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Registered number: 02104689 SAILING HOLIDAYS LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 OCTOBER 2025
SAILING HOLIDAYS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILING HOLIDAYS LIMITED UNDER SECTION 449 OF THE COMPANIES ACT 2006
Opinion
We have audited the financial statements of Sailing Holidays Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise , the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 October 2025 and of the Group's loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 1
SAILING HOLIDAYS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILING HOLIDAYS LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
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.
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 2
SAILING HOLIDAYS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILING HOLIDAYS LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006
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 Group 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: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: ABTA, ABTOT, and ATOL compliance recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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 communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 Page 3
SAILING HOLIDAYS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAILING HOLIDAYS LIMITED (CONTINUED) UNDER SECTION 449 OF THE COMPANIES ACT 2006 Auditors' Report.
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. Silpy Kedia ACA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Chartered Accountants and Statutory Auditor Becket House 36 Old Jewry London EC2R 8DD 27 February 2026 Page 4
SAILING HOLIDAYS LIMITED REGISTERED NUMBER: 02104689 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 4,052,983 |  | 4,744,394
|  |  | 4,052,983 |  | 4,744,394
Current assets |  |  |  |  |
Stocks | 7 | 1,423,563 |  | 1,449,801 |
Debtors: amounts falling due within one year | 8 | 263,053 |  | 218,842 |
Cash at bank and in hand | 9 | 407,171 |  | 533,238 |
|  | 2,093,787 |  | 2,201,881 |
Creditors: amounts falling due within one year | 10 | (1,217,619) |  | (1,375,916) |
Net current assets |  |  | 876,168 |  | 825,965
Total assets less current liabilities |  |  | 4,929,151 |  | 5,570,359
Creditors: amounts falling due after more than one year | 11 |  | (938,854) |  | (1,184,826)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 13 | (149,856) |  | (93,644) |
|  |  | (149,856) |  | (93,644)
Net assets |  |  | 3,840,441 |  | 4,291,889
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 30,000 |  | 30,000
Revaluation reserve | 15 |  | 2,730,658 |  | 2,814,450
Other reserves | 15 |  | - |  | (768)
Profit and loss account | 15 |  | 1,079,783 |  | 1,448,207
Equity attributable to owners of the Parent Company |  |  | 3,840,441 |  | 4,291,889
|  |  | 3,840,441 |  | 4,291,889
Page 5
SAILING HOLIDAYS LIMITED REGISTERED NUMBER: 02104689 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
B E Neilson
Director
Date: 27 February 2026
The notes on pages 11 to 24 form part of these financial statements. Page 6
SAILING HOLIDAYS LIMITED REGISTERED NUMBER: 02104689 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 4,052,983 |  | 4,744,394
Investments | 6 |  | 2,000 |  | 2,000
|  |  | 4,054,983 |  | 4,746,394
Current assets |  |  |  |  |
Stocks | 7 | 1,423,563 |  | 1,449,801 |
Debtors: amounts falling due within one year | 8 | 263,053 |  | 218,842 |
Cash at bank and in hand | 9 | 407,171 |  | 533,238 |
|  | 2,093,787 |  | 2,201,881 |
Creditors: amounts falling due within one year | 10 | (1,217,619) |  | (1,375,916) |
Net current assets |  |  | 876,168 |  | 825,965
Total assets less current liabilities |  |  | 4,931,151 |  | 5,572,359
Creditors: amounts falling due after more than one year | 11 |  | (938,854) |  | (1,184,826)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 13 | (149,856) |  | (93,644) |
Net assets |  |  | 3,842,441 |  | 4,293,889
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 30,000 |  | 30,000
Revaluation reserve | 15 |  | 2,730,658 |  | 2,814,450
Other reserves | 15 |  | - |  | (768)
Profit and loss account | 15 |  | 1,081,783 |  | 1,450,207
|  |  | 3,842,441 |  | 4,293,889
Page 7
SAILING HOLIDAYS LIMITED REGISTERED NUMBER: 02104689 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025 The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
B E Neilson
Director
Date: 27 February 2026
The notes on pages 11 to 24 form part of these financial statements. Page 8
SAILING HOLIDAYS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 November 2023 | 30,000 | 3,116,495 | - | 1,751,795 | 4,898,290
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (605,633) | (605,633)
Disposal of tangible fixed assets | - | (302,045) | - | 302,045 | -
Hedging adjustments | - | - | (768) | - | (768)
At 1 November 2024 | 30,000 | 2,814,450 | (768) | 1,448,207 | 4,291,889
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (452,216) | (452,216)
Disposal of tangible fixed assets | - | (83,792) | - | 83,792 | -
Hedging adjustments | - | - | 768 | - | 768
At 31 October 2025 | 30,000 | 2,730,658 | - | 1,079,783 | 3,840,441
| The notes on pages 11 to 24 form part of these financial statements.
Page 9
SAILING HOLIDAYS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 November 2023 | 30,000 | 3,116,495 | - | 1,753,795 | 4,900,290
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (605,633) | (605,633)
Disposal of tangible fixed assets | - | (302,045) | - | 302,045 | -
Hedging loss | - | - | (768) | - | (768)
At 1 November 2024 | 30,000 | 2,814,450 | (768) | 1,450,207 | 4,293,889
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (452,216) | (452,216)
Transfer to/from profit and loss account | - | (83,792) | - | 83,792 | -
Hedging adjustments | - | - | 768 | - | 768
At 31 October 2025 | 30,000 | 2,730,658 | - | 1,081,783 | 3,842,441
| The notes on pages 11 to 24 form part of these financial statements.
Page 10
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Sailing Holidays Limited is a private company limited by shares incorporated in England and Wales. The registration number is 02104689. The address of the registered office is given in the company information page of these financial statements. The nature of the company's operations and principal activities are recorded in the Directors Report. The functional and presentational currency of the Company is GBP. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The amounts in the financial statements have been rounded to the nearest pound. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
| 2.2 | Revenue
Turnover represents amounts receivable from the sale of tours and other services supplied to customers net of VAT and arises primarily in the United Kingdom. Revenue and expenses relating to tours are taken to the profit and loss account on departure and the related costs of distribution and of providing the holidays and flights are charged to the profit and loss account on the same basis.
| 2.3 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 11
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Group'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 Consolidated 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'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Leased assets: the Group as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 12
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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. Page 13
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.11 | 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:
|  |  |  | Yachts | - | 7.5% straight line
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures and fittings | - | 25% straight line
|  |  |  | Improvements to property | - | 10% straight line
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.
| 2.12 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.13 | Stocks
Stock represents yacht spare parts, engines, sails and various consumables. Stock is stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 14
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Group 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 Group 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.
| 2.18 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Enter text here - user input
| 2.19 | Hedge accounting
The Group uses foreign currency forward contracts to manage its exposure to cash flow risk on its foreign currency payments. These derivatives are measured at fair value at each reporting date. To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year. Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss. Page 15
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | Judgments in applying accounting policies 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 recognised to be relevant. Actual results may differ from these estimates. These estimates include: Depreciation The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis. Obsolete Stock Provision For stock held at the year end, a discount of 3% is included in the financial statements. This is to account for any old or obsolete stock held. 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 revision and future periods where the revision affects both current and future periods. Critical judgements The directors are of the view that there are no critical judgements that have had a significant effect on the amounts recognised in the financial statements.
4. | Employees
| The average monthly number of employees, including directors, during the year was 38 (2024 - 40).
Page 16
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
5. | Tangible fixed assets
| Group and Company
|  | Yachts | Motor vehicles | Fixtures and fittings | Improvements to property | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 November 2024 | 8,568,527 | 222,313 | 204,329 | 144,693 | 9,139,862
| Additions | - | - | 5,457 | - | 5,457
| Disposals | (109,090) | - | - | - | (109,090)
| At 31 October 2025 | 8,459,437 | 222,313 | 209,786 | 144,693 | 9,036,229
| Depreciation |  |  |  |  |
| At 1 November 2024 | 3,875,646 | 222,313 | 201,138 | 96,371 | 4,395,468
| Charge for the year on owned assets | 629,835 | - | 1,547 | 12,651 | 644,033
| Disposals | (56,255) | - | - | - | (56,255)
| At 31 October 2025 | 4,449,226 | 222,313 | 202,685 | 109,022 | 4,983,246
| Net book value |  |  |  |  |
| At 31 October 2025 | 4,010,211 | - | 7,101 | 35,671 | 4,052,983
| At 31 October 2024 | 4,692,881 | - | 3,191 | 48,322 | 4,744,394
| If the yachts had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group |  |
| Cost | 9,523,903 | 9,608,904
| Accumulated depreciation | (8,135,609) | (7,828,665)
| Net book value | 1,388,294 | 1,780,239
Page 17
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
6. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 November 2024 | 2,000
| At 31 October 2025 | 2,000
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Sailing Holidays (Flights) Limited | 105 Mt Pleasant Road, London, NW10 3EH | Ordinary | 99.95%
7. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Stock | 1,423,563 | 1,449,801 | 1,423,563 | 1,449,801
8. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Other debtors | 37,171 | 10,235 | 37,171 | 10,235
| Prepayments and accrued income | 225,882 | 208,607 | 225,882 | 208,607
|  | 263,053 | 218,842 | 263,053 | 218,842
| Included within prepayments and accrued income is £135,528 (2024: £131,535) of advance payments to suppliers in relation to bookings departing after the balance sheet date.
Page 18
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
9. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 407,171 | 533,238 | 407,171 | 533,238
10. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 250,944 | 509,900 | 250,944 | 509,900
| Trade creditors | 44,956 | 71,946 | 44,956 | 71,946
| Other taxation and social security | 18,683 | 14,703 | 18,683 | 14,703
| Other creditors | 100,000 | 1,687 | 100,000 | 1,687
| Accruals and deferred income | 803,036 | 775,988 | 803,036 | 775,988
| Financial instruments | - | 1,692 | - | 1,692
|  | 1,217,619 | 1,375,916 | 1,217,619 | 1,375,916
| Included within accruals and deferred income is £690,826 (2024: £719,225) of advance receipts from customers in relation to bookings departing after the balance sheet date. The bank loan is secured by way of a fixed and floating charge over all the property of the company.
11. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | - | 245,972 | - | 245,972
| Other creditors | 938,854 | 938,854 | 938,854 | 938,854
|  | 938,854 | 1,184,826 | 938,854 | 1,184,826
| Other creditors includes £938,000 that has subordinated in accordance with the terms set out by the Civil Aviation Authority (CAA). This means the £938,000 cannot be repaid whilst Sailing Holidays Limited holds an Air Travel Organisers licence unless written consent has been received from the CAA.
Page 19
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 250,944 | 509,900 | 250,944 | 509,900
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | - | 245,972 | - | 245,972
| Amounts falling due 2-5 years |  |  |  |
|  | 250,944 | 755,872 | 250,944 | 755,872
Page 20
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
13. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (93,644) | (11,942)
| Charged to profit or loss | (56,212) | (81,702)
| At end of year | (149,856) | (93,644)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (93,644) | (11,942)
| Charged to profit or loss | (56,212) | (81,702)
| At end of year | (149,856) | (93,644)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (304,824) | (306,074) | (304,824) | (306,074)
| Tax losses carried forward | 154,968 | 212,172 | 154,968 | 212,172
| Short term timing differences | - | 258 | - | 258
|  | (149,856) | (93,644) | (149,856) | (93,644)
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 30,000 (2024 - 30,000) Ordinary shares of £1.00 each | 30,000 | 30,000
Page 21
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
15. | Reserves
Revaluation reserve Revaluation reserve records the surplus arising on the valuation of yachts held by the company in current and prior years. Cash flow hedge reserve Included within the cash flow hedge reserve is £Nil (2024: £768) of unrealised losses which are non-distributable. Profit and loss account Profit and loss includes all current and prior periods retained profit. Included within the profit and loss account, there are no non-distributable reserves.
16. | 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 Association of Bonded Travel Organisers Trust Limited ('ABTOT’). In order to offer air inclusive package holidays, the group requires the annual renewal by the CAA of its ATOL license. The CAA awards this on the basis of meeting agreed financial citeria and renews this in March (effective April) each year. The group has complied with the requirements agreed with the CAA during the years presented in these financial statements and subsequent to 31 October 2025. The directors see no reason why the ATOL license will not be renewed in March 2026 on substantially the same terms and conditions as currently agreed with the CAA. As at the year end, there are subordinated loans of £938,000 in accordance with the terms set out by the Civil Aviation Authority (CAA). Please refer to note 12 for further details. As at the year end, the group had in place an insurance backed bond with ABTOT amounting to £185,000.
17. | Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £33,298 (2024: £37,849). There was a balance of £nil (2024: £1,687) due at the balance sheet date. Page 22
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
18. | Commitments under operating leases
| At 31 October 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group
|  | 2025
|  | £
| Not later than 1 year | 85,000
| Later than 1 year and not later than 5 years | 278,521
|  | 363,521
19. | Forward contracts
The Company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 October 2025, there were no outstanding contracts (2024: EUR 1,500,002).
20. | Related party transactions
| The Group occupies premises owned by its pension scheme. During the year the Group paid £85,000 (2024: £72,500) as rent to the scheme. At the balance sheet date, further rent of £nil (2024: £nil) had been accrued and is included within creditors. During the year, interest of £28,165 was charged on the brought-forward balance (2024: £28,165), and repayments of £28,365 were made (2024: £28,365). At the year end, the balance on the directors’ loan account was £967,019 (2024: £938,854), due from the Group. The Group enters into transactions with Sailing Holidays (Greece) Limited, a connected company registered in Greece. Transactions totalling £1,787,662 were recognised in the year. At 31 October 2025, the balance outstanding was £Nil. The Group also enters into transactions with Ionian Marine Holidays, a connected company registered in Greece. Transactions totalling £3,067,090 were recognised in the year. At 31 October 2025, the balance receivable was £25,575. The group also conducted transactions with Villa Meandros, a villa related to the Group through common directorship. During the year, expenses totalling £21,515 were incurred with Villa Meandros. At 31 October, the balance owed to Villa Meandros was £21,515 (2024: £nil) and is included in accruals.
21. | Post balance sheet events
The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company. Page 23
SAILING HOLIDAYS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
22. | Controlling party
B E Neilson and H S Neilson, are directors of the Group and are the ultimate controlling party by way of their shareholding in the Group.
23. | Auditors' information
The auditors' report on the financial statements for the year ended 31 October 2025 was unqualified. The audit report was signed on 27 February 2026 by Silpy Kedia ACA (Senior Statutory Auditor) on behalf of Xeinadin Audit Limited.
Page 24