TRAVELEX AGENCY SERVICES LIMITED

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  Material uncertainty over going concern

  Based on their enquiries and consideration of the company's financial position and forecasts, the Directors believe that it remains appropriate to prepare these financial statements on a going concern basis for at least 12 months from the date of approval of the financial statements. However, the circumstances described above represent a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business.

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  Going-concern uncertainty disclosed

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  Negative shareholders' funds

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. TRAVELEX AGENCY SERVICES LIMITED 2004-01-07 → present
2. TRAVELEX MT SERVICES LIMITED 2003-04-02 → 2004-01-07
3. IBIS (813) LIMITED 2002-12-19 → 2003-04-02

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Based on their enquiries and consideration of the company's financial position and forecasts, the Directors believe that it remains appropriate to prepare these financial statements on a going concern basis for at least 12 months from the date of approval of the financial statements. However, the circumstances described above represent a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business.”

Significant events

• “The Company's loss for the financial year is £1.0m (2024 loss: £1.2m).”
• “The Company reported a net liability position as at 31 December 2025 of £9.6m (2024 net liability: £8.6m).”
• “No dividends were paid in respect of the year ended 31 December 2025 (2024: £nil).”
• “On 15 April 2025, the Group reached agreement with all principal shareholders and New Money Note Holders to extend the expiry date of the New Money Notes until March 2029. On 30 September 2025, a further £12m of Senior Guaranteed Notes (SGNs) were issued to Shareholders with a nominal interest rate of 15% and a maturity of 31 December 2028.”
• “After the balance sheet date, The Group's outsourcing contract with Sainsbury's expired.”
• “Conflict in Iran broke in late February 2026, with tensions spilling out into neighbouring states with Iran launching strikes on key infrastructure. While a provisional ceasefire is in place and multiple rounds of mediated talks have been held, no comprehensive agreement has been reached, and the situation remains fluid. The Company has assessed the impact of this event on the 31 December 2025 financial statements and concluded it is a non-adjusting event.”
• “On 3 June 2026, the Group completed a consent process to cancel 70% of the NMNs which are stapled to the shares held by the group shareholders. On this date, the NMN debt principal amount outstanding was reduced by 70% to £124.5 million.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.