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Registered number: 01791598 PREMIER HOLIDAYS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
PREMIER HOLIDAYS LIMITED COMPANY INFORMATION
Directors | P S Andrews
| N L Waters
| H A Blades
| M J Godfrey
| D K Goffin
| R L Sargent
Company secretary | N L Waters
Registered number | 01791598
Registered office | Building 1020
| Cambourne Business Park
| Cambourne
| Cambridge
| CB23 6DW
Independent auditors | Price Bailey LLP
| Chartered Accountants & Statutory Auditors
| Tennyson House
| Cambridge Business Park
| Cambridge
| CB4 0WZ
PREMIER HOLIDAYS LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13
Notes to the Financial Statements | 14 - 30
PREMIER HOLIDAYS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The principal activity of Premier Holidays Ltd (the ‘Company’) during the year was that of a tour operator.
Business review
The UK travel market continued to progress with strong demand and confidence across all markets and destinations globally with transaction values for the Company continuing to increase year on year. The Company’s financial performance was a little more challenging for this financial year. Total Revenue growth was 2% year on year (5.5% - 2024) with Total Revenue increasing to £45.5M (£44.6M - 2024) with Long Haul holidays up 3% and Short Haul holidays up 1% year on year. Gross Profit after adjustments was down 3.6% at £5.4M (£5.6M – 2024) with GP% down 0.7% at 11.9% (12.6% - 2024). Operating Profit was lower at 2.4% (4.2% - 2024) due to increased costs for Labour and IT as result of increases to employers’ national insurance contributions, wage inflation pressure and headcount changes, the new booking system development and a decline funded Marketing. Passenger numbers were down year on year by -4.1% (-2.4% - 2024). Organisational changes were implemented to separate the structure and leadership of Long Haul and Short Haul product groups. This included the recruitment of a new Head of Long-Haul Product to the Senior Team with the aim of increasing the business focus in the two diverse categories and maximising the potential for building volume growth going forward. In addition, the on the road sales team was expanded to help target additional travel agencies across the UK and to help build deeper relationships with existing accounts to accelerate growth. Face-to-face interaction and relationships is still considered the most effective way to maximise sales within the trade. Continued investment in new technology including the development of a new booking platform with enhanced integration and productivity at the core progressed through the year. This will enable a new Agent portal and enhanced website and supply chain integration. Further investment is being undertaken to support the back-office functions improving efficiency and streamlining the insights and reporting needs of the Company to better support both short- and long-term decision making. Ongoing investment in appropriate technology is seen by management as key to the ongoing success of the Company. The year ahead starts with forward bookings Revenue for the next 12 months of £16.6M down 16.6% (+5.8% YOY - 2024). Passenger numbers are down 9.3% (-2.5% YOY – 2024). Both declines are largely attributed to technical problems during the usually high booking summer months when the switchover to the new system was made which impacted call answering and subsequently new sales levels during that time. In addition, the consumer market is cautious due to the uncertainty from the impact of the November budget and slowing labour market due to increased costs of national insurance from the previous budget. Operating Profits are expected to be flat year on year due to the ongoing additional costs in the short term to support the continued development and transition to the new booking platform. The business environment remains challenging with minimal changes to the prior year view of the existence of many potential headwinds due to ongoing war in Ukraine, cost of living increases and stubborn inflation, a challenging employment landscape and slowing global growth due in part to US tariffs. Recruitment and retention remain challenging and attracting the right quality of candidate across many departments requires the Company to be innovative in its approach and challenge traditional thinking. Hybrid working remains in place and works well, a strong benefits package and an inclusive, open, honest and fun culture continue to help us stand out from the crowd. Page 1
PREMIER HOLIDAYS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Principal risks and uncertainties
The Company operates in a highly competitive, price led market. The risks include constant changes in ownership of traditional travel agents, advances in technology such as AI to improve online booking capabilities, confusing publicity to the consumer over holiday protection and the threat of sudden falls in holiday demand because of natural disasters/political unrest or the improvement in the UK weather. This changing environment is a risk to the company and could result in it losing revenue. The Company manages this risk by providing value added services to its customers, maintaining strong relationships with travel agents and by continued investment in its product development and systems to ensure it offers the right product efficiently and effectively. The Directors have identified several risks and uncertainties that could damage the current business and future growth prospects of the Company. They are summarised below. Page 2
PREMIER HOLIDAYS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Financial key performance indicators
The main Key Performance Indicators (KPI’s) used in managing the performance of the Company include Revenue (Departures), Gross Profit %, Forward Bookings (Departures) and Total Passenger Numbers. These are monitored by Product Market daily; weekly and monthly against prior years and budget.
Other key performance indicators
Management makes use of certain alternative performance measures (APMs) such as travel agents activity which is monitored on a weekly basis and, the additional funds that are offered to the company from the Tourist Boards looking to work with us to attract holidaymakers to their destinations. Additionally we use EBITDA and Free Cashflow both non-UK GAAP measures as defined below. EBITDA is operating profit as measured using UK GAAP principles adjusted for the effects of depreciation, amortisation and impairment of non-financial assets. EBITDA is reported to the Board as management considers that it provides a useful proxy for the Company’s operating profit excluding non-cash items. Free cash flow is an important APM and gives the Board some insight as to the Company’s ability to produce cash to repay creditors or to distribute to shareholders. The free cash flow uses cash generated from operations adjusted by capital expenditure. This report was approved by the board on 11 February 2026 and signed on its behalf.
................................................ N L Waters Director
Page 3
PREMIER HOLIDAYS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors
The directors who served during the year were:
P S Andrews
N L Waters
H A Blades
M J Godfrey
D K Goffin
R L Sargent
Results and dividends
The profit for the year, after taxation, amounted to £1,010,094 (2024 - £1,572,426). The directors paid a dividend from reserves of £881,434 (2024 - £833,026).
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Future developments
Ongoing investment in IT infrastructure to support the integration of the back office functions to improve efficiency and productivity through AI and improved technological solutions. Review and development of the product offering to remain relevant and competitive in the increasingly challenging UK market. Page 4
PREMIER HOLIDAYS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 11 February 2026 and signed on its behalf.
................................................ N L Waters Director
Page 5
PREMIER HOLIDAYS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED
Opinion
We have audited the financial statements of Premier Holidays Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 Company's affairs as at 30 September 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 6
PREMIER HOLIDAYS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)
Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 Directors' Responsibilities Statement set out on page 4, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 7
PREMIER HOLIDAYS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)
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 an Auditors' Report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: • We considered the nature of the commercial activities undertaken and the business performance for the year and held discussions with management. • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and Health and Safety. • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • We discussed during the audit engagement team briefing regarding how and where fraud might arise in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit. • We have reviewed compliance and correspondence with ATOL and ABTA regulations. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 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 Auditors' Report. Page 8
PREMIER HOLIDAYS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PREMIER HOLIDAYS LIMITED (CONTINUED)
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 an Auditors' Report 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. Andrew Booth (Senior Statutory Auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ 5 March 2026 Page 9
PREMIER HOLIDAYS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 45,459,081 | 44,554,392
Cost of sales |  | (40,036,500) | (38,927,286)
Gross profit |  | 5,422,581 | 5,627,106
Administrative expenses |  | (4,816,746) | (4,516,963)
Other operating income | 5 | 473,541 | 743,436
Operating profit | 6 | 1,079,376 | 1,853,579
Interest receivable and similar income | 10 | 270,276 | 253,398
Profit before tax |  | 1,349,652 | 2,106,977
Tax on profit | 11 | (339,558) | (534,551)
Profit for the financial year |  | 1,010,094 | 1,572,426
Other comprehensive income for the year |  |  |
Movements on forward contracts |  | 19,979 | (61,622)
Other comprehensive income for the year |  | 19,979 | (61,622)
Total comprehensive income for the year |  | 1,030,073 | 1,510,804
The notes on pages 14 to 30 form part of these financial statements.
Page 10
PREMIER HOLIDAYS LIMITED REGISTERED NUMBER: 01791598 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible fixed assets | 13 |  | 537,895 |  | 204,112
Tangible fixed assets | 14 |  | 42,310 |  | 42,485
|  |  | 580,205 |  | 246,597
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 3,452,135 |  | 3,983,193 |
Cash at bank and in hand | 16 | 8,775,225 |  | 10,429,885 |
|  | 12,227,360 |  | 14,413,078 |
Creditors: amounts falling due within one year | 17 | (8,886,815) |  | (10,874,647) |
Net current assets |  |  | 3,340,545 |  | 3,538,431
Total assets less current liabilities |  |  | 3,920,750 |  | 3,785,028
Creditors: amounts falling due after more than one year | 18 |  | (21,801) |  | (34,718)
Net assets |  |  | 3,898,949 |  | 3,750,310
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 750,000 |  | 750,000
Capital redemption reserve | 23 |  | 466,236 |  | 466,236
Foreign exchange reserve | 23 |  | (43) |  | (20,022)
Profit And Loss Account | 23 |  | 2,682,756 |  | 2,554,096
|  |  | 3,898,949 |  | 3,750,310
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 February 2026.
................................................ N L Waters
Director
The notes on pages 14 to 30 form part of these financial statements. Page 11

|  | PREMIER HOLIDAYS LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  | Called up share capital | Capital redemption reserve | Foreign exchange reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £
| At 1 October 2023 | 750,000 | 466,236 | 41,600 | 1,814,696 | 3,072,532
| Profit for the year | - | - | - | 1,572,426 | 1,572,426
| Movement on forward contracts | - | - | (61,622) | - | (61,622)
| Dividends: Equity capital | - | - | - | (833,026) | (833,026)
| At 1 October 2024 | 750,000 | 466,236 | (20,022) | 2,554,096 | 3,750,310
| Profit for the year | - | - | - | 1,010,094 | 1,010,094
| Movement on forward contracts | - | - | 19,979 | - | 19,979
| Dividends: Equity capital | - | - | - | (881,434) | (881,434)
| At 30 September 2025 | 750,000 | 466,236 | (43) | 2,682,756 | 3,898,949
| The notes on pages 14 to 30 form part of these financial statements.
Page 12

PREMIER HOLIDAYS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024 As restated
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,010,094 | 1,572,426
Adjustments for: |  |
Amortisation of intangible assets | 25,592 | 10,801
Depreciation of tangible assets | 22,671 | 20,579
Interest received | (270,276) | (253,398)
Taxation charge | 339,558 | 534,551
Decrease/(increase) in debtors | 531,058 | (627,679)
(Decrease)/increase in creditors | (1,630,777) | 607,364
Corporation tax (paid) | (689,551) | (153,424)
Net cash generated from operating activities | (661,631) | 1,711,220
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (359,375) | (191,820)
Purchase of tangible fixed assets | (22,496) | (14,704)
Interest received | 270,276 | 253,398
Net cash from investing activities | (111,595) | 46,874
Cash flows from financing activities |  |
Dividends paid | (881,434) | (833,026)
Net cash used in financing activities | (881,434) | (833,026)
Net (decrease)/increase in cash and cash equivalents | (1,654,660) | 925,068
Cash and cash equivalents at beginning of year | 10,429,885 | 9,504,817
Cash and cash equivalents at the end of year | 8,775,225 | 10,429,885
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 8,775,225 | 10,429,885
The notes on pages 14 to 30 form part of these financial statements.
Page 13
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Premier Holidays Limited is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is given in the company information page of these financial statements. Premier Holidays Limited's principal activity is that of a tour operator. 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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the company is also described in the Strategic Report. The company has considerable financial resources and the directors believe that the company is well placed to manage its business risks successfully despite any uncertainties with the economic outlook. The directors expect that the company has resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Page 14
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 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 Statement of Comprehensive Income 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. The turnover of the company is the aggregate amount charged to customers in the United Kingdom for bookings and services rendered in respect of departures up until 30 September 2025. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
| 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 15
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | 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 corporation 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.
| 2.9 | 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. The estimated useful lives range as follows:
|  |  |  | Software development | - |  | 5-10 years
Page 16
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.10 | 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. 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:
|  |  |  | Fixtures and fittings | - | 5 years
|  |  |  | Computer equipment | - | 3 - 5 years
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.
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. Page 17
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments Issues” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Where a derivative financial instrument is designated in a documented hedging relationship that meets the qualifying criteria for hedge accounting, the Company applies hedge accounting. For cash flow hedges, changes in the fair value of the derivative are recognised in other comprehensive income and accumulated in equity. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying Page 18
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 19
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.17 | Advanced receipts and payments
All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosure under other accruals and deferred income. Payments made to suppliers in respect of these are included in prepayments and accrued income.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
IIn the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of revision and future periods where the revision affects both current and future periods. The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
4. | Turnover
Turnover is derived solely in the UK from its sole primary activity.
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 67,288 | 210,578
| Marketing income | 406,253 | 532,858
|  | 473,541 | 743,436
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PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amortisation | 25,592 | 10,801
| Depreciation | 22,671 | 20,579
| Exchange differences | (67,288) | (210,042)
| Other operating lease rentals | 106,194 | 105,102
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 24,250 | 22,500
| Fees payable to the Company's auditors for non audit services | 8,400 | 7,750
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,149,875 | 3,134,679
| Social security costs | 359,380 | 294,402
| Cost of defined contribution scheme | 153,032 | 79,816
|  | 3,662,287 | 3,508,897
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Direct operational staff | 58 | 55
|  | Administration staff | 40 | 40
|  |  | 98 | 95
Page 21
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024 As restated
|  |  |  |  | £ | £
| Directors' emoluments | 658,226 | 714,750
| Company contributions to defined contribution pension schemes | 34,737 | 29,916
|  | 692,963 | 744,666
| During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £265,691 (2024 - £305,031).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,625 (2024 - £10,350).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 270,276 | 253,398
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 339,558 | 534,551
Page 22
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,349,652 | 2,106,977
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 337,413 | 526,744
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 12,180 | 13,637
| Capital allowances | (10,035) | (5,830)
| Total tax charge for the year | 339,558 | 534,551
| Factors that may affect future tax charges
There were no factors that may affect future tax changes.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 881,434 | 833,026
Page 23
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | Intangible assets
|  | Software development
|  | £
| Cost |
| At 1 October 2024 | 712,866
| Additions | 359,375
| Disposals | (209,134)
| At 30 September 2025 | 863,107
| Amortisation |
| At 1 October 2024 | 508,754
| Charge for the year on owned assets | 25,592
| On disposals | (209,134)
| At 30 September 2025 | 325,212
| Net book value |
| At 30 September 2025 | 537,895
| At 30 September 2024 | 204,112
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PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 October 2024 | 187,660 | 178,914 | 366,574
| Additions | - | 22,496 | 22,496
| Disposals | (550) | (48,244) | (48,794)
| At 30 September 2025 | 187,110 | 153,166 | 340,276
| Depreciation |  |  |
| At 1 October 2024 | 167,808 | 156,281 | 324,089
| Charge for the year on owned assets | 12,209 | 10,462 | 22,671
| Disposals | (550) | (48,244) | (48,794)
| At 30 September 2025 | 179,467 | 118,499 | 297,966
| Net book value |  |  |
| At 30 September 2025 | 7,643 | 34,667 | 42,310
| At 30 September 2024 | 19,852 | 22,633 | 42,485
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 804,151 | 838,011
| Other debtors | 252,406 | 260,658
| Prepayments and accrued income | 2,392,183 | 2,881,129
| Deferred taxation | 3,395 | 3,395
|  | 3,452,135 | 3,983,193
| Included within "prepayments and accrued income" above are amounts relating to payments in advance to suppliers for holidays departing after the year end, the total of which amounts to £1,175,307 (2024: £2,541,075).
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PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 8,775,225 | 10,429,885
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,052,384 | 2,318,400
| Corporation tax | 186,696 | 534,551
| Other taxation and social security | 85,257 | 63,975
| Other creditors | 137,097 | 140,444
| Accruals and deferred income | 6,425,342 | 7,797,259
| Financial instruments | 39 | 20,018
|  | 8,886,815 | 10,874,647
| Included within "Accruals and deferred income" above are amounts relating to customer monies held on account for holidays departing after the year end, the total of which amount to £5,889,100 (2024: £7,166,283). Lloyds Bank PLC has a fixed charge, containing a negative pledge, to secure the liabilities of the company.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accruals and deferred income | 21,801 | 34,718
| The above amounts relate to customer monies held on account for holidays departing at a minimum of one year after the year end.
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PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
19. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at amortised cost | 9,831,782 | 11,528,554
| Financial liabilities |  |
| Derivative financial instruments measured at fair value through profit or loss | (39) | (20,018)
| Financial liabilities measured at amortised cost | (2,747,524) | (3,124,538)
|  | (2,747,563) | (3,144,556)
| Financial assets measured at amortised cost comprise cash, trade debtors and other debtors.
| Derivative financial instruments measured at fair value through profit or loss held comprise forward contracts.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.
20. | Cash flow hedging
The company enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 30 September 2025, the outstanding contracts all mature within 12 months of the year end. The company is committed to buying the below and pay a fixed sterling amount: AED 470,000 AUD 495,000 CAD 300,000 EUR 10,000 HKD 75,000 NZD 175,000 SGD 100,000 THB 14,500,000 USD 700,000 ZAR 3,500,000 As at 30 September 2025, the recognised net gains on currency cash flow hedging instruments amounted to £19,979, which is reflected within other comprehensive income. Page 27
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
21. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 3,395
| At end of year | 3,395
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 3,395 | 3,395
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 750,000 (2024 - 750,000) Ordinary shares of £1.00 each | 750,000 | 750,000
23. | Reserves
Capital redemption reserve Includes all current and prior year redemptions or repurchases of issued share capital. Foreign exchange reserve Includes all current and prior year foreign exchange movements on derivatives that qualify for hedge accounting. Profit and loss account Profit and loss includes all current and prior periods retained profit, net of dividends paid and other adjustments. Page 28
PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
24. | Prior year adjustment
In the prior year, amounts of corporation tax paid were presented within movements in creditors in the statement of cashflows. In the current year, management has concluded that it is more appropriate to present corporation tax paid as a separate component of operating activities. Accordingly, the prior year cash flow statement has been restated to reclassify £153,424 from movements in creditors to taxation paid within operating activities. During the year, the company reviewed the presentation of directors' remuneration. This review identified that certain amounts paid on behalf of a director, which were elected by the director to be contributed directly to their pension scheme, had previously been presented within "pension contributions" rather than gross remuneration. An amount of £33,530 has been reclassified on the note to ensure consistency of presentation. The reclassification has no impact on total directors' remuneration, net assets or profit for the comparative period.
25. | Contingent liabilities
The company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'), is a member of the Association of British Travel Agents Limited ('ABTA') and is an accredited agent of the international Air Transport Association ('IATA'). As at 30 September 2025, there were contingent liabilities, in relation to ABTA bonds, given by the company in the normal course of business to First Underwriting Limited amounting to £512,927 (2024: £305,317) and Travel and General Insurance Services Limited amounting to £512,927 (2024: £305,317).
26. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £218,266 (2024 - £114,642). Contributions totalling £37,027 (2024 - £32,797) were payable to the fund at the balance sheet date and are included in other creditors.
27. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024 as restated
|  |  |  |  | £ | £
| Not later than 1 year | 117,908 | 145,602
| Later than 1 year and not later than 5 years | 143,807 | 131,383
|  | 261,715 | 276,985
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PREMIER HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
28. | Related party transactions
| P S Andrews, N L Waters and R L Sargent are directors of Premier Travel Agency Limited. The following transactions occurred with Premier Travel Agency Limited:
|  | 2025 | 2024
|  | £ | £
| Sales | 5,953,509 | 5,915,022
| Commission payable | 691,656 | 655,969
| Operating recharges | 526,365 | 489,598
| At the year end, the Company was owed £299,121 by Premier Travel Agency Limited (2024: £306,927).
29. | Post balance sheet events
Since the year end the Company has paid dividends of £490,186.
30. | Controlling party
As at 30 September 2025, there is not deemed to be an ultimate controlling party of Premier Holidays Limited.
Page 30