vision, and set of core Values to guide our path forward. Our group's rapid and impressive trajectory in recent years had outpaced our visual representation, and our refreshed brand now captures the dynamism, energy, and innovation that will define us for the future. Another standout highlight of the year was Julia Lo Bue-Said, the group's CEO, being recognised in the King's Birthday Honours with an OBE for her outstanding services to Business and Tourism. During a year in which she also celebrated an impressive 30 years with Advantage, this was a fitting and well-deserved tribute to her tenure and exceptional leadership. Throughout her distinguished career, Julia has demonstrated unwavering commitment to our industry, consistently and passionately championing the voice of independent travel agents at every opportunity. Under her visionary leadership, she has built a business that stands as a testament to excellence, resilience, and innovation - one we can all take tremendous pride in. We also welcomed Ian Simmonds to our Board as a Non-Executive Director. Ian originally joined us as interim Chief Financial Officer, and brings over 20 years of strategic, commercial, and financial expertise in the travel sector. In addition, Head of Finance, Nick Rowe, was promoted to Finance Director, thereby bringing extensive experience and financial expertise to the management team. We have also benefited from the consistency of our member directors who continue to serve the organisation as key representatives on behalf of our membership.
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ADVANTAGE TRAVEL CENTRES LIMITED
CHAIRMAN'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The global pressures of recent years persist in various forms, inflation, elevated interest rates, continued cost-of-living pressures, and ongoing conflicts in key markets worldwide. Against this challenging backdrop, the group will continue to focus resolutely on its strategic priorities whilst remaining agile, responsive, and maintaining positive liquidity to capitalise on diversification and growth opportunities as they arise. As always, our sincere thanks go to our valued members who continue to demonstrate their loyalty and trust as we partner with them to provide support and guidance to meet evolving customer behaviours and navigate an ever-changing operating environment. My thanks also to Julia and her team for their dedication and remarkable and tireless work throughout the year. It's their relentless dedication, professionalism, and commitment to all our stakeholders that makes all the difference and keeps us moving confidently forward.
NameS Esom
Chairman
Date
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their strategic report for the Company and the group for the year ended 30 September 2025.
The group’s core activity as The Advantage Travel Partnership is dedicated to empowering its members through a dynamic business partnership model. By joining Advantage Travel partnership, members gain access to an unparalleled range of commercial products and services through an annual subscription model. Operating across both the leisure and business travel sectors, the group serves as a transformative one-stop business hub, offering innovative solutions and a diverse portfolio of products designed to inspire growth, streamline operations and drive success in an ever-evolving marketplace.
Throughout the year, the Board maintained a strong focus on the delivery of its plan, designed to support members and stakeholders in an increasingly complex and evolving business environment. In parallel, the Board developed the new strategic framework, Reimagined: Advantage 2030 & beyond, providing a clear long-term direction for the Partnership. With specific emphasis on its six key pillars for strategic growth: Our People & Culture, Product & Portfolio Capitalisation, Brand Elevation & Influence, Innovation & Transformation, Growth & Expansion and Commercial & Financial Success. Our People & Culture: Committed to being an employer of choice by helping develop future-ready skills and empowering you to drive high-impact outcomes. We’re fostering a culture of trust, well-being and inclusion, and activating our SPIRIT values across every touchpoint - all while building a connected, engaged, and inclusive, high-performance workplace. Growth & Expansion: We’re leveraging member and market insights, designing scalable models to reach new customers, and keeping pace with regulatory change. Through a digital-first approach, we’re optimising investments, maximising returns from our digital platforms and website, and using marketing, PR, and thought leadership to fuel our growth. Product & Portfolio Capitalisation: We’re strengthening our position by maximising our collective buying power for commercial advantage, introducing customer feedback loops, and removing underperforming offerings to focus on what delivers the greatest impact. Innovation & Transformation: We’re accelerating our position by enabling data-driven decisions through robust insights, empowering self-service, and delivering seamless customer experiences. Leveraging our advisory boards and member steering groups, embracing automation and emerging tech, and collaborating with strategic partners, we’re driving efficiency and shaping a smarter, more agile workplace. Brand Elevation & Influence: We’re amplifying our brand and building influence by leading proactive engagement with industry and policy makers. We’re showcasing our leadership through flagship events and thought leadership content, and extending our reach beyond our current base, whilst also building stakeholder advocacy, local relevance, and consumer trust. Commercial & Financial Success: Diversifying revenue streams, growing our balance sheet, and embedding a growth and ROI-focused mindset across the organisation and through strategic investments, we’ll be accelerating our trajectory. Despite ongoing industry challenges arising from geopolitical uncertainty, air traffic control strikes, extreme weather events and the continued cost-of-living crisis, the Group demonstrated strong resilience during the year. Compared with recent years, there were significantly fewer disruptions, reflecting the industry’s increasing adaptability and operational strength.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Post-Brexit, the travel industry has had to adapt quickly to the EU’s evolving digital border control regime, including the introduction of the Entry/Exit System (EES) and the anticipated rollout of ETIAS. The phased implementation and forward-looking nature of these changes have required travel agents to interpret both current and forthcoming requirements, adding complexity and contributing to consumer confusion ahead of the full rollout of ETIAS in 2026.
This environment further reinforced the growing relevance of travel agents, as more travellers sought expert, professional support, while duty of care remained a key priority for corporate clients served by the Group’s members operating in the business travel sector. The group’s performance against its KPI’s saw it make significant progress, delivering against its strategic goals, as well as building a strong financial performance, continuing to strengthen its balance sheet. It was also another year in which the group saw its members continue to thrive, with many expanding, venturing into new locations and sectors, and driving growth in what was a positive trading environment. As the 3rd largest network in Europe, turnover across the partnership’s global travel community including UK members surpassed the £17.6bn mark. The year represented the first full trading period for Cork Bays & Fisher, an established direct-to-trade insurance and financial protection brokerage, acquired by Advantage Financial Services in March 2024. The integration of this business has materially strengthened its broker proposition, enabling access to new insurance markets. During this financial year, the business delivered a strong financial performance, contributing significantly to overall profitability. As a people-first business, the Group continued to strengthen its talent base by expanding and diversifying its talent pool. Supported by its successful remote operating structure, the Group increased its investment in learning and development during the year, enabling the continued growth of its people and resulting in a number of high-profile internal promotions that complemented its highly skilled workforce. This ensured that exceptional individuals are in place to support the Group’s diverse membership and functional needs across a broad range of disciplines.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
As a result of the increase in trading throughout the year, the group’s transactional turnover, reflecting trading with its managed service members, saw a significant increase to £186,218,643 (2024: £154,959,791). The group statutory turnover also increased to £48,391,556 (2024: £40,573,548).
Total global membership turnover from across the group grew to £17.6bn; of which £8.9bn represented UK members (2024: global membership turnover £17.3bn; £8.8bn UK members). The group reported a net profit on ordinary activities before tax for the year of £1,383,940 (2024: £1,323,251) and net assets at year-end of £9,259,144 (2024: £8,235,230). The directors’ priority in the year remained to rebuild the group’s balance sheet, through investment into core membership services and its people, with a laser focus on improving its operational efficiencies and commercialising its products and services. In order to leverage the group’s market leading commercial position, the business-to-business commercial activities of the group now operate as a cross functional remit. This ensures a single lens on how the business leverages its buying, without compromising on expertise, across the multiple sectors in which it operates.
In 2023, the Group launched its Sustainable Events Charter, embedding a stronger sense of purpose into its conferences and events and empowering delegates to positively impact local communities and destinations. This included the delivery of “Force for Good” initiatives at the Group’s flagship overseas conference in Malta, where attendees supported a range of community-based activities.
To further strengthen its charitable governance, the Advantage Charity Committee was established in July 2025 and comprises five volunteer representatives from across the business. The Committee oversees the fair, transparent, and values-led distribution of charitable donations, managing the annual charity budget and reviewing all requests on a quarterly basis. Decisions are made collectively, supported by clear assessment criteria, due diligence, and robust governance to ensure accountability and impact. During the year, all colleagues were also offered a volunteering day to support community initiatives of their choice, reinforcing the Group’s ongoing commitment to responsible business practices and social value.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Group has successfully transitioned to a remote operating model, supported by a clear ambition to be an employer of choice. By removing geographical constraints and reviewing its reward and benefits framework, the Group continues to attract and retain high-quality talent.
Despite a group-wide recruitment freeze, headcount increased by 2% during the year, reflecting a number of targeted strategic hires alongside continued investment in the development of the existing workforce. This resulted in several senior leadership promotions, particularly within Strategy, Marketing and cruise-focused roles. The investment property on Provost Street has been retained and remains fully occupied by a long-term tenant, maximising rental income. Employee engagement and connectivity remain a priority in a remote environment. The Group maintains regular communication through its central Hub portal, weekly CEO-led Town Halls, monthly CEO coffee mornings and ongoing team meetings. A Monthly Spotlight initiative was also introduced, featuring peer-to-peer interviews to encourage engagement and connection across the business. Purposeful opportunities for collaboration were delivered during the year, including a two-day people-focused conference centred on business updates, team building and rewards and recognition, aligned to the Group’s SPIRIT values.
During the year the group continued to remain high profile across the national media as well as intensified its activity in engaging with policy makers with more political activity. As a leading voice of authority, it remained committed in championing the industry’s core values and raising the profile of the sector. The board remains committed in its bold approach to strengthen cross-industry collaboration, amplify media presence and engage with other economic sectors to ensure the industry remains vibrant and impactful.
The lobbying efforts of the UK Outbound Travel Group which is now into its third year, continued to gain momentum during the year and this year saw over 100 travel companies meet with their MPs as part of its MP Engagement programme as well as growing its overall membership.
Throughout the year, the board reviewed its Mission and Vision through workshops across its people, members and suppliers as part of its Advantage Reimagined 2030 and beyond strategic framework.
Consumer research was also undertaken with the aim of ensuring it aligns with the evolving industry landscape, the needs of its members and the group’s strategic growth objectives. The project resulted in a corporate rebrand, new website, new vision, mission and brand values as well as new core values in the framework of SPIRIT: - Service Centric, Purpose, Integrity, Reward & Recognition, Innovate, and Teamwork.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
As a result of continued investment in its membership division, Advantage Travel Partnership has seen a continued interest from new member prospects with a healthy pipeline of new members keen to join the group’s various membership operating models.
Membership turnover reflects the departure of several high-profile businesses that were acquired and, as a result, no longer required membership services. Advantage Managed Service (AMS) is unique in terms of its overall offering, and the directors believe there is even further opportunity to grow and improve this operation for its users. Towards year end, the company launched its Hosted Agency Model, a new-to travel homeworking solution hosted by experienced Advantage members. The group remains agile to diversify where required. Liquidity remains positive and the group continues to strengthen its Balance Sheet. The directors regularly review the risks facing the business and seek to exploit, avoid or mitigate these risks as appropriate. The group is committed to further developing its Global Business Travel operation and throughout the year invested significantly in growing its overall portfolio of airline content and product, creating an enhanced business travel commercial portfolio, through a bespoke air programme. The programme is part of a full commercial offering, including accommodation, car hire and technological business solutions. The Advantage Global Network continues to demonstrate positive sentiment across the network enabling more TMCs to connect and develop business opportunities that service corporate accounts. In the year two new partners were welcomed, operating from Oman and Cyprus.
While the industry has experienced a notable surge in demand, there is still apprehension regarding the potential effects of the cost-of-living crisis on this demand over the next few years.
Geopolitical uncertainty remains heightened, driven by ongoing conflict in the Middle East and the continued Russian invasion of Ukraine, both of which are expected to persist in the near to medium term. In parallel, an unprecedented number of people, approximately four billion globally, participated in elections during the year, reflecting a widespread desire for political and social change. Shifts in political leadership, including the formation of a new US administration and changes in government in the UK and elsewhere, have the potential to influence global trade, foreign policy and market sentiment which can also contribute to periods of increased volatility and uncertainty for global markets, businesses and consumers.
The group’s overall financial risk management programme focuses on process including trust accounts, technology and liquidity.
The Group has minimal borrowing and cashflows are forecasted out over at least twelve months to ensure sufficient funding are available.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Group’s credit risk is primarily attributable to its trade debtors. Trade debtors are reviewed on a regular basis and where required.
The UK saw four interest rate cuts throughout the year, and despite ongoing cost-of-living pressures alongside high energy and food inflation, appetite for travel remained strong. ONS data shows that UK residents took over 44.7 million trips abroad in the first half of 2025. Reflecting this resilience, our members experienced a continuous increase in demand for their services.
A survey of members conducted the previous year highlighted that 29% saw increased business from new customers, as more consumers turned to experienced travel agents for peace of mind, value, and financial protection. The pressure within the corporate market to embrace technological tools and platforms will see more corporates spending more of their capex budgets on developing solutions. And, with more business trips combining leisure, travellers will come to expect digital touchpoints throughout their journey with AI standing to leave traditional solutions behind for modern retailing. Sustainability programmes as part of an overall ESG framework will remain a key priority as the industry ensures it is taking a responsible view on implementing policies to support their people, consumers and corporates in purposeful travel, supporting their people and addressing sustainability. The industry remains resilient; however, fiscal pressures on businesses, including increases in the National Living Wage and taxation, remain a concern.
The group operates in a competitive marketplace, and its income is generated through a combination of membership subscriptions, fees and commercial deals. The vast majority of the group’s profit is generated from income generated through its financial services division, underwriting and brokering of travel industry insurance products and bonds. The group is focused on mitigating against these risks by prioritising commercial activity across the business and revenue generation across every function. With the ongoing economic uncertainty, the directors and management remain focused on its key business priorities and on its goals of supporting its stakeholders and people. The group continues to regularly review primary risks and taking the required action as necessary. The group risk register is reviewed by strategic leads and management regularly.
Risk management measures across all areas of the business have been maintained particularly around the underwriting business IAICL, Advantage Managed Services (AMS) and commercial income. Cash collection remains a key focus with monthly debtor meetings.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The group operates in a number of areas where it must comply with regulatory requirements. Advantage Managed Services (AMS) operates an independently managed trust facility managing client monies on behalf of both ABTA and ATOL. Risks are managed by working closely with the regulators and adapting operating processes and terms where necessary.
Despite prudent underwriting expertise, IAICL did suffer a couple of bond calls. The directors continue to meet regularly to review the company performance given the potential high risk for the Partnership. Communication remains a critical strategic priority for the group, both internally and externally. In addition, the management team takes every opportunity to proactively engage across the industry and media, to stay connected and informed, for the greater good of the sectors it operates in. Membership recruitment, high profile public relations activity, targeted marketing activity and continued prudent cash and cost control places the group in a strong position. The CEO continued to remain high profile and was regularly invited by broadcasters and national media to comment extensively on travel-related issues, resulting in prime-time media coverage. The aim, to increase the voice of the independent travel agent operating in the UK Outbound Travel sector, across government departments, creating greater visibility and recognition for travel agents, operating across the market. The Group is currently awaiting the announcement of ATOL reforms and remains well placed regardless of the outcome.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Section 172 of the Companies Act 2006 requires the directors to act in a way they consider would most likely promote the success of the Company for the benefit of our members as a whole. When making decisions, the directors are required to have regard to the interests of the Company’s employees, member agencies, suppliers and other stakeholders including the impact of the Company’s activities on the community and environment. The directors should also consider the likely impact of such decisions on maintaining high standards of business conduct and the likely consequences in the long-term. For the purposes of this statement, “members” refers to the Company’s shareholders, and the Company’s “Services Members” refers to the travel businesses subscribing to the Advantage consortium.
The directors consider that they have acted in the way they believe, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in section 172(1) of the Companies Act 2006. In discharging their duties, the directors considered the interests of the Company’s key stakeholders and the likely consequences of decisions in the long term. Members The directors recognise that the Company exists to serve its members and to support long-term sustainable value for them as a whole. Decisions during the year were made with reference to member agency service levels, financial performance, delivery against strategic priorities and feedback received through established engagement channels. Employees The directors considered the interests of employees when making decisions, including matters relating to wellbeing, capability, resourcing and retention. Employee-related considerations were informed by management reporting, operational updates and relevant people policies. Member (service and outcomes) The directors considered member agency outcomes and service standards, including member agency experience, complaint themes, operational resilience and regulatory expectations. Performance was monitored through management information and feedback mechanisms, and actions were taken where appropriate to maintain service quality. Suppliers and other business partners The directors sought to foster strong relationships with suppliers and other partners, recognising their importance to delivering member and member agency outcomes. Decisions took account of the need for fair and constructive engagement, commercial sustainability, and performance against agreed service and quality expectations. Community and environment The directors considered the broader impact of the Company’s operations on the community and environment. In making decisions, the directors took account of proportionality to the Company’s activities and sought to support responsible business practices. Reputation and high standards of business conduct The directors considered the desirability of maintaining a reputation for high standards of business conduct. This included oversight of governance, compliance, risk management and the Company’s values and behaviours. Fairness between members (shareholders) The directors recognised the need to act fairly between members (shareholders) and sought to ensure that key decisions were made in the interests of members as a whole. Long-term consequences of decisions In considering strategic and operational matters, the directors took account of the longer-term implications of decisions, including financial resilience, principal risks and the sustainability of the Company’s business model.
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ADVANTAGE TRAVEL CENTRES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
This report was approved by the board and signed on its behalf.
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ADVANTAGE TRAVEL CENTRES 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 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;
∙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 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 profit for the year, after taxation and minority interests, amounted to £1,200,624 (2024 - £958,721).
The directors did not recommend a final dividend in the year (2024: £nil)
The directors who served during the year were:
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ADVANTAGE TRAVEL CENTRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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 on
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ADVANTAGE TRAVEL CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES LIMITED
We have audited the financial statements of Advantage Travel Centres Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2025, which comprise the Consolidated profit and loss account, the Consolidated analysis of net debt, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 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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ADVANTAGE TRAVEL CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES 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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ADVANTAGE TRAVEL CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES 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 any instances of non-compliance with laws and regulations;
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 tax 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 non-compliance 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 license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, employment law, FCA, ABTA and ATOL 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.
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ADVANTAGE TRAVEL CENTRES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANTAGE TRAVEL CENTRES LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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ADVANTAGE TRAVEL CENTRES LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
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ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 30 to 52 form part of these financial statements.
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ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
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ADVANTAGE TRAVEL CENTRES LIMITED
REGISTERED NUMBER: 04698963
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 30 to 52 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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