The directors present the strategic report for the period ended 31 October 2025.
The directors are satisfied with the results for the period under review that were in line with expectations.
The management of the business and the execution of the group's strategies are subject to risk, the key risk being the competition in the market place, operational risk and liquidity risk.
The risk implications of business decisions affecting all group companies are considered on a group level by the directors. The directors re-assesses these risks on a regular basis to ensure that any risks arising from changes in the group's operations or the external environment are identified and appropriately managed.
The nature of the group's transactions also give rise to foreign exchange risk. We aim to counter the risk of volatility in foreign currencies by hedging our transactions in foreign currency, using financial instruments that best ensure the risk is minimised.
The group's principal financial instruments comprise bank balances (including foreign currency bank balances), trade debtors, trade creditors and balances owed to and from group and associated companies and individuals. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's trading activities.
Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risk applicable to the financial instruments concerned is described below.
In respect of bank balances the liquidity risk is managed by maintaining sufficient balances in liquid form for the immediate and future needs of the group. Balances are also held in foreign currencies in order for the group to trade with its suppliers and its customers.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The majority of customers provide the group with a cash deposit.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
In respect of balances owed by the related parties, the directors are aware that the balances will be paid according to the loan agreements between the parent company and the related parties.
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| 2025 | 2024 |
| £ | £ |
Turnover | 30,732,102 | 27,303,305 |
|
|
|
Gross profit | 4,670,681 | 3,896,780 |
|
|
|
Gross profit margin | 15.20% | 14.27% |
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Earnings before interest, tax, depreciation, amortisation, |
|
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and director defined benefit pension (EBITDAP) | 1,266,914 | 1,158,586 |
EBITDAP percentage of Sales
The EBITDAP percentage of sales is a more relevant measure of the performance of the business which shows that the EBITDAP percentage of sales has decreased slightly from 4.24% to 4.12%.
The overall results are still encouraging, especially when considering the challenging market conditions the group faced. It is the intention of the group to continue to strengthen its financial performance in the industry by concentrating on further improving the management processes and expanding market share, whilst at the same time closely monitoring both direct and indirect costs.
The group remains committed to strengthening its position in the travel industry while responding to evolving market demands and operational challenges. Following a period of revenue growth, the group is focused on the following strategic priorities:
Margin Recovery and Cost Efficiency
While turnover has increased, pressure on margins highlights the need to further optimise supplier relationships and cost structures. The group will review purchasing strategies, streamline internal operations, and pursue economies of scale wherever possible.
Product Diversification and Market Reach
In response to growing demand for tailored and experiential travel, the group plans to broaden its service offering, including curated group tours, regional packages, and bespoke itineraries. Geographic expansion into emerging travel markets will also be explored.
Digital Transformation and Automation
Investment in booking technology, data analytics, and automation will continue to play a central role. This will enhance customer engagement, reduce manual handling, and improve operational agility in response to booking trends and partner needs. The focus on adopting AI tools to support the business is a priority.
Foreign Exchange Risk Management
With a multinational client and supplier base, foreign exchange volatility remains a key consideration. The group will continue to apply prudent hedging strategies and monitor currency exposure closely to protect its financial outcomes.
Sustainability and Responsible Travel
The group acknowledges the growing importance of sustainable tourism. Efforts will be made to work more closely with partners that support eco-conscious practices and promote low-impact travel options.
People and Partner Development
As the industry rebounds and demand continues to grow, investment in staff development and supplier partnerships will be critical. The group will continue to strengthen its team capabilities and build long-term relationships with trusted operators and agents.
Despite ongoing economic and geopolitical uncertainties, the directors remain confident in the group’s strategy and its ability to deliver sustainable growth and value across its markets.
On behalf of the board
The directors present their annual report and financial statements for the period ended 31 October 2025.
The results for the period are set out on page 9.
No Ordinary dividends were paid. The directors do not recommend a payment of a final dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Europe Incoming Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded based on note 1.3 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 and 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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial period 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.
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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the client partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the parent company and the group through discussions with directors, key management personnel and from our commercial knowledge and experience.
we focused on specific laws and regulations which we considered may have a direct effect on the financial statements or the operations of the parent company and the group including the Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, employment and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the parent company and the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statements disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, enquiring of management over health and safety..
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identifying non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £346,097 (2024: £420,772 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Europe Incoming Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 166 College Road, Harrow, HA1 1RA and business address is Unit 11-12 Turnham Green, Terrace Mews, London, W4 1QU.
The group consists of Europe Incoming Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Europe Incoming Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the group's net liabilities was £2,869,566 (2024: £2,618,776). This assessment was made by the directors following a thorough review of all relevant information, including the management accounts and the forecasts. The directors consider the going concern basis to be appropriate because, in their opinion, the parent company and the group will continue to obtain sufficient funding from their shareholders to enable the parent company and the group to pay their debts as they fall due. Consequently, the directors are satisfied that the parent company and the group will be able to meet their financial obligations as they fall due for a period of at least 12 months from the approval date of these financial statements.
The financial statements were prepared for 13 months from 1 October 2024 to 31 October 2025. These financial statements had been prepared for a period longer than one year due the restructure of the group. Therefore, as a result, the comparative amounts in the financial statements (including related notes) are not entirely comparable.
Turnover represents amounts receivable for services supplied net of VAT and trade discounts. Turnover is recognised on the date of the tour taking place.
Research and development expenditure is written off against profits in the year in which it is incurred.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
Fixed asset investments in trading LLPs are stated at the value of the members capital account in the LLP as at the balance sheet date.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. and are subsequently carried at amortised cost using the effective interest method unless the arrangement. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the recoverable amount. The impairment loss is recognised in profit or loss.
Basic financial liabilities, including creditors are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The group provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the group’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 20 to the financial statements.
The group also provides pension benefits (defined contribution) in respect of employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the group and the employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Preference shares
The Redeemable Preference shares are classified as equity in accordance with Section 22 (liabilities and equity) as they are redeemable at the option of the issuer and do not carry a right to a return.
Foreign exchange forward contracts
The turnover includes transactions conducted in Euros and in US Dollars. As a consequence the group uses foreign currency forward contracts to manage the foreign exchange risk of future transactions and cash flows.
The contracts are valued based on available market data. The group does not adopt hedge accounting for forward exchange contracts and consequently, fair value gains and losses are recognised in profit or loss.
In the application of the group’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 considered 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 the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Intangible fixed assets, consisting of goodwill. The annual amortisation charge depends primarily on the estimated useful economic life. The directors regularly review the assets' useful life and change them as necessary to reflect current thinking on remaining life in light of prospective economic utilisation. Changes in asset useful lives can have a significant impact on amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies.
Tangible fixed assets, consisting primarily of plant and machinery, fixtures and fittings. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimated residual values. The directors regularly review these asset useful lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation charges for the period. Detail of the useful economic lives is included in the accounting policies.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
Wages and salaries include staff costs recharged by related entities in respect of staff seconded to the parent company and the group.
The directors are also considered to be the only key management personnel.
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
The unlisted investments represent the group's capital account in Europe Incoming Properties LLP and in connected companies overseas as at the balance sheet date.
Details of the company's subsidiaries at 31 October 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
For the financial period ended 31 October 2025, all subsidiaries have claimed exemption from audit under section 479A of the Companies Act 2006 relating to individual accounts.
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The above pension charge includes an amount of £93,517 (2024: £49,597) in respect of defined contribution scheme paid by the group to the funds.
The group also provided pension benefits in respect of senior employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the group and the employees. The number of directors to whom benefits are accruing under these pension agreements is 3 (2024: 3).
The contributions and potential liabilities of the group in respect of the pension agreements are fixed at least until the date of retirement of the employees which is between 4 and 10 years from the year end date. Therefore these liabilities are not payable until the date of retirement.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities.
During the period the parent company redeemed 300,000 (2024: nil) Redeemable Preference shares of £1 each at par value.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group and company
Included within debtors at the balance sheet date is an amount of £12,653 (2024: £12,494) owed by Europe Incoming Properties LLP, a limited liability partnership in which the parent company and one of the directors are designated members.
Included within debtors more than one year at the balance sheet date is an mount of £149,439 (2024: £nil) owed by Europe Incoming Properties LLP. During the period the group charged an interest of £1,561 (2024: £nil) to Europe Incoming Properties LLP.
During the period the group received £16,428 (2024: £4,156) in respect of its share of profit from its investment in Europe Incoming Properties LLP and the group was charged rent and service charges of £38,437 (2024: £30,750) by Europe Incoming Properties LLP.
Included within other creditors as at the balance sheet date is an amount of £91,824 (2024: £208,702 debtor) owed to the directors. Interest is charged on the overdrawn balance during the period amounted to £nil (2024: £6,098).
During the period, the group received services from Europe Incoming Scotland Limited, a company connected to U Somia, amounting to £84,132 (2024: £77,050). During the period, the group also provided services of £59,240 (2024: £28,153) to Europe Incoming Scotland Limited. As at the balance sheet date, there was an amount included in trade creditors of £23,001 (2024: £51,459) owed to Europe Incoming Scotland Limited and trade debtors of £42,685 (2024: £32,221) owed by Europe Incoming Scotland Limited.
During the period, the group received services from Europe Incoming Italy – S.R.L, a connected company to the group, amounting to £2,183,414 (2024: £1,824,973). During the period, the group also provided services of £73,405 (2024: £12,221). As at the balance sheet date, there was an amount included in trade debtors of £70,067 (2024: £8,478) owed by Europe Incoming Italy S.R.L and trade creditors of £479,438 (2024: £534,484) owed to Europe Incoming Italy S.R.L.
During the period, the group received services from Europe Incoming France S A R L, a connected company to the group, amounting to £379,202 (2024: £202,333). During the period, the group also provided services of £52,254 (2024: £10,298). As at the balance sheet date, there was an amount included in trade debtors of £90,740 (2024: £86,055) owed by Europe Incoming France S A R L.
During the period, the group provided services of £47,211 (2024: £nil) to Europe Incoming Switzerland, a connected company to the group. Included within other debtors as at the balance sheet date is an amount of £23,331 (2024: £25,204) owed by Europe Incoming Switzerland.
During the period, the group received services from Europe Incoming India LLP, a company connected to U Somia, amounting to £437,593 (2024: £342,118). As at the balance sheet date, there was an amount included in trade creditors of £nil (2024: £6,469) owed to Europe Incoming India LLP.
Included within other debtors at the balance sheet date is an amount of £185,835 (2024: £184,676) owed by UD Investments Ltd, a company controlled by two of the directors.
Included within other debtors due more than one year at the balance sheet date is an amount of £90,000 (2024: £nil) owed by UD Investments Ltd, a company controlled by two of the directors.