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

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

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

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

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

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.

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.

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.

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

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

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

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

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

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.

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.

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.

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

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.

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

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