ACCOUNTS - Final Accounts

Registered number: 02154169

CITIBOND TRAVEL (LONDON) LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2026

CITIBOND TRAVEL (LONDON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIBOND TRAVEL (LONDON) LIMITED

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Opinion

We have audited the financial statements of Citibond Travel (London) Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2026 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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CITIBOND TRAVEL (LONDON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIBOND TRAVEL (LONDON) LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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CITIBOND TRAVEL (LONDON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIBOND TRAVEL (LONDON) LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional skepticism throughout the audit;

- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;

- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;

- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;

- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

- We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA") and its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment;

- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements.

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

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CITIBOND TRAVEL (LONDON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CITIBOND TRAVEL (LONDON) LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Use of our report

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

Ms N A Spoor FCA FCCA (Senior Statutory Auditor)

for and on behalf of

White Hart Associates (London) Limited

Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA

24 July 2026

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CITIBOND TRAVEL (LONDON) LIMITED

REGISTERED NUMBER: 02154169

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets	4		281		2,531
Tangible assets	5		34,872		38,499
			35,153		41,030
Current assets
Debtors: amounts falling due within one year	6	931,183		1,062,760
Cash at bank and in hand	7	4,029,675		3,589,213
		4,960,858		4,651,973
Creditors: amounts falling due within one year	8	(3,225,350)		(3,493,030)
Net current assets			1,735,508		1,158,943
Total assets less current liabilities			1,770,661		1,199,973
Provisions for liabilities
Deferred tax	9	(8,717)		(8,678)
Other provisions	10	(180,000)		-
			(188,717)		(8,678)
Net assets			1,581,944		1,191,295

Capital and reserves
Called up share capital	100,000	100,000
Profit and loss account	1,481,944	1,091,295
	1,581,944	1,191,295

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CITIBOND TRAVEL (LONDON) LIMITED

REGISTERED NUMBER: 02154169

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 July 2026.

Mr Hitesh Vanechand Mehta

Director

The notes on pages 7 to 15 form part of these financial statements.

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 28-29 Freetrade House, Lowther Road Stanmore, Middlesex, HA7 1EP.

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 Companies Act 2006.

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.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have considered cashflow requirements for the period 12 months from approval of the financial statements to assess the working capital needs of the company. This confirms that the company will have sufficient working capital within the period reviewed and will be able to meet its liabilities as they fall due.

Accordingly the directors believe it is appropriate to prepare the financial statements on a going concern basis.

2.3

Revenue

Turnover represents the sale of Airline Tickets and Tour Packages, net of value-added tax. Revenue is recognised on a booking date basis to the extent that the economic benefits are probable to flow to the company and the revenue can be reliably measured.

In considering the basis of revenue recognition, management consider that the booking date, and so the date at which the contract is formed with the customer, is the most appropriate given a sizable proportion of sales relate to the sale of IATA airline tickets. The company does not carry inventory risks for airline seat sales as contracts are established between customers and suppliers. The primary performance obligation to customers is to connect travellers with suppliers of their choice, the principal supplier providing the service to the customer.

Cancellation provision: Provision is made for liabilities arising in respect of expected cancellations and other margin movement on travel arrangements booked in the period but not yet departed and post-booking customer support to travellers.

2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

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.

2.7

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.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Goodwill	-		Straight line basis over 5 years
				Other intangible fixed assets	-		Straight line basis over 5 years

2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Long-term leasehold property	-	4%	straight line
Plant and machinery	-	20%	straight line
Fixtures and fittings	-	25%	reducing balance

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.

2.11

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.

2.12

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.

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.13

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.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

			2026	2025
			No.	No.

			29	25

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

4.	Intangible assets

	Customber database and intellectual proprty rights	Goodwill	Total
	£	£	£
Cost
At 1 April 2025	11,250	50,000	61,250
At 31 March 2026	11,250	50,000	61,250
Amortisation
At 1 April 2025	8,719	50,000	58,719
Charge for the year on owned assets	2,250	-	2,250
At 31 March 2026	10,969	50,000	60,969
Net book value
At 31 March 2026	281	-	281
At 31 March 2025	2,531	-	2,531

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

5.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 April 2025	14,215	14,900	278,891	308,006
Additions	-	-	7,581	7,581
At 31 March 2026	14,215	14,900	286,472	315,587
Depreciation
At 1 April 2025	10,428	6,208	252,871	269,507
Charge for the year on owned assets	569	2,980	7,659	11,208
At 31 March 2026	10,997	9,188	260,530	280,715
Net book value
At 31 March 2026	3,218	5,712	25,942	34,872
At 31 March 2025	3,787	8,692	26,020	38,499

The net book value of land and buildings may be further analysed as follows:
	2026	2025
	£	£

Long leasehold	3,218	3,787
	3,218	3,787

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Debtors

					2026	2025
					£	£


Trade debtors	573,689	910,158
Other debtors	254,774	103,129
Prepayments and accrued income	102,720	49,473
	931,183	1,062,760

Other debtors include loans to participators amounting to £239,456 (2025: £87,397).

7.	Cash and cash equivalents
		2026	2025
		£	£

Cash at bank and in hand	4,029,675	3,589,213
	4,029,675	3,589,213

8.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Trade creditors	2,577,039	2,750,015
Corporation tax	139,165	59,169
Other creditors	-	2,619
Accruals and deferred income	509,146	681,227
	3,225,350	3,493,030

As at 31 March 2026 an amount of £801,656 (2025: £931,517) was payable to International Air Transport Association (IATA) for tickets issued in the month of March 2026.

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

9.	Deferred taxation

	2026	2025
	£	£

At beginning of year	(8,678)	(8,024)
Charged to profit or loss	(39)	(654)
At end of year	(8,717)	(8,678)

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

	Accelerated capital allowances	(8,717)	(8,678)
		(8,717)	(8,678)

10.	Provisions

		Cancellation provisions
		£

	Charged to profit or loss	180,000
	At 31 March 2026	180,000

11.	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 £165,289 (2025: £145,829). Contributions totalling £Nil (2025: £2,619) were payable to the fund at the reporting date and are included in creditors.

12.Guarantees and charges

The company has given Barclays Bank Plc, fixed and floating charges over its undertaking and all property and assets. The directors of the company have also given a limited guarantees amounting to £180,000 as additional security to Barclays Bank Plc.

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CITIBOND TRAVEL (LONDON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.

Related party transactions

The company leased the business premises from the Directors Mr H V Mehta and Mrs B Shah and paid rent of £36,000 in the year (2025: £36,000).

The company uses outsourcing services from Citibond Travel (India) Private Limited which is partially owned by Mr K Shah who is a shareholder of Citibond Travel (London) Limited. During the year £223,907 (2025: £258,889) was paid for this service and there are no balances due to/from at the balance sheet date.

The company loaned £239,456 (2025: £87,397) to its participators and interest at the official rate has been charged.

14.	Post balance sheet events

There have been no other significant events affecting the Company since the year end.

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