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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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INSIDE TRAVEL GROUP LIMITED
COMPANY INFORMATION
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INSIDE TRAVEL GROUP LIMITED
CONTENTS
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INSIDE TRAVEL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report for the period ended 31 December 2025.
Inside Travel Group Limited arranges expertly designed, seamlessly delivered Cultural Adventure trips for clients who value a caring, personalised service at every interaction. The Company has two brands: InsideJapan Tours and InsideAsia Tours.
2025 saw the business look after 15,883 travelling passengers, an increase of 21% YoY, whilst maintaining high standards of customer care and satisfaction reflected in an NPS score of 89.33 and 97.8% excellent and good trip reviews. Our positive impact work for our destinations focused on promoting tourism as a force for good:
∙The Company launched its overtourism strategy externally, including an initiative to promote under-visited destinations to spread demand and reduce pressure on high-visitation destinations.
∙Customer itineraries increasingly incorporated these destinations, with bookings including an under-visited destination increasing from 6% to 11%.
∙The Company continued to develop community and environmental initiatives linked to its product and operations, including expansion of customer-led donation mechanisms and nature-based projects.
The company worked closely with other B Corp travel companies to share best practices in these areas and hosted the Travel by B Corp Spring meeting.
Focusing on the ITG Formula of Customer Obsession, Specialism, and Business for Good, continues to serve the company and its stakeholders well with a growing EBITDA alongside significant donations to charitable causes. Financial position review At 31 December 2025, the Company maintained a strong financial position, with net assets of £10,568,397 (2024: £4,586,828) and a cash balance of £ £15,102,100 (2024: £9,541,618), providing a solid platform to support ongoing operations and future growth.
The directors consider revenue, gross profit, operating profit, customer NPS, and employee NPS to be key performance indicators.
The performance of the current and prior reporting periods is as follows:
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INSIDE TRAVEL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Turnover increased by 25.6% reflecting strong demand across all markets. Gross profit increased in line with revenue. Operating profit in 2024 included an exceptional credit of £5,208,539, if this is excluded from the 2024 results operating profit would be £6,431,099 meaning that operating profit margin in both years is just below 10%. Financial performance and Customer NPS are in line with the directors’ expectations and demonstrate strong demand in each of our markets and continued customer service delivery. Employee NPS fell in the year but remains positive, and investment in the team and employee engagement continues into the new financial year.
The Company had a strong start to the new financial year. The crisis in the Middle East has impacted new bookings from March 2026. It is expected that the impact will be short-term and that underlying demand for long-haul experiential travel will remain strong. The logistical challenges presented showed the company demonstrating its commitment to customer care. The impact of this is not deemed by the Directors to be a disclosable material event.
The directors recognise their duty under section 172(1) of the Companies Act 2006 to act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, the directors have regard to:
1) the likely long term consequences of decisions; 2) the interests of employees; 3) relationships with suppliers and customers; 4) the impact of operations on the community and the environment; 5) the desirability of maintaining a reputation for high standards of business conduct; and 6) the need to act fairly between members of the company During the year, the Board considered these factors as part of its regular review of strategy, performance and risk, supported by information provided by management and through engagement with key stakeholder groups. Employees The Company considers employees to be central to its continued success. During the year, the Company maintained a strong focus on employee engagement, development and retention, supported by regular communication, performance updates, and structured feedback mechanisms. Customers The Company’s strategy is focused on delivering high-quality, personalised travel experiences. The Board regularly reviews customer satisfaction measures, including Net Promoter Score and customer feedback, and considers these in the development of the Company’s product offering and service delivery. In 2025, the Company continued to provide opportunities for customers to contribute to positive social outcomes through initiatives such as the IC card donation scheme, through which 5,280 used transport cards were donated, equating to £28,814 and supporting over 73,000 meals via partner charities.
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INSIDE TRAVEL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Suppliers and business partners The Company maintains long-term relationships with local suppliers and partners in its destinations. Product development initiatives, including the expansion of under-visited destination locations, are designed to create wider economic benefits from tourism and reduce concentration in heavily visited destinations. Communities The Board recognises the role the Company can play in supporting communities in its destinations. During the year, the Board considered initiatives designed to increase the positive economic impact of tourism, including the expansion of undertourism destinations and the continued operation of the Company’s Giving Back Fund. Environment The Board recognises that the Company’s activities have environmental impacts, particularly through customer travel. During the year, the Board considered information on the Company’s greenhouse gas emissions and reviewed progress against environmental objectives, including the development of a long-term Climate Action Plan and associated targets. This information informs ongoing decision-making on product design, supplier engagement, and operational practices. Decision-making The Board integrates consideration of stakeholder impacts into its decision-making processes, including through regular review of strategy, risks and performance. Decisions taken during the year reflect a balance between short-term performance and the long-term sustainability of the business and its relationships with stakeholders.
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INSIDE TRAVEL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The management of the business and execution of the Company’s strategies are subject to several risks. The key business risks and uncertainties of the Company are considered below:
∙Geo-political events and natural disasters - our customers travel to politically stable countries in Japan and South-East Asia. The Company has a management infrastructure to review potential natural disasters, crisis management plans in place, and a team experienced in dealing with natural disasters.
∙Financial risk – the Company operates in a sector that is exposed to financial risk caused by the volatility of foreign currency exchange rates. The Company is directly exposed to movements in exchange rates as a large proportion of the travel components it sells are denominated in foreign currency. This risk is mitigated by hedging.
∙Commercial relationships – the Company has well established and close relationships with suppliers and risk is spread by not placing an over-reliance on any one supplier in any one area. The management team meets regularly with suppliers to maintain good working relationships and to understand the suppliers’ financial position.
∙Information technology – the Company is heavily reliant upon information technology. Investment is continually being made to ensure the Company has advanced and efficient systems in place to speed up processing, reduce costs, and enhance reporting. However, there is a risk if a major failure were to affect selling systems. Procedures are therefore in place to minimise the time the selling system is unavailable in the event of such a failure.
∙Consumer confidence – the demand for tailormade and small group tour travel is affected by local and global economic conditions. The directors believe the Company can adapt quickly to changes in outbound demand and local market conditions as it continues to be flexible in its customer proposition to suit the economic climate. Notwithstanding, a prolonged period of booking slowdown, such as evidenced by the COVID-19 outbreak, would adversely affect financial results.
This report was approved by the board and signed on its behalf.
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INSIDE TRAVEL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Company operates branches located in the USA, Australia and Japan.
The profit for the year, after taxation, amounted to £6,333,017 (2024 - £9,387,782).
The company achieved a record revenue of £81,659,308 gross profit of £28,128,990, and an EBITDA of £9,048,342.
No dividends were distributed (2024: £nil)
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INSIDE TRAVEL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors who served during the year were:
Further information on the business review for the Company can be found in the Strategic Report.
Political donations The Company made no political donations and incurred no political expenditure during the year (2024: £nil).
Our engagement with suppliers, customers, and others is detailed within the strategic report.
The Directors recognise that employee engagement is fundamental to the Group’s long-term success and continue to foster an open, collaborative and inclusive culture across the Company. During the year, the Company maintained regular two-way communication channels with employees, including all-company updates, team briefings, surveys, and feedback forums, enabling colleagues across our international locations to contribute ideas and raise matters of interest or concern. The Company continued to invest in initiatives to support wellbeing, diversity and inclusion. Employee feedback is actively sought and considered in decision-making, particularly in relation to operational improvements and the ongoing enhancement of systems and processes. The Directors are encouraged by the high levels of engagement observed during the year and remain committed to ensuring that the Company is a supportive environment where employees feel valued, informed and empowered to contribute to its objectives.
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INSIDE TRAVEL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company reports its energy usage and carbon emissions in accordance with the Streamlined Energy and Carbon Reporting (SECR) regulations.
This is the first year in which the Company has been required to comply with the Streamlined Energy and Carbon Reporting (SECR) regulations. Accordingly, comparative information for the prior year has not been disclosed. Energy consumption Total UK electricity consumption for the year ended 31 December 2025 was:
∙Electricity and other energy use: 113,685 kWh
The Company’s UK office electricity is supplied on a 100% renewable tariff. As a result, market-based Scope 2 emissions are significantly lower; however, SECR disclosures are presented on a location-based basis for consistency and comparability. Greenhouse gas emissions Scope 1 and Scope 2 greenhouse gas emissions associated with the Company’s UK energy use were:
∙23.6 tCO2e (location-based)
These emissions arise from energy consumption within the Company’s UK operational boundary. Intensity ratio The Company’s chosen intensity metric is tonnes of CO2e per £ million of revenue. Based on Scope 1 and Scope 2 emissions of 23.6 tCO2e and revenue of £81.7m, the intensity ratio for 2025 is 0.289 tCO2e per £m. Methodology Energy consumption and greenhouse gas emissions have been calculated using the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and UK Government conversion factors. Emissions are reported on a location-based basis. Voluntary reporting The Company also measures its wider emissions footprint, including Scope 3 emissions associated with customer travel and supply chains. These are not included within the SECR boundary, which is limited to UK energy use, but are used internally to inform strategy and are reported through separate voluntary disclosures.
The company will continue to invest in the development and launch of new destinations in Asia, product development in the luxury and family markets, the roll out of its under-visited destinations strategy, and in the development of its systems.
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INSIDE TRAVEL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors have concluded that no other material events have occurred since the date of approval of these financials statements that would affect the financial statements of the Company.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INSIDE TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIDE TRAVEL GROUP LIMITED
We have audited the financial statements of Inside Travel Group Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 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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INSIDE TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIDE TRAVEL GROUP LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the 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.
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 Strategic Report or the Directors' Report.
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INSIDE TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIDE TRAVEL GROUP LIMITED (CONTINUED)
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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims to identify any instances of non-compliance with laws and regulations;
∙Performing audit work 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 accounting estimates for bias;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: ATOL and ABTOT compliance recognising the nature of the company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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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INSIDE TRAVEL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSIDE TRAVEL GROUP LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Level 5a
Maple House
149 Tottenham Court Road
W1T 7NF
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INSIDE TRAVEL GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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INSIDE TRAVEL GROUP LIMITED
REGISTERED NUMBER: 04094031
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf:
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INSIDE TRAVEL GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Inside Travel Group Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The registered address of the Company is given on the Company Information page of these financial statements. The principal activity of the Company continued to be that of marketing and arranging accommodation and itineraries for tourist visits to Asia.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 29 Income tax paragraphs 29.28(b) and 29.29. This is an exemption from certain disclosures in relation to Pillar Two model rules where an entity is, or expects to be, within the scope of the Pillar Two legislation. The exemption is dependent on equivalent disclosures being made in the consolidated financial statements. It is not an exemption from all Pillar Two model rules and disclosures. Qualifying entities are still required to provide disclosures in accordance with paragraph 29.26 (g) and 29.28(a) if Pillar two model rules are applicable;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Project Daniel Topco Limited as at 31 December 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
Functional and presentation currency
Transactions and balances
Revenue represents income received or receivable net of Value Added Tax, for tours departing during the financial year, recognised on a departure date basis.
Cancellation income represents amounts retained from customers in accordance with the Company’s cancellation policy, which is based on the number of days prior to the scheduled departure date. Such income is recognised when the customer cancels and the Company becomes contractually entitled to retain the applicable cancellation fee, at which point no further performance obligations remain.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
Amortisation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Amortisation is provided on the following bases: Computer software - 20%
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following 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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its foreign currency receipts and payments. These derivatives are measured at fair value at each reporting date.
To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. This amount is reclassified from the cash flow hedge reserve to profit or loss in the same period or periods during which the hedged expected future cash flows affects profit or loss. Any ineffective portions of those movements are recognised in the profit or loss for the period.
Receipts from customers in respect of tours with departure dates after the year end are treated as
advanced receipts and are included in accruals and deferred income. Payments made to suppliers in respect of tours with departure dates after the year end are treated as advanced payments and are included in prepayments. 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. Key sources of estimation uncertainty The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 29
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 31
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Cash flow hedge reserve
Profit and loss account
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 Bonded Travel Organisers Trust (ABTOT).
As at 31 December 2025, there were contingent liabilities given by the Company in the normal course of business in respect of: ABTOT bonds amounting to £6,391,794 (2024 - £7,777,500). The Company has acted as guarantor in respect of loan facilities held by its fellow group companies. All group companies, including the Company, have granted fixed and floating charges over all of their present and future assets and undertakings in favour of HSBC UK Bank plc and Piper PE LLP as security for these facilities. The charges include a negative pledge clause.
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 34
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INSIDE TRAVEL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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 £439,261 (2024: £331,045). Contributions totalling £91,657 (2024 - £88,502) were payable to the fund at the reporting date.
The parent entity is Fuji Topco Limited by virtue of its shareholdings in the Company. The registered address of Fuji Topco Limited is Electricity House, Quay Street, Bristol, England, BS1 4TD.
During the prior financial year, the Company and Fuji Topco Limited were acquired by Project Daniel Buyer Limited. Project Daniel Buyer Limited acquired 100% of Fuji Topco Limited and 28.6% of Inside Travel Group Limited. Project Daniel Buyer Limited is 100% owned by Project Daniel Topco Limited, which is the ultimate controlling party of the group.
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