K E Adventure Travel Ltd Company accounts

COMPANY REGISTRATION NUMBER: 01911512

K E Adventure Travel Ltd

Financial Statements

31 December 2025

K E Adventure Travel Ltd

Financial Statements

Year ended 31 December 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	5

Independent auditor's report to the members	8

Statement of income and retained earnings	12

Statement of financial position	13

Notes to the financial statements	14

K E Adventure Travel Ltd

Officers and Professional Advisers

The board of directors	Mr L Habasque
	Mr A F Capestan
	Mr A Toft

Company secretary	Canute Secretaries Limited

Registered office	27 Greville Street
	London
	EC1N 8SU

Auditor	Xeinadin Audit Limited
	Accountants & statutory auditor
	Maple House
	Level 5A
	149 Tottenham Court Road
	London
	W1T 7NF

K E Adventure Travel Ltd

Strategic Report

Year ended 31 December 2025

Nature of operations

The company is a tour operator specialising in adventure holidays.

Principal activities

KE Adventure Travel is a tour operator offering customers more than 350 different adventure holidays in around 90 countries. A majority are small group adventures led by an expert leader. However the range of self-guided holidays continues to grow quickly, and now makes up about 25% of the product range. All trips include an element of physical activity with a majority being walking and trekking holidays. The company also has a good range of cycling, mountaineering and wildlife trips, as well as polar expeditions and family adventures.

Review of the business

It was a positive year of growth and development for the company, with passenger numbers, revenues and gross profits all growing year on year. The company continued to invest in the team, marketing and IT/technology, resulting in overheads that were 9% higher than previous year. This resulted in an operating profit that was 9.8% higher than 2024. Following the acquisition of the Freewheel Holidays brand and customer database in March 2024, a focussed approach to sales & marketing led to revenues of £336k in 2025, significantly up on the £111k achieved in the first 9 months of ownership. KE’s subsidiary Mickledore Travel, had a very positive year with record revenues, margins and profitability for a third year running. A dividend was paid in June 2025.

Analysis of development and performance during year and position at year end

Self-Guided continues to be the key driver of growth, with KE branded Self-Guided trip revenues growing by 29% in the year. Due to KE operating in an increasingly competitive market, the company has had to introduce some customer discounts and offers at certain times of year to entice customers to book. Due to effective pricing and yield management, it was pleasing to note that gross margins were not only maintained, but improved upon.

Principal risks and uncertainties

The key risks to the business, are really those which affect our customers’ confidence to spend money on their holidays i.e. macro-economic and geopolitical factors. World events can also have quite a large impact on our tour operation, especially if important destinations become off-limits or are perceived to be more dangerous places to visit. The company is in an increasingly competitive market, and that has led to more discounting, which is a challenge, as we are not traditionally a discounting brand. Booking patterns also seem to be ever-changing, which makes it more difficult to predict our revenue streams, and likely end of year results. The company still has a number of old/legacy IT systems. These are gradually being replaced, but we have some quite large projects ahead to replace and improve the remaining systems. Aligned to this is the speed at which new technologies, including AI, are being utilised. There is much uncertainty about how this will affect the industry and the company, but it could also offer some great opportunities. There is an ever-increasing risk of cyber-attack, and this seems to be one of the biggest risks to the business now. We continue to focus on this as a priority, with new private servers being installed with improved security.

Key perfomance indicators

The company monitors its performance on the following key performance indicators: Turnover – the company monitors turnover on a daily, weekly and monthly basis, and compares its position with the same period in previous years, including by destination and trip. Turnover for the financial year was 6% up on previous year. Passenger numbers – the number of customers who travelled with KE during the year increased by 7.5%, meaning that average selling price was marginally lower. This was related to the comparatively quick growth of our self-guided product, which has a lower average booking value. Gross Profit – the company monitors its margins and profits per trip, per country and on a year on year basis. The gross profit for the financial year was 9% better than previous year, due largely to improved yield and price management. Overheads – due to the continued investment in the team, marketing and IT/technology, overheads increased by 9% year on year. The main overhead increases were in staff salaries (+15%) and IT/technology (+22%). Much of the staff salary increase was due to the annualised costs of those recruited during the year in 2024. Plus the increase in National Insurance costs in April 2025. As we continue to improve and modernise our technology, the licensing, support and maintenance costs continue to increase significantly. Customer satisfaction – we monitor customer feedback and online reviews closely, and act quickly on any comments, with the aim to continually improve the customer experience. As part of the CSQ we monitor our Net Promoter Score (NPS), which was 61.6 in 2025. Whilst a strong score, this dropped by 5.7 points in 2025. We are aware of the specific issues which impacted this, and have acted to make improvements going forward.

Environmental and employment matters

After expanding the team in 2024, we have not increased overall staff numbers in 2025. 2 staff members left the business during the year and 1 joined us, with another due to join in early 2026. Staff continue to work on a hybrid basis, with on average about 50% of their time in the office. The company’s sustainability team continue to work closely with our long term charity partners, the key ones being Mind Over Mountains and Growing Well. As well as donating to each of these charities, staff are supporting them by raising money through sponsored events and other initiatives. There is an ongoing drive to work more closely with our suppliers around the world, and to support worthwhile projects that they are involved in, in countries in which we operate our trips. We continue to absorb the emissions from all flights sold to customers. The carbon from staff flights and the operation of our trips on the ground, including transport, accommodation, activities and meals is also absorbed. Absorption means buying carbon credits equivalent to our residual emissions, and ensuring that those credits are invested in worthwhile, verified environmental projects, which absorb carbon through such things as tree or mangrove planting or powering communities with solar power. Our carbon absorption partner is Livelihoods Funds, who we pay each year through our parent company, based on exact flown distances and estimated trip emissions. As well as absorbing carbon, all Livelihoods Funds projects have a social and economic benefit to the local communities.

Events after the end of the reporting period

There have been no events since year end that have affected the company in any significant way.

This report was approved by the board of directors on 30 March 2026 and signed on behalf of the board by:

Mr A Toft

Director

Registered office:

27 Greville Street

London

EC1N 8SU

K E Adventure Travel Ltd

Directors' Report

Year ended 31 December 2025

The directors present their report and the financial statements of the company for the year ended 31 December 2025 .

Directors

The directors who served the company during the year were as follows:

Mr L Habasque
Mr A F Capestan
Mr A Toft

Dividends

Particulars of recommended dividends are detailed in note 14 to the financial statements.

Financial instruments

The company offers a wide variety of product and destinations throughout the world. This diversity helps to minimise risks if there are issues in a certain geographic area, allowing the company to re-direct focus on sales and operations in other parts of the world. The company has more than 30 years of crisis management experience and an excellent health and safety record.

The company checks its competition regularly and reviews and varies prices accordingly to ensure it remains competitive. Agent prices and flight costs are fixed as early as possible. The company provides regular visits abroad for staff and management to test existing and potential products.

The company aims to mitigate fluctuations in exchange rates by forward purchasing foreign currency as necessary to match requirement, and sell back currency at current exchange rates. Performance is monitored at different levels with reporting on a daily, weekly and monthly basis.

The company management is heavily involved in the day to day running of the company and the company directors liaise with both staff and management regularly.

Price risk:-

The company experiences price risk with regard to exchange rates as it trades in multiple currencies. It also experiences price risk with regard to prices charged by its competitors. It works to mitigate these risks by entering into forward exchange contracts and monitoring the prices charged by its competitors.

Cash flow risk:-

The company experiences cash flow risk due to entering into forward exchange contracts to meet its future anticipated liabilities and also through holding balances in other currencies. The company mitigates its cash flow risk by planning its currency commitments and balances in order to meet its liabilities as they fall due to minimise the amount of funds tied up in other currencies.

Credit risk:-

The company does not consider credit risk to be an issue as its customers pay for their trips in advance of travel.

Liquidity risk:-

The company does not consider liquidity risk to be an issue as the company maintains readily available cash reserves to meet its liabilities.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 28 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - 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 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 30 March 2026 and signed on behalf of the board by:

Mr A Toft

Director

Registered office:

27 Greville Street

London

EC1N 8SU

K E Adventure Travel Ltd

Independent Auditor's Report to the Members of K E Adventure Travel Ltd

Year ended 31 December 2025

Opinion

We have audited the financial statements of K E Adventure Travel Ltd (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, 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 FRS 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 December 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions 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 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.

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 strategic report or 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor’s 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our audit opinion. Identifying and assessing potential risks related to irregularities in identifying and assessing risks of material misstatement: In respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following: - the nature of the business and its industry, the level of autonomy of management and the controls put in place by those charged with governance and business performance, including performance rewards. - results of our enquiries of management and those charged with governance regarding their own identification and assessment of the risks of irregularities. - any matters we identified having documented and tested the company's policies and procedures including compliance with laws and regulations, internal controls and also from discussion within the audit engagement team and associated internal specialists regarding how and where fraud might occur and whether there were any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following areas: recognition of income and personal use of company funds. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were Companies Act 2006 (UK), ATOL, ABTA, employment law, health and safety, pensions and tax legislation. 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 involved intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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 override of internal control. - 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 the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 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. 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 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.

Russell Eley FCCA

(Senior Statutory Auditor)

For and on behalf of

Xeinadin Audit Limited

Accountants & statutory auditor

Maple House

Level 5A

149 Tottenham Court Road

London

W1T 7NF

30 March 2026

K E Adventure Travel Ltd

Statement of Income and Retained Earnings

Year ended 31 December 2025

		2025	2024
Note		£	£
Turnover	4	10,230,365	9,663,191

Cost of sales	7,091,733	6,789,591
	-------------	------------
Gross profit	3,138,632	2,873,600

Distribution costs		354	1,682
Administrative expenses		2,525,832	2,314,012
Other operating income	5	13,992	12,417
		------------	------------
Operating profit	6	626,438	570,323

Income from shares in group undertakings	10	360,000	210,000
Other interest receivable and similar income	11	54,118	86,886
Interest payable and similar expenses	12	46,705	4,653
		------------	------------
Profit before taxation		993,851	862,556

Tax on profit	13	160,359	167,779
		---------	---------
Profit for the financial year and total comprehensive income		833,492	694,777
		---------	---------

Dividends paid and payable	14	( 624,000)	( 1,196,000)

Retained earnings at the start of the year	4,012,425	4,513,648
	------------	------------
Retained earnings at the end of the year	4,221,917	4,012,425
	------------	------------

All the activities of the company are from continuing operations.

K E Adventure Travel Ltd

Statement of Financial Position

31 December 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	15	167,558	188,354
Tangible assets	16	17,670	19,394
Investments	17	3,015,631	3,015,631
		------------	------------
		3,200,859	3,223,379

Current assets

Stocks	18	33,308	32,632
Debtors	19	1,093,915	1,016,088
Cash at bank and in hand		2,823,257	2,882,996
		------------	------------
		3,950,480	3,931,716

Creditors: amounts falling due within one year	20	2,466,885		2,676,757
		------------		------------
Net current assets			1,483,595	1,254,959
			------------	------------
Total assets less current liabilities			4,684,454	4,478,338

Provisions	21	37,537	40,913
		------------	------------
Net assets		4,646,917	4,437,425
		------------	------------

Capital and reserves

Called up share capital	24	52,000	52,000
Share premium account	25	373,000	373,000
Profit and loss account	25	4,221,917	4,012,425
		------------	------------
Shareholders funds		4,646,917	4,437,425
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 30 March 2026 , and are signed on behalf of the board by:

Mr A Toft

Director

Company registration number: 01911512

K E Adventure Travel Ltd

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The trading address of the company is Central Car Park Road, Keswick, Cumbria, CA12 5DF.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Voyageurs du Monde S.A. which can be obtained from the address in note 31 to the financial statements. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of any part of the United Kingdom.

Changes in accounting estimates

During 2024 the company changed its VAT registration to a group registration with its subsidiary company. The group registration has saved the company £245 in output VAT to 31 December 2024, and the group saved £40,127.

Judgements 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. In the course of preparing the financial statements, no judgements have been made on the process of applying the company’s accounting policies, other than those involving estimations, that have had a significant effect on the amounts recognised in the financial statements. In the course of preparing the financial statements, no key estimates have been made that have a significant effect on the company or the amounts disclosed in the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for booked tours, stated net of discounts and of Value Added Tax. Revenue from booked tours is recognised upon the tour departure date, or at the date of cancellation by the customer where a proportion of the value of the booking is retained.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Licences	-	2% straight line
Website	-	10 % straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	10% straight line
Fixtures, fittings and equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Impairments are only recognised where losses are permanent. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks of equipment used on trips are measured at the lower of cost and net realisable value.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Supply of travel packages	10,230,365	9,663,191
	-------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Commission receivable	7,757	12,417
Other operating income	6,235	–
	--------	--------
	13,992	12,417
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging:

	2025	2024
	£	£
Amortisation of intangible assets	20,796	19,787
Depreciation of tangible assets	12,975	15,613
Foreign exchange differences in cost of sales	–	64,155
	--------	--------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	11,000	10,500
	--------	--------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Management staff	1	1
Customer sales and support staff	12	11
Customer services and operations staff	3	3
Product managers	11	10
Marketing staff	6	5
Human resources, accounts, IT and office staff	4	3
	----	----
	37	33
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	1,309,003	1,156,282
Social security costs	153,147	105,958
Other pension costs	41,112	37,427
	------------	------------
	1,503,262	1,299,667
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	162,467	154,164
Company contributions to defined contribution pension plans	12,546	12,546
	---------	---------
	175,013	166,710
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	1	1
	----	----

10. Income from shares in group undertakings

	2025	2024
	£	£
Dividends from group undertakings	360,000	210,000
	---------	---------

11. Other interest receivable and similar income

	2025	2024
	£	£
Interest on bank deposits	50,007	82,974
Interest receivable on taxation paid	38	–
Other interest receivable and similar income	4,073	3,912
	--------	--------
	54,118	86,886
	--------	--------

12. Interest payable and similar expenses

	2025	2024
	£	£
Loss on financial instruments	44,303	–
Other interest payable and similar charges	2,402	4,653
	--------	-------
	46,705	4,653
	--------	-------

13. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	163,735	166,937

Deferred tax:

Origination and reversal of timing differences	( 3,376)	842
	---------	---------
Tax on profit	160,359	167,779
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	993,851	862,556
	---------	---------
Profit on ordinary activities by rate of tax	248,463	215,639
Effect of expenses not deductible for tax purposes	1,897	1,895
Effect of capital allowances and depreciation	( 1)	2,745
Effect of revenue exempt from tax	( 90,000)	( 52,500)
	---------	---------
Tax on profit	160,359	167,779
	---------	---------

Factors that may affect future tax expense

14. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	624,000	1,196,000
	---------	------------

15. Intangible assets

	Goodwill	Patents, trademarks and licences	Website	Total
	£	£	£	£
Cost
At 1 January 2025 and 31 December 2025	40,000	1,000	167,768	208,768
	--------	-------	---------	---------
Amortisation
At 1 January 2025	3,000	10	17,404	20,414
Charge for the year	4,000	20	16,776	20,796
	--------	-------	---------	---------
At 31 December 2025	7,000	30	34,180	41,210
	--------	-------	---------	---------
Carrying amount
At 31 December 2025	33,000	970	133,588	167,558
	--------	-------	---------	---------
At 31 December 2024	37,000	990	150,364	188,354
	--------	-------	---------	---------

16. Tangible assets

	Short leasehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2025	105,767	117,053	222,820
Additions	1,188	10,063	11,251
	---------	---------	---------
At 31 December 2025	106,955	127,116	234,071
	---------	---------	---------
Depreciation
At 1 January 2025	99,660	103,766	203,426
Charge for the year	6,186	6,789	12,975
	---------	---------	---------
At 31 December 2025	105,846	110,555	216,401
	---------	---------	---------
Carrying amount
At 31 December 2025	1,109	16,561	17,670
	---------	---------	---------
At 31 December 2024	6,107	13,287	19,394
	---------	---------	---------

17. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2025 and 31 December 2025	3,015,631
	------------
Impairment
At 1 January 2025 and 31 December 2025	–
	------------

Carrying amount
At 31 December 2025	3,015,631
	------------
At 31 December 2024	3,015,631
	------------

Subsidiaries

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Mickledore Travel Limited	27 Greville Street, London, EC1N 8SU	Ordinary	100

The registered office for Mickledore Travel Limited is 27 Greville Street, London, EC1N 8SU.

18. Stocks

	2025	2024
	£	£
Finished goods and goods for resale	33,308	32,632
	--------	--------

19. Debtors

	2025	2024
	£	£
Trade debtors	467,009	452,270
Prepayments and accrued income	48,113	43,614
Corporation tax repayable	37,327	–
Directors loan account	382,719	378,912
Other debtors	158,747	141,292
	------------	------------
	1,093,915	1,016,088
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2025	2024
	£	£
Directors loan account	382,719	378,912
	---------	---------

Trade debtors includes advance payments to ground and flight agents totalling £467,009 (2024 - £452,270) for departures after the balance sheet date.

20. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,271,241	2,220,201
Accruals and deferred income	156,407	164,267
Corporation tax	–	242,344
Social security and other taxes	39,237	36,383
Other creditors	–	13,562
	------------	------------
	2,466,885	2,676,757
	------------	------------

Trade creditors includes advance receipts from customers totalling £2,265,496 (2024 - £2,212,397) for departures after the balance sheet date.

21. Provisions

	Deferred tax (note 22)
	£
At 1 January 2025	40,913
Charge against provision	( 3,376)
	--------
At 31 December 2025	37,537
	--------

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 21)	37,537	40,913
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	37,537	40,913
	--------	--------

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 41,112 (2024: £ 37,427 ).

24. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	52,000	52,000	52,000	52,000
	--------	--------	--------	--------

On 18 December 2023 a director exercised a share option plan and acquired 2,000 ordinary shares in the company at a price of £187.50 per share. The terms of the option also required a Put and Call Option Deed between the director and Erta Ale Développement SAS for which the put option must be exercised between 18 December 2025 and 25 April 2028. The call option can be actioned after this period has lapsed or in the event of an acceleration event or third party offer. The total price of the shares was £375,000 and the company provided a loan to the director for this purpose and interest is charged on the loan at 1% per annum. The loan, and interest thereon, is only due for repayment when the put option or call option are exercised.

The ordinary shares hold full voting rights and the right to participate in dividends and distributions made by the company.

25. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

26. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	76,491	76,491
Later than 1 year and not later than 5 years	294,374	305,162
Later than 5 years	42,082	96,327
	---------	---------
	412,947	477,980
	---------	---------

27. Contingencies

The company currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Aviation Authority (CAA), is a member of the Association of British Travel Agents (ABTA) and is an accredited agent of International Air Transport Association (IATA). As at 31 December 2025, there were contingent liabilities given by the company in the normal course of business in respect of ABTA bonds amounting to £1,348,822 (2024 - £893,650). The bond increases to £1,846,242 for 12 months from 1 April 2026. Accelerant Insurance Europe SA/NV, who provided the bond on behalf of the company required a third party counter indemnity from Voyageurs du Monde SA upon renewal in 2022, which remains in place.

28. Events after the end of the reporting period

The company has been impacted by the conflict in the Middle East, but so far that impact has been minimal. The company has managed to re-book many of its customers who were due to travel to Jordan and Oman, as well as finding alternative flights for a majority of customers travelling via the Gulf. Since the invasion occurred, sales have actually been up year on year for current year bookings in 2 out of 3 of the weeks, and up 7% overall, net of any cancellations. Forward bookings for 2027 departures have been more subdued, with revenues down 60% during that same 3 week period. However that is not a significant concern as it is very early to be considering a 2027 holiday. Trips for 2027 are only about 4% sold, and sales are still up (year on year) cumulatively.

29. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A Toft	378,912	3,807	382,719
	---------	-------	---------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A Toft	375,000	3,912	378,912
	---------	-------	---------

Details of the terms of the loan are in note 24 to the financial statements.

30. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Companies subject to common control or influence	2,168,220	698,931	19,674	19,236
Parent company	600,000	1,189,501	–	–
Subsidiary company	364,500	213,617	2,000	–
Key management personnel	24,000	46,000	–	–
	------------	------------	--------	--------

During the year the company traded with associated travel companies. They are all subject to common control or influence from Voyageurs du Monde SA. All of the transactions were in the normal course of trade but at slightly preferential rates because of their group status.

31. Controlling party

The company was controlled throughout the year by Erta Ale Développement SAS, a company registered in France. The registered office is Zone Artisanale Ou Zone D'Activité De Longifan, 38530 Chapareillan, France. The ultimate controlling party of the company is considered to be Voyageurs du Monde S.A, a company registered on the Euronext Growth Stock Exchange. The results of the company are included in the consolidated financial statements of Voyageurs du Monde S.A. Copies of the group financial statements are available from its registered office at 55, Rue Sainte-Anne, 75002 Paris.