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REGISTERED NUMBER: 11776707 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| INTERNET TRAVEL SERVICES LIMITED |

INTERNET TRAVEL SERVICES LIMITED (REGISTERED NUMBER: 11776707)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

INTERNET TRAVEL SERVICES LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTOR: | R S Kumpf

| REGISTERED OFFICE: | c/o Mackrell, 60 St. Martin's Lane

| Covent Garden

| London

| WC2N 4JS

| REGISTERED NUMBER: | 11776707 (England and Wales)

| AUDITORS: | Cooper Parry Group Limited

| Statutory Auditor

| First Floor, Davidson House

| Forbury Square

| Reading

| Berkshire

| RG1 3EU

INTERNET TRAVEL SERVICES LIMITED (REGISTERED NUMBER: 11776707)

BALANCE SHEET

31 DECEMBER 2024

2024 | 2023 |

| Notes | £ | £

CURRENT ASSETS

Debtors | 4 | 163,046 |  | 195,440 |  |

Cash at bank | 6,214 |  | 2,974 |  |

169,260 |  | 198,414 |  |

CREDITORS

Amounts falling due within one year | 5 | 2,141,089 |  | 2,020,828 |  |

NET CURRENT LIABILITIES | (1,971,829 | ) | (1,822,414 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (1,971,829 | ) | (1,822,414 | ) |

CAPITAL AND RESERVES

Called up share capital | 6 | 100 |  | 100 |  |

Retained earnings | (1,971,929 | ) | (1,822,514 | ) |

SHAREHOLDERS' FUNDS | (1,971,829 | ) | (1,822,414 | ) |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 11 September 2025 and were signed by:

R S Kumpf - Director

INTERNET TRAVEL SERVICES LIMITED (REGISTERED NUMBER: 11776707)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Internet Travel Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

| The financial statements are rounded to the nearest £.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The company is a subsidiary of TSI USA LLC and TSI USA LLC have undertaken to provide financial support to the company to enable it to continue to trade and satisfy its liabilities as they fall due for at least 12 months from the signing of these financial statements and for the foreseeable future.

| Having considered the written undertaking given by TSI USA LLC, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of their assessment of the company's financial position and of the enquiries made of the directors of TSI USA LLC, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

| Revenue

| Commission revenue is recognised when received.

| Where the company acts as an agent, the total transaction value which represents the price at which bookings have been sold does not represent the Company's statutory turnover.

INTERNET TRAVEL SERVICES LIMITED (REGISTERED NUMBER: 11776707)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Provision for liabilities

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to the Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Balance sheet.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of

| financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

| Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

INTERNET TRAVEL SERVICES LIMITED (REGISTERED NUMBER: 11776707)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Interest income

| Interest income is recognised in the Profit and loss account using the effective interest method.

| Finance costs

| Finance costs are charged to the Profit and loss account 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.

| Borrowing costs

| All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2023 - NIL).

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

| £ | £

| Amounts owed by group undertakings | 140,196 |  | 89,074 |  |

| Other debtors | 22,850 |  | 106,366 |  |

163,046 |  | 195,440 |  |

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

| £ | £

| Trade creditors | 7,371 |  | 5,709 |  |

| Amounts owed to group undertakings | 2,124,248 |  | 2,007,777 |  |

| Other creditors | 9,470 |  | 7,342 |  |

2,141,089 |  | 2,020,828 |  |

INTERNET TRAVEL SERVICES LIMITED (REGISTERED NUMBER: 11776707)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

value: |  | £ | £

| 100 | Ordinary | £1 | 100 |  | 100 |  |

7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)

| for and on behalf of Cooper Parry Group Limited

8. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. | ULTIMATE CONTROLLING PARTY

| The Company is a wholly owned subsidiary of TSI USA LLC.