The company made a loss of £269,000 for the financial year to October 31, 2014, compared with a profit of £5 million in 2013, according to its most recent accounts filed at Companies House.

The group made this loss despite a 41% rise in the total transaction value (TTV) of its bookings from £336 million in 2013 to £477 million in 2014. Turnover from commission and margin rose from £49.1 million to £73.8 million year-on-year.

The loss came as the company’s distribution costs nearly doubled from £22.8 million to £40 million between 2013 and 2014.

Subsidiary Lowcostbeds made a TTV of £400 million and turnover of £86.3 million in 2014.

The group, which moved its operations to the Balearic island of Majorca in 2013, had been due to file its 2015 accounts this month but in April it extended this accounting period, meaning the accounts were not due until January 2017.

White Hart Associates (London) resigned as Lowcosttravelgroup’s auditor in March.

In a statement to Lowcost’s directors at the time, WHA said: “We confirm there are no circumstances connected with our ceasing to hold office as auditors of Lowcosttravelgroup Ltd which we consider should be brought to the members and/or creditors of the company.”