The directors present the strategic report for the year ended 30 November 2025.
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.
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 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.
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)
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 November 2025.
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.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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.
The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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 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.
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.
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.
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 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
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
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.
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.
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.
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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2024 - £0 profit).
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.
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 amounts 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.
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 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.
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.
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.
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.
In 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.
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.
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.
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 certain creditors and bank loans, 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Government grants are recognised at the fair value of the asset received 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.
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.
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.
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:
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.
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.
A deferred tax asset, which predominately relates to carried forward tax losses, has been recognised in the accounts on the basis that the Group is expected to return to profitability in future years.
Exceptional costs relate to redundancy and settlement payments arising from organisational restructuring undertaken during 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 number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024: 1).
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:
Details of the company's subsidiaries at 30 November 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
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.
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.
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 following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
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.
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:
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.
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.