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REGISTERED NUMBER: 02124920 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| P & P ASSOCIATES LTD |

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the Year Ended 31 MARCH 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| P & P ASSOCIATES LTD |

COMPANY INFORMATION

for the Year Ended 31 MARCH 2025

| DIRECTORS: | Mr P E Cook

| Mr M E Cook

| REGISTERED OFFICE: | Falcon House

| Primett Road

| Stevenage

| SG1 3EE

| REGISTERED NUMBER: | 02124920 (England and Wales)

| ACCOUNTANTS: | Foxley Kingham

| Chartered Accountants

| 260 - 270 Butterfield

| Great Marlings

| Luton

| Bedfordshire

| LU2 8DL

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 31,868 |  | 8,264 |  |

Tangible assets | 5 | 301,598 |  | 212,252 |  |

Investments | 6 | 1 |  | 3 |  |

333,467 |  | 220,519 |  |

CURRENT ASSETS

Debtors | 7 | 4,762,485 |  | 3,828,480 |  |

Cash at bank | 746,452 |  | 843,794 |  |

5,508,937 |  | 4,672,274 |  |

CREDITORS

Amounts falling due within one year | 8 | 2,890,018 |  | 2,042,081 |  |

NET CURRENT ASSETS | 2,618,919 |  | 2,630,193 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,952,386 |  | 2,850,712 |  |

CREDITORS

Amounts falling due after more than one year | 9 | 194,953 |  | 109,224 |  |

NET ASSETS | 2,757,433 |  | 2,741,488 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 100,006 |  | 100,006 |  |

Retained earnings | 2,657,427 |  | 2,641,482 |  |

SHAREHOLDERS' FUNDS | 2,757,433 |  | 2,741,488 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

BALANCE SHEET - continued

31 MARCH 2025

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

Mr P E Cook - Director

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 MARCH 2025

1. | STATUTORY INFORMATION

| P & P Associates Ltd 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 (£).

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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover is derived from the provision of travel services as a travel management company and retail travel agent and tour operator.

| Where the company acts as the principal tour operator, turnover represents the gross value of the holiday sold (excluding VAT). The full cost of such holidays is included within cost of sales. Revenue from the sale of these products is recognised on the date of departure, gross of all charges billed to the customer less any discounts and sales taxes. Customer payments relating to holiday packages and flights with dates of departure beyond the accounting reference date are carried forward as deferred income.

| Where the company acts as a travel management company, turnover represents the gross value of all charges (excluding VAT) to customers for travel services provided by the company such as airline, hotel, and rail reservations, along with transaction fees and commissions earned at the same time of sale. Revenue is recognised at the time of booking.

| Fees receivable relate to income receivable based on a contingency agreement following the sale of the company's division in previous years.

| Goodwill

| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Development costs are being amortised evenly over their estimated useful life of three years.

| 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.

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | not provided

| Fixtures and fittings | - | 10% on cost

| Motor vehicles | - | 20% on cost

| Computer equipment | - | 33% on cost

| Tangible fixed assets under the cost model are recognised at historical cost less accumulated depreciation and any accumulated impairment losses.

| Motor vehicles are initially measured at cost and depreciated over the estimated useful life of the asset using the cost price less the residual value.

| The freehold land is being depreciated to its estimated residual value over it's deemed useful economic life. The directors believe the residual value to be at least the current carrying value in these accounts

| and therefore depreciation would be negligible. The maintenance costs are charged to the profit and loss account in the year incurred. The directors review the estimated residual value at the end of each accounting period.

| Gains and losses on disposals are recognised in the profit and loss account.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 16 (2024 - 9 ) .

4. | INTANGIBLE FIXED ASSETS

| Development |

| Goodwill |  | costs |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 400,105 |  | - |  | 400,105 |  |

| Additions | - |  | 35,406 |  | 35,406 |  |

| At 31 March 2025 | 400,105 |  | 35,406 |  | 435,511 |  |

| AMORTISATION

| At 1 April 2024 | 391,841 |  | - |  | 391,841 |  |

| Amortisation for year | 4,563 |  | 7,239 |  | 11,802 |  |

| At 31 March 2025 | 396,404 |  | 7,239 |  | 403,643 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,701 |  | 28,167 |  | 31,868 |  |

| At 31 March 2024 | 8,264 |  | - |  | 8,264 |  |

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 MARCH 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |  | Motor |  | Computer |

| property |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 10,000 |  | 122,377 |  | 163,552 |  | 201,529 |  | 497,458 |  |

| Additions | - |  | 860 |  | 304,607 |  | 9,582 |  | 315,049 |  |

| Disposals | (10,000 | ) | - |  | (187,233 | ) | - |  | (197,233 | ) |

| At 31 March 2025 | - |  | 123,237 |  | 280,926 |  | 211,111 |  | 615,274 |  |

| DEPRECIATION

| At 1 April 2024 | - |  | 105,054 |  | 5,032 |  | 175,120 |  | 285,206 |  |

| Charge for year | - |  | 2,593 |  | 27,645 |  | 15,099 |  | 45,337 |  |

| Eliminated on disposal | - |  | - |  | (16,867 | ) | - |  | (16,867 | ) |

| At 31 March 2025 | - |  | 107,647 |  | 15,810 |  | 190,219 |  | 313,676 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 15,590 |  | 265,116 |  | 20,892 |  | 301,598 |  |

| At 31 March 2024 | 10,000 |  | 17,323 |  | 158,520 |  | 26,409 |  | 212,252 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 April 2024 | 163,552 |  |

| Additions | 304,607 |  |

| Disposals | (187,233 | ) |

| At 31 March 2025 | 280,926 |  |

| DEPRECIATION

| At 1 April 2024 | 5,032 |  |

| Charge for year | 27,645 |  |

| Eliminated on disposal | (16,867 | ) |

| At 31 March 2025 | 15,810 |  |

| NET BOOK VALUE

| At 31 March 2025 | 265,116 |  |

| At 31 March 2024 | 158,520 |  |

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 MARCH 2025

6. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| COST

| At 1 April 2024 | 3 |  |

| Disposals | (2 | ) |

| At 31 March 2025 | 1 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1 |  |

| At 31 March 2024 | 3 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 2,029,539 |  | 1,416,595 |  |

| Other debtors | 1,145,637 |  | 943,387 |  |

| Directors' loan accounts | 1,363,252 |  | 1,197,097 |  |

| VAT | 21,784 |  | 21,279 |  |

| Prepayments and accrued income | 202,273 |  | 250,122 |  |

4,762,485 |  | 3,828,480 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 10) | 71,205 |  | 33,098 |  |

| Trade creditors | 2,510,575 |  | 1,608,806 |  |

| Corporation tax | 68,629 |  | 89,930 |  |

| Taxation and social security | 15,302 |  | 7,205 |  |

| Other creditors | 190,588 |  | 273,461 |  |

| Accrued expenses | 33,719 |  | 29,581 |  |

2,890,018 |  | 2,042,081 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 10) | 194,953 |  | 109,224 |  |

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 MARCH 2025

10. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 71,205 |  | 33,098 |  |

| Between one and five years | 194,953 |  | 109,224 |  |

266,158 |  | 142,322 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 2,867 |  | 54,615 |  |

| Between one and five years | - |  | 2,367 |  |

2,867 |  | 56,982 |  |

11. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 266,158 |  | 142,322 |  |

| The hire purchase liabilities are secured against the assets to which they relate.

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 40,006 | Ordinary | 1 | 40,006 |  | 40,006 |  |

| 60,000 | Ordinary B | 1 | 60,000 |  | 60,000 |  |

100,006 |  | 100,006 |  |

| Ordinary shares have full voting, dividend and capital distribution rights. They do not confer any rights of redemption.

| Ordinary B shares have full dividend rights. They do not confer any rights of redemption.

| The directors may resolve to declare a dividend on one class of share and not the other.

13. | CONTINGENT LIABILITIES

| A debenture is held by the company's bank which included a fixed charge over all present freehold and leasehold property. First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First floating charge over all assets and undertaking both present and future.

| P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the Year Ended 31 MARCH 2025

14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 | 2024 |

£ | £ |

| Mr P E Cook

| Balance outstanding at start of year | 1,036,308 |  | 961,944 |  |

| Amounts advanced | 304,441 |  | 254,364 |  |

| Amounts repaid | (180,000 | ) | (180,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 1,160,749 |  | 1,036,308 |  |

| Mr M E Cook

| Balance outstanding at start of year | 160,789 |  | - |  |

| Amounts advanced | 141,712 |  | 160,789 |  |

| Amounts repaid | (100,000 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 202,501 |  | 160,789 |  |

| Interest has been charged on the overdrawn loan account balance at the HMRC approved rate of 2.25%.

15. | RELATED PARTY DISCLOSURES

| All related party transactions have been carried out at arms' length.

| F and P Property Management Ltd

| A company in which Mr P Cook is a shareholder.

| During the year P & P Associates Ltd sold a parcel of land to F and P Property Management Ltd. The transaction was carried out at a consideration of £275,000, reflecting the agreed market value.

2025 | 2024 |

£ | £ |

| Amount due from related party at the balance sheet date | 376,644 |  | 70,330 |  |

16. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is P&P Group Limited and the ultimate parent company is PPA Group Ltd. Both companies are registered in the United Kingdom. The entities are exempt from the obligation to prepare and deliver group accounts.

| The ultimate controlling party in the current and prior year was Mr P E Cook.