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Registered number: 00886808 SITEX INTERNATIONAL LIMITED (FORMERLY KNOWN AS BALKAN HOLIDAYS LIMITED) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
SITEX INTERNATIONAL LIMITED COMPANY INFORMATION
Directors | A Stoyanov
| R V Mineva (resigned 16 April 2025)
Company secretary | A Stoyanov
Registered number | 00886808
Registered office | 19 Conduit Street
| London
| W1S 2BH
Independent auditors | White Hart Associates (London) Limited
| Chartered Accountants and Statutory Auditors
| 2nd Floor, Nucleus House
| 2 Lower Mortlake Road
| Richmond
| TW9 2JA
SITEX INTERNATIONAL LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Income Statement | 9
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13 - 14
Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 33
SITEX INTERNATIONAL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The director presents his strategic report of the Company for the year ended 31 October 2025. The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Company during the financial year ended 31 October 2025, the position of the Company at the end of the period and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
Business review
Due to the constant rising costs of living, the continuous war conflict in Ukraine and reduced popularity and awareness of our main destination of Bulgaria, the Board of Directors made the decision to cease trading as a tour operator on 24 April 2025, as all the above negative factors had resulted in disappointing negative net results and it was not viable to continue the business. All customers with forward bookings were fully refunded and the Company requested that the Civil Aviation Authority revoke the ATOL licence. The Company continues to be solvent and the Board of Directors have made the decision to redevelop and refurbish their offices with extensions to all floors for commercial letting and this work is currently in progress.
Key performance indicators
| 2025 | 2024
| £ | £
Turnover | 6,551,491 | 25,910,856
Gross profit | 815,215 | 41,489
Gross profit as a percentage of Turnover | 12.44% | 0.16%
Loss on ordinary activities before taxation | (777,144) | (1,985,115)
Page 1
SITEX INTERNATIONAL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Principal risks and uncertainties
The following risk factors may affect the Company's operating results and its financial position. The risk factors described below are those which the director believes are/were potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Company. - Regulatory risk: The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which was required in order for the Company to operate. This licence was renewed in March each year and was subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). The licence was voluntarily surrendered on the solvent cessation of trading. - Geo-political events and natural disasters: The nature of the tour operator activities exposed the Company to a wide range of Geo-political events and natural disasters. To counter this the Company operated a flexible business model with the ability to shift capacity amongst a variety of destinations where necessary. - Commercial relationships: The Company had well established and close relationships with customers and suppliers and the risk was spread by not placing over-reliance on any one supplier in any particular area. However, if a relationship was lost or damaged with a major supplier this could have a detrimental effect on the business. The management team met regularly with suppliers to maintain good working relationships and to understand the suppliers financial position. - Information technology: The Company was heavily reliant upon information technology. Investment was being made to ensure the Company had advanced and efficient systems in place, but there was a risk if there were a major failure - particularly if it were to affect selling systems. Procedures were in place to minimise the time a selling system was unavailable in the event of such failure. - Financial risk: The Company operated in a sector that was exposed to the financial risk caused by the volatility of foreign currency exchange rates. The Company was directly exposed to movements in exchange rates as a large proportion of the travel components it sold were denominated in foreign currency. This risk was managed through the use of hedging. - Economic conditions: The demand for holidays was affected by local economic conditions. The uncertainty created by events such as the COVID-19 pandemic and the war in Ukraine, and the ensuing volatility in exchange rates and consumer confidence, created a fragile trading environment. Despite the negative impact of such events, the directors believed that the Company was able to quickly adapt to changes in the local market demand, however the prolonged period of booking slowdown adversely affected future financial results and liquidity and resulted in the decision to cease trading as a tour operator. - Commercial letting: Following redevelopment, the Company intends to let the premises commercially. A significant risk to the projected income stream is the failure to secure new or replacement tenants promptly. Furthermore, macroeconomic pressures may impact tenants' cash flows increasing the risk of non-payment of rent, service charges and other related costs. To mitigate this, management will undertake rigorous credit vetting, maintain open communication with tenants to identify early signs of financial distress and engage premier commercial agents and lawyers to assist with vacancies, efficient contract documentation and disputes. This report was approved by the board on 1 July 2026 and signed on its behalf.
A Stoyanov Director
Page 2
SITEX INTERNATIONAL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 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. The directors are also responsible for the maintenance and integrity of the corporate and financial information included on the Company's websites.
Principal activity
The Company's principal activity during the year was initially that of a tour operator, primarily operating package and independent holidays to Bulgaria, until it formally ceased trading as such on 24 April 2025. The Company held an Air Travel Organisers Licence ("ATOL") No.0252 granted by the Civil Aviation Authority, was a member of ABTA and was IATA accredited. All of these have now been terminated. The principal activity post 24 April 2025 was the development of the Company's premises for future commercial letting.
Results and dividends
The loss for the year, after taxation, amounted to £744,681 (2024 - loss £1,986,250). No dividends will be distributed for the year ended 31 October 2025. Page 3
SITEX INTERNATIONAL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Directors
The directors who served during the year were:
A Stoyanov
R V Mineva (resigned 16 April 2025)
Future developments
As noted above, the Company is in the process of developing and extending its premises with a view to generating income through commercial letting.
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.
Post balance sheet events
The Company changed its name by special resolution from Balkan Holidays Limited to Sitex International Limited on 22 April 2026.
Auditors
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 1 July 2026 and signed on its behalf.
A Stoyanov Director
Page 4
SITEX INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SITEX INTERNATIONAL LIMITED
Opinion
We have audited the financial statements of Sitex International Limited (the 'Company') for the year ended 31 October 2025, which comprise the Income Statement, the Statement of Comprehensive Income, the Analysis of Net Debt, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 October 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
SITEX INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SITEX INTERNATIONAL 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 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
SITEX INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SITEX INTERNATIONAL 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: - We exercise professional judgment and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), and its membership of The Association of British Travel Agents ("ABTA") and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We review the Company's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties. 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 7
SITEX INTERNATIONAL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SITEX INTERNATIONAL 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. M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 1 July 2026 Page 8
SITEX INTERNATIONAL LIMITED INCOME STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2025
| Continuing operations | Discontin'd operations | Total | Continuing operations | Discontinued operations | Total
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024
Note | £ | £ | £ | £ | £ | £
Turnover | 4 | - | 6,551,491 | 6,551,491 | - | 25,910,856 | 25,910,856
Cost of sales |  | - | (5,736,276) | (5,736,276) | - | (25,869,367) | (25,869,367)
Gross profit |  | - | 815,215 | 815,215 | - | 41,489 | 41,489
Distribution costs |  | - | (199,328) | (199,328) | - | (359,790) | (359,790)
Administrative expenses |  | (169,203) | (1,369,935) | (1,539,138) | - | (1,915,673) | (1,915,673)
Other operating income | 5 | 168,204 | (44,222) | 123,982 | 6,838 | 142,500 | 149,338
Operating loss | 6 | (999) | (798,270) | (799,269) | 6,838 | (2,091,474) | (2,084,636)
Amounts written off investments |  | - | - | - | - | 1,911 | 1,911
Interest receivable and similar income | 10 | 23,497 | 25,961 | 49,458 | - | 99,391 | 99,391
Interest payable and similar expenses | 11 | - | (27,333) | (27,333) | - | (1,781) | (1,781)
Loss before tax |  | 22,498 | (799,642) | (777,144) | 6,838 | (1,991,953) | (1,985,115)
Tax on loss | 12 | 32,463 | - | 32,463 | (1,135) | - | (1,135)
Loss for the financial year |  | 54,961 | (799,642) | (744,681) | 5,703 | (1,991,953) | (1,986,250)
The notes on pages 16 to 33 form part of these financial statements.
Page 9
SITEX INTERNATIONAL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Loss for the financial year |  | (744,681) | (1,986,250)
Other comprehensive income |  |  |
Unrealised deficit on revaluation of tangible fixed assets |  | (79,390) | (79,390)
Fair value (gain)/loss - cash flow hedge |  | 60,085 | (60,085)
Other comprehensive income for the year |  | (19,305) | (139,475)
Total comprehensive income for the year |  | (763,986) | (2,125,725)
The notes on pages 16 to 33 form part of these financial statements.
Page 10
SITEX INTERNATIONAL LIMITED REGISTERED NUMBER: 00886808 STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 9,532,235 |  | 9,554,692
|  |  | 9,532,235 |  | 9,554,692
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 57,420 |  | 677,155 |
Cash at bank and in hand | 15 | 171,336 |  | 2,787,184 |
|  | 228,756 |  | 3,464,339 |
Creditors: amounts falling due within one year | 16 | (115,826) |  | (3,499,310) |
Net current assets/(liabilities) |  |  | 112,930 |  | (34,971)
Total assets less current liabilities |  |  | 9,645,165 |  | 9,519,721
Creditors: amounts falling due after more than one year | 17 |  | (3,574,698) |  | (2,652,805)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 | (1,330,125) |  | (1,362,588) |
|  |  | (1,330,125) |  | (1,362,588)
Net assets |  |  | 4,740,342 |  | 5,504,328
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 687,000 |  | 687,000
Revaluation reserve | 21 |  | 7,109,256 |  | 7,188,646
Hedging cash flow reserve | 21 |  | - |  | (60,085)
Profit and loss account | 21 |  | (3,055,914) |  | (2,311,233)
|  |  | 4,740,342 |  | 5,504,328
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2026.
A Stoyanov
Director
The notes on pages 16 to 33 form part of these financial statements. Page 11
SITEX INTERNATIONAL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Revaluation reserve | Hedging cash flow reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 November 2023 | 687,000 | 7,268,036 | - | (324,983) | 7,630,053
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (1,986,250) | (1,986,250)
Revaluation adjustment on leasehold property | - | (79,390) | - | - | (79,390)
Fair value loss - cash flow hedge | - | - | (60,085) | - | (60,085)
Other comprehensive income for the year | - | (79,390) | (60,085) | - | (139,475)
Total comprehensive income for the year | - | (79,390) | (60,085) | (1,986,250) | (2,125,725)
Total transactions with owners | - | - | - | - | -
At 1 November 2024 | 687,000 | 7,188,646 | (60,085) | (2,311,233) | 5,504,328
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (744,681) | (744,681)
Revaluation adjustment on leasehold property | - | (79,390) | - | - | (79,390)
Fair value gain - cash flow hedge | - | - | 60,085 | - | 60,085
Other comprehensive income for the year | - | (79,390) | 60,085 | - | (19,305)
Total comprehensive income for the year | - | (79,390) | 60,085 | (744,681) | (763,986)
Total transactions with owners | - | - | - | - | -
At 31 October 2025 | 687,000 | 7,109,256 | - | (3,055,914) | 4,740,342
| The notes on pages 16 to 33 form part of these financial statements.
Page 12
SITEX INTERNATIONAL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (744,681) | (1,986,250)
Adjustments for: |  |
Depreciation of tangible assets | 40,045 | 41,948
Loss on disposal of tangible assets | 9,608 | -
Interest paid | 27,333 | 1,781
Interest received | (49,458) | (99,391)
Taxation charge | (32,463) | 1,135
Decrease in debtors | 623,485 | 45,765
Increase in amounts owed by groups | (3,750) | (10,661)
(Decrease)/increase in creditors | (3,727,283) | 248,600
Increase in amounts owed to related party | 3,574,698 | -
Net cash generated from operating activities | (282,466) | (1,757,073)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (140,777) | (21,399)
Sale of tangible fixed assets | 38,274 | 2,000
Interest received | 49,458 | 99,391
Net cash from investing activities | (53,045) | 79,992
Cash flows from financing activities |  |
Issue of non-equity shares | - | 1,816,742
Repayment of loans | (2,253,004) | -
Interest paid | (27,333) | (1,781)
Net cash used in financing activities | (2,280,337) | 1,814,961
Net (decrease)/increase in cash and cash equivalents | (2,615,848) | 137,880
Cash and cash equivalents at beginning of year | 2,787,184 | 2,649,304
Cash and cash equivalents at the end of year | 171,336 | 2,787,184
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 171,336 | 2,787,184
| 171,336 | 2,787,184
Page 13
SITEX INTERNATIONAL LIMITED
The notes on pages 16 to 33 form part of these financial statements.
Page 14
SITEX INTERNATIONAL LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 OCTOBER 2025
| At 1 November 2024 | Cash flows | At 31 October 2025
| £ | £ | £
Cash at bank and in hand | 2,787,184 | (2,615,848) | 171,336
Debt due after 1 year | (2,253,004) | 5,827,702 | 3,574,698
| 534,180 | 3,211,854 | 3,746,034
The notes on pages 16 to 33 form part of these financial statements.
Page 15
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
As disclosed in the Directors' Report, the principal activity of the Company in the year under review initially continued to be that of a tour operator, primarily operating package and independent holidays to Bulgaria, until it formally ceased trading as such on 24 April 2025. Its principal activity subsequently is the development of its premises for commercial letting. The Company is a private company limited by shares and is incorporated in England, with registration number 00886808. The address of the Company's principal place of business, being the same as the registered office stated on the Company Information page, is: 19 Conduit Street London W1S 2BH 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). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Board of Directors made the decision to cease trading as a tour operator on 24 April 2025. Despite the trading losses incurred in this period and in the prior years, the Company remained solvent and with surplus net assets. Subsequently, the director in conjunction with the principal shareholder, have taken the decision to redevelop and refurbish the Company's offices with the view to placing the property on the commercial office rental market, once all the work has been completed. On this basis, and with the full continuing support of the principal shareholder, the Director believes the Company can continue to prepare the financial statements on a going concern basis. Page 16
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Turnover
Turnover represents the aggregate amount of gross revenue receivable from inclusive tours, travel agency commissions receivable, cancellation income and other services supplied to customers in the ordinary course of business. Turnover derived from ordinary activities is recognised in the income statement on holiday departure date and is stated after trade discounts, net of VAT and after any other sales taxes.
| 2.5 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 17
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 18
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.11 | 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Long-term leasehold property | - | over 100 years
|  |  |  | Motor vehicles | - | over 3 years
|  |  |  | Fixtures and fittings | - | over 5 years
|  |  |  | Computer equipment | - | over 5 years
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.
| 2.12 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.13 | 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. Page 19
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 20
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 21
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 22
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.18 | Hedge accounting
The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its recognised and highly probable liabilities. These derivatives are measured at fair value at each reporting 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 items 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.
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 judgments, 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 estimates are recognised in the period in which the estimates are 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.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Tour operator | 6,551,491 | 25,910,856
|  | 6,551,491 | 25,910,856
| All turnover arose within the United Kingdom.
Page 23
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Operating lease rentals - land and building | 168,204 | 142,500
| Foreign exchange gains | (44,222) | 6,838
|  | 123,982 | 149,338
6. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 119,435 | 121,338
| Exchange differences | 44,222 | (6,838)
| Defined contribution pension cost | 13,765 | 20,573
7. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 19,547 | 25,500
Page 24
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 752,977 | 942,419
| Social security costs | 66,800 | 101,922
| Cost of defined contribution scheme | 13,765 | 20,573
|  | 833,542 | 1,064,914
| Included in wages and salaries above are benefits in kind amounting to £4,387 (2024 - £3,495) in relation to directors. The total benefits in kind for all staff amounted to £33,405 (2024 - £31,079).
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 10 | 13
|  | Marketing | 2 | 3
|  | Sales | 7 | 9
|  |  | 19 | 25
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 66,553 | 90,025
| Company contributions to defined contribution pension schemes | 991 | 1,321
|  | 67,544 | 91,346
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
| Included in director's emoluments above are benefits in kind amounting to £4,387 (2024 - £3,495).
Page 25
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 49,458 | 99,391
|  | 49,458 | 99,391
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 27,333 | 1,781
|  | 27,333 | 1,781
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | (32,463) | 1,135
| Total deferred tax | (32,463) | 1,135
| Tax on loss | (32,463) | 1,135
Page 26
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard 'averaged' rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (777,144) | (1,985,115)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (194,286) | (496,279)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 3,311 | 6,690
| Capital allowances for year in excess of depreciation | 6,353 | 3,080
| Deferred tax movement | (32,463) | 1,135
| Unrelieved tax losses carried forward | 184,622 | 486,509
| Total tax charge for the year | (32,463) | 1,135
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 27
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
13. | Tangible fixed assets
|  | Long-term leasehold property | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 November 2024 | 9,625,000 | 109,531 | 415,578 | 10,150,109
| Additions | 115,777 | 16,000 | 9,000 | 140,777
| Disposals | - | (64,132) | (424,578) | (488,710)
| At 31 October 2025 | 9,740,777 | 61,399 | - | 9,802,176
| Depreciation |  |  |  |
| At 1 November 2024 | 112,292 | 103,227 | 379,898 | 595,417
| Charge for the year on owned assets | 96,250 | 8,079 | 15,106 | 119,435
| Disposals | - | (49,907) | (395,004) | (444,911)
| At 31 October 2025 | 208,542 | 61,399 | - | 269,941
| Net book value |  |  |  |
| At 31 October 2025 | 9,532,235 | - | - | 9,532,235
| At 31 October 2024 | 9,512,708 | 6,304 | 35,680 | 9,554,692
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 1,686,032 | 1,686,032
| Accumulated depreciation | (560,603) | (543,743)
| Net book value | 1,125,429 | 1,142,289
| Long-term leasehold relates to a property owned by the Company. The Company in the main operates from these sole premises, but also sublets part to an unconnected party at full market rental terms.
Page 28
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 7,894 | 410,540
| Amounts owed by parent undertaking | 10,500 | 6,750
| Other debtors | 21,861 | 417
| Prepayments and accrued income | 17,165 | 259,448
|  | 57,420 | 677,155
| Included in prepayments and accrued income above are advanced payments made to suppliers for departures after 31 October 2025 amounting to £NIL (2024: £47,072).
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 171,336 | 2,787,184
|  | 171,336 | 2,787,184
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payments received on account | - | 2,320,109
| Trade creditors | 25,666 | 912,230
| Other taxation and social security | - | 59,651
| Other creditors | 30,063 | 64,129
| Accruals and deferred income | 60,097 | 87,189
| Financial instruments | - | 56,002
|  | 115,826 | 3,499,310
Page 29
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 2,253,004
| Other creditors | 3,574,698 | 399,801
|  | 3,574,698 | 2,652,805
| Other creditors above represents a loan and accrued interest from Mr I D Mutafchiev, the director and sole shareholder of Dotbern Investments Limited, the Company's immediate and ultimate parent undertaking. The loan is unsecured, incurs interest at 3% and is repayable in full in April 2027.
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 1-2 years |  |
| Bank loans | - | 2,253,004
|  | - | 2,253,004
| The loan shown above was a Facility Loan from First Investment Bank AD. The total facility available was €4,700,000 but the outstanding balance was repaid in full during the year. The interest on the Facility Loan was calculated per annum on the aggregate of the margin and savings-based-interest rate for the Euro applied by the lender on the relevant day, which in any event was not less than 4% per annum.
Page 30
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
19. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (1,362,588) | (1,361,453)
| Charged to profit or loss | 32,463 | (1,135)
| At end of year | (1,330,125) | (1,362,588)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 7,537 | 4,018
| Revaluation of property | (1,337,662) | (1,366,606)
|  | (1,330,125) | (1,362,588)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 687,000 (2024 - 687,000) Ordinary shares of £1.00 each | 687,000 | 687,000
| The Ordinary shares of £1.00 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.
Page 31
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
21. | Reserves
Revaluation reserve The revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decreases relate to a previous increase on the same asset. Hedging cash flow reserve The hedging cash flow reserve represents the effectiveness of the Company's hedging activities at the date of the statement of financial position. Profit and loss account The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.
22. | Discontinued operations
On 24 April 2025, the Directors resolved to cease trading as the Company’s operations had become loss-making and were no longer considered viable due to adverse market conditions. All customers with forward bookings were fully refunded and the Company requested the revocation of its ATOL licence. The cessation of trading represents the discontinuation of the Company’s sole trading activity and has been treated as a discontinued operation in accordance with Section 5 of FRS 102.
23. | Contingent liabilities
At 31 October 2025, there were no known contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company. In the prior year there were contingent liabilities to the Company's bond obligors in respect of ABTA travel bonds amounted to £62,973.
24. | 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 £13,765 (2024 - £20,573). Contributions totalling £NIL (2024 - £5,990) were payable to the fund at the reporting date and are included in creditors.
25. | Commitments under operating leases
| The Company had no commitments under non-cancellable operating leases at the reporting date.
26.Finance lease commitments The Company had no hire purchase or finance lease commitments as at the reporting date. Page 32
SITEX INTERNATIONAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
27. | Post balance sheet events
The Company changed its name by special resolution from Balkan Holidays Limited to Sitex International Limited on 22 April 2026.
28. | Controlling party
The immediate and ultimate parent undertaking is Dotbern Investments Limited, a company registered in Jersey. Its registered office is located c/o Capita Trustees Limited, 12 Castle Street, St Helier, Jersey, JE2 3RT. In the opinion of the directors, the ultimate controlling party of Dotbern Investments Limited is Mr I D Mutafchiev, the director and owner of the entire issued share capital of the company.
Page 33