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Registered number: 03713724 WORLD ODYSSEY LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
WORLD ODYSSEY LIMITED REGISTERED NUMBER: 03713724 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 7,501 |  | 10,001
Tangible assets | 6 |  | 3,225 |  | 3,743
|  |  | 10,726 |  | 13,744
Current assets |  |  |  |  |
Debtors | 7 | 1,112,762 |  | 915,586 |
Cash at bank and in hand | 8 | 855,675 |  | 878,872 |
|  | 1,968,437 |  | 1,794,458 |
Creditors: amounts falling due within one year | 9 | (1,635,069) |  | (1,344,503) |
Net current assets |  |  | 333,368 |  | 449,955
Total assets less current liabilities |  |  | 344,094 |  | 463,699
Creditors: amounts falling due after more than one year | 10 |  | (7,572) |  | (20,834)
Net assets |  |  | 336,522 |  | 442,865
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 37,500 |  | 37,500
Profit and loss account |  |  | 299,022 |  | 405,365
|  |  | 336,522 |  | 442,865
Page 1
WORLD ODYSSEY LIMITED REGISTERED NUMBER: 03713724 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2026 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2026.
................................................ M Worrall
Director
The notes on pages 3 to 13 form part of these financial statements. Page 2
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | GENERAL INFORMATION
World Odyssey Limited is a private Company limited by shares registered and incorporated in England and Wales. The address of the registered Company is given on the Company Information page of these financial statements. The principal activity of the Company continued to be that of tour operators and travel agents supplying luxury holidays. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
| 2.2 | INTANGIBLE ASSETS
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life. Amortisation is provided on the following bases:
|  |  |  | Development expenditure | - | 33% | reducing balance
|  |  |  | Goodwill | - | 10% | straight line
| 2.3 | TURNOVER
Turnover represents gross revenue derived from tour operations carried out in principle activity and amounts receivable for commission and similar earnings in respect of agency activities net of VAT and trade discounts. Turnover and related costs are recognised on a departure date basis.
| 2.4 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | TANGIBLE FIXED ASSETS (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 10% / 33.33% reducing balance basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.6 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.7 | FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
| 2.8 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 4
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.9 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.10 | DIVIDENDS
Dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.11 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.12 | PENSIONS
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.13 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method. Page 5
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.ACCOUNTING POLICIES (CONTINUED)
| 2.14 | TAXATION
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.15 | ADVANCE HOLIDAY RECEIPTS AND EXPENDITURE
All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and disclosed within other creditors. Payments made to suppliers in respect of these tours are included within other debtors.
| 2.16 | HOLIDAY PAY ACCRUAL
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.17 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.18 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 6
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the Statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
4. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 10 (2025 - 8).
Page 7
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
5. | INTANGIBLE ASSETS
|  | Development expenditure | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2025 | 6,750 | 231,250 | 238,000
| At 31 March 2026 | 6,750 | 231,250 | 238,000
| Amortisation |  |  |
| At 1 April 2025 | 6,750 | 221,249 | 227,999
| Charge for the year on owned assets | - | 2,500 | 2,500
| At 31 March 2026 | 6,750 | 223,749 | 230,499
| Net book value |  |  |
| At 31 March 2026 | - | 7,501 | 7,501
| At 31 March 2025 | - | 10,001 | 10,001
| Goodwill brought forward is related to the incorporation of trade and assets of Sue Lewis Travel LLP on 1 March 2012, and £25,000 of this is related to the amount paid in connection with the acquisition of the client database of Safari Club Limited.
Page 8
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
6. | TANGIBLE FIXED ASSETS
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 April 2025 | 55,467
| Additions | 1,071
| At 31 March 2026 | 56,538
| Depreciation |
| At 1 April 2025 | 51,724
| Charge for the year on owned assets | 1,589
| At 31 March 2026 | 53,313
| Net book value |
| At 31 March 2026 | 3,225
| At 31 March 2025 | 3,743
Page 9
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
7. | DEBTORS
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Due after more than one year |  |
| Prepayments and accrued income | 3,147 | -
|  | 3,147 | -
| Due within one year |  |
| Trade debtors | 7,613 | 5,247
| Other debtors | 60,150 | 31,358
| Prepayments and accrued income | 1,041,852 | 878,981
|  | 1,112,762 | 915,586
| Prepayments and accrued income includes £1,037,307 (2025: £870,581) of amounts paid to suppliers in respect of future departures.
8. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 855,675 | 878,872
|  | 855,675 | 878,872
9. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 20,834 | 50,000
| Trade creditors | 160 | 1,661
| Corporation tax | 87,564 | 80,210
| Other taxation and social security | 3,197 | -
| Other creditors | 5,151 | 19,425
| Accruals and deferred income | 1,518,163 | 1,193,207
|  | 1,635,069 | 1,344,503
| Included within accruals and deferred income is £1,475,322 (2025: £1,165,442) of monies received from clients in respect of holidays departing after the year end. On 27th November 2020, the Company created a fixed charge and negative pledge in favour of National Westminster Bank PLC.
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WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
10. | CREDITORS: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | - | 20,834
| Accruals and deferred income | 7,572 | -
|  | 7,572 | 20,834
| Included within accruals and deferred income is £7,572 (2025: £Nil) of monies received from clients in respect of holidays departing after the year end.
11. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 20,834 | 50,000
|  | 20,834 | 50,000
| Amounts falling due 1-2 years |  |
| Bank loans | - | 20,834
|  | - | 20,834
|  | 20,834 | 70,834
| In 2021, a government backed Coronavirus Business Interruption Loan (CBIL) was taken with National Westminster Bank PLC by the Company amounting to £250,000. The balance on the loan as at 31 March 2026 was £20,834.
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WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
12. | CONTINGENT LIABILITIES AND REGULATORY REQUIREMENTS
The Company currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of British Travel Agents Limited (ABTA). In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL licence. The CAA grants this license on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The company has complied with these requirements in previous years. The directors see no reason why the ATOL license will not be renewed in September 2026 on substantially the same terms and conditions as currently agreed with the CAA. As at 31 March 2026, there were contingent liabilities given by the Company in the normal course of business in respect of ABTA bonds, amounting to £86,996 (2025: £77,070). There are no other material contingent liabilities.
13. | PENSION COMMITMENTS
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £95,549 (2025: £83,482). Contributions totalling to £1,957 (2025: £1,698) were payable to the fund at the balance sheet date.
14. | COMMITMENTS UNDER OPERATING LEASES
| At 31 March 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 1,333 | -
|  | 1,333 | -
15.OTHER FINANCIAL COMMITMENTS The Company enters into forward currency contracts to mitigate the exchange rate risk for certain future foreign currency payables. As at the year end, the Company is committed to purchasing 700,000 US Dollars and 1,400,000 South African Rand. At the year end this has been fair valued resulting in an unrealised gain of £15,733. Page 12
WORLD ODYSSEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
16. | RELATED PARTY TRANSACTIONS
| During the year, the company made sales to the following related parties: Mr F Kenyon-Slaney's close family - Sales of £3,770 (2025: £20,987). Mr P Birley's close family - Sales of £38,547 (2025: £24,959). There were no outstanding balances due at the year end in respect of the above sales. At the balance sheet date the company owed: £428 (2025: £438) to Mr F Kenyon-Slaney £938 (2025: £938) to Mr P Birley £833 (2025: £833) to Mr M Worrall The following dividends were paid during the year: Mr F Kenyon-Slaney - £72,000 (2025: £66,000) Mrs F Kenyon-Slaney - £48,000 (2025: £44,000) Mr P Birley - £72,000 (2025: £66,000) Mrs J Birley - £48,000 (2025: £44,000) Mr M Worrall - £120,000 (2025: £122,555)
17. | Controlling party
The company is controlled by Mr F Kenyon-Slaney, Mr P Birley and Mr M Worrall.
Page 13