The directors present the strategic report for the year ended 31 March 2025.
Over the past 20 years, White Desert has pioneered luxury adventure tourism in Antarctica. In 2025, revenues from both tourism and National Antarctic Programme support have reached record highs off the back of previous highs achieved in 2024. The organisation continues to focus on improving both financial and operational efficiency, while mitigating risk.
The 2025 financial year was the third season operating Echo Base. The tourism revenue generated at Echo Base surpassed that of our original flagship camp Whichaway. This was due to large volumes of press releases and design awards won. Our focus for the 2025 season was to ensure that guests visiting both camps experienced both luxury hospitality with the sense of true Antarctic adventure.
The organisation has continued to invest in tangible assets to improve operational efficiency. This was done by increasing the size of the traverse fleet so that increased fuel volumes are able to be transported to remote locations across Antarctica. This will help to eliminate high cost fuel flying. The board of directors approved purchases of runway lights, robust hydraulic aircraft stairs and weather monitoring systems, this was done to further improve safety and reliability of landing the Airbus A340 on Wolf’s Fang runway. Continuous improvements to guest infrastructure at Echo Base and Whichaway Camp, enhanced the overall guest experience.
A significant investment was made in the 2025 financial year to produce solar energy across Wolf's Fang and Echo, which aims to save 30 tonnes of fuel used for heating and electrifying the camps.
The group continues to grow after the impacts of the COVID-19 pandemic. Sales turnover increased by 6.3% from US$22.9m to US$24.3m. Due to continued investment in the business, and as explained by Note 4 of the financial statements, exceptional costs of US$1.1m relating to product and service development were recognised in the year. As a result, the group returned a loss before taxation of US$0.8m (2024: profit before tax of US$1.7m). Net assets stood at US$1.8m (2024: US$2.4m). Gross profit margin was 8.6% (2024: 17.4%) while administrative expenses increased by US$0.6m, representing 11.8% of turnover (2024: 10.0%). The board is confident this investment will deliver substantial returns to the group in the future.
The organisation has a continued focus to drive sales through digital online performance marketing and key account management within the tourism trade space. This has resulted in the continued growth of tourism revenues post the period end.
With the growth in demand for Antarctic travel, the board have approved the expansion of our guest accommodation infrastructure on Antarctica. We will continue to focus on enhancing the guest experience, improving overall staff welfare and continuing our key personnel training programme. The group continues to reduce carbon creation in Antarctica and reliance on fossil fuels and our aim is to roll out solar installations across the guest camps that will reduce the need for fossil fuel generated power into the future.
Market risk
The company is reliant on the global demand for luxury, adventure travel to Antarctica. The travel industry is a competitive one, however the group is somewhat isolated from competitive pressures due to the unique travel experiences it offers, ranging from Antarctic day trips to fully bespoke tours of the continent that cater to ultra high net worth individuals. Antarctic travel is well regulated and there are exceptionally few direct competitors. The group has a reputation for quality, guest experience, and customer service. The directors are confident the group's position in the market will continue to increase. The group has seen strong demand for its services following the COVID-19 pandemic. Demand is expected to remain strong despite headwinds facing the global economy.
Regulatory risk
The group operates in an environment which is highly regulated, and subject to numerous laws and regulations covering a wide range of matters. We are licensed by the Foreign, Commonwealth and Development Office (FCDO) to operate in Antarctica and we are a member of the International Association of Antarctic Tour Operators (IAATO).
Our FCDO permit and membership of IAATO impose various environmental and other restrictions on the group's on-ice activities. Failure to observe these restrictions could result in severe reputational damage. The company is continually ensuring that the compliance demands of these regulatory factors are met and the directors have ensured that the policies and culture in relation to this are well communicated to the group's employees and contractors. Each year, we are continually examining and improving our logistics and supply chain for environmental improvements and impacts.
Financial risk
The group's activities expose it to financial, foreign exchange, credit, and liquidity risks. The group's principal financial instruments are trade and other receivables, cash and bank balances, and trade and other creditors. The main purpose of these instruments is for the group to maintain sufficient liquidity for its operations.
Foreign exchange risk
The group is exposed to currency movements by virtue of the fact that income and costs are incurred in different currencies. The group manages this risk by receiving client receipts in the same currency as our principal costs, i.e. aviation services and fuel. We also accept payment for services rendered in different currencies, utilising these funds to discharge obligations in the same currency where possible.
Credit risk
The group's principal exposures to credit risk arise from trade receivables, and loan debtors. Trade debtors arise through the sale of travel, but also goods and services rendered on the Antarctic continent, usually to research institutions of nation states. Guests must pay for their travel before departure, and due to the inherent characteristics of the group's financial assets the risk of non-recovery is considered to be remote.
In the view of the directors, the risk that a counterparty will fail to discharge its obligations, resulting in financial loss to the group, is low.
Liquidity risk
Due to weather and light conditions, the Antarctic travel season lasts from November until February. The group funds its operations in low season with a mixture of cash, trade receivables, trade creditors and borrowing where necessary.
In May 2025 White Desert announced plans to offer luxury trips in South America, expanding our existing itineraries outside of Antarctica for the first time.
The performance of the business is monitored using several key performance indicators, most notably gross margin and profit before tax. These KPIs are discussed above.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2025.
The results for the year are set out on page 9.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The board continues to explore opportunties for product diversification with a primary focus on expanding the geographical scope of the group's operations.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In the opinion of the directors, the company's on-ice assets, which are stated at depreciated historic cost, have a market value materially in excess of their book values due to their unique nature and geographical location.
We have audited the financial statements of White Desert Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Emphasis of matter
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's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with the company's professional advisors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was $981,861 (2024 - $1,136,140 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
White Desert Ltd (“the company”) is a private limited company by shares incorporated in England and Wales. The registered office is c/o Jamieson Alexander Limited, 3-7 Temple Avenue, London, EC4Y 0DB.
The group consists of White Desert Ltd and its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company White Desert Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The amortisation charge is recognised within administrative expenses in the profit and loss account.
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.
The cost of on-ice assets does not include the cost of removal of those assets from Antarctica. The reasons for this are set out in Note 28 to the financial statements.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
The 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.
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.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the 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.
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.
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.
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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are 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 payments 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred 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.
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.
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end monetary items denominated in foreign currencies are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
The trading results of group undertakings are translated into US dollars at the average exchange rate for the year. The assets and liabilities of overseas undertakings are translated at the exchange rates in force at the year-end. Exchange adjustments arising from the retranslation of opening net assets and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income'. The cumulative exchange adjustments arising are recognised within the currency translation reserve within equity.
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.
In the opinion of the directors, the group's turnover in both the current and immediately preceding financial year is derived from a single class of business.
It is further the opinion of the directors that the disclosure of turnover by location of clients would be seriously prejudicial to the interests of the company and, accordingly, this information has not been disclosed.
During the year, the group recognised costs of $1,094k in relation to product and service development activities. Due to the size and non-recurring nature of these costs, they have been disclosed separately within cost of sales expenses in order to aid understanding of the group's financial performance for the year.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
Market value of fixed assets
In the opinion of the directors, the group's on-ice assets, which are stated at depreciated historic cost, have a market value materially in excess of their book values due to their unique nature and geographical location.
Hire purchase assets
Included within the carrying value of the group's tangible fixed assets are assets held under hire purchase contracts with a total carrying value of $561,000 (2024: $nil). The amounts falling due are secured on the underlying assets.
Details of the company's subsidiaries at 31 March 2025 are as follows:
All the group's subsidiaries are included in these consolidated financial statements.
Borrowings outstanding under hire purchase contracts of $486,000 (2024: $nil) are secured on the underlying assets.
There are no amounts falling due more than five years from the reporting date.
The following are the major deferred tax liabilities and assets recognised by the group and company:
The deferred tax liability set out above is expected to reverse over a significant number of years given it relates to accelerated capital allowances on assets with long useful economic lives.
The group has unused tax losses of $4,839k (2024: $3,967k) available to offset against future taxable profits. A deferred tax asset of $1,210k (2024: $633k) has been recognised in respect of these losses, as the directors consider it probable that sufficient future taxable profits will be available against which the losses can be utilised.
All issued shares, which are dominated in pound sterling and translated at historic spot rates, were fully paid at both 31 March 2025 and 31 March 2024.
At 31 March 2025, the company's issued share capital comprised 1,553 ordinary shares of £0.10 each (2024: 1,553 ordinary shares of £0.10 each). Each ordinary share carries the right to vote, dividends, and capital, including on winding up.
Pursuant to an order of the High Court dated 9 May 2023, 10 ordinary shares of £1 ($16) were cancelled and extinguished in the prior year.
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:
Amounts contracted for but not provided in the financial statements:
The commitment will be funded from existing resources, and is expected to be discharged within 12 months from the balance sheet date.
During the year the group entered into the following transactions with related parties:
Related party transactions principally comprise transactions with an associated company for aviation services.
At the balance sheet date, interest free shareholder loans of $29,000 were due to the company (2024: $nil). During the prior period, the company received a shareholder loan of $300,000, which was repaid during that same period including interest of $18,000.
The following amounts were outstanding at the reporting end date:
At the reporting date, the amounts due to, and from, the company are unsecured, interest free, repayable on demand and expected to be settled in cash.
The company has taken advantage of the exemption conferred by FRS 102 paragraph 33.1A and therefore has not disclosed transactions entered into between the parent company and its wholly owned subsidiaries.
The company is authorised to operate in Antarctica under a permit issued by the Foreign, Commonwealth and Development Office of the United Kingdom government. The permit requires that all on-ice assets are removed from Antarctica by the company when its operations there cease.
Whilst this obligation exists at the balance sheet date, in the opinion of the directors, any potential liability is currently unquantifiable due both to the uncertain timing of any withdrawal and the unknown second-hand market for the company's in situ assets at that time.