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Registered number: 13428449
REEFSCAPE TRAVEL LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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REEFSCAPE TRAVEL LTD
REGISTERED NUMBER: 13428449
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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REEFSCAPE TRAVEL LTD
REGISTERED NUMBER: 13428449
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2026.
The notes on pages 3 to 9 form part of these financial statements.
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REEFSCAPE TRAVEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Reefscape Travel Limited is a private company limited by shares registered in England and Wales, United
Kingdom. The registered office is; 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD.
The nature of the company's operations and principal activities are that of tour operator activities.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Turnover represents amounts receivable and received for holidays travelled in the year excluding value added tax. Income and related costs are recognised on a departure date basis.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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REEFSCAPE TRAVEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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REEFSCAPE TRAVEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Advanced receipts and payments
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All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under other accruals and deferred income. Payments made to suppliers in respect of these tours are included in prepayments and accrued income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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REEFSCAPE TRAVEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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Charge for the year on owned assets
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REEFSCAPE TRAVEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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Prepayments and accrued income
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Included within prepayments and accrued income is £428,923 (2024: £254,491) of advance payments to suppliers in relation to bookings travelling after the balance sheet date.
As at 31 December 2025, within other debtors, there was an amount given by the Company in the normal course of business to National Westminster Bank PLC in respect of ATOL bonds, amounting to £20,000 (2024: £30,000).
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REEFSCAPE TRAVEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Included within accruals and deferred income is £751,249 (2024: £457,106) of advanced receipts from clients in relation to bookings travelling after the balance sheet date.
National Westminster Bank PLC has a fixed charge over the company. The charge contains a negative pledge.
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Creditors: Amounts falling due after more than one year
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The £60,000 has been subordinated in accordance with the terms set out by the Civil Aviation Authority (CAA). This means the £60,000 cannot be repaid whilst the Company holds an Air Travel Organisers' License unless written consent has been received from the CAA and all other liabilities incurred by the Company in the period which it held an Air Travel Organiser's License have been satisfied.
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REEFSCAPE TRAVEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Forward foreign exchange contracts
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The Company enters into forward foreign exchange contracts to manage foreign exchange risk arising on forecast foreign currency transactions. At the reporting date, all outstanding contracts mature within 12 months. The contracts are measured at fair value, with movements recognised in profit or loss.
At 31 December 2025, the Company recognised a derivative financial liability of £8,487 (2024: derivative financial asset of £35,972) in respect of these contracts. The fair value of the outstanding contracts at the reporting date was an aggregate loss of USD 11,139.53, translated to sterling at the closing exchange rate.
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Related party transactions
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As at the year end date, the company owed a director of the Company £7,284 (2024: £12,401).
As at the year end date, the company owed a director of the Company £10,969 (2024: £21,379).
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The company is jointly controlled by L Fisher and I Wynne-Roberts by virtue of their shareholding.
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