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Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2025
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EQUITY INSPIRING LEARNING LIMITED
COMPANY INFORMATION
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EQUITY INSPIRING LEARNING LIMITED
CONTENTS
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EQUITY INSPIRING LEARNING LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present their annual report of Equity Inspiring Learning Limited (“the Company”) and its subsidiaries ("the Group") for the period ended 31 October 2025.
Introduction
The Group is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Group and the Company during the financial year ended 31 October 2025, the position of the Group and the Company at the end of the period and a description of the principal risks and uncertainties facing the Group. This review is prepared solely to provide additional information to shareholders to assess the Group'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.
Section 172 (1) Statement
The information provided below is intended to explain how the directors considered the interests of the Group’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Group under section 172 of the Companies Act 2006.
The principal activity of the Group is that of an educational tour provider.
The results for the year and financial position of the Group are shown in the financial statements on pages 12 to 46. The Group was affected by the Covid-19 outbreak, which was declared a pandemic on 11 March 2020. Since then, events moved rapidly and 2025 is the third year of full operation after nearly 3 years of insignificant travel activity. During 2025, Equity Inspiring Learning Limited successfully delivered 481 trips whilst ensuring that the safety of our staff and customers remain the highest priority. In 2023, Equity Inspiring Learning Limited went live with its new booking and reservation system, and this is delivering benefits in terms of improved customer experience and increased efficiencies. This facilitated a restructure of the fixed cost base which continued into 2024 enabling Equity Inspiring Learning Limited to focus on a variable cost model, improving profitability and cash generation going forward.
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EQUITY INSPIRING LEARNING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The business is led on a day-to-day basis by Sharon Confue (Sales & Marketing Director) and Ian Davis, (Commercial and Operations Director), who have a wealth of experience in travel. They are supported by experienced operators in all areas.
Key performance indicators
The Group continues monitoring a number of KPIs in respect of enquiries, bookings, conversion rates, sales, gross profit and operating cash. Based upon confirmed bookings to date, Equity Inspiring Learning Limited will continue to make a positive EBITDA in the 12 months to October 2026.
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EQUITY INSPIRING LEARNING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The Group holds an ATOL granted by the Civil Aviation Authority ("CAA"). The Group is also a bonded member of the Association of British Travel Agents ("ABTA").
Principal risks and uncertainties: The following risk factors may affect the Group's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Group. Regulatory risk: The Group is supported by various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Group to operate. This licence is renewed in March each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). The Group is also a bonded member of ABTA and renews it's ABTA consumer protection bond in March each year and is subject to assessments of fitness and financial criteria. We are confident that the various regulators will continue to support the business. Geo-political events and natural disasters: The nature of the business operation exposes the Group to a wide range of Geo-political and natural disasters. To counter this the Group operates a flexible business model with the ability to shift capacity amongst a variety of destinations where necessary plus it has restructured its operating cost model to remove large fixed cost elements. Commercial relationships: The Group has well established and close relationships with customers and suppliers and the risk is spread by not placing over-reliance on any one supplier in any particular area. Our supplier base is well spread. Notwithstanding, if a relationship was lost or damaged with a major supplier this could have an effect on the business. Hence the management team meets regularly with suppliers to maintain good working relationships and to understand the suppliers' financial position.
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EQUITY INSPIRING LEARNING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Principal risks and uncertainties (continued)
Information technology: The Group is reliant upon information technology. Investment has been made to ensure the Group has advanced and efficient systems in place, but there is a risk if there were a major failure - particularly if it were to affect selling systems. Procedures are in place to minimise the downtime of the selling system in such an event. These factors may affect the Group by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Group. The Group seeks to minimise such risks by operating a flexible and limited commitment business model with the ability to shift capacity among a variety of destinations where necessary, whilst ensuring fixed overheads are kept at an optimum level.
This report was approved by the board on 27 February 2026 and signed on its behalf.
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EQUITY INSPIRING LEARNING 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.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £162k (2024 - loss £624k).
No dividends have been paid or proposed for the period ended 31 October 2025.
The directors who served during the year were:
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EQUITY INSPIRING LEARNING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors have disclosed additional performance data for the Group in the strategic report, which is included within this set of financial statements. This includes a review of the performance of the business and the key performance indicators, as well as the main risks faced by the business.
During 2025 and into 2026, the Group will continue to operate as outlined in the principal activity note above.
There have been no significant events affecting the Group since the year end.
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
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EQUITY INSPIRING LEARNING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EQUITY INSPIRING LEARNING LIMITED
We have audited the financial statements of Equity Inspiring Learning Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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EQUITY INSPIRING LEARNING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EQUITY INSPIRING LEARNING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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EQUITY INSPIRING LEARNING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EQUITY INSPIRING LEARNING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgement 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 Group's compliance with its regulator, the Civil Aviation Authority ("CAA"), its membership of The Association of British Travel Agents ("ABTA") and its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment;
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EQUITY INSPIRING LEARNING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EQUITY INSPIRING LEARNING LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements (continued)
- We review the Group's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2nd Floor, Nucleus House
2 Lower Mortlake Road
TW9 2JA
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EQUITY INSPIRING LEARNING LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
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EQUITY INSPIRING LEARNING LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
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EQUITY INSPIRING LEARNING LIMITED
REGISTERED NUMBER: 02598164
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
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EQUITY INSPIRING LEARNING LIMITED
REGISTERED NUMBER: 02598164
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2026.
The notes on pages 20 to 40 form part of these financial statements.
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EQUITY INSPIRING LEARNING LIMITED
REGISTERED NUMBER: 02598164
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 40 form part of these financial statements.
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