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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXSUS TRAVEL LIMITED
COMPANY INFORMATION
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EXSUS TRAVEL LIMITED
CONTENTS
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EXSUS TRAVEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors at Exsus Travel saw a steady performance in the year and presented the financial statements as of December 31st 2025.
Executive Summary
The business delivered departure revenue of £15.55 million during 2025, reporting a net loss of £338,970 and achieving a gross margin of 11.8%, compared with 12.7% in 2024. While these headline figures reflect a challenging trading environment, they do not fully capture the underlying momentum of the business due to the way revenue is recognised within the travel industry. Demand for our products has remained strong, with booked sales continuing to grow significantly. However, because revenue is recognised on a departure basis rather than when bookings are taken, there is an inherent timing difference between investment in growth and the recognition of the associated income. Looking ahead, the business has entered 2026 with a substantially stronger forward order book, continued sales acceleration, and a number of structural cost savings that are expected to return the company to profitability. Revenue Recognition and Trading Performance The company reports revenue on a departure basis, recognising income when customers travel rather than when bookings are made. As a result, periods of growth create a lag between booked revenue and reported turnover. During 2025: • Booked revenue totalled approximately £17.0 million. • Departure revenue recognised in the accounts totalled £15.55 million. By comparison, in 2024: • Booked revenue totalled approximately £15.0 million. • Departure revenue recognised was £14.1 million. This timing difference means that expenditure incurred to generate bookings—such as marketing, staffing and operational support—is recognised immediately, while a proportion of the associated revenue is deferred until customers travel. Consequently, investment required to support growth can temporarily suppress reported profitability despite strengthening underlying trading performance. Gross Margin Performance Gross margin reduced from 12.7% in 2024 to 11.8% in 2025. The principal driver of this decline has been increased competition within the market. Several suppliers are now providing rates directly to travel agents, intensifying price competition and requiring sharper pricing in order to secure bookings. While this has compressed margins, it has enabled the business to continue growing volumes and strengthen its market position. Management believes this strategy has preserved future earnings potential by maintaining momentum and expanding the forward order book despite challenging market conditions. Outlook for 2026 Trading performance in 2026 demonstrates that the business is entering a significantly stronger phase.
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EXSUS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Current expectations are for approximately: • £20 million of booked revenue, and • £18 million of departure revenue during 2026. Growth continues to accelerate. As of June 2026, sales are already ahead of the equivalent period in 2025 with almost one week of trading remaining in the month. Sales for June have already reached approximately £1.63 million, compared with £1.52 million for the whole of June 2025, giving management confidence that monthly growth could exceed 30% year on year. The improving relationship between booked and recognised revenue means that the investments made during the growth phase are increasingly expected to translate into reported profits. 2026 Sales Forecast The current sales forecast has been prepared on a prudent basis and comprises: • £15.5 million of departures already booked to travel during 2026; and • An estimated £2.5 million of additional bookings expected between June and December 2026 that will also depart within the year. Importantly, this forecast does not include any further upside despite year-to-date sales running approximately 20% ahead of the prior year, making it a deliberately conservative assessment of expected performance. Supplier Income Supplier income has also strengthened materially. • During 2025, supplier contributions from trade events totalled £99,000. • By mid-2026, supplier income has already reached £146,000. Based on current trading, management expects supplier income to exceed £200,000 for the full year. Cost Management and Operational Efficiencies Alongside revenue growth, the business has implemented a number of permanent and one-off cost reductions that should materially improve profitability. Final Packs Only around six months of prepaid costs remain to be recognised. Existing luggage tags and wallets will meet requirements throughout 2026, eliminating the need for further purchases this year. Future procurement has been moved to a significantly lower-cost supplier in India, reducing expenditure from 2027 onwards. Brochures Current brochure inventory is expected to last throughout 2026, with only the remaining prepaid amortisation to be recognised. No second-half expenditure is anticipated, with replacement deferred until 2027. Website Development The company incurred a one-off website redevelopment cost of approximately £22,000. No further expenditure is planned during 2026 and none is currently anticipated for 2027. Bond Costs In 2025, separate bond facilities of £1.1 million and £500,000 resulted in duplicated costs. These have now been consolidated into a single £1.6 million bond, generating annual savings of approximately £13,000. Office Rationalisation Notice has been served to close the London office following the successful transition of most staff to Manchester. Although this will not materially affect 2026 costs, annual savings of approximately £15,000 are expected from 2027 onwards.
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EXSUS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Finance Costs HMRC interest charges and Bounce Back Loan interest have been eliminated following repayment of both balances by the end of December 2025. Agent Familiarisation Trips The business secured complimentary flights for two agent familiarisation trips, reducing anticipated expenditure by approximately £30,000 compared with 2025. Accommodation Insurance Changes to AITO requirements mean accommodation-only bookings no longer require separate protection insurance. As a result, the related policy has been discontinued, producing annual savings of approximately £6,000. Profitability Outlook Based on current trading and conservative assumptions, management forecasts a net profit of approximately £206,000 for 2026. Given the pace of sales growth, improving supplier income, and the benefit of numerous structural cost savings already implemented, management believes there is a realistic opportunity to exceed this forecast and achieve a net profit closer to £300,000. Conclusion Although the 2025 financial statements report a loss of £339,000, the underlying performance of the business should be viewed in the context of strong booking growth, departure-based revenue recognition, and a highly competitive market environment that temporarily compressed gross margins. The company enters 2026 with a significantly stronger forward sales position, accelerating trading momentum, increased ancillary income, and a leaner cost base. These factors provide a solid foundation for a return to sustainable profitability and support management's confidence in the medium-term outlook.
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EXSUS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The conflict in the Middle East and the hardline stance against immigration in the US has had some minor impact in seeing less enquiries for places like Egypt or USA but neither form a major part of our business.
We have also seen increased enquiries in other regions, mainly Europe (Greece and Spain) and Asia (Thailand, Vietnam and Japan). Our European sales volume continues to be strong, so even though the war in Ukraine is a global risk factor, the effect on our activity is still minimal. Regulatory Risk We successfully renewed our ATOL and ABTA licenses, which allowed us to continue trading with the backing of the leading travel regulators in the UK. We hold ATOL Number 5126 and ABTA Membership numbers (Y6561). We are also an IATA accredited travel agent, and our IATA number is 91260341. External Risks Include Geographical situations like those mentioned in the Middle East and Ukraine, terrorism, military uprisings, diseases, acts of nature, and extreme weather. The destinations we offer our clients are constantly vetted for possible risks, and we consider the advice of the UK’s Foreign & Commonwealth Office (FCDO) for all destinations in our portfolio. Because we offer nearly all destinations worldwide, our portfolio has sufficient options for our clients. Operational Risk Exsus Travel currently has robust systems and processes in place. We prioritize staff training, especially familiarisation trips and the strength of our client and supplier relationships helps us limit the business's operational risks. Our customer satisfaction levels, conversation rates, and service quality continue to be a valued asset. Foreign Exchange Risk The accommodation market has become increasingly competitive, with bed banks aggressively promoting inventory at highly competitive rates, including direct distribution to travel agents. In response, the Company has adapted its purchasing strategy and now sources a greater proportion of accommodation through bed banks in order to remain commercially competitive and protect sales volumes. As most bed bank transactions are priced in sterling, this has reduced the opportunity to benefit from favourable foreign exchange movements and has diminished the contribution that FX hedging has historically made to gross margins. The reduction in FX-related gains was a significant factor in the decline in gross margin from 12.7% in 2024 to 11.8% in 2025. However, management believes that this strategic shift has positioned the business strongly for future growth. By adapting quickly to changing market dynamics and maintaining competitive pricing, the Company achieved sales growth during 2025 and has seen that momentum accelerate into 2026, outperforming many competitors despite wider market disruption, including the impact of geopolitical tensions in the Middle East. While the transition has resulted in lower gross margin percentages in the short term, it has strengthened the Company's competitive position, supported higher booking volumes and is expected to deliver greater long-term profitability and market share.
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EXSUS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
We closely manage our gross profit, operational expenses, and cash flow during the period. There has been a significant investment in Trade Marketing in 2024 compared to 2023, which has proven beneficial in revenue generation in 2025. Our staff costs have also risen because we are positioning ourselves for growth and therefore had to recruit the relevant talents to support the trajectory strategically. The rest of the KPIs used during the year are as follows:
Revenue: £15,549,686 (2024: £14,136,547) Gross Profit: £1,839,802 (2024: £1,796,340) Gross Margin Percentage: 11.8% (2024: 12.7%)
This report was approved by the board and signed on its behalf.
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EXSUS TRAVEL 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 loss for the year, after taxation, amounted to £338,970 (2024 - profit £25,547).
There were no dividends paid during the year (2024: £nil).
The directors who served during the year were:
The future developments of the Company have been discussed in the Strategic Report.
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EXSUS TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant events affecting the Company since the year end.
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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EXSUS TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL LIMITED
We have audited the financial statements of Exsus Travel Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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, and the disclosure made in note 2.2, 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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EXSUS TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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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EXSUS TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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;
∙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 estimate 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 noncompliance 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: ABTA, ATOL and IATA 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.
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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EXSUS TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXSUS TRAVEL 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 Auditor
Level 5a
Maple House
149 tottenham Court Road
W1T 7NF
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EXSUS TRAVEL LIMITED
REGISTERED NUMBER: 03385363
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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EXSUS TRAVEL LIMITED
REGISTERED NUMBER: 03385363
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 32 form part of these financial statements.
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EXSUS TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXSUS TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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EXSUS TRAVEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Exsus Travel Limited is a private limited company incorporated in England and Wales under the Companies Act 2006 and limited by shares. The address of the registered office and principal place of business is detailed on the Company information page of these financial statements.
The principal activity of the Company continued to be that of a tour operator.
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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis.
In assessing the appropriateness of this basis, the directors have considered the Company's financial position, forecast cash flows and working capital requirements for a period of at least twelve months from the date of approval of these financial statements. The Company reported a loss for the year of £338,970 and had net assets of £176,418 at 31 December 2025. Included within current assets are amounts owed by connected companies of £3,282,988. The directors have reviewed the recoverability of these balances and are satisfied that they will be recoverable in full. The Company also benefits from financial support from the ultimate controlling party and related parties. At the year end, subordinated loans totalling £2,119,000 were in place and are not repayable within the going concern assessment period. The directors have obtained confirmation that financial support will continue to be made available to the Company, as required, for a period of at least twelve months from the date of approval of these financial statements. The directors have prepared cash flow forecasts which indicate that the Company will have sufficient funds to meet its liabilities as they fall due for the foreseeable future. The forecasts take account of current trading performance, expected future bookings and available funding support. Accordingly, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements and have therefore adopted the going concern basis in preparing the financial statements
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is seperately disclosed under accruals and deferred income.
Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are seperately disclosed under prepayments and accrued income.
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EXSUS TRAVEL 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.
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts, debtors and creditors.
Depreciation The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis. 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.
The whole of the turnover is attributable to the principal activity which continued to be that of a tour operator.
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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EXSUS TRAVEL 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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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 27
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 28
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 29
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company currently holds an Air Travel Organisers' License (ATOL) issued by the Civil Aviation Authority (CAA) and is an accredited agent of the International Air Transport Association (IATA).
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license on the basis of the company meeting agreed financial criteria and renews this license in September (effective 1st October) each year. The company has complied with these requirements in the previous year and does not envisage any issues in the granting of a new license from October 2025. See note 16. As at 31 December 2025, there were contingent liabilities given by the Company in the normal course of business to Tokio Marine HCC in respect of ABTA and IATA bonds, amounting to £20,300 (2024: £18,000) and £Nil respectively (2024: £25,000). There were no other material contingent liabilities.
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 £68,586 (2024: £61,587). Contributions totalling £5,625 (2024: £5,594) were payable to the fund at the reporting date and are included in creditors.
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EXSUS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
G Rooney is the ultimate controlling party, by virtue of his majority shareholding in the Company
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