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Registered number: 15436054 SIMPSON TRAVEL BIDCO LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025
SIMPSON TRAVEL BIDCO LIMITED COMPANY INFORMATION
Directors | D R Butler
| P A Carter
| J R Jenkins
| L O Johnson
| E Pyke
| M J Simpson
Company secretary | J Thakore
Registered number | 15436054
Registered office | 26 Oriel House
| The Quadrant
| Richmond
| England
| TW9 1DL
Independent auditors | Xeinadin Audit Limited
| Chartered Accountants & Statutory Auditors
| Becket House
| 36 Old Jewry
| London
| EC2R 8DD
SIMPSON TRAVEL BIDCO LIMITED CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Statement of financial position | 9
Statement of changes in equity | 10 - 11
Notes to the financial statements | 12 - 20
SIMPSON TRAVEL BIDCO LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 31 OCTOBER 2025
Introduction
The Directors present their report and financial statements for the period ended 31 October 2025. The company’s principal activity is the holding company of its subsidiary Far & Wide Limited T/A Simpson Travel. Simpson Travel is a luxury tour operator who specialises in villas and boutique hotels in European holiday destinations.
Business review
Far & Wide Limited enjoyed a strong year in 2025 with Turnover increasing to £42.2m +10.9% and Operating Profit increasing to £3.6m +9.1%. As an intermediary investment holding company the primary KPIs in use by the business to monitor performance are as follows:
|  | 31 Oct 2025 | 31 Oct 2024
| Leverage | 2.4x | 2.0x
| Debt Service Cover | 3.0x | 2.6x
Principal risks and uncertainties
Far & Wide Limited operates in a highly competitive market featuring innovation in holiday product and the methods by which it is marketed. To remain relevant to its customers and reduce the risk the Company carries out market research and monitors competitor activity. The Company has invested in more systems to ensure that it is adapting to these changes. The nature of the business creates a natural exposure to foreign exchange volatility. Far & Wide Limited manages this risk with a robust FX management policy. Credit risk is minimised as holidays are generally paid for before travel so default is impossible. Where credit terms are offered to 3rd party partners these are not material to the overall cash flows of the business, but careful management and collections processes reduce this risk even further. The primary risk to Simpson Travel Bidco Limited relates to liquidity to allow it to service the external debt interest. The seasonality of the trading business makes the end of February and early March the cash low point so the business manages cash flows carefully during this time. This report was approved by the board and signed on its behalf.
E Pyke Director
Date: 13 March 2026
Page 1
SIMPSON TRAVEL BIDCO LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the period 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the period, after taxation, amounted to £997,978 (2024 - loss £967,641). Dividends of £Nil (2024: £Nil) were declared and paid during the year.
Directors
The directors who served during the period were:
D R Butler
P A Carter
J R Jenkins
L O Johnson
E Pyke
M J Simpson
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 to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 2
SIMPSON TRAVEL BIDCO LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 OCTOBER 2025
Auditors
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
E Pyke Director
Date: 13 March 2026
Page 3
SIMPSON TRAVEL BIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPSON TRAVEL BIDCO LIMITED
Opinion
We have audited the financial statements of Simpson Travel Bidco Limited (the 'Company') for the period ended 31 October 2025, which comprise the Statement of comprehensive income, the Statement of financial position, 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 period 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 4
SIMPSON TRAVEL BIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPSON TRAVEL BIDCO 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 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.
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 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
SIMPSON TRAVEL BIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPSON TRAVEL BIDCO LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims and to identify any instances of non-compliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. Page 6
SIMPSON TRAVEL BIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIMPSON TRAVEL BIDCO 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. Karanjit Gill FCCA (Senior statutory auditor) for and on behalf of Xeinadin Audit Limited Chartered Accountants Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD 13 March 2026 Page 7
SIMPSON TRAVEL BIDCO LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 OCTOBER 2025
| 31 October | 11 months ended 31 October
| 2025 | 2024
| £ | £
Administrative expenses |  | (126,999) | (369,310)
Other operating income | 4 | 104,010 | 62,917
Operating loss |  | (22,989) | (306,393)
Interest payable and similar expenses | 8 | (974,989) | (661,248)
Loss before tax |  | (997,978) | (967,641)
Loss for the financial period |  | (997,978) | (967,641)
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 20 form part of these financial statements.
Page 8
SIMPSON TRAVEL BIDCO LIMITED REGISTERED NUMBER: 15436054 STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 9 |  | 26,824,923 |  | 24,103,076
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 78,137 |  | 25,256 |
Creditors: amounts falling due within one year | 11 | (1,609,828) |  | (598,918) |
Net current liabilities |  |  | (1,531,691) |  | (573,662)
Creditors: amounts falling due after more than one year | 12 |  | (27,258,850) |  | (24,497,054)
Net liabilities |  |  | (1,965,618) |  | (967,640)
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 1 |  | 1
Profit and loss account | 15 |  | (1,965,619) |  | (967,641)
|  |  | (1,965,618) |  | (967,640)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
E Pyke
Director
Date: 13 March 2026
The notes on pages 12 to 20 form part of these financial statements. Page 9
SIMPSON TRAVEL BIDCO LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 OCTOBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 November 2024 | 1 | (967,641) | (967,640)
Comprehensive income for the period |  |  |
Loss for the period | - | (997,978) | (997,978)
At 31 October 2025 | 1 | (1,965,619) | (1,965,618)
| The notes on pages 12 to 20 form part of these financial statements.
Page 10
SIMPSON TRAVEL BIDCO LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 OCTOBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Comprehensive income for the period |  |  |
Loss for the period | - | (967,641) | (967,641)
Contributions by and distributions to owners |  |  |
Shares issued during the period | 1 | - | 1
At 31 October 2024 | 1 | (967,641) | (967,640)
| The notes on pages 12 to 20 form part of these financial statements.
Page 11
SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025
1. | General information
The Company is a private company limited by shares and is incorporated in England and Wales, United Kingdom. The principal activity of the Company is a holding company. The address of the Company's registered office is given on the Company Information page of these financial statements. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Simpson Travel Topco Limited as at 31 October 2025 and these financial statements may be obtained from Crown Way, Cardiff, CF14 3UZ.
| 2.3 | 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.
| 2.4 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred. Page 12
SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | 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.
| 2.9 | 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. 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. Page 13
SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments (continued)
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, after 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. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered. 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. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expires, 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 14
SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments (continued)
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
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 recognised to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates and recognised in the period of revision and future periods where the revision affects both current and future periods.
4. | Other operating income
|  |  |  |  | 31 October | 11 months ended 31 October
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management recharge | 104,010 | 62,917
5. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 31 October | 11 months ended 31 October
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 4,700 | 4,500
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 15
SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 31 October | 11 months ended 31 October
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 88,947 | 53,833
| Social security costs | 11,164 | 6,250
| Cost of defined contribution scheme | 3,900 | 2,834
|  | 104,011 | 62,917
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 31 October | 11 months ended 31 October
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 7 | 7
7. | Directors' remuneration
| No remuneration was paid to the directors during the year (2024: £Nil).
8. | Interest payable and similar expenses
|  |  |  |  | 31 October | 11 months ended 31 October
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 974,989 | 661,248
Page 16
SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025
9. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 November 2024 | 24,103,076
| Additions | 2,721,847
| At 31 October 2025 | 26,824,923
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Holding
| Far & Wide Limited | 26 Oriel House, The Quadrant, Richmond, England, TW9 1DL | Tour operator | 100%
| Far & Wide Aviation Limited* | 26 Oriel House, The Quadrant, Richmond, England, TW9 1DL | Dormant | 100%
| Far & Wide Developments Limited* | 26 Oriel House, The Quadrant, Richmond, England, TW9 1DL | Development of building projects | 100%
| Alternative Escapes Limited* | 26 Oriel House, The Quadrant, Richmond, England, TW9 1DL | Dormant | 100%
| Far & Wide LLC* | 8 The Green, Suite R, Dover, DE 19901, Delaware, United States | Dormant | 100%
| *Subsidiary held indirectly On 17 December 2024, Alternative Escapes Limited was dissolved.
Page 17
SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025
10. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| VAT settlement | - | 79
| Prepayments | 78,137 | 25,177
|  | 78,137 | 25,256
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 1,376,222 | 449,217
| Other creditors | 229,371 | 149,701
| Accruals and deferred income | 4,235 | -
|  | 1,609,828 | 598,918
12. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 9,000,000 | 9,000,000
| Amounts owed to group undertakings | 18,258,850 | 15,497,054
|  | 27,258,850 | 24,497,054
| Bank loans are provided by Shawbrook Bank Limited and comprise a £9,000,000 Term Facility and a £1,200,000 Revolving Credit Facility. Interest is charged at the aggregate of Term SONIA plus a margin of 6.5% for the Term Facility and 4.0% for the Revolving Credit Facility. The bank loans are secured by a fixed and floating charge over the assets of the Group and are repayable in full in March 2030 (6 years from the agreement date). Shawbrook Bank Limited hold charges over the Company. This includes fixed and floating charges which covers all the property or undertaking of the Company present and future. The charge contains a negative pledge.
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SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025
13. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due after more than 5 years |  |
| Bank loans | 9,000,000 | 9,000,000
| Bank loans are provided by Shawbrook Bank Limited and comprise a £9,000,000 Term Facility and a £1,200,000 Revolving Credit Facility. Interest is charged at the aggregate of Term SONIA plus a margin of 6.5% for the Term Facility and 4.0% for the Revolving Credit Facility. The bank loans are secured by a fixed and floating charge over the assets of the Group and are repayable in full in March 2030 (6 years from the agreement date). Shawbrook Bank Limited hold charges over the Company. This includes fixed and floating charges which covers all the property or undertaking of the Company present and future. The charge contains a negative pledge.
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary shares share of £1.00 | 1 | 1
15. | Reserves
Profit and loss account Profit and loss includes all current and prior periods retained profit/loss.
16. | Pension commitments
The Company’s subsidiary operates a defined contribution pension scheme and administers the related payroll. The associated costs are recharged to the Company. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,900 (2024: £2,834).
17. | Related party transactions
| The Company has taken advantage of the exemption in FRS 102 1A not to disclose transactions or balances with wholly owned members of the Group.
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SIMPSON TRAVEL BIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2025
18. | Controlling party
The ultimate controlling party at the balance sheet date is Simpson Travel Topco Limited by virtue of its shareholding in the Company.
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