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REGISTERED NUMBER: 03311454 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2026 |

| FOR |

| AVIAREPS UK LTD |

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Comprehensive Income | 8 |

| Statement of Financial Position | 9 |

| Statement of Changes in Equity | 10 |

| Statement of Cash Flows | 11 |

| Notes to the Statement of Cash Flows | 12 |

| Notes to the Financial Statements | 13 |

| AVIAREPS UK LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2026

| DIRECTORS: | R Keysselitz

| E Lacker

| M Strijker

| REGISTERED OFFICE: | Blade 2, New Timber Yard

| 1 Dimes Place

| London

| W6 0QR

| REGISTERED NUMBER: | 03311454 (England and Wales)

| AUDITORS: | EA (UK) LLP

| Chartered Accountants & Statutory Auditors

| 869 High Road

| London

| N12 8QA

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The year 2025/26 results show another year of strong recovery and post-pandemic growth in the industry in the UK and globally. The year over year growth is consistent despite the cost-of-living concerns. The demand was extremely strong helping our revenue. End of the year was shaken by the Middle East conflict and hence a lot of uncertainty and travel plans changes. However, none of our clients was directly affected.

Most of our airline clients performed strongly despite the challenges aviation still faces. We lost Azerbaijan Airlines as of October, and Air Austral by the end of the year due to strategy changes. Air Serbia contract changed from GSA to PSA decreasing our earnings. Nevertheless, the overall year revenues were higher than projected. On the Tourism side we lost Croatia as of January but we also had a number of project clients during the year.

The main impact is from losing Azerbaijan Airlines, Air Serbia and partially Croatia, although compensated by outstanding production of Condor, China Airlines and some others.

The year was closed with exceptional results for the fourth year in a row showing consistent growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is exposed to the following types of risks:

Risks from general market conditions

Travel industry remains very vulnerable to various outside factors, however proved to be very volatile and restoring quickly. While this year showed the most positive consistent recovery, back to pre-pandemic record levels, we are closely monitoring the risks related to the political turbulence and negative dynamics in the world. The main risk is coming from the Middle East conflict resulting in jet fuel prices doubling, hence putting more pressure on the airlines as well as impacting both demand and affordability for passengers.

Operations risks

The directors manage the operational risks through internal processes and reporting controls.

New business risk

The directors manage this risk by controlled expansion and forecasting and evaluating expected performance regularly.

Credit risks

The directors manage the credit risks by having a strong cash and debt management system.

KEY PERFORMANCE INDICATORS

The company uses key performance indicators to ensure it has the ability to successfully grow the business in the long term. Three of the measures the company uses are:

- Operating Profit: Decrease in operating profit to £645,768 from operating profit of £775,682 in 2025.

- Cash & cash equivalent: Increase in cash and cash equivalent to £579,228 from £535,213 in 2025.

- Liquidity ratio: Increase in liquidity ratio to 102.54% from 136.86% in 2025.

FUTURE DEVELOPMENTS

2026/2027

The new Financial Year started in very turbulent environment due to Middle East uncertainty, soaring jet fuel prices along with potential upcoming shortage and passengers being wary of booking holidays. However, our forecast remains moderately positive with some new clients joining in quarter 1 (Akasa, Jazeera, Centrum Air). We continue developing the business by acquiring new clients and growing existing ones. Our main aim remains to keep profitable and sustainable business operations with the healthy balance and income-cost ratio.

ON BEHALF OF THE BOARD:

E Lacker - Director

30 June 2026

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing marketing and consulting services to the tourism industry and also as a general sales agent to a number of airlines.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

R Keysselitz

E Lacker

M Strijker

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, EA (UK) LLP, have signified their willingness to continue in the office as auditors.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

E Lacker - Director

30 June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AVIAREPS UK LTD

Opinion

We have audited the financial statements of Aviareps UK Ltd (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Material uncertainty related 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AVIAREPS UK LTD

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AVIAREPS UK LTD

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. We designed procedures capable of detecting non-compliance with laws and regulations and irregularities, including fraud, through:

· Obtaining an understanding of the Company and its industry through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, pensions, employment, health and safety, data protection and anti-bribery legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

· Identifying possible risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements relating to principal accounting estimates and uncertainties.

Our audit procedures were designed to respond to the identified risks relating to non-compliance with laws and regulations and irregularities (including fraud) that are material to the financial statements. Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to:

· Discussing with the director and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and

· Communicating identified laws and regulations with the audit team and remaining alert to any indications of non-compliance throughout the audit; and

· Considering the risk of non-compliance with laws and regulations; and

· Considering whether the financial statement disclosures fairly represent the underlying transactions.

Our audit procedures in relation to irregularities and fraud included, but were not limited to:

· Making enquiries of directors and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and

· Gaining an understanding of the internal controls established to mitigate risks relating to fraud; and

· Discussing the risk of fraud and management bias with the audit team and remaining alert to any indications of fraud and management bias throughout the audit; and

· Addressing the risk of management override of controls by testing journal entries, considering the rationale behind significant or unusual transactions, and reviewing accounting estimates

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. Because of these inherent limitations, 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. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

AVIAREPS UK LTD

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 a Report of the Auditors 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.

Thrasos Vassiliades (Senior Statutory Auditor)

for and on behalf of EA (UK) LLP

Chartered Accountants & Statutory Auditors

869 High Road

London

N12 8QA

30 June 2026

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 MARCH 2026

| 2026 |  | 2025

| Notes | £ | £ |

REVENUE | 3 | 2,667,707 |  | 3,183,979 |  |

Cost of sales | 354,482 |  | 328,262 |  |

GROSS PROFIT | 2,313,225 |  | 2,855,717 |  |

Administrative expenses | 1,707,272 |  | 2,093,270 |  |

605,953 |  | 762,447 |  |

Other operating income | 39,815 |  | 13,235 |  |

OPERATING PROFIT | 5 | 645,768 |  | 775,682 |  |

Interest receivable and similar income | 3,804 |  | 3,083 |  |

649,572 |  | 778,765 |  |

Interest payable and similar expenses | 6 | 962 |  | 7,816 |  |

PROFIT BEFORE TAXATION | 648,610 |  | 770,949 |  |

Tax on profit | 7 | 163,103 |  | 175,146 |  |

PROFIT FOR THE FINANCIAL YEAR | 485,507 |  | 595,803 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 485,507 |  | 595,803 |  |

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

STATEMENT OF FINANCIAL POSITION

31 MARCH 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 9 | 42,620 |  | 29,274 |  |

CURRENT ASSETS

Debtors | 10 | 748,456 |  | 620,815 |  |

Cash at bank and in hand | 579,228 |  | 535,213 |  |

1,327,684 |  | 1,156,028 |  |

CREDITORS

Amounts falling due within one year | 11 | 1,294,780 |  | 844,686 |  |

NET CURRENT ASSETS | 32,904 |  | 311,342 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 75,524 |  | 340,616 |  |

CREDITORS

Amounts falling due after more than one year | 12 | 25,524 |  | 32,437 |  |

NET ASSETS | 50,000 |  | 308,179 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 50,000 |  | 50,000 |  |

Retained earnings | 17 | - |  | 258,179 |  |

SHAREHOLDERS' FUNDS | 50,000 |  | 308,179 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

E Lacker - Director

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2024 | 50,000 |  | 162,376 |  | 212,376 |  |

Changes in equity

Dividends | - |  | (500,000 | ) | (500,000 | ) |

Total comprehensive income | - |  | 595,803 |  | 595,803 |  |

Balance at 31 March 2025 | 50,000 |  | 258,179 |  | 308,179 |  |

Changes in equity

Dividends | - |  | (743,686 | ) | (743,686 | ) |

Total comprehensive income | - |  | 485,507 |  | 485,507 |  |

Balance at 31 March 2026 | 50,000 |  | - |  | 50,000 |  |

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

| 2026 |  | 2025

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 559,913 |  | 928,888 |  |

Interest paid | (962 | ) | (7,816 | ) |

Tax paid | (194,930 | ) | (226,568 | ) |

Net cash from operating activities | 364,021 |  | 694,504 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (25,067 | ) | (18,188 | ) |

Interest received | 3,804 |  | 3,083 |  |

Net cash from investing activities | (21,263 | ) | (15,105 | ) |

Cash flows from financing activities

Loan repayments in year | (6,913 | ) | (6,854 | ) |

Amounts due/from related parties | 205,324 |  | (354,452 | ) |

Equity dividends paid | (497,154 | ) | - |  |

Net cash from financing activities | (298,743 | ) | (361,306 | ) |

Increase in cash and cash equivalents | 44,015 |  | 318,093 |  |

Cash and cash equivalents at beginning of year | 2 | 535,213 |  | 217,120 |  |

Cash and cash equivalents at end of year | 2 | 579,228 |  | 535,213 |  |

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2026 |  | 2025

£ | £ |

| Profit before taxation | 648,610 |  | 770,949 |  |

| Depreciation charges | 11,721 |  | 4,528 |  |

| Finance costs | 962 |  | 7,816 |  |

| Finance income | (3,804 | ) | (3,083 | ) |

657,489 |  | 780,210 |  |

| Increase in trade and other debtors | (118,847 | ) | (32,291 | ) |

| Increase in trade and other creditors | 21,271 |  | 180,969 |  |

| Cash generated from operations | 559,913 |  | 928,888 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 March 2026

| 31.3.26 |  | 1.4.25

£ | £ |

| Cash and cash equivalents | 579,228 |  | 535,213 |  |

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 535,213 |  | 217,120 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.25 | Cash flow | At 31.3.26

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 535,213 |  | 44,015 |  | 579,228 |  |

535,213 |  | 44,015 |  | 579,228 |  |

| Debt

| Debts falling due within 1 year | (7,875 | ) | - |  | (7,875 | ) |

| Debts falling due after 1 year | (32,437 | ) | 6,913 |  | (25,524 | ) |

(40,312 | ) | 6,913 |  | (33,399 | ) |

| Total | 494,901 |  | 50,928 |  | 545,829 |  |

4. | MAJOR NON-CASH TRANSACTIONS

| During the year, dividend payment of £743,686 (2025: Nil) has been set off against the amounts owed to group undertaking. This has been reflected within the amounts due/from related parties under cash flows from financing activities.

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1. | STATUTORY INFORMATION

| Aviareps UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The principal activities of the company are those of airlines ticketing, airlines representation and marketing and sales consulting to tourism industry.

| The financial statements are presented in Sterling, which is also the functional currency of the company.

| At statement of financial position date, the company has net assets of £50,000 We are adapting the business to keep operating with the current and possible future climate. The financial statements are prepared under the going concern basis as the directors believe that the company will be profitable in future years and will also receive support from its ultimate parent company Aviareps AG for the foreseeable future.

| Significant judgements and estimates

| In the application of the company's accounting policies, the director is 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.

| Revenue

| Revenue is measured at fair value of consideration received, excluding value added tax. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

| Revenue related to overriding commission is recognised on monthly basis for represented airlines in respect to ticket sales.

| Revenue from tourism is recognised evenly over the term of the contract.

| Property, plant and equipment

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | Over the life of the lease

| Computer equipment | - | 20% on cost

| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

| The carrying value of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| 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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include 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.

| 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. 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 payments 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. Amounts 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

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| 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 subsequently 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 though 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.

| Equity instruments

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

3. | REVENUE

| The revenue and profit before taxation are attributable to the one principal activity of the company.

| An analysis of revenue by class of business is given below:

| 2026 |  | 2025

£ | £ |

| Aviation | 2,238,055 |  | 2,618,403 |  |

| Tourism | 429,652 |  | 565,576 |  |

2,667,707 |  | 3,183,979 |  |

| An analysis of revenue by geographical market is given below:

| 2026 |  | 2025

£ | £ |

| Europe | 577,435 |  | 574,134 |  |

| Rest of the World | 2,090,272 |  | 2,609,845 |  |

2,667,707 |  | 3,183,979 |  |

| The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

4. | EMPLOYEES AND DIRECTORS

| 2026 |  | 2025

£ | £ |

| Wages and salaries | 902,351 |  | 1,104,396 |  |

| Social security costs | 116,107 |  | 134,984 |  |

| Other pension costs | 37,454 |  | 44,970 |  |

1,055,912 |  | 1,284,350 |  |

| The average number of employees during the year was as follows:

| 2026 |  | 2025

| Administrative staff | 19 |  | 28 |  |

| The pension costs relates to contribution by the company to a defined contribution plan.

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

4. | EMPLOYEES AND DIRECTORS - continued

| 2026 |  | 2025

£ | £ |

| Directors' remuneration | - |  | - |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2026 |  | 2025

£ | £ |

| Other operating leases | 181,244 |  | 214,967 |  |

| Depreciation - owned assets | 11,721 |  | 4,528 |  |

| Auditors' remuneration | 19,260 |  | 18,000 |  |

| Foreign exchange differences | 12,328 |  | 43,163 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2026 |  | 2025

£ | £ |

| Other interest | 962 |  | 7,816 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2026 |  | 2025

£ | £ |

| Current tax:

| UK corporation tax | 163,103 |  | 175,146 |  |

| Tax on profit | 163,103 |  | 175,146 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2026 |  | 2025

£ | £ |

| Profit before tax | 648,610 |  | 770,949 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%) | 162,153 |  | 192,737 |  |

| Effects of:

| Expenses not deductible for tax purposes | 214 |  | 3,239 |  |

| Capital allowances in excess of depreciation | - |  | (2,797 | ) |

| Depreciation in excess of capital allowances | 711 |  | - |  |

| (Over)/under provision in prior year | 25 |  | (18,033 | ) |

| Total tax charge | 163,103 |  | 175,146 |  |

8. | DIVIDENDS

| 2026 |  | 2025

£ | £ |

| Ordinary shares of £1 each

| Final | 743,686 |  | 500,000 |  |

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

9. | PROPERTY, PLANT AND EQUIPMENT

| Improvements |

| to |  | Computer |

| property |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2025 | 24,651 |  | 226,977 |  | 251,628 |  |

| Additions | 17,710 |  | 7,357 |  | 25,067 |  |

| At 31 March 2026 | 42,361 |  | 234,334 |  | 276,695 |  |

| DEPRECIATION

| At 1 April 2025 | 6,766 |  | 215,588 |  | 222,354 |  |

| Charge for year | 6,918 |  | 4,803 |  | 11,721 |  |

| At 31 March 2026 | 13,684 |  | 220,391 |  | 234,075 |  |

| NET BOOK VALUE

| At 31 March 2026 | 28,677 |  | 13,943 |  | 42,620 |  |

| At 31 March 2025 | 17,885 |  | 11,389 |  | 29,274 |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Trade debtors | 393,085 |  | 222,315 |  |

| Amounts owed by group undertakings | 165,902 |  | 145,435 |  |

| Other debtors | 27,891 |  | 83,569 |  |

| Tax | 12,770 |  | 21,402 |  |

| VAT | 11,204 |  | 14,394 |  |

| Prepayments | 32,152 |  | 29,077 |  |

| Accrued income | 105,452 |  | 104,623 |  |

748,456 |  | 620,815 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Bank loans and overdrafts (see note 13) | 7,875 |  | 7,875 |  |

| Trade creditors | 212,748 |  | 225,102 |  |

| Amounts owed to group undertakings | 523,211 |  | 277,042 |  |

| Tax | 76,645 |  | 116,947 |  |

| Social security and other taxes | 25,941 |  | 30,658 |  |

| Other creditors | 188,163 |  | 45,106 |  |

| Accrued expenses | 260,197 |  | 141,956 |  |

1,294,780 |  | 844,686 |  |

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2026 | 2025 |

£ | £ |

| Bank loans (see note 13) | 25,524 |  | 32,437 |  |

13. | LOANS

| An analysis of the maturity of loans is given below:

2026 | 2025 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 7,875 |  | 7,875 |  |

| AVIAREPS UK LTD (REGISTERED NUMBER: 03311454) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2026

13. | LOANS - continued

2026 | 2025 |

£ | £ |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 25,524 |  | 32,437 |  |

14. | LEASING AGREEMENTS

| The annual operating lease commitments is £270,840 (2025: £13,461).

15. | FINANCIAL INSTRUMENTS

|  | 2026 |  | 2025 |  |

|  | £ |  | £ |  |

| Carrying amount of financial assets |  |

| Debt instruments measured at amortised cost |  | 1,282,762 |  | 1,105,549 |  |

| Carrying amount of financial liabilities |  |

| Measured at amortised cost |  | 1,320,304 |  | 877,123 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2026 | 2025 |

| value: | £ | £ |

| 50,000 | Ordinary | £1 | 50,000 |  | 50,000 |  |

| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

17. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2025 | 258,179 |  |

| Profit for the year | 485,507 |  |

| Dividends | (743,686 | ) |

| At 31 March 2026 | - |  |

18. | ULTIMATE PARENT COMPANY

| Aviareps UK Holdings Ltd, a company registered in England & Wales, is the immediate parent company.

| The ultimate parent company is Aviareps AG, a company registered in Germany. A copy of group financial statements can be obtained from http://www.aviareps.com.

| Consolidated financial statements are prepared by Aviareps AG. The principle office address of Aviareps AG is Landsberger Str. 110, 80339 Munich, Germany.

19. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of FRS 102, Related Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.

20. | ULTIMATE CONTROLLING PARTY

| During the period under review, the company was not under the control of any one individual.