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REGISTERED NUMBER: 09565202 (England and Wales)

| VERTICAL GROUP LIMITED |

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 APRIL 2025 |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Consolidated Income Statement | 10 |

| Consolidated Other Comprehensive Income | 11 |

| Consolidated Balance Sheet | 12 |

| Company Balance Sheet | 14 |

| Consolidated Statement of Changes in Equity | 15 |

| Company Statement of Changes in Equity | 17 |

| Consolidated Cash Flow Statement | 18 |

| Notes to the Consolidated Cash Flow Statement | 19 |

| Notes to the Consolidated Financial Statements | 21 |

| VERTICAL GROUP LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | P.L. Healey

| B. Rodger

| REGISTERED OFFICE: | 14 Hemmells

| Laindon

| Basildon

| Essex

| SS15 6ED

| REGISTERED NUMBER: | 09565202 (England and Wales)

| AUDITORS: | CR Bland Baker Limited

| Chartered Accountants and

| Statutory Auditor

| 21 Lodge Lane

| Grays

| Essex

| RM17 5RY

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The Group is a Travel and Technology group which combines travel industry expertise and effective use of technology in a broad range of applications.

The key financial highlights are as follows:

Turnover £17.5m (2024- £18.7m)

Gross Profit Margin 44.8% (2024 - 51.7%)

The directors have continued to invest in our brand marketing strategy, with ongoing engagement with our clients and business partners across our broad range of products.

Group Company Commentaries

We have seen a both increases and decreases in holiday bookings this year within the group. This is due to both variances in exchange rates and the cost of living crisis which has seen costs rise both here and abroad. As a group we are happy to have traded through these challenges and have continued to make profits across most of the group companies. We continue to be in a good position to take advantage of opportunities within the travel industry. Within our travel companies we have been able to retain our excellent staff and homeworkers which has meant we have been able to meet demand. Sales and purchases in the accounts are recongnised on booking date and no provision has been made for any holidays cancelled subsequent to the year end. This is in line with previous years.

PRINCIPAL RISKS AND UNCERTAINTIES

The following factors affect the group's trading results. The risk factors described below are potentially significant, but this should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties.

Trading risks

The trading performance of the group may be affected by a number of factors outside its control, including:

-Wars and international unrest;

-Closing of borders due to spikes in pandemics, acts of terrorism in key tourist destinations which may result in restricted travel;

-Earthquakes or other natural disasters in key tourist destinations;

-Economic conditions in the group's key of the United Kingdom and holiday destinations around the world.

-Additional security requirements at the airports;

-Changes in foreign exchange rates.

These factors may affect the group by reducing demand, as its potential customers choose not to, or be unable to travel. These factors may affect booking patterns, as increased political and economic uncertainty may lead to an increased propensity for customers to book closer to departure and may lead to flights, holidays etc. to be sold at prices significantly less than usual, or they will remain unsold.

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

FINANCIAL KEY PERFORMANCE INDICATORS

The group considers turnover and gross profit margin to be the main financial KPIs.

ON BEHALF OF THE BOARD:

P.L. Healey - Director

28 November 2025

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

DIVIDENDS

A total distribution of dividends for the year ended 30 April 2025 will be £335,833 (2024 - £416,666).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

P.L. Healey

B. Rodger

RESULTS

The profit for the year, after taxation, amounted to £152,199 (2024 - profit of £581,662).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 APRIL 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

P.L. Healey - Director

28 November 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

VERTICAL GROUP LIMITED

Opinion

We have audited the financial statements of Vertical Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2025 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

VERTICAL GROUP LIMITED

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

VERTICAL GROUP LIMITED

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We have reviewed whether there were areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards).

- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers.

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

VERTICAL GROUP LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Steven James Garrod FCA (Senior Statutory Auditor)

for and on behalf of CR Bland Baker Limited

Chartered Accountants and

Statutory Auditor

21 Lodge Lane

Grays

Essex

RM17 5RY

1 December 2025

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 17,520,982 |  | 18,700,984 |  |

Cost of sales | 9,673,443 |  | 9,028,630 |  |

GROSS PROFIT | 7,847,539 |  | 9,672,354 |  |

Distribution costs | 2,999,858 |  | 4,319,082 |  |

Administrative expenses | 4,424,750 |  | 4,344,074 |  |

|  |  | 7,424,608 |  |  |  |  | 8,663,156 |  |

OPERATING PROFIT | 5 | 422,931 |  | 1,009,198 |  |

Interest receivable and similar income | 4,203 |  | 1,284 |  |

427,134 |  | 1,010,482 |  |

Gain/loss on revaluation of investment property | - |  | (42,940 | ) |

427,134 |  | 967,542 |  |

Interest payable and similar expenses | 6 | 46,972 |  | 59,026 |  |

PROFIT BEFORE TAXATION | 380,162 |  | 908,516 |  |

Tax on profit | 7 | 227,963 |  | 326,854 |  |

PROFIT FOR THE FINANCIAL YEAR | 152,199 |  | 581,662 |  |

Profit attributable to:

Owners of the parent | 147,583 |  | 427,590 |  |

Non-controlling interests | 4,616 |  | 154,072 |  |

152,199 |  | 581,662 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

CONSOLIDATED

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 152,199 |  | 581,662 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 152,199 |  | 581,662 |  |

Total comprehensive income attributable to:

Owners of the parent | 147,583 |  | 427,590 |  |

Non-controlling interests | 4,616 |  | 154,072 |  |

152,199 |  | 581,662 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

CONSOLIDATED BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 289,497 |  | 724,894 |  |

Tangible assets | 11 | 328,731 |  | 325,687 |  |

Investments | 12 | 18,249 |  | 18,249 |  |

Investment property | 13 | 260,000 |  | 260,000 |  |

896,477 |  | 1,328,830 |  |

CURRENT ASSETS

Stocks | 14 | 1,500 |  | 1,500 |  |

Debtors | 15 | 5,245,049 |  | 6,278,866 |  |

Cash at bank and in hand | 849,483 |  | 825,358 |  |

6,096,032 |  | 7,105,724 |  |

CREDITORS

Amounts falling due within one year | 16 | 6,401,933 |  | 7,290,312 |  |

NET CURRENT LIABILITIES | (305,901 | ) | (184,588 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 590,576 |  | 1,144,242 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (154,306 | ) | (394,838 | ) |

PROVISIONS FOR LIABILITIES | 21 | (34,200 | ) | (43,700 | ) |

NET ASSETS | 402,070 |  | 705,704 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

CONSOLIDATED BALANCE SHEET - continued

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 22 | 21,101 |  | 21,101 |  |

Share premium | 23 | 5,020,137 |  | 5,020,137 |  |

Retained earnings | 23 | (4,643,500 | ) | (4,383,250 | ) |

SHAREHOLDERS' FUNDS | 397,738 |  | 657,988 |  |

NON-CONTROLLING INTERESTS | 4,332 |  | 47,716 |  |

TOTAL EQUITY | 402,070 |  | 705,704 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

P.L. Healey - Director

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

COMPANY BALANCE SHEET

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 5,049,438 |  | 5,049,438 |  |

Investment property | 13 | - |  | - |  |

5,049,438 |  | 5,049,438 |  |

CURRENT ASSETS

Debtors | 15 | 406,781 |  | 397,820 |  |

CREDITORS

Amounts falling due within one year | 16 | 261,041 |  | 247,630 |  |

NET CURRENT ASSETS | 145,740 |  | 150,190 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,195,178 |  | 5,199,628 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 21,101 |  | 21,101 |  |

Share premium | 5,020,137 |  | 5,020,137 |  |

Retained earnings | 153,940 |  | 158,390 |  |

SHAREHOLDERS' FUNDS | 5,195,178 |  | 5,199,628 |  |

Company's profit for the financial year | 331,383 |  | 412,306 |  |

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

P.L. Healey - Director

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 May 2023 | 21,101 |  | (4,370,174 | ) | 5,020,137 |  |

Changes in equity

Dividends on equity shares | - |  | (416,666 | ) | - |  |

Total comprehensive income | - |  | 427,590 |  | - |  |

Share of dividends waived | - |  | (24,000 | ) | - |  |

21,101 |  | (4,383,250 | ) | 5,020,137 |  |

Dividend paid to minority interest | - |  | - |  | - |  |

Balance at 30 April 2024 | 21,101 |  | (4,383,250 | ) | 5,020,137 |  |

Changes in equity

Dividends on equity shares | - |  | (335,833 | ) | - |  |

Total comprehensive income | - |  | 147,583 |  | - |  |

Share of dividends waived | - |  | (72,000 | ) | - |  |

21,101 |  | (4,643,500 | ) | 5,020,137 |  |

Dividend paid to minority interest | - |  | - |  | - |  |

Balance at 30 April 2025 | 21,101 |  | (4,643,500 | ) | 5,020,137 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued

FOR THE YEAR ENDED 30 APRIL 2025

| Non-controlling |  | Total

| Total |  | interests |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 671,064 |  | (10,356 | ) | 660,708 |  |

Changes in equity

Dividends on equity shares | (416,666 | ) | - |  | (416,666 | ) |

Total comprehensive income | 427,590 |  | 154,072 |  | 581,662 |  |

Share of dividends waived | (24,000 | ) | 24,000 |  | - |  |

657,988 |  | 167,716 |  | 825,704 |  |

Dividend paid to minority interest | - |  | (120,000 | ) | (120,000 | ) |

Balance at 30 April 2024 | 657,988 |  | 47,716 |  | 705,704 |  |

Changes in equity

Dividends on equity shares | (335,833 | ) | - |  | (335,833 | ) |

Total comprehensive income | 147,583 |  | 4,616 |  | 152,199 |  |

Share of dividends waived | (72,000 | ) | 72,000 |  | - |  |

397,738 |  | 124,332 |  | 522,070 |  |

Dividend paid to minority interest | - |  | (120,000 | ) | (120,000 | ) |

Balance at 30 April 2025 | 397,738 |  | 4,332 |  | 402,070 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 May 2023 | 21,101 |  | 162,750 |  | 5,020,137 |  | 5,203,988 |  |

Changes in equity

Dividends on equity shares | - |  | (416,666 | ) | - |  | (416,666 | ) |

Total comprehensive income | - |  | 412,306 |  | - |  | 412,306 |  |

Balance at 30 April 2024 | 21,101 |  | 158,390 |  | 5,020,137 |  | 5,199,628 |  |

Changes in equity

Dividends on equity shares | - |  | (335,833 | ) | - |  | (335,833 | ) |

Total comprehensive income | - |  | 331,383 |  | - |  | 331,383 |  |

Balance at 30 April 2025 | 21,101 |  | 153,940 |  | 5,020,137 |  | 5,195,178 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,241,077 |  | 1,143,120 |  |

Interest paid | (27,799 | ) | (56,277 | ) |

Interest element of hire purchase payments paid | (12,409 | ) | (2,749 | ) |

Tax paid | (226,054 | ) | (77,519 | ) |

Taxation refund | 58,788 |  | 39,845 |  |

Net cash from operating activities | 1,033,603 |  | 1,046,420 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (71,068 | ) | (198,635 | ) |

Interest received | 4,203 |  | 1,284 |  |

Net cash from investing activities | (66,865 | ) | (197,351 | ) |

Cash flows from financing activities

Bank loan repayments in year | (256,169 | ) | (266,948 | ) |

Amounts advances on new HP contracts | 50,000 |  | 189,645 |  |

Capital repayments in year | (51,846 | ) | (9,218 | ) |

Amount introduced by directors | - |  | 160,629 |  |

Amount withdrawn by directors | (228,765 | ) | - |  |

Equity dividends paid | (335,833 | ) | (416,666 | ) |

Dividends paid to minority interests | (120,000 | ) | (120,000 | ) |

Net cash from financing activities | (942,613 | ) | (462,558 | ) |

Increase in cash and cash equivalents | 24,125 |  | 386,511 |  |

Cash and cash equivalents at beginning of year | 2 | 825,358 |  | 438,847 |  |

Cash and cash equivalents at end of year | 2 | 849,483 |  | 825,358 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 380,162 |  | 908,516 |  |

| Depreciation charges | 68,025 |  | 40,742 |  |

| Loss on revaluation of fixed assets | - |  | 42,940 |  |

| Amortisation of intangible assets | 435,397 |  | 488,591 |  |

| Finance costs | 46,972 |  | 59,026 |  |

| Finance income | (4,203 | ) | (1,284 | ) |

926,353 |  | 1,538,531 |  |

| Decrease/(increase) in trade and other debtors | 1,202,982 |  | (538,808 | ) |

| (Decrease)/increase in trade and other creditors | (888,258 | ) | 143,397 |  |

| Cash generated from operations | 1,241,077 |  | 1,143,120 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 April 2025

| 30.4.25 |  | 1.5.24

£ | £ |

| Cash and cash equivalents | 849,483 |  | 825,358 |  |

| Year ended 30 April 2024

| 30.4.24 |  | 1.5.23

£ | £ |

| Cash and cash equivalents | 825,358 |  | 438,847 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.5.24 | Cash flow | At 30.4.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 825,358 |  | 24,125 |  | 849,483 |  |

825,358 |  | 24,125 |  | 849,483 |  |

| Debt

| Finance leases | (180,427 | ) | 1,846 |  | (178,581 | ) |

| Debts falling due within 1 year | (276,152 | ) | 24,342 |  | (251,810 | ) |

| Debts falling due after 1 year | (261,823 | ) | 231,827 |  | (29,996 | ) |

(718,402 | ) | 258,015 |  | (460,387 | ) |

| Total | 106,956 |  | 282,140 |  | 389,096 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Vertical Group 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Basis of consolidation

| The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their values at acquisition date. The results of acquired operations is included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are de-consolidated from the date control ceases.

| In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

| Turnover

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

| Goodwill

| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of it identifiable assets and liabilities of the acquiree at the date 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 to the Consolidated statement of income and retained earnings 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.

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 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.

| Short leasehold | - | 2% on cost and over the lease term

| Fixtures and fittings | - | 33% on cost, 25% on cost, 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

| Motor vehicles | - | 25% on cost, 25% on reducing balance and 20% on reducing balance

| Computer equipment | - | 33% on cost, 25% on reducing balance and Straight line over 3 years

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less accumulated impairment.

| Investments in associates

| An entity is treated as an associated undertaking where the Group exercises significant influence in that it has power to participate in the operating and financial policy decisions.

| In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction cost) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive income and retained earnings includes the Group's share of the operating results, interest, pre-tax results attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown in the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

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.

| 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.

| 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.

| Benefits received as an incentive to sign an operating lease are recognised on a straight line basis over the term of the lease.

| Pension costs and other post-retirement benefits

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

| The contributions are recognised as an expense in the Consolidated statement of income and retained earnings when they fall due. Amounts not paid are shown in Other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

3. | TURNOVER

| The turnover is attributable to the principal activity of the group and arose wholly within the United Kingdom.

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,182,261 |  | 2,040,253 |  |

| Social security costs | 198,752 |  | 200,715 |  |

| Other pension costs | 43,342 |  | 45,059 |  |

2,424,355 |  | 2,286,027 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Staff | 68 |  | 59 |  |

| Directors (including subsidiaries) | 7 |  | 9 |  |

75 |  | 68 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 58,700 |  | 48,250 |  |

| Directors' pension contributions to money purchase schemes | 1,321 |  | 1,297 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Other operating leases | 17,433 |  | 11,433 |  |

| Depreciation - owned assets | 20,349 |  | 28,843 |  |

| Depreciation - assets on hire purchase contracts | 47,675 |  | 11,898 |  |

| Goodwill amortisation | 435,397 |  | 488,591 |  |

| Auditors' remuneration | 61,335 |  | 57,135 |  |

| Foreign exchange differences | 3,914 |  | 564 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 31,286 |  | 49,081 |  |

| Interest on VAT | 543 |  | 504 |  |

| Bank overdraft interest | 2,734 |  | 6,692 |  |

| Hire purchase | 12,409 |  | 2,749 |  |

46,972 |  | 59,026 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 239,536 |  | 284,013 |  |

| Adjustment to prior year corporation tax | (2,073 | ) | (859 | ) |

| Total current tax | 237,463 |  | 283,154 |  |

| Deferred tax | (9,500 | ) | 43,700 |  |

| Tax on profit | 227,963 |  | 326,854 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 380,162 |  | 908,516 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 95,041 |  | 227,129 |  |

| Effects of:

| Expenses not deductible for tax purposes | 21,856 |  | 23,833 |  |

| Capital allowances in excess of depreciation | - |  | (41,448 | ) |

| Depreciation in excess of capital allowances | 7,644 |  | - |  |

| Utilisation of tax losses | - |  | (100,089 | ) |

| Adjustments to tax charge in respect of previous periods | (2,073 | ) | (859 | ) |

| Non-tax deductible amortisation of goodwill | 108,849 |  | 122,148 |  |

| Timing differences leading to increase (decrease) in taxation | (9,500 | ) | 43,700 |  |

| forward |

| Losses carried forward | 6,146 |  | 52,440 |  |

| Total tax charge | 227,963 |  | 326,854 |  |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS ON EQUITY SHARES

| 2025 |  | 2024

£ | £ |

| Interim | 335,833 |  | 416,666 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 4,814,175 |  |

| AMORTISATION

| At 1 May 2024 | 4,089,281 |  |

| Amortisation for year | 435,397 |  |

| At 30 April 2025 | 4,524,678 |  |

| NET BOOK VALUE

| At 30 April 2025 | 289,497 |  |

| At 30 April 2024 | 724,894 |  |

11. | TANGIBLE FIXED ASSETS

| Group

| Fixtures

| Short |  | Long |  | and

| leasehold |  | leasehold |  | fittings

£ | £ | £ |

| COST

| At 1 May 2024 | 99,554 |  | 207,943 |  | 280,657 |  |

| Additions | - |  | - |  | 4,430 |  |

| Disposals | (76,619 | ) | - |  | (8,853 | ) |

| At 30 April 2025 | 22,935 |  | 207,943 |  | 276,234 |  |

| DEPRECIATION

| At 1 May 2024 | 99,554 |  | 86,988 |  | 269,863 |  |

| Charge for year | - |  | 4,158 |  | 2,920 |  |

| Eliminated on disposal | (76,619 | ) | - |  | (8,853 | ) |

| At 30 April 2025 | 22,935 |  | 91,146 |  | 263,930 |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  | 116,797 |  | 12,304 |  |

| At 30 April 2024 | - |  | 120,955 |  | 10,794 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024 | 190,100 |  | 953,684 |  | 1,731,938 |  |

| Additions | 50,000 |  | 16,638 |  | 71,068 |  |

| Disposals | - |  | (16,370 | ) | (101,842 | ) |

| At 30 April 2025 | 240,100 |  | 953,952 |  | 1,701,164 |  |

| DEPRECIATION

| At 1 May 2024 | 11,898 |  | 937,948 |  | 1,406,251 |  |

| Charge for year | 47,675 |  | 13,271 |  | 68,024 |  |

| Eliminated on disposal | - |  | (16,370 | ) | (101,842 | ) |

| At 30 April 2025 | 59,573 |  | 934,849 |  | 1,372,433 |  |

| NET BOOK VALUE

| At 30 April 2025 | 180,527 |  | 19,103 |  | 328,731 |  |

| At 30 April 2024 | 178,202 |  | 15,736 |  | 325,687 |  |

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

| Motor

| vehicles

£ |

| COST

| At 1 May 2024 | 190,100 |  |

| Additions | 50,000 |  |

| At 30 April 2025 | 240,100 |  |

| DEPRECIATION

| At 1 May 2024 | 11,898 |  |

| Charge for year | 47,675 |  |

| At 30 April 2025 | 59,573 |  |

| NET BOOK VALUE

| At 30 April 2025 | 180,527 |  |

| At 30 April 2024 | 178,202 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

12. | FIXED ASSET INVESTMENTS

| Group

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 18,249 |  |

| NET BOOK VALUE

| At 30 April 2025 | 18,249 |  |

| At 30 April 2024 | 18,249 |  |

| Company

| Other

| investments

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 5,049,438 |  |

| NET BOOK VALUE

| At 30 April 2025 | 5,049,438 |  |

| At 30 April 2024 | 5,049,438 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

12. | FIXED ASSET INVESTMENTS - continued

| Name |  | Principal Activity |  | Class of shares |  | Holding |  |

| Notsallow 134 Limited |  | Investment holding company |  | Ordinary |  | 100% |  |

| Vertical Systems Limited |  | Software development for travel industry |  | Ordinary |  | 100% |  |

| Yourholidaybooking.com Limited |  | Provision of travel agency |  | Ordinary |  | 100% |  |

| MI Telecom Limited |  | Communications provider |  | Ordinary |  | 60% |  |

| Your Hotel Integration (Contracts) Limited |  | Accomodation provider to the travel trade |  | Ordinary |  | 95% |  |

| Cityscheme Limited |  | Provision of information technology services |  | Ordinary |  | 100% |  |

| Vertical Travel Limited |  | Provision of travel agency services |  | Ordinary |  | 100% |  |

| Holiday Elite Limited |  | Accomodation provider to the travel trade |  | Ordinary |  | 100% |  |

| Instant Breaks Limited |  | Provision of travel agency services |  | Ordinary |  | 100% |  |

| T.A.R.S.C. Limited |  | Dormant company |  | Ordinary |  | 100% |  |

| BookNGo Limited |  | Dormant company |  | Ordinary |  | 100% |  |

| Luxury in the Med Limited |  | Dormant company |  | Ordinary |  | 100% |  |

| Associates

| The following were associates of the Company:

| Name |  | Principal activity |  | Class of share |  | Holding |  |

| Villas for Travel Limited |  | Provision of villa bookings |  | Ordinary |  | 38% |  |

| The company's registered office is at 14 Hemmells, Laindon, Basildon, SS15 6ED.

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 May 2024

| and 30 April 2025 | 260,000 |  |

| NET BOOK VALUE

| At 30 April 2025 | 260,000 |  |

| At 30 April 2024 | 260,000 |  |

| The 2025 valuations were made by the directors, on an open market value for existing use basis.

| Fair value at 30 April 2025 is represented by:

£ |

| Valuation in 2024 | (42,940 | ) |

| Cost | 302,940 |  |

260,000 |  |

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Finished goods | 1,500 |  | 1,500 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 4,036,688 |  | 5,060,545 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 406,781 |  | 397,820 |  |

| Other debtors | 334,837 |  | 333,022 |  | - |  | - |  |

| Directors' current accounts | 224,821 |  | - |  | - |  | - |  |

| Tax | - |  | 56,907 |  | - |  | - |  |

| Prepayments | 648,703 |  | 828,392 |  | - |  | - |  |

5,245,049 |  | 6,278,866 |  | 406,781 |  | 397,820 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 251,810 |  | 276,152 |  | - |  | - |  |

| Hire purchase contracts (see note 19) | 54,271 |  | 47,412 |  | - |  | - |  |

| Trade creditors | 4,244,390 |  | 5,235,672 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 208,600 |  | 200,200 |  |

| Tax | 306,301 |  | 284,995 |  | - |  | - |  |

| Social security and other taxes | 46,408 |  | 46,704 |  | - |  | - |  |

| VAT | 490,474 |  | 467,345 |  | - |  | - |  |

| Other creditors | 195,833 |  | 196,221 |  | 47,295 |  | 38,920 |  |

| Directors' current accounts | - |  | 3,944 |  | 586 |  | - |  |

| Accrued expenses | 812,446 |  | 731,867 |  | 4,560 |  | 8,510 |  |

6,401,933 |  | 7,290,312 |  | 261,041 |  | 247,630 |  |

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

| Group |

2025 | 2024 |

£ | £ |

| Bank loans (see note 18) | 29,996 |  | 261,823 |  |

| Hire purchase contracts (see note 19) | 124,310 |  | 133,015 |  |

154,306 |  | 394,838 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or | on demand: |

| Bank loans | 251,810 |  | 276,152 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 29,996 |  | 231,831 |  |

| Amounts falling due between two and | five years: |

| Bank loans - 2-5 years | - |  | 29,992 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 69,456 |  | 58,977 |  |

| Between one and five years | 155,427 |  | 165,443 |  |

224,883 |  | 224,420 |  |

| Finance charges repayable:

| Within one year | 15,185 |  | 11,565 |  |

| Between one and five years | 31,117 |  | 32,428 |  |

46,302 |  | 43,993 |  |

| Net obligations repayable:

| Within one year | 54,271 |  | 47,412 |  |

| Between one and five years | 124,310 |  | 133,015 |  |

178,581 |  | 180,427 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 178,581 |  | 180,427 |  |

| The bankers of Vertical Systems Limited, Yourholidaybooking.com Limited, Holiday Elite Limited and Your Hotel Integration (Contracts) Limited have a fixed and floating charge over the assets of that company.

| The hire purchase creditors are secured on the individual assets acquired under them.

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

21. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 34,200 |  | 43,700 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 May 2024 | 43,700 |  |

| Reversal of capital allowances |

| in advance of depreciation | (9,500 | ) |

| Balance at 30 April 2025 | 34,200 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted and issued:

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

| value: | £ | £ |

| 21,101 | Ordinary | £1 | 21,101 |  | 21,101 |  |

23. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 May 2024 | (4,383,250 | ) | 5,020,137 |  | 636,887 |  |

| Profit for the year | 147,583 |  | 147,583 |  |

| Dividends on equity shares | (335,833 | ) | (335,833 | ) |

| Share of dividends waived | (72,000 | ) | - |  | (72,000 | ) |

| At 30 April 2025 | (4,643,500 | ) | 5,020,137 |  | 376,637 |  |

| VERTICAL GROUP LIMITED (REGISTERED NUMBER: 09565202) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

24. | PENSION COMMITMENTS

| The group operates a defined contribution scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. the pension charge represents contributions payable by the Group to the fund and amounted to £43,342 (2024 - £45,059). At the balance sheet date £3,659 was outstanding (2024 - £3,655).

25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30 April 2025 and 30 April 2024:

2025 | 2024 |

£ | £ |

| P.L. Healey

| Balance outstanding at start of year | (3,944 | ) | 156,684 |  |

| Amounts advanced | 228,765 |  | 3,513 |  |

| Amounts repaid | - |  | (164,141 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 224,821 |  | (3,944 | ) |

| The balance represents an unsecured, interest bearing loan, repayable on demand. Interest was charged at 2.25% whilst overdrawn and amounted to £4,029 for the year (2024- nil).

26. | RELATED PARTY DISCLOSURES

| Vertical Group Limited is the ultimate parent company of a medium sized group, and as such the company has taken advantage of the exemption in FRS102 disclosure 33.1A and has therefore not disclosed transactions or balances with other wholly-owned subsidiaries which form part of the group.

| Transactions with entities not wholly owned are as follows:

| As at 30 April 2025 the Group owed £50,358 (2024 - £50,358) to Villas for Travel Limited, an associate by virtue of 38% holding.

| During the year total sales of £2,025 were made to (2024 - £1,954) and total purchases of £55,293 made from (2024 - £68,042) Mi Telecom Limited. As at 30 April 2025 the Group was owed £1,266 (2024 - £117,927) from Mi Telecom, a fellow group member by virtue of 60% holding.

| As at 30 April 2025 Verticalbeds Marketing LLC, a company with common directorship, owed the group an amount of £339,279 (2024 - £427,748) was owed to the group.

27. | ULTIMATE CONTROLLING PARTY

| The controlling party is P.L. Healey.