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Registered number: 04499296 VISIONS HOLIDAY GROUP LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 OCTOBER 2025
VISIONS HOLIDAY GROUP LIMITED REGISTERED NUMBER: 04499296 STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | - |  | 9,852
Tangible assets | 5 |  | 4,947 |  | 6,338
Investments | 6 |  | 3,166 |  | 3,166
|  |  | 8,113 |  | 19,356
Current assets |  |  |  |  |
Stocks | 7 | 8,601 |  | 1,128 |
Debtors: amounts falling due within one year | 8 | 1,313,213 |  | 1,304,053 |
Cash at bank and in hand | 9 | 1,668,902 |  | 928,533 |
|  | 2,990,716 |  | 2,233,714 |
Creditors: amounts falling due within one year | 10 | (2,696,096) |  | (1,978,848) |
Net current assets |  |  | 294,620 |  | 254,866
Total assets less current liabilities |  |  | 302,733 |  | 274,222
Creditors: amounts falling due after more than one year | 11 |  | (187,669) |  | (597,538)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (1,237) |  | - |
|  |  | (1,237) |  | -
Net assets/(liabilities) |  |  | 113,827 |  | (323,316)
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 50,000 |  | 50,000
Profit and loss account | 15 |  | 63,827 |  | (373,316)
|  |  | 113,827 |  | (323,316)
Page 1
VISIONS HOLIDAY GROUP LIMITED REGISTERED NUMBER: 04499296 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025 The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2026.
T D Davey
Director
The notes on pages 7 to 19 form part of these financial statements. Page 2

|  | VISIONS HOLIDAY GROUP LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
|  | Called up share capital | Profit and loss account | Total equity
|  | £ | £ | £
| At 1 November 2024 | 50,000 | (373,316) | (323,316)
| Comprehensive income for the year |  |  |
| Profit for the year | - | 437,143 | 437,143
| Total comprehensive income for the year | - | 437,143 | 437,143
| At 31 October 2025 | 50,000 | 63,827 | 113,827
| The notes on pages 7 to 19 form part of these financial statements.
Page 3

|  | VISIONS HOLIDAY GROUP LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2024
|  | Called up share capital | Profit and loss account | Total equity
|  | £ | £ | £
| At 1 November 2023 | 50,000 | (598,985) | (548,985)
| Comprehensive income for the year |  |  |
| Profit for the year | - | 225,669 | 225,669
| Total comprehensive income for the year | - | 225,669 | 225,669
| At 31 October 2024 | 50,000 | (373,316) | (323,316)
| The notes on pages 7 to 19 form part of these financial statements.
Page 4

VISIONS HOLIDAY GROUP LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 437,143 | 225,669
Adjustments for: |  |
Amortisation of intangible assets | 9,852 | 9,853
Depreciation of tangible assets | 6,107 | 6,587
Interest paid | 26,449 | 38,043
Interest received | (24,844) | (15,953)
Taxation charge | 136,520 | 18,105
(Increase)/decrease in stocks | (7,473) | 1,150
(Increase) in debtors | (11,252) | (335,165)
Decrease in amounts owed by groups | 2,092 | 159,001
Increase in creditors | 383,467 | 604,782
Increase in amounts owed to groups | 343 | -
Corporation tax (paid)/received | (18,104) | -
Loss/(gain) on revaluation of foreign currency contracts | 259 | 21,855
Net cash generated from operating activities | 940,559 | 733,927
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (4,716) | (5,406)
Interest received | 24,844 | 15,953
Net cash from investing activities | 20,128 | 10,547
Page 5
VISIONS HOLIDAY GROUP LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (109,869) | (110,000)
Repayment of other loans | (84,000) | -
Interest paid | (26,449) | (38,043)
Net cash used in financing activities | (220,318) | (148,043)
Net increase in cash and cash equivalents | 740,369 | 596,431
Cash and cash equivalents at beginning of year | 928,533 | 332,102
Cash and cash equivalents at the end of year | 1,668,902 | 928,533
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,668,902 | 928,533
| 1,668,902 | 928,533
The notes on pages 7 to 19 form part of these financial statements.
Page 6
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Visions Holiday Group Limited is a private company limited by shares and incorporated in England under registered number 04499296. Its registered office is: Bolney Place, Cowfold Road, Bolney, West Sussex, RH17 5QT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company’s management and directors review the financial position and the forecasts for the Company on a regular basis, to ensure they are in a position to react to and mitigate the financial impact from any downturn in trading. The directors have made an assessment of the Company’s ability to continue as a going concern, and have considered a number of future scenarios, synthesizing key drivers of the Company’s trading performance, including consumer demand, post balance sheet trading, booking trajectory, and impact from both financial and geopolitical instability. The directors have prepared budgets and cashflow forecasts to April 2027 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Company's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact on the liquidity of the business. This sensitivity analysis shows that the Company has enough liquidity and cash to trade through a further slowdown. Company management and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. As a result, and with the Company continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future. Page 7
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from tours departed during the year minus the commssion paid to travel agents, together with an element of non-refundable deposits received for tours departing in future.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 8
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss 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.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 9
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 10
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 33.33%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 11
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Preparation of consolidated financial statements
The financial statements contain information about Vision Holiday Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Number of employees | 27 | 25
Page 12
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 November 2024 | 29,557
| At 31 October 2025 | 29,557
| Amortisation |
| At 1 November 2024 | 19,705
| Charge for the year on owned assets | 9,852
| At 31 October 2025 | 29,557
| Net book value |
| At 31 October 2025 | -
| At 31 October 2024 | 9,852
Page 13
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
5. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost or valuation |
| At 1 November 2024 | 41,645
| Additions | 4,716
| At 31 October 2025 | 46,361
| Depreciation |
| At 1 November 2024 | 35,307
| Charge for the year on owned assets | 6,107
| At 31 October 2025 | 41,414
| Net book value |
| At 31 October 2025 | 4,947
| At 31 October 2024 | 6,338
6. | Fixed asset investments
|  | Shares in group undertakings
|  | £
| Cost or valuation |
| At 1 November 2024 | 3,166
| At 31 October 2025 | 3,166
Page 14
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
7. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Marketing merchandise | 8,601 | 1,128
|  | 8,601 | 1,128
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 6,606 | 1,268
| Amounts owed by group undertakings | 210,782 | 212,874
| Other debtors | 26,914 | 36,582
| Prepayments and accrued income | 1,068,911 | 1,053,329
|  | 1,313,213 | 1,304,053
| Included in prepayments and accrued income is the sum of £1,033,169 (2024: 998,317) which relates to suppliers prepaid in advance for departures post 31 October 2025.
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,668,902 | 928,533
|  | 1,668,902 | 928,533
Page 15
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 109,992 | 109,992
| Other loans | 216,000 | -
| Trade creditors | 207,975 | 43,643
| Amounts owed to group undertakings | 66,188 | 65,845
| Corporation tax | 135,284 | 18,105
| Other taxation and social security | 33,345 | 28,231
| Other creditors | 30 | 1,049
| Accruals and deferred income | 1,917,825 | 1,702,785
| Financial instruments | 9,457 | 9,198
|  | 2,696,096 | 1,978,848
| Included in accruals and deferred income is the sum of £1,887,447 (2024: £1,631,232) of customer monies received in advance for departures post 31 October 2025. Other loans consist of £216,000 of shareholder's loans which are interest free and have no fixed repayment terms.
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 174,306 | 284,175
| Other loans | - | 300,000
| Other creditors | 13,363 | 13,363
|  | 187,669 | 597,538
| Other creditors consist of £13,363 (2024: £13,363) £1 preference shares which may be redeemed at any time at the option of the Company at £1 per share.
Page 16
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loan | 109,992 | 109,992
| Other loans | 216,000 | -
|  | 325,992 | 109,992
| Amounts falling due 1-2 years |  |
| Bank loan | 174,306 | 284,175
| Other loans | - | 300,000
|  | 174,306 | 584,175
|  | 500,298 | 694,167
| Bank loan consists of Coronavirus Business Interruption Loan provided by Barclays Bank UK Plc and is supported by Coronavirus Business Interruption Loan Scheme. The loan is for a term of 84 months, with no capital repayments or interest payments for the first 24 months. Interest is payable at 3.15% per annum over the bank base rate therafter.
13. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | (1,237)
| At end of year | (1,237)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,237) | -
|  | (1,237) | -
Page 17
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,000 (2024 - 50,000) Ordinary shares shares of £1.00 each | 50,000 | 50,000
15. | Reserves
Profit and loss account The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.
16. | Contingent liabilities
As at 31 October 2025, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond obligors in respect of ABTOT travel bonds amounting to £495,604 (2024: £451,276).
17. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £19,568 (2024: £17,872).
18. | BSP
The Company holds an accreditation with International Air Transport Association ("IATA"). There was no BSP liability as at 31 October 2025 (2024: £Nil).
19. | Related party transactions
| 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.
20. | Ultimate and immediate holding company
The Company's immediate holding company is Independent Aviation Group Limited, registered in England and Wales under company 02535246 with its registered office is at: Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT. The Company's ultimate holding company is IAG Holdings Limited, registered in England and Wales under company number 03646321 with its registered office at Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT. Page 18
VISIONS HOLIDAY GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
21. | Controlling party
The directors consider that the ultimate controlling party is Ms T D Davey by virtue of her controlling interest in the parent undertaking IAG Holdings Limited.
22. | Auditors' information
The auditors' report on the financial statements for the year ended 31 October 2025 was unqualified. The audit report was signed on 28 January 2026 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.
Page 19