Company registration number 10327665 (England and Wales)
KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
4
-
0
3,518
Current assets
Debtors
5
945,804
392,747
Cash at bank and in hand
1,272,491
3,099
2,218,295
395,846
Creditors: amounts falling due within one year
6
(15,079,779)
(12,435,543)
Net current liabilities
(12,861,484)
(12,039,697)
Total assets less current liabilities
(12,861,484)
(12,036,179)
Provisions for liabilities
7
(570,000)
(570,000)
Net liabilities
(13,431,484)
(12,606,179)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(13,431,485)
(12,606,180)
Total equity
(13,431,484)
(12,606,179)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 April 2026 and are signed on its behalf by:
Ms N Hara
Director
Company registration number 10327665 (England and Wales)
KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Kuoni Global Travel Services (UK) Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Standon House, 21 Mansell Street, London, E1 8AA.

1.1
Basis of preparation

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 as applicable to companies subject to the small companies regime. 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 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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of section 1A 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 Kuoni Global Travel Services (Schweiz) AG and these consolidated financial statements are available from its registered office at Elias-Canetti-Strasse 2, 8050 Zurich, Switzerland.

1.2
Going concern

The financial statements have been prepared on the going concern basis not withstanding net liabilities of £13,431,484 (2024: £12,606,179). T he directors believe this basis is appropriate as the intermediate company, Kuoni Global Travel Services (Schweiz) AG has provided Kuoni Global Travel Services (UK) Ltd with a letter of support dated 21 April 2026. The letter confirms a commitment to support the company’s performance and payment obligations arising from ordinary business activities, for a period of 12 months from the date of the letter, subject to an aggregate limit of £2 0,000,000 and the intermediate company maintaining a controlling interest in Kuoni Global Travel Services (UK) Ltd.

1.3
Revenue

Turnover represents income receivable from other companies in the Kuoni group in relation to cost recharges and is shown net of VAT.

Revenue from contracts for the provision of services is recognised in the period in which the services were performed.

KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. The company has a de minimis limit of £1,000 below which tangible fixed assets are not capitalised.

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

Computer equipment
3 years straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
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.

1.7
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.

KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
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.

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.

1.8
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.

1.9
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.

KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -

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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

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.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Cash management is covered by a cash pooling agreement with Kuoni Beteligungs AG. Management are aware that in economically difficult times for the industry, increased checks and vigilance will be required with both customers and suppliers. The current financial statements of Kuoni Global Travel Services (UK) Ltd. include a bank account that is part of cash pooling and as per the cash pooling agreement. The balance in this bank account is swept to Citi Bank Switzerland at the end of the day (both debit and credit balances) and is part of the group's cash pooling balance (grouped as cash in balance sheet). The interest rates are as per EONIA on a daily basis.

KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
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.

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.

Lease dilapidations

Dilapidations costs will arise once the company has fulfilled its rent obligations in relation to its office space. The timing and amounts of the future cash flows related to dilapidations are subject to uncertainty. The estimated provision is based on the group's prior experience and understanding from similar situation s. The estimation necessitates the exercise of judgement based on existing facts and circumstances, which may be subject to change.

3
Employees

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

2025
2024
Number
Number
Total
89
88
KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2025
258,982
Disposals
(258,982)
At 31 December 2025
-
0
Depreciation and impairment
At 1 January 2025
255,464
Eliminated in respect of disposals
(255,464)
At 31 December 2025
-
0
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
3,518
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
(26)
33,989
Amounts owed by group undertakings
865,671
155,143
Other debtors
80,159
203,615
945,804
392,747

6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
32,149
170,185
Amounts owed to group undertakings
14,275,070
11,453,607
Taxation and social security
142,641
145,426
Other creditors
629,919
666,325
15,079,779
12,435,543

KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
7
Provisions for liabilities
2025
2024
£
£
Dilapidations provision
570,000
570,000
Movements on provisions:
Dilapidations provision
£
At 1 January 2025 and 31 December 2025
570,000

Dilapidations costs have been provided for in relation to office space formerly leased by the company. The office space was only vacated at the end of September 2023 and the final dilapidations figure is yet to be assessed by the landlord. An independent assessment has been used as the basis for the provision.

8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
9
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in accordance with FRS 102 para 33.1A not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group.

10
Ultimate controlling party

The company's immediate parent company is Kuoni Global Travel Services (Switzerland) Ltd (Kuoni Global Travel Services (Schweiz) AG), a company incorporated in Switzerland into which the company's results are incorporated (smallest consolidation). Consolidated financial statements for Kuoni Global Travel Services (Switzerland) Ltd (Kuoni Global Travel Services (Schweiz) AG) are available from the registered office address of Elias-Canetti-Strasse 2, Zurich 8050, Switzerland.

The company's ultimate parent company is JTB Corp., a company incorporated in Japan with the registered office address of Higashi-Shinagawa 2-3-11. Shinagawa-ku, Tokyo 140-8602, Japan. This is the parent of the largest group for which consolidated financial statements are prepared, copies of which can be obtained from the registered office.

KUONI GLOBAL TRAVEL SERVICES (UK) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
11
Contingent liabilities

Kuoni Global Travel Services (UK) Ltd. had omitted indirect sales tax on its invoices for recharges to a fellow UK group company. Management had previously incorrectly concluded that these invoices do not attract UK indirect sales tax despite their being no UK VAT group registration in place. Whilst there would have been indirect sales tax payable by Kuoni Global Travel Services (UK) Ltd., it would have been reclaimed by the fellow UK group c company and therefore resulting in no overall loss to the UK tax authority. Management hold the view that, having obtained approval from its fellow group company, it is likely that the UK tax authority will effectively net the indirect sales tax due from the company against the reclaim available to the other UK group company.

Management are in the process of rectifying the indirect tax position with the UK tax authorities and whilst they remain optimistic that no liability or penalties will arise, this has yet to be confirmed.

No provision has been recognised in the financial statements as there is uncertainty as to whether this liability will actually crystallise and the quantum of the provision cannot be reliably measured.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Material uncertainty relating to going concern

We draw attention to note 1.2 of the financial statements, which indicates that the company is unable to continue as a going concern without the support of its fellow group companies. To this extent, a letter of support has been provided by the intermediate parent company, Kuoni Global Travel Services (Schweiz) AG, which confirms a commitment to support the company's performance and payment obligations arising from ordinary business activities. In auditing the financial statements, we have concluded that the directors' use of going concern basis of accounting in preparation of the financial statements is appropriate. Our opinion is not qualified in this respect.
Senior Statutory Auditor:
Mahesh Sachdev FCA
Statutory Auditor:
RDP Newmans LLP
Date of audit report:
21 April 2026
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