Company Registration No. 08170265 (England and Wales)
ASPECTS HOLIDAYS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
ASPECTS HOLIDAYS LTD
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
ASPECTS HOLIDAYS LTD
COMPANY INFORMATION
- 1 -
Directors
Ms A Spencer
Mr S C Tregoning
Mr S A Skitt
Company number
08170265
Registered office
Sapphire House
Hayle Industrial Park
Hayle
Cornwall
England
TR27 5JR
Auditor
TC Group
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
ASPECTS HOLIDAYS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The Directors present the strategic report of Aspects Holidays Ltd (the “Company”) for the year ended 31 December 2024.

Business review

The Company pre-tax profits stood at £1,132,174 (2023: £1,214,479) reflecting a decrease on the previous year of 7%. The decline is largely attributed to external market and economic factors , however, the directors consider the performance for the year to be in line with expectations.

Principle risks and uncertainties

The principal risks and uncertainties facing the Company are aligned with those of the wider Group and include:

- Economic risk, mitigated through Group-wide policies and strategies

- Regulatory and compliance risk, addressed through Group governance frameworks

- Market competition, mitigated through prioritisation of introducing quality properties to the portfolio and maintaining the Company’s distinctive position in the market

The directors consider that the Company’s exposure to these risks is effectively managed through its alignment with the Group’s established strategy.

Further details of the Group’s risks and risk management processes are set out in the Group strategic report.

Risk Management

In line with their duties under Section 172 of the Companies Act 2006, the directors consider effective risk management to be a core part of responsible decision-making. Risks are identified, assessed, and managed regularly as part of the Company’s operations and long-term planning, whilst staying adaptable to change. Internal controls and reporting processes are aligned with the Group’s strategy which supports a balanced approach between managing risk and pursuing strategic growth opportunities.

Future developments

The Company is expected to continue operating as a key trading entity within the Group. The directors anticipate that future performance will be consistent with the Group’s overall strategy and objectives.

On behalf of the board

Mr S C Tregoning
Director
3 March 2026
ASPECTS HOLIDAYS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of Aspects Holidays Ltd is the arrangement of short-term holiday lettings on behalf of property owners.

The Company continues to operate as a subsidiary of Sapphire Holidays Limited (“the Group”). During the year, the Company’s activities were conducted in line with the Group’s overall strategy.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £800,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms A Spencer
Mr S C Tregoning
Mr S A Skitt
Auditor

TC Group were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr S C Tregoning
Director
3 March 2026
ASPECTS HOLIDAYS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual 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 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 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 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 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.

ASPECTS HOLIDAYS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASPECTS HOLIDAYS LTD
- 5 -
Opinion

We have audited the financial statements of Aspects Holidays Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 December 2024 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 Auditor's 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 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 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 auditor's 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.

ASPECTS HOLIDAYS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPECTS HOLIDAYS LTD
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 auditor's 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to 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; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

ASPECTS HOLIDAYS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPECTS HOLIDAYS LTD
- 7 -

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

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

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

ASPECTS HOLIDAYS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASPECTS HOLIDAYS LTD
- 8 -

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 auditor's 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.

James Pearce (Senior Statutory Auditor)
For and on behalf of TC Group
09 March 2026
Statutory Auditor
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
ASPECTS HOLIDAYS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
4,670,954
4,695,374
Cost of sales
(173,000)
(210,576)
Gross profit
4,497,954
4,484,798
Administrative expenses
(3,465,572)
(3,437,582)
Other operating income
16,285
23,894
Operating profit
4
1,048,667
1,071,110
Interest receivable and similar income
7
83,507
143,369
Profit before taxation
1,132,174
1,214,479
Tax on profit
8
(281,039)
(326,058)
Profit for the financial year
851,135
888,421

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ASPECTS HOLIDAYS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
851,135
888,421
Other comprehensive income
-
-
Total comprehensive income for the year
851,135
888,421
ASPECTS HOLIDAYS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
438,350
521,889
Tangible assets
11
201,416
227,793
Investments
12
266,360
266,360
906,126
1,016,042
Current assets
Debtors
14
3,993,643
3,085,270
Cash at bank and in hand
15
905,199
1,124,720
4,898,842
4,209,990
Creditors: amounts falling due within one year
16
(5,043,517)
(4,507,318)
Net current liabilities
(144,675)
(297,328)
Total assets less current liabilities
761,451
718,714
Provisions for liabilities
Deferred tax liability
17
-
0
8,398
-
(8,398)
Net assets
761,451
710,316
Capital and reserves
Called up share capital
19
1
1
Profit and loss reserves
761,450
710,315
Total equity
761,451
710,316

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 March 2026 and are signed on its behalf by:
Mr S C Tregoning
Director
Company registration number 08170265 (England and Wales)
ASPECTS HOLIDAYS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1
1,854,035
1,854,036
Year ended 31 December 2023:
Profit and total comprehensive income
-
888,421
888,421
Dividends
9
-
(1,967,756)
(1,967,756)
Other movements
-
(64,385)
(64,385)
Balance at 31 December 2023
1
710,315
710,316
Year ended 31 December 2024:
Profit and total comprehensive income
-
851,135
851,135
Dividends
9
-
(800,000)
(800,000)
Balance at 31 December 2024
1
761,450
761,451
ASPECTS HOLIDAYS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
949,228
(506,422)
Income taxes paid
(321,962)
(412,500)
Net cash inflow/(outflow) from operating activities
627,266
(918,922)
Investing activities
Purchase of intangible assets
(70,048)
-
0
Purchase of tangible fixed assets
(76,980)
(88,092)
Proceeds from disposal of tangible fixed assets
16,734
32,273
Proceeds from disposal of subsidiaries
-
0
(40)
Interest received
37,185
29,648
Dividends received
46,322
113,721
Net cash (used in)/generated from investing activities
(46,787)
87,510
Financing activities
Dividends paid
(800,000)
(1,967,756)
Net cash used in financing activities
(800,000)
(1,967,756)
Net decrease in cash and cash equivalents
(219,521)
(2,799,168)
Cash and cash equivalents at beginning of year
1,124,720
3,923,888
Cash and cash equivalents at end of year
905,199
1,124,720
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Aspects Holidays Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Sapphire House, Hayle Industrial Park, Hayle, Cornwall, England, TR27 5JR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except that as disclosed in the accounting policies certain items are shown at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Worval Holdings Limited. These consolidated financial statements are available from its registered office (as detailed above).

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Aspects Holidays Ltd is a wholly owned subsidiary of Sapphire Holidays Limited and the results of Aspects Holidays Ltd are included in the consolidated financial statements of Sapphire Holidays Limited which are available from detailed above.

ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises commission received from holidays lettings in the period in which the lettings are taking place, deferring income from deposits received in prior periods until the relevant period commences. It is the judgement of management that this policy most accurately represents the point at which the company's obligations are discharged and revenue can be recognised.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% straight line
Plant and equipment
20% Straight line
Office equipment
20% Straight line
Computer equipment
20% Straight line
Motor vehicles
25% Straight line
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In 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 considered 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

Depreciation is expensed at a rate that is determined to best represent the useful economic life of relevant assets, which is reviewed by the directors, along with the associated estimated residual values.

Amortisation

Amortisation of goodwill is expensed at a rate that is determined to best represent the period the busines s expects to benefit from it, which is reviewed by the directors.

Accrued costs

Accrued costs, where possible, are based on post year end economic outflows relating to the accounting period. Where this is not known with certainty, and estimate will be determined based on historic trends and the knowledge available at the time of provision.

Deferred income

Deferred income is derived from a deposits ledger, being the value of monies received in relation to services to be rendered in a future accounting period.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The company makes an estimate for the useful economic life of tangible fixed assets taking into account the age, condition, residual value and the expectations for the usage of each class of asset and applies a policy to charge depreciation on a systematic basis over that assessment of useful life, taking into account any impairment that has been identified.

3
Turnover and other revenue
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
37,185
29,648
Dividends received
46,322
113,721
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(2)
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
8,250
Depreciation of owned tangible fixed assets
87,561
92,961
Profit on disposal of tangible fixed assets
(938)
(9,819)
Amortisation of intangible assets
153,587
151,254
Operating lease charges
150,368
143,555
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
51
53

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,410,959
1,424,072
Social security costs
138,074
133,169
Pension costs
81,902
75,199
1,630,935
1,632,440
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
73,750
54,716
Company pension contributions to defined contribution schemes
7,248
9,683
80,998
64,399
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
37,185
29,648
Income from fixed asset investments
Income from shares in group undertakings
46,322
113,721
Total income
83,507
143,369
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
323,831
338,494
Adjustments in respect of prior periods
(30,438)
-
0
Total current tax
293,393
338,494
Deferred tax
Origination and reversal of timing differences
(12,354)
(12,436)
Total tax charge
281,039
326,058
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,132,174
1,214,479
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
283,044
303,620
Tax effect of expenses that are not deductible in determining taxable profit
1,683
4,494
Tax effect of income not taxable in determining taxable profit
(11,581)
(28,430)
Adjustments in respect of prior years
(30,438)
-
0
Permanent capital allowances in excess of depreciation
12,353
11,734
Amortisation on assets not qualifying for tax allowances
38,397
37,814
Under/(over) provided in prior years
-
0
9,262
Deferred tax adjustment
(12,354)
(12,436)
Group relief
(65)
-
0
Taxation charge for the year
281,039
326,058
9
Dividends
2024
2023
£
£
Final paid
800,000
1,967,756
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
756,263
Additions
70,048
At 31 December 2024
826,311
Amortisation and impairment
At 1 January 2024
234,374
Amortisation charged for the year
153,587
At 31 December 2024
387,961
Carrying amount
At 31 December 2024
438,350
At 31 December 2023
521,889

On 5 November 2024 Aspects Holidays Limited acquired 100% of the sole trader business Mevagissey Holiday Cottages, The trade and net assets of which were immediately transferred into Aspects Holidays Limited.

Goodwill has been recognised as the total of consideration paid (both actual and contingent), including relevant acquisition costs, less the net assets of the business acquired (nil) and represents the future value of contracts with cottage owners and associated intellectual property at acquisition.

Contingent consideration at 31/12/24 is estimated to be £15,000, and has been calculated by multiplying a fixed amount by the number of contracts with cottage owners still expected to be in place on 5 February 2025.

ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
34,768
5,358
114,972
47,364
241,501
443,963
Additions
2,844
-
0
613
18,259
55,264
76,980
Disposals
-
0
-
0
-
0
(380)
(41,950)
(42,330)
At 31 December 2024
37,612
5,358
115,585
65,243
254,815
478,613
Depreciation and impairment
At 1 January 2024
19,908
3,177
70,331
33,525
89,229
216,170
Depreciation charged in the year
6,273
770
21,660
6,541
52,317
87,561
Eliminated in respect of disposals
-
0
-
0
-
0
(380)
(26,154)
(26,534)
At 31 December 2024
26,181
3,947
91,991
39,686
115,392
277,197
Carrying amount
At 31 December 2024
11,431
1,411
23,594
25,557
139,423
201,416
At 31 December 2023
14,860
2,181
44,641
13,839
152,272
227,793
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
266,360
266,360
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Duchy Holidays Limited
Sapphire House, Hayle Industrial Park, Hayle, Cornwall, Cornwall TR27 5JR
Ordinary shares
100.00
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
8,809
Amounts owed by group undertakings
3,584,809
2,912,488
Other debtors
255,371
37,599
Prepayments and accrued income
149,507
126,374
3,989,687
3,085,270
Deferred tax asset (note 17)
3,956
-
0
3,993,643
3,085,270
15
Cash at bank and in hand

In its role as booking agent, Aspects Holidays Limited receives and handles funds related to the booking process, these amounts are included within cash and cash equivalents on the balance sheet. The funds are held on behalf of property owners, in respect of future dated bookings and are released once the performance obligation has been contractually met. For operational purposes, these funds are frequently pooled at a group level, the Sapphire Holidays Group and its subsidiaries have committed to remit these on demand such that obligations to pay or return funds to guests and owners by Aspects Holidays Limited can be met as they fall due.

16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46,168
58,385
Amounts owed to group undertakings
274,567
-
0
Corporation tax
102,030
130,599
Other taxation and social security
168,915
158,969
Other creditors
3,357,880
2,983,386
Accruals and deferred income
1,093,957
1,175,979
5,043,517
4,507,318
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
8,398
3,956
-
2024
Movements in the year:
£
Liability at 1 January 2024
8,398
Credit to profit or loss
(12,354)
Asset at 31 December 2024
(3,956)
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,902
75,199

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
35,914
59,150
Between two and five years
83,750
128,450
119,664
187,600
21
Related party transactions

During the year Aspects Holidays Limited were charged £106,500 (2023: £96,750) by Worval Holdings Limited for rental of various properties.

During the year Aspects Holidays Limited made purchases of £6,958 (2023: £3,692) from supplier who is the spouse of one of the Company's directors. There were no amounts outstanding at year-end.

22
Ultimate controlling party

The company's immediate parent is Sapphire Holidays Limited. The registered office is the same as the company.

The most senior parent entity producing publicly available financial statements is Worval Holdings Limited. These financial statements are available upon request from Companies House. The registered office of Worval Holdings Limited is detailed in the accounting policies.

The ultimate holding controlling party is Worval Holdings Limited.

The ultimate controlling parties are Mr S C and Mrs S A Tregoning, by virtue of their combined holding of 4000C shares in Worval Holdings Limited.

ASPECTS HOLIDAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
851,135
888,421
Adjustments for:
Taxation charged
281,039
326,058
Investment income
(83,507)
(143,369)
Gain on disposal of tangible fixed assets
(938)
(9,819)
Amortisation and impairment of intangible assets
153,587
151,254
Depreciation and impairment of tangible fixed assets
87,561
92,961
Movements in working capital:
Increase in debtors
(904,417)
(1,717,623)
Increase/(decrease) in creditors
564,768
(94,305)
Cash generated from/(absorbed by) operations
949,228
(506,422)
24
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,124,720
(219,521)
905,199
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