ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 04370517

LLAMA TRAVEL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

LLAMA TRAVEL LIMITED

COMPANY INFORMATION

Directors	L D Newbold
	N G Newbold


Company secretary	Nicholas Newbold


Registered number	04370517


Registered office	36 Priory Gardens
	London
	N6 5QS


Independent auditors	Xeinadin Audit Limited
	Chartered Accountants & Statutory Auditor
	8th Floor
	Becket House
	36 Old Jewry
	London
	EC2R 8DD

LLAMA TRAVEL LIMITED

CONTENTS

	Page
Strategic Report	1 - 4
Directors' Report	5 - 6
Independent Auditors' Report	7 - 10
Statement of Comprehensive Income	11
Statement of Financial Position	12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Financial Statements	15 - 26

LLAMA TRAVEL LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Introduction

The directors present their Strategic Report for the year ended 30 September 2025.

Principal activities and business review

The principal activity of the company is that of a specialist tour operator providing small group, experiential and responsible travel experiences. The company operates across three main regions: Latin America, Africa, and Asia. Our top destinations include Argentina, Chile, Costa Rica, Ecuador and Peru.
The company creates experiential and wildlife-focused travel, working closely with local ground operators to deliver high-quality, responsible and authentic travel experiences. The business model is based on designing itineraries for small groups, generating revenue through margins earned on travel services such as accommodation, transport, excursions and guiding services.
During the year, trading was challenging, reflecting market conditions where customer demand was affected by local and worldwide macro-economic uncertainty. Demand was strongest for destinations still recovering from the COVID slowdown, particularly our traditionally strongest destination, Peru. Our newer Asia destinations also continued to grow as international travel confidence strengthened and awareness of our product offering increased.
Strategy and objectives
The company’s long-term objective is to build a leading reputation as a specialist tour operator offering high-quality, responsible and authentic travel experiences in its chosen destinations. The strategy to achieve this includes:

∙Maintaining a strong destination portfolio across Latin America, Africa and Asia to diversify geographical and economic risk

∙Continuing to develop relationships with trusted local partners to ensure quality, reliability and sustainability

∙Enhancing brand visibility and digital marketing to attract new customers

∙Growing repeat and referral business through excellent customer service

∙Expanding product offerings in emerging destinations and niche travel segments

∙Maintaining prudent financial management and strong cash flow control

∙The directors believe that this balanced approach supports sustainable long-term growth while preserving the company’s strong reputation for quality and responsible travel.

The directors believe that this balanced approach supports sustainable long-term growth while preserving the company’s strong reputation for quality and responsible travel.
Key performance indicators (KPIs)
The directors use a number of KPIs to measure performance, including:
Financial KPIs
Turnover: 2025 - £13,781,756; 2024 - £11,178,066
Gross profit: 2025 - £3,924,362; 2024 - £2,794,354
Operating profit: 2025 - £2,276,649; 2024 - £1,207,419
Cash reserve movement: 2025 +28%; 2024 +35%

Page 1

LLAMA TRAVEL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Non-financial KPIs
Customer satisfaction and feedback – used to assess service quality and brand reputation.2025 Holiday Overall 91%
Repeat booking rates – used to measure customer loyalty and long-term business sustainability. This has increased by 0.2% in the year, so in effect unchanged.
Lead conversion rates – used to monitor marketing effectiveness and sales performance. 2.7% Increase of 2025 over 2024.
Where appropriate, customer satisfaction measures and feedback are reviewed regularly to ensure the company continues to meet high service standards and protect brand reputation. These indicators are reviewed regularly and are used to guide strategic and operational decisions.
Review of financial performance and position
Turnover for the year was 23% higher than the previous year. This was driven by higher booking values and increased booking volumes. Gross margin increased by 3.5% due to improved operational efficiencies and better grouping of passengers.
Operating profit for the year was £2,276,649, an increase of 100%. This result was influenced by strong revenue growth and tight management of operating expenses.
The company maintained a sound cash position throughout the year, which is essential given the timing differences between customer receipts and payments to overseas suppliers. Investment continued in systems, website development, marketing and staffing to support future growth.
Despite the improved profitability, the directors remain mindful of ongoing cost pressures, currency volatility and broader economic uncertainty.

Page 2

LLAMA TRAVEL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Principal risks and uncertainties

The directors recognise that the management of the business and execution of its strategy are subject to a number of risks, including:
Market and economic risk
Demand for international travel is sensitive to global economic conditions, geopolitical events and consumer confidence. The company mitigates this risk by offering a broad range of destinations across multiple regions.
Supplier and destination risk
The business relies on local partners in overseas destinations. Political instability, natural disasters or operational failures may impact service delivery. The company manages this through careful partner selection, diversification and regular review of supplier performance.
Currency risk
Many costs are incurred in foreign currencies. Exchange rate fluctuations can affect margins. The company seeks to manage this through pricing strategies and careful timing of currency purchases.
Cash flow risk
The business must manage the timing difference between customer deposits, final balances and payments to suppliers. Cash flow is monitored closely to ensure sufficient liquidity is maintained.
Operational and cyber risk
As a business operating heavily online, system reliability and data security are critical. The company maintains appropriate IT controls, backup procedures and data protection measures.
Future outlook
The directors remain cautiously optimistic about future trading. Demand for experiential and responsible travel is expected to remain strong, particularly for destinations offering wildlife, culture and adventure such as Southern and East Africa, Latin America and selected Asian markets.
The company intends to continue developing its destination portfolio, with particular focus on strengthening its offering in Africa and Asia while maintaining its established Latin American programmes. Investment in marketing, digital presence, customer experience and operational systems will remain a priority.
While external uncertainties remain, the directors believe the company is well positioned to achieve sustainable growth.

Page 3

LLAMA TRAVEL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Employees and social matters
The success of the company depends on the expertise and commitment of its employees. The company aims to provide a supportive working environment that encourages professional development, diversity and employee engagement. Communication between management and staff is actively encouraged.
The company also works closely with local partners and communities in its destinations, supporting responsible tourism practices and contributing positively to local economies.
In addition, the company continues to support the charity Practical Action, both through direct donations and by actively encouraging clients to contribute. Practical Action works to tackle poverty and climate change by using innovative and sustainable solutions that improve access to clean energy, water and sanitation, and resilient livelihoods. The directors believe this partnership aligns strongly with the company’s values and commitment to responsible and sustainable tourism.
Environmental matters
As a tour operator, the company recognises its responsibility to minimise environmental impact and contribute positively to the environments in which it operates. This includes:

∙Working with suppliers that follow responsible and sustainable practices

∙Encouraging environmentally conscious travel behaviour among customers

∙Supporting conservation initiatives and charitable organisations such as Practical Action

∙Continuing to explore ways to measure, manage and reduce the company’s environmental footprint.

This report was approved by the board on 21 January 2026 and signed on its behalf.

N G Newbold

Director

Page 4

LLAMA TRAVEL 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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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.

Results and dividends

The profit for the year, after taxation, amounted to £2,013,276 (2024 - £1,198,650).

Dividends paid in the year amounted to £123,993 (2024: £137,419).

Directors

The directors who served during the year were:

L D Newbold

N G Newbold

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 5

LLAMA TRAVEL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

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 21 January 2026 and signed on its behalf.

N G Newbold

Director

Page 6

LLAMA TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LLAMA TRAVEL LIMITED

Opinion

We have audited the financial statements of Llama Travel Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, 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 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 profit 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 7

LLAMA TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LLAMA TRAVEL LIMITED (CONTINUED)

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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 8

LLAMA TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LLAMA TRAVEL LIMITED (CONTINUED)

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:

• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• 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 Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company 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 Company's license to operate. We identified the following areas as those most likely to have such an effect: IATA compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 9

LLAMA TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LLAMA TRAVEL LIMITED (CONTINUED)

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.

Ian Palmer FCA (Senior Statutory Auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD

21 January 2026

Page 10

LLAMA TRAVEL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
Note	£	£


Turnover	4	13,781,756	11,178,066
Cost of sales		(9,857,394)	(8,383,712)
Gross profit		3,924,362	2,794,354
Administrative expenses		(1,639,139)	(1,554,767)
Fair value movements		6,020	(32,168)
Exceptional other operating charges	11	(14,594)	-
Operating profit		2,276,649	1,207,419
Interest receivable and similar income	8	412,551	401,849
Profit before tax		2,689,200	1,609,268
Tax on profit	9	(675,924)	(410,618)
Profit for the financial year		2,013,276	1,198,650

Other comprehensive income for the year
Gain/(loss) on revaluation of financial instruments	(34,677)	166,793
Other comprehensive income for the year	(34,677)	166,793
Total comprehensive income for the year	1,978,599	1,365,443

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 15 to 26 form part of these financial statements.

Page 11

LLAMA TRAVEL LIMITED

REGISTERED NUMBER: 04370517

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		2,085		3,127
			2,085		3,127
Current assets
Debtors: amounts falling due within one year	13	695,429		5,847,962
Cash at bank and in hand	14	12,022,612		9,363,044
		12,718,041		15,211,006
Creditors: amounts falling due within one year	15	(5,792,589)		(9,873,462)
Net current assets			6,925,452		5,337,544
Total assets less current liabilities			6,927,537		5,340,671
Creditors: amounts falling due after more than one year	16		(65,179)		(332,919)

Net assets			6,862,358		5,007,752

Capital and reserves
Called up share capital		100,000	100,000
Other reserves	19	127,578	162,255
Profit and loss account	19	6,634,780	4,745,497
		6,862,358	5,007,752

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2026.

N G Newbold

Director

The notes on pages 15 to 26 form part of these financial statements.

Page 12

LLAMA TRAVEL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2023	100,000	(4,538)	3,684,266	3,779,728

Profit for the year	-	-	1,198,650	1,198,650
Fair value movements	-	166,793	-	166,793
Dividends: Equity capital	-	-	(137,419)	(137,419)

At 1 October 2024	100,000	162,255	4,745,497	5,007,752

Profit for the year	-	-	2,013,276	2,013,276
Fair value movements	-	(34,677)	-	(34,677)
Dividends: Equity capital	-	-	(123,993)	(123,993)
At 30 September 2025	100,000	127,578	6,634,780	6,862,358

The notes on pages 15 to 26 form part of these financial statements.

Page 13

LLAMA TRAVEL LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	2,013,276	1,198,650
Adjustments for:
Depreciation of tangible assets	1,042	5,791
Interest received	(412,551)	(401,849)
Taxation charge	675,924	410,618
Decrease/(increase) in debtors	5,152,822	(477,665)
(Decrease)/increase in creditors	(4,293,486)	1,516,829
(Decrease) in amounts owed to associates	(27,999)	(35,351)
Net fair value (gains)/losses recognised in P&L	(6,020)	32,168
Corporation tax (paid)	(703,341)	(141,178)
Foreign exchange	(28,657)	52,021
Net cash generated from operating activities	2,371,010	2,160,034

Cash flows from investing activities
Purchase of tangible fixed assets	-	(4,691)
Interest received	412,551	401,849
Net cash from investing activities	412,551	397,158
Cash flows from financing activities
Dividends paid	(123,993)	(137,419)
Net cash used in financing activities	(123,993)	(137,419)
Net increase in cash and cash equivalents	2,659,568	2,419,773
Cash and cash equivalents at beginning of year	9,363,044	6,943,271
Cash and cash equivalents at the end of year	12,022,612	9,363,044

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	12,022,612	9,363,044
	12,022,612	9,363,044

The notes on pages 15 to 26 form part of these financial statements.

Page 14

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

Llama Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered number and address of the registered office and trading office is given in the Company information of these financial statements.
The nature of the Company's operations and principle activities are that of specialist tour operator.

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 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 3).

2.2

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.

2.3

Turnover

Turnover represents amounts receivable from the sales of tours and other services supplied to customers net of VAT. Revenue and expenses are taken to the profit and loss account on the date of departure.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.5

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.

2.6

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.

2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.8

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.

Page 16

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the method provided below:.

Depreciation is provided on the following basis:

Short-term leasehold property	-		Straight line over life of lease
Fixtures and fittings	-	25%	reducing balance
Computer equipment	-	33%	reducing balance

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.

2.9

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.

2.10

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.11

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.

2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 17

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investment in ordinary shares.

2.15

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its foreign currency payments. These derivatives are measured at fair value at each balance sheet date.
To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.
Gains and losses on the hedging instruments and the hedged item are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
There are no critical accounting estimates or judgements made in applying the comapny's accounting policies.

Service fees	13,740,988	11,169,329
Credit card	187	67
DDS income	40,581	8,670
	13,781,756	11,178,066

All turnover arose within the United Kingdom.

Fees payable to the Company's auditors for the audit of the Company's financial statements

10,665

9,615

Page 19

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Wages and salaries	638,438	578,593
Social security costs	61,706	63,663
Cost of defined contribution scheme	133,892	290,319
	834,036	932,575

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Staff including directors	17	15

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	26,000	26,000
Company contributions to defined contribution pension schemes	120,000	280,000
	146,000	306,000

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

8.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	412,551	401,849
		412,551	401,849

Page 20

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Corporation tax
Current tax on profits for the year	676,213	410,697
Adjustments in respect of previous periods	-	(1,513)
	676,213	409,184

Total current tax	676,213	409,184

Deferred tax
Origination and reversal of timing differences	(289)	1,434
Total deferred tax	(289)	1,434


		675,924	410,618

Profit on ordinary activities before tax

2,689,200

1,609,268

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	672,300	402,317
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	4,840	8,094
Income not taxable for tax purposes	(1,505)	-
Adjustments to tax charge in respect of prior periods	-	(1,514)
Adjustments to tax charge in respect of prior periods - deferred tax	289	1,721
Total tax charge for the year	675,924	410,618

Page 21

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10.	Dividends
		2025	2024
		£	£

	Dividends	123,993	137,419
		123,993	137,419

11.	Exceptional items
		2025	2024
		£	£

	Claim settlement	14,594	-
		14,594	-

12.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 October 2024	293,024	4,606	32,017	329,647
At 30 September 2025	293,024	4,606	32,017	329,647
Depreciation
At 1 October 2024	293,024	4,606	28,890	326,520
Charge for the year on owned assets	-	-	1,042	1,042
At 30 September 2025	293,024	4,606	29,932	327,562
Net book value
At 30 September 2025	-	-	2,085	2,085
At 30 September 2024	-	-	3,127	3,127

Page 22

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

13.

Debtors

					2025	2024
					£	£


Trade debtors	-	5,089,797
Other debtors	147,784	166,413
Prepayments and accrued income	541,084	585,480
Deferred taxation	6,561	6,272
	695,429	5,847,962

Included in prepayments above are amounts relating to monies paid to suppliers for holidays departing after the year end, the total of which amount to £515,997 (2024: £566,317).

14.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	12,022,612	9,363,044
	12,022,612	9,363,044

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	32,298	181,403
Amounts owed to associates	154,726	182,725
Corporation tax	383,569	410,697
Other taxation and social security	15,788	12,100
Other creditors	117,317	64,073
Accruals and deferred income	5,088,891	9,022,464
	5,792,589	9,873,462

Included in accruals and deferred income above are amounts relating to customer monies held on account for holidays departing after the year end, the total of which amount to £4,409,955 (2024: £3,859,540).
The Company made two payments totalling £231,584 (2024: £139,996) in October 2025 to settle the year end balance payable to BSP.

Page 23

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

16.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Accruals and deferred income	65,179	332,919
	65,179	332,919

Included in accruals and deferred income above are amounts relating to customer monies held on account for holidays departing after the year end, the total of which amount to £65,179 (2024: £51,918).

17.	Deferred taxation

		2025
		£

	At beginning of year	6,272
	Charged to profit or loss	289
	At end of year	6,561

The deferred tax asset is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	6,329	6,069
Other timing differences	232	203
	6,561	6,272

18.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100,000 (2024 - 100,000) Ordinary "A" shares of £1.00 each	100,000	100,000

Page 24

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

19.

Reserves

Profit and loss account

Includes all current and prior period profit and losses.

20.	Contingent liabilities

The Company currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Aviation
Authority (CAA), and is an accredited agent of the International Air Transport Association (IATA).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL licence. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in March (effective 1st April) each year. The company has complied with these requirements in previous years. The directors see no reason why the ATOL license will not be renewed in March 2026 on substantially the same terms and conditions as currently agreed with the CAA.
The company also complies with the financial criteria requirements of IATA.
There are no other material contingent liabilities.

21.	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 £133,892 (2024: £290,319). Contributions totalling £2,787 (2024: £2,319) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	70,000	70,000
Later than 1 year and not later than 5 years	210,000	280,000
	280,000	350,000

Page 25

LLAMA TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

23.

Related party transactions

During the year the following movements took place on directors' loan accounts:
Mr L D Newbold - during the year Mr L D Newbold introduced funds of £206,877 (2024: £Nil) and was repaid £206,869 (2024: £Nil). At the balance sheet date the company owed Mr L D Newbold £917 (2024: £909).
Mr N G Newbold - during the year Mr N G Newbold introduced funds of £268 (2024: £260) and was repaid £18,053 (2024: £2,415). At the balance sheet date the company owed Mr N G Newbold £18,357 (2024: £36,140).
During the year, the company paid £235,000 (2024: £119,351) to Rochester Wilmot Limited and received £207,000. Rochester Wilmot Limited is a company under common control. At the balance sheet date, the company owed Rochester Wilmot Limited £154,726 (2024: £182,725).

24.	Post balance sheet events

The directors have concluded that no other material events have occured since the date of approval of these financial statements that would affect the financial statements of the Company.

25.	Controlling party

The ultimate controlling party is Mr L D Newbold by virtue of his shareholding in the company.

Page 26