Company Registration No. 12957954 (England and Wales)
THE INDEPENDENT ADVENTURE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
THE INDEPENDENT ADVENTURE GROUP LIMITED
COMPANY INFORMATION
Directors
P Carter
S Galbraith
N J Lapping
G Ciriego
(Appointed 25 June 2025)
R D Lennox
(Appointed 25 June 2025)
Company number
12957954
Registered office
International House
36-38 Cornhill
London
EC3V 3NG
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
THE INDEPENDENT ADVENTURE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 33
THE INDEPENDENT ADVENTURE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Business review

The Independent Adventure Group is the holding company for Macs Adventure and its subsidiaries in the USA and Germany. Macs Adventure is a market-leading operator of self-guided walking and cycling holidays, enabling tens of thousands of customers annually to explore the world at their own pace. With a portfolio of 200+ immersive itineraries across more than 20 countries, we combine adventure, sustainability, and operational excellence to deliver exceptional customer experiences. Macs Adventure is a certified B Corp, underlining our commitment to responsible travel, positive community impact, our employees and long-term, sustainable growth.

Operating internationally from our offices in the UK, US and Germany, the group delivered revenue of £53.2m (2024: £47.8m) and 11.3% year on year growth. Across each of these international bases we achieved strong growth, with the US in particular benefitting from increased investment and focus. We see this as a continued key strategic focus for the Group with significant growth and margin opportunity.

Gross profit is presented as one of our Key Performance Indicators (KPIs) and has increased during the year by £0.4m to £18.3m (2024: £17.9m) and as a percentage of sales was 35.0% (2024: 37.4%). The group was impacted by fluctuations in Foreign Currency and has taken steps to address this in FY26 and forecasts Gross Margin to recover accordingly.

Whilst the Group reports an operating loss of £0.9m in 2025 (2024: £0.2m loss), it considers EBITDA to be a more effective measure of business performance (KPI), noting it was £0.9m in 2025 (2024: £1.4m). Given the considerable size of the market opportunity, the Group is focused on investing for long-term growth. We continue to invest in growing our international markets, particularly the US, and our technology and digital transformation. Management considers this investment to be key to enable continued growth, improved efficiency and customer experience.

As at 30 November 2025 the group had net assets of £9.6m (2024: £10.5m), providing a strong financial platform for the year ahead. It also generated an improved operating cashflow of £2.9m (2024: £0.8m) providing £2.1m increased cash and cash equivalents to £8.1m (2024: £6.0m).

Customer satisfaction scores remained high at 4.6 (2024: 4.6). The Group remains focused on delivering the best customer service experience possible which in turn drives improved customer loyalty, rebooking rates and referrals, contributing to overall stronger Customer Lifetime Value.

Future developments

The Directors consider that The Independent Adventure Group is particularly well placed to take advantage of these key trends emerging in travel, which include domestic and short-haul travel, active outdoor travel, independent rather than group travel, sustainable travel and digital innovation. This continues to be a key driver in our business and management is focused on developing innovative products, technology, destinations, and customer experiences to capitalise on this trend and continue to lead the market in this area.

Demand for future bookings continues to grow across all business units reaffirming that demand for our product offering is growing significantly and confirmation that investments into key areas of focus are paying dividends. The group will also continue to invest in people and processes to improve scalability and return us to sustainable profitability in the future.

Management is very positive about the future outlook for the group and expects 2026 to perform strongly and for overall growth levels to continue.

THE INDEPENDENT ADVENTURE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Principal risks and uncertainties

The company faces a range of risks and uncertainties, which the directors and management monitor regularly and have implemented control measures to mitigate where possible.

Geopolitical risks

There is a risk that destinations we offer become unsafe due to geopolitical events and that the FCO or other government agencies advise against travel to these destinations. This risk is minimised by monitoring FCO advice, world events and having a diverse range of destinations so that we are not particularly exposed to one destination and can send customers to alternative destinations.

In relation to the current economic environment and in particular following recent unrest in the Middle East, the company has seen limited impact on customer demand and bookings. The situation continues to be closely monitored.

Legal, regulatory and taxation risks

The markets in which the business operates are regulated by a number of regulatory bodies, including ABTOT in the UK. The directors are mindful of its regulatory relationships and reporting obligations. It maintains a clear and open dialogue with the regulators and obtains insurance protections for both guests of the UK and German businesses.

Foreign exchange

The company sells predominantly in GBP, USD and EUR and purchases in multiple currencies, which puts gross margins at risk in the event of currency fluctuations. By employing conservative hedging strategies, we minimise our exposure to exchange rate fluctuations across key currencies.

Liquidity risk

The business uses both short term and longer-term cash flow projections to ensure that it can appropriately manage cash balances across the Group.

Commercial relationships

The business uses a broad spread of suppliers to deliver services to the guests, therefore mitigating the concentration of supplier risks. Processes are in place to ensure we meet with suppliers on a regular basis to maintain strong working relationships.

System infrastructure

Our growth aspirations for the group are dependent on the ability of our systems, processes and suppliers to scale ineffective infrastructure which would limit potential growth. To mitigate this, the group constantly reviews this position to ensure they remain fit for purpose with roadmaps and investment in place for all key area.

Data security

We regularly review our security and data protection policies and systems to ensure we minimise the risks of a data or regulation breach.

Key performance indicators

The directors and management monitor performance using four clearly defined key performance indicators (KPIs) and act swiftly to respond when required to improve overall business performance.

The main KPIs that are used to manage and monitor performance are:

Revenue: £53.2m (2024: £47.8m)

Gross Profit: £18.3m – 35% (2024: £17.9m – 37%)

EBITDA: £0.9m (2024: £1.4m)

Customer Review Score: 4.6 (2024: 4.6)

THE INDEPENDENT ADVENTURE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

On behalf of the board

N J Lapping
Director
27 May 2026
THE INDEPENDENT ADVENTURE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The principal activity of the company is that of a holding company whilst the group continued to be that of self-guided walking, cycling and active holidays.

Results and dividends

The loss for the year, after taxation, amounted to £850,532 (2024: £267,803 loss)

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P Carter
S Galbraith
N J Lapping
G Ciriego
(Appointed 25 June 2025)
R D Lennox
(Appointed 25 June 2025)
Financial instruments

The company does not use derivatives for either financial risk management or for speculative purposes. The company's financial risk management objectives, policies and exposure to financial risks are not considered material for the assessment of the company's assets, liabilities, financial position or result for the year and as such, no further disclosure is considered necessary.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE INDEPENDENT ADVENTURE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -
Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going concern

The financial statements have been prepared on a going concern basis.

The current and future financial position of the Group, its cash flows and liquidity position have been reviewed by the directors. These have been prepared with a prudent view on the likely recovery in each of the Group's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Group to continue to trade during this period.

Having considered potential risks and the current economic environment, the directors have a reasonable expectation that the company will achieve the forecasted performance and has adequate resources to continue in operational existence for the foreseeable future.

Based on the foregoing, the directors believe that it remains appropriate to adopt the going concern basis of accounting in preparing the financial statements.

On behalf of the board
N J Lapping
Director
27 May 2026
THE INDEPENDENT ADVENTURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE INDEPENDENT ADVENTURE GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of The Independent Adventure Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including F inancial R eporting S tandard 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 group's and the parent company's affairs as at 30 November 2025 and of the group's 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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group or parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report and financial statements. 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.

THE INDEPENDENT ADVENTURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE INDEPENDENT ADVENTURE GROUP LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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 our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, set out on page 4, 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 parent 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.

Auditor 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 auditor's 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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

THE INDEPENDENT ADVENTURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE INDEPENDENT ADVENTURE GROUP LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and the sector in which they operate, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

- Companies Act 2006;

- UK Tax legislation;

- ABTA / ABTOT compliance requirements;

- VAT legislation; and

- UK Generally Accepted Accounting Practice.

We gained an understanding of how the group and the parent company are complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the group’s and parent company’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

- Management override of controls; and

- Revenue recognition.

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

- Reviewing the level of and reasoning behind the group’s procurement of legal and professional services

- Performing audit procedures 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 judgements made by management in their calculation of accounting estimates for potential management bias;

- Performing audit procedures to confirm the correct application of year-end cut-off, to ensure that revenue has been recognised in the correct period;

- Completion of appropriate checklists and use of our experience to assess the Company’s compliance with the Companies Act 2006; and

- Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

THE INDEPENDENT ADVENTURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE INDEPENDENT ADVENTURE GROUP LIMITED
- 9 -

Use of our report

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Hamilton (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
27 May 2026
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
53,167,148
47,828,636
Cost of sales
(34,845,579)
(29,957,836)
Gross profit
18,321,569
17,870,800
Administrative expenses excluding depreciation, amortisation and exceptionals
(17,440,764)
(16,497,427)
Other operating income
-
0
6,068
EBITDA pre-exceptional items
880,805
1,379,441
Depreciation and amortisation
(1,644,528)
(1,600,067)
Exceptional item
4
(135,124)
-
0
Operating loss
5
(898,847)
(220,626)
Interest receivable and similar income
9
218,777
162,040
Interest payable and similar expenses
10
(25,432)
(79,396)
Loss before taxation
(705,502)
(137,982)
Tax on loss
11
(145,030)
(129,821)
Loss for the financial year
24
(850,532)
(267,803)
Loss for the financial year is all attributable to the owners of the parent company.
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
2025
2024
£
£
Loss for the year
(850,532)
(267,803)
Other comprehensive income
Currency translation differences
(64,019)
107,639
Total comprehensive expense for the year
(914,551)
(160,164)
Total comprehensive expense for the year is all attributable to the owners of the parent company.
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
6,319,204
7,402,497
Other intangible assets
12
1,472,288
1,216,726
Total intangible assets
7,791,492
8,619,223
Tangible assets
13
135,755
183,963
7,927,247
8,803,186
Current assets
Stocks
16
5,715
55,388
Debtors
17
1,126,529
1,455,903
Cash at bank and in hand
8,090,947
6,044,184
9,223,191
7,555,475
Creditors: amounts falling due within one year
18
(7,533,508)
(5,809,324)
Net current assets
1,689,683
1,746,151
Total assets less current liabilities
9,616,930
10,549,337
Creditors: amounts falling due after more than one year
19
-
(17,856)
Net assets
9,616,930
10,531,481
Capital and reserves
Called up share capital
23
33,584
33,584
Share premium account
24
2,991,604
2,991,604
Merger reserve
24
8,974,812
8,974,812
Profit and loss reserves
24
(2,383,070)
(1,468,519)
Total equity
9,616,930
10,531,481
The financial statements were approved by the board of directors and authorised for issue on 27 May 2026 and are signed on its behalf by:
27 May 2026
N J Lapping
Director
THE INDEPENDENT ADVENTURE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
9,068,480
9,068,480
Current assets
Debtors
17
2,920,038
2,920,038
Creditors: amounts falling due within one year
18
(16,000)
(16,000)
Net current assets
2,904,038
2,904,038
Net assets
11,972,518
11,972,518
Capital and reserves
Called up share capital
23
33,584
33,584
Share premium account
24
2,991,604
2,991,604
Merger reserve
24
8,974,812
8,974,812
Profit and loss reserves
24
(27,482)
(27,482)
Total equity
11,972,518
11,972,518

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2024 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 May 2026 and are signed on its behalf by:
27 May 2026
N J Lapping
Director
Company Registration No. 12957954
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 December 2023
33,584
2,991,604
8,974,812
(1,308,355)
10,691,645
Year ended 30 November 2024:
Loss for the year
-
-
-
(267,803)
(267,803)
Other comprehensive income:
Currency translation differences
-
-
-
107,639
107,639
Total comprehensive expense for the year
-
-
-
(160,164)
(160,164)
Balance at 30 November 2024
33,584
2,991,604
8,974,812
(1,468,519)
10,531,481
Year ended 30 November 2025:
Loss for the year
-
-
-
(850,532)
(850,532)
Other comprehensive income:
Currency translation differences
-
-
-
(64,019)
(64,019)
Total comprehensive expense for the year
-
-
-
(914,551)
(914,551)
Balance at 30 November 2025
33,584
2,991,604
8,974,812
(2,383,070)
9,616,930
THE INDEPENDENT ADVENTURE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 December 2023
33,584
2,991,604
8,974,812
(27,482)
11,972,518
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
-
-
-
0
Balance at 30 November 2024
33,584
2,991,604
8,974,812
(27,482)
11,972,518
Year ended 30 November 2025:
Profit and total comprehensive income for the year
-
-
-
-
-
0
Balance at 30 November 2025
33,584
2,991,604
8,974,812
(27,482)
11,972,518
THE INDEPENDENT ADVENTURE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,147,331
1,044,214
Interest paid
(25,432)
(79,396)
Income taxes paid
(206,431)
(116,911)
Net cash inflow from operating activities
2,915,468
847,907
Investing activities
Purchase of intangible assets
(690,657)
(452,259)
Purchase of tangible fixed assets
(81,350)
(118,793)
Loans made to directors
-
(2,562)
Interest received
218,777
162,040
Net cash used in investing activities
(553,230)
(411,574)
Financing activities
Repayment of bank loans
(315,475)
(440,477)
Net cash used in financing activities
(315,475)
(440,477)
Net increase/(decrease) in cash and cash equivalents
2,046,763
(4,144)
Cash and cash equivalents at beginning of year
6,044,184
6,048,328
Cash and cash equivalents at end of year
8,090,947
6,044,184
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
1
Accounting policies
Company information

The Independent Adventure Group Limited is a private company limited by shares and is registered and incorporated in England. The address of the registered office is International House, 36-38 Cornhill, London, EC3V 3NG.

The Group consists of The Independent Adventure Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; and

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company, The Independent Adventure Group Limited, together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The financial statements have been prepared on a going concern basis.

The current and future financial position of the Group, its cash flows and liquidity position have been reviewed by the directors. These have been prepared with a prudent view on the likely recovery in each of the Group's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Group to continue to trade during this period.

Having considered potential risks and the current economic environment, the directors have a reasonable expectation that the company will achieve the forecasted performance and has adequate resources to continue in operational existence for the foreseeable future.

Based on the foregoing, the directors believe that it remains appropriate to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

The Group operates as the principal tour operator. Turnover represents the gross value of holidays sold including hotel bookings and other related services. Turnover is recognised at point of departure and the full cost of such holidays is included within cost of sales.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 - 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 - 5 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property
10% Straight line
Fixtures and fittings
33% Straight line
Computers
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost measurement is on a weighted average basis. Cost comprises the purchase price of finished goods and does not include direct labour or production overheads.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the 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.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 21 -

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors and bank loans, a re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.19
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
2
Judgements 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 considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Capitalisation of development costs - additions in the year of £691K (2024: £452k)

Software development costs are capitalised as an intangible asset. The directors are required to exercise judgement to determine if the criteria to recognise these costs as development costs under FRS 102 are met. Judgement must also be applied in calculating the amount of time members of staff spend on software development.

Useful lives of tangible fixed assets

The estimated useful lives of assets are outlined in note 1.8. Useful lives have been assessed based on historical experience and the periods over which management believe future economic benefits to be derived.

Details of the carrying value of the Group's tangible fixed assets are outlined at note 13.

Recoverability of deferred tax asset

A deferred tax asset, which predominately relates to carried forward tax losses, has been recognised in the accounts on the basis that the G roup is expected to return to profitability in future years.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Travel related sales
53,167,148
47,828,636
2025
2024
£
£
Turnover analysed by geographical market
UK
17,431,495
17,279,672
Europe
9,415,857
9,304,250
USA
26,319,796
21,244,714
53,167,148
47,828,636
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
3
Turnover and other revenue
(Continued)
- 24 -
2025
2024
£
£
Other significant revenue
Interest income
218,777
162,040
Grants received
-
1,702
4
Exceptional item
2025
2024
£
£
Exceptional costs
135,124
-

Exceptional costs relate to redundancy and settlement payments arising from organisational restructuring undertaken during the year.

5
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(72,779)
580,919
Government grants
-
(1,702)
Depreciation of owned tangible fixed assets
127,294
132,658
Amortisation of intangible assets
1,517,234
1,467,409
Operating lease charges
199,034
220,339
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
13,200
12,600
Audit of the financial statements of the company's subsidiaries
52,900
50,450
66,100
63,050
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management
8
7
-
-
Administration
166
174
-
-
Total
174
181
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
8,348,582
7,509,010
-
0
-
0
Social security costs
730,876
623,808
-
-
Pension costs
192,887
175,708
-
0
-
0
9,272,345
8,308,526
-
0
-
0
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
245,196
380,789
Company pension contributions to defined contribution schemes
-
3,000
245,196
383,789

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024: 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
235,197
262,460
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
218,777
162,040
10
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
25,432
64,540
Interest payable to group undertakings
-
0
14,856
Total finance costs
25,432
79,396
11
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
10
Foreign current tax on profits for the current period
20,815
214,173
Total current tax
20,815
214,183
Deferred tax
Origination and reversal of timing differences
74,916
(76,374)
Adjustment in respect of prior periods
49,299
(7,988)
Total deferred tax
124,215
(84,362)
Total tax charge
145,030
129,821
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
11
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(705,502)
(137,982)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(176,376)
(34,496)
Tax effect of expenses that are not deductible in determining taxable profit
281,019
278,300
Adjustments in respect of prior years
-
0
10
Permanent capital allowances in excess of depreciation
124
-
0
Deferred tax adjustments in respect of prior years
49,299
(7,988)
Fixed asset differences
483
405
Tax on foreign subsidiaries
(9,519)
(106,410)
Taxation charge
145,030
129,821
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2024
10,910,925
2,705,548
13,616,473
Additions
-
0
690,657
690,657
Transfers
-
0
1,003
1,003
Exchange adjustments
-
0
7,152
7,152
At 30 November 2025
10,910,925
3,404,360
14,315,285
Amortisation and impairment
At 1 December 2024
3,508,428
1,488,822
4,997,250
Amortisation charged for the year
1,083,293
433,941
1,517,234
Transfers
-
0
(130)
(130)
Exchange adjustments
-
0
9,439
9,439
At 30 November 2025
4,591,721
1,932,072
6,523,793
Carrying amount
At 30 November 2025
6,319,204
1,472,288
7,791,492
At 30 November 2024
7,402,497
1,216,726
8,619,223
The company had no intangible fixed assets at 30 November 2025 or 30 November 2024.
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 28 -
13
Tangible fixed assets
Group
Leasehold property
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 December 2024
75,194
4,037
606,174
685,405
Additions
25,955
-
0
55,395
81,350
Transfers
-
0
(1,003)
-
0
(1,003)
Exchange adjustments
(794)
91
(28)
(731)
At 30 November 2025
100,355
3,125
661,541
765,021
Depreciation and impairment
At 1 December 2024
46,054
2,904
452,484
501,442
Depreciation charged in the year
14,502
-
0
112,792
127,294
Transfers
-
0
130
-
0
130
Exchange adjustments
(707)
91
1,016
400
At 30 November 2025
59,849
3,125
566,292
629,266
Carrying amount
At 30 November 2025
40,506
-
0
95,249
135,755
At 30 November 2024
29,140
1,133
153,690
183,963
The company had no tangible fixed assets at 30 November 2025 or 30 November 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
9,068,480
9,068,480
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024 and 30 November 2025
9,068,480
Carrying amount
At 30 November 2025
9,068,480
At 30 November 2024
9,068,480
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 29 -
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Macs Adventure Limited
1
Tour operator services
Ordinary
100.00
-
Macs Adventure LLC
2
Tour operator services
Ordinary
0
100.00
Abenteuer Wege GmbH
3
Tour operator services
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
4c, 4th Floor Skypark 5, 45 Finnieston Street, Glasgow, G3 8JU
2
1031 33rd St, Denver, CO 80205
3
Heinrich-Barth-Straße 1-1A, 66115 Saarbrücken, Germany
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Maps and guidebooks
5,715
55,388
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
267,904
185,702
-
0
-
0
Corporation tax recoverable
32,490
33,809
-
0
-
0
Other debtors
295,421
233,144
-
0
-
0
Prepayments and accrued income
270,898
619,217
-
0
-
0
866,713
1,071,872
-
-
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
0
-
0
2,920,038
2,920,038
Deferred tax asset (note 21)
259,816
384,031
-
0
-
0
259,816
384,031
2,920,038
2,920,038
Total debtors
1,126,529
1,455,903
2,920,038
2,920,038

Confirmation has been provided by The Independent Adventure Group Limited that no capital repayment is due within 12 months of the balance sheet date in respect of the amounts owed by group undertakings above.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 30 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
142,856
440,476
-
0
-
0
Trade creditors
388,264
112,279
-
0
-
0
Corporation tax payable
13,503
200,438
-
0
-
0
Other taxation and social security
285,159
150,414
-
-
0
Other creditors
12,334
-
0
-
0
-
0
Accruals and deferred income
6,691,392
4,905,717
16,000
16,000
7,533,508
5,809,324
16,000
16,000

Included within accruals and deferred income is £5,754,490 (2024: £4,610,506) of advance receipts from customers in relation to departures after the balance sheet date.

19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
17,856
-
0
-
0
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
142,856
458,332
-
0
-
0
Payable within one year
142,856
440,476
-
0
-
0
Payable after one year
-
0
17,856
-
0
-
0

The long-term loans are secured by a floating rate charge which the interest will never be less than the margin of 4.35 percent per annum.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 31 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2025
2024
Group
£
£
Accelerated capital allowances
(387,674)
(217,345)
Tax losses
641,652
598,308
Short term financing differences
5,838
3,068
259,816
384,031
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 December 2024
(384,031)
-
Charge to profit or loss
124,215
-
Asset at 30 November 2025
(259,816)
-
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
192,887
175,708

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £192,887 (2024: £175,708). Contributions totalling £23,353 (2024: £29,290) were payable to the fund at the reporting date and are included in creditors.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
33,584
33,584
33,584
33,584
THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 32 -
24
Reserves

Share premium account

The share premium account represents consideration received for shares issued above their nominal value, net of transaction costs.

Merger reserve

The merger reserve represents the difference in share price on issue of shares in The Independent Adventure Group Limited in consideration for the shares of Macs Adventure Limited.

Profit and loss reserves

The profit and loss reserves represent cumulative profit and loss, net of distributions to owners.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
95,435
98,627
-
-
Between two and five years
205,512
300,515
-
-
300,947
399,142
-
-
26
Related party transactions

The company has taken advantage of disclosure exemptions available under Section 33 of FRS 102 whereby which it has not disclosed transactions entered into with any wholly-owned subsidiary of the group.

27
Controlling party

The ultimate controlling party of the group is Neil James Lapping by virtue of his controlling interest in the share capital of the parent company.

THE INDEPENDENT ADVENTURE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 33 -
28
Cash generated from group operations
2025
2024
£
£
Loss for the year after tax
(850,532)
(267,803)
Adjustments for:
Taxation charged
145,030
129,821
Finance costs
25,432
79,396
Investment income
(218,777)
(162,040)
Amortisation of intangible assets
1,517,234
1,467,409
Depreciation of tangible fixed assets
127,294
132,658
Currency translation movement
(60,602)
114,236
Movements in working capital:
Decrease in stocks
49,673
26,054
Decrease/(increase) in debtors
203,840
(424,134)
Increase/(decrease) in creditors
2,208,739
(51,383)
Cash generated from operations
3,147,331
1,044,214
29
Analysis of changes in net funds - group
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
6,044,184
2,046,763
8,090,947
Borrowings excluding overdrafts
(458,332)
315,476
(142,856)
5,585,852
2,362,239
7,948,091
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