Company registration number 08713328 (England and Wales)
JACOBS MEDIA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
JACOBS MEDIA GROUP LIMITED
COMPANY INFORMATION
Directors
C Jacobs
D Horton
S Parish
J Emslie
Company number
08713328
Registered office
3rd Floor
52 Grosvenor Gardens
London
SW1W 0AU
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
JACOBS MEDIA GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
JACOBS MEDIA GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

The Group’s stated aim is to be a catalyst for business conversations across travel and hospitality, both in the UK and in international markets.

Through events, insight, content, and partnerships, the Group brings together the right minds with the right environments and the brightest ideas to leverage its in-depth industry knowledge, using this to curate and recommend solutions that align with the latest trends, emerging technologies, and best practices.

In recent years, the Group has faced many challenges, such as the COVID pandemic, World affairs impacting events, the cost-of-living crisis, and rising taxes in the UK which have all made trading challenging. Throughout this, and moving into 2026, the Group remains steadfastly supported by the shareholders and remains focused on ensuring it meets its commitment to deliver news and support to our sectors.

2025 saw a refocus on the brands which show greatest growth potential, which had the effect of increasing efficiencies and growing margins as a result of discontinuing some brands. In addition, the Group continues to make investment in technology, moving each of the Group’s brands digital assets onto a new technology platform that will increase our ability to embrace AI, learn about our readers, grow our databases, and maximise revenues. All of these actions resulted in an upturn in margins and profitability in 2025, and this is set to continue into 2026.

May 2026 saw the final payment of the Covid Business Interruption Loan (CBIL) which was paid down reliably inclusive of interest payments throughout its term.

Principal risks and uncertainties

Risks associated with the Group are largely those outside of its control, with government actions and global events the two most likely factors to create risk for the travel and hospitality sectors. The Group continues to be well managed and maintain a notable competitive advantage across each of its brands, and whilst a relatively small business the Group continues to take high-cost protective measures to prevent against cyber-crime and data breaches, operating at a level beyond many companies of a comparable scale.

The table below sets out the external key risks that can be identified, along with the Group's approach to mitigating those risks.

Risk | Impact on Group | Mitigation
Worsening of UK cost of living | Reduction in consumer propensity to spend, impacting likelihood of taking expensive summer holidays or reducing overall cost/duration of holidaying. Change in discretional spend habits with dining out and hotel stays impacted across the hospitality sector. In both cases the impact would see commercial partners pulling back or reducing | The Group continues to be run in an efficient manner, optimising headcount and reducing central costs where possible to protect against any possible future declines in revenue. As the Group has grown in scale it has retained its core values, placing the same value on sensible spend/investment despite increases in trading profit
Increasing cost of travel | The cost of travel and aviation in particular is increasing disproportionately due to taxes such as Air Passenger Duty (APD) and pressures to reduce flight capacity in future years. | Increasing cost of travel will potentially see a greater impact on mainstream travel, reducing the ability of this sector to afford travel. The luxury sector has far greater protection from this and the Group’s revenues have shifted to reflect the importance of this market in a world where travel is not available to everyone.

JACOBS MEDIA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Risk | Impact on Group | Mitigation
Global Event | Global events can and will continue to impact the Group, these have included the COVID pandemic, and more recently wars which have impacted Events for clients at the last minute. | The Group remains backed by committed shareholders who have backed the business in the worst of times and continue to stand by the business today. The Group remains flexible on delivery, having learnt lessons from the pandemic to lessen the impact of these risks.
Digital replacement of print advertising | There has been a trend in the media industry for digital to replace print based advertising. Certain sectors of B2B have been impacted by this but not as much as some areas of consumer media such as local newspapers. | The Group has invested heavily in ensuring that its products have an extremely close fit with the market needs of customers, particularly around the quality of product delivered. This has resulted in a continued vibrant print offer that remains very attractive to clients. In addition there has been a significant increase in its range of events, which have been largely immune from digital disruption, and it offers its own market leading digital product.

Financial instruments

The Group’s principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the Group. The main purpose of the instruments is to raise funds to finance the Group’s operations. Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group’s approach to managing other risks applicable to the financial instruments concerned is as follows:

In respect of bank balances, the liquidity risk is managed through careful management of the Group’s bank balances, and detailed budgeting to ensure no shortfall arises.

In respect of loans, these comprise amounts from directors and shareholders of the Group and other connected entities. Loans from directors and shareholders are unsecured, at varying rates of interest, have no fixed date of repayment and are repayable on demand. Loans from a connected entity have a fixed interest rate and are repayable by monthly instalments. The Group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

On behalf of the board

C Jacobs
Director
29 June 2026
JACOBS MEDIA GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company is that of a dormant holding company.

The principal activity of the group continued to be that of providing creative solutions for the travel and hospitality industr ies across print, digital media and in person and online travel training.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

C Jacobs
D Horton
S Parish
J Emslie
Future developments

The Group moves into 2026 following action taken in 2025 to consolidate, optimise, and grow the business across all key brands.

In the UK, the Group have four travel brands all of which are leading in their own right; Travel Weekly, the powerhouse brand for mainstream travel, Aspire in the luxury market, Online Travel Training (OTT) for education, and the Association of Touring & Adventure Suppliers (ATAS) as a champion for the touring sector. In addition, the Group’s sole hospitality brand, The Caterer, is the most respected and widely read source of news, reviews, insight, and analysis in the hospitality industry.

The Group’s portfolio has shown itself to be robust, and whilst top-line revenue growth is slower than in international markets it continues to grow profit and market share through product development, operational efficiencies, and synergies between brands.

Throughout 2025 saw significant growth in both event and digital product lines, but as impressively showed growth in the Group’s print markets despite other travel titles closing in the same period.

In 2026 the Group will grow these portfolios further, developing existing event lines and launching new, optimising databases and digital channels to grow engagement and overall views of content and challenging the market further with a pledge to grow it’s print readership.

The Group’s international portfolio has shown impressive growth, ratifying its ambitious decision to move into international markets in the peak of the pandemic. In the five years since the pandemic the international business has shifted from single digits to 35% of the Group’s total revenues.

During 2025 the international events portfolio delivered activity including activations on both coasts of the US, throughout the Middle East, and in Japan. Amongst this activity the Group delivered the first major luxury travel marketplace event for Saudi Arabia and took a major step for the middle eastern cruise market with the launch of Connections Cruise Arabia.

The Group strategy to be a major global events business is reflected in the events portfolio representing 60% of the Group’s turnover, a figure which would have been higher still if it wasn’t for the impressive growth of digital content revenue which is now at 20% of total turnover.

Auditor

The auditor, Gravita Audit II Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

JACOBS MEDIA GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments.

Statement of disclosure to auditor

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

On behalf of the board
C Jacobs
Director
29 June 2026
JACOBS MEDIA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JACOBS MEDIA GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Jacobs Media Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

JACOBS MEDIA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JACOBS MEDIA GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the travel, training and hospitality industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006 and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

JACOBS MEDIA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JACOBS MEDIA GROUP LIMITED
- 7 -

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- understanding the business model as part of the control and business environment;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and enquiring with management of actual and potential non-compliance with laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Bashir Khan ACCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
29 June 2026
JACOBS MEDIA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2025
operations
operations
2024
Notes
£
£
£
£
£
£
Turnover
3
11,161,186
3,785,964
14,947,150
11,183,925
3,326,530
14,510,455
Cost of sales
(8,567,424)
(1,819,164)
(10,386,588)
(8,521,468)
(1,879,416)
(10,400,884)
Gross profit
2,593,762
1,966,800
4,560,562
2,662,457
1,447,114
4,109,571
Administrative expenses
(2,505,618)
(1,926,479)
(4,432,097)
(3,686,091)
(543,681)
(4,229,772)
Other operating income
513,407
-
513,407
226,385
-
226,385
Operating profit
4
601,551
40,321
641,872
(797,249)
903,433
106,184
Interest receivable and similar income
7
-
-
-
9
-
9
Interest payable and similar expenses
8
(650,191)
-
(650,191)
(386,854)
-
(386,854)
Loss before taxation
(48,640)
40,321
(8,319)
(1,184,094)
903,433
(280,661)
Tax on loss
9
(30,464)
-
(30,464)
-
-
-
Loss for the financial year
23
(79,104)
40,321
(38,783)
(1,184,094)
903,433
(280,661)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
JACOBS MEDIA GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
432,572
486,644
Other intangible assets
11
693,757
601,940
Total intangible assets
1,126,329
1,088,584
Tangible assets
12
82,910
134,749
1,209,239
1,223,333
Current assets
Debtors
15
6,785,644
4,366,691
Cash at bank and in hand
72,925
1,544
6,858,569
4,368,235
Creditors: amounts falling due within one year
16
(7,831,749)
(6,910,899)
Net current liabilities
(973,180)
(2,542,664)
Total assets less current liabilities
236,059
(1,319,331)
Creditors: amounts falling due after more than one year
17
(3,176,627)
(1,582,454)
Net liabilities
(2,940,568)
(2,901,785)
Capital and reserves
Called up share capital
22
2,312
2,312
Other reserves
23
1,998
1,998
Profit and loss reserves
23
(2,944,878)
(2,906,095)
Total equity
(2,940,568)
(2,901,785)

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

The financial statements were approved by the board of directors and authorised for issue on 29 June 2026 and are signed on its behalf by:
29 June 2026
C Jacobs
Director
Company registration number 08713328 (England and Wales)
JACOBS MEDIA GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
40,850
40,850
Current assets
Debtors
15
121,156
121,156
Creditors: amounts falling due within one year
16
(159,694)
(159,694)
Net current liabilities
(38,538)
(38,538)
Net assets
2,312
2,312
Capital and reserves
Called up share capital
22
2,312
2,312

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2024 - £0 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 29 June 2026 and are signed on its behalf by:
29 June 2026
C Jacobs
Director
Company registration number 08713328 (England and Wales)
JACOBS MEDIA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Other reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
2,312
1,998
(2,625,434)
(2,621,124)
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(280,661)
(280,661)
Balance at 31 December 2024
2,312
1,998
(2,906,095)
(2,901,785)
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(38,783)
(38,783)
Balance at 31 December 2025
2,312
1,998
(2,944,878)
(2,940,568)
JACOBS MEDIA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
£
Balance at 1 January 2024
2,312
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
Balance at 31 December 2024
2,312
Year ended 31 December 2025:
Profit and total comprehensive income
-
Balance at 31 December 2025
2,312
JACOBS MEDIA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(533,822)
1,123,193
Interest paid
(650,191)
(386,854)
Income taxes (paid)/refunded
(100)
4,100
Net cash (outflow)/inflow from operating activities
(1,184,113)
740,439
Investing activities
Purchase of intangible assets
(303,061)
(449,797)
Purchase of tangible fixed assets
(8,693)
(37,469)
Proceeds from disposal of tangible fixed assets
-
12,500
Interest received
-
0
9
Net cash used in investing activities
(311,754)
(474,757)
Financing activities
Repayment of borrowings
1,761,123
50,589
Repayment of bank loans
(421,250)
(435,139)
Net cash generated from/(used in) financing activities
1,339,873
(384,550)
Net decrease in cash and cash equivalents
(155,994)
(118,868)
Cash and cash equivalents at beginning of year
(231,708)
(112,840)
Cash and cash equivalents at end of year
(387,702)
(231,708)
Relating to:
Cash at bank and in hand
72,925
1,544
Bank overdrafts included in creditors payable within one year
(460,627)
(233,252)
JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Jacobs Media Group Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 3rd Floor, 52 Grosvenor Gardens, London, SW1W 0AU.

The group consists of Jacobs Media Group Limited and all of its subsidiaries.

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.

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.

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

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Jacobs Media Group Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). On 23 January 2014, Jacobs Media Group Limited acquired the entire share capital of Travel Weekly Group Limited, registered office 3rd Floor, 52 Grosvenor gardens, London, SW1W 0AU, by way of a share for share exchange whereby the shareholders of Travel Weekly Group Limited received one share in Jacobs Media Group Limited for each share they owned in Travel Weekly Group Limited.

The introduction of a new holding company constitutes a Group reconstruction and has been accounted for using the merger accounting principles in accordance with paragraphs 19.27 to 19.32 of FRS 102 "the Financial Reporting Standard applicable in the UK and Republic of Ireland".

Subsidiaries acquired after the Group reconstruction and during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

The directors have prepared the group's business plan for the period ending 12 months from the date of approval of these financial statements and this business plan, which, based upon the assumption of continued future profitability, monitoring and reducing costs, timely recovery of debts, other debtors and continued extended credit terms from its creditors shows that the company has sufficient funds to continue trading in the foreseeable future.

In addition, a director, who has a majority shareholding in the group, has indicated that he will provide financial and other support to the group as required for the foreseeable future. Based on all of the above, the financial statements do not include any adjustments that might otherwise be necessary if that support were withdrawn. Thus directors continue to adopt the going concern basis of accounting in preparing these annual financial statements. The financial statements include no adjustment that might otherwise be necessary if that support were withdrawn. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.5
Revenue

Turnover represents amounts receivable for services net of VAT with the following recognition criteria applying in specific cases:

Income associated with a particular issue of a magazine is recognised when the magazine is published.

Prepaid subscription revenue is shown as deferred income and released to the profit and loss account over the life of the subscription.

Revenue from events is recognised when the event has taken place.

Digital advertising revenue is recognised over the period of the advertising contract and according to the date of publication.

Income associated with courses is recognised over the duration of that course. Prepaid course revenue is shown as deferred income and released to the profit and loss account over the duration of the course.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

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

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as a change in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.

Gains or losses arising from an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.

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

Website development costs
5 years
Development Costs
5 years
Other intangibles
5 years
Branding
5 years
1.9
Tangible fixed assets

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

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

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

Land and buildings Leasehold
Over the life of the lease
Leasehold improvements
Over the life of the lease
Fixtures, fittings & equipment
20% straight line
Computer equipment
Hardware at 25% straight line and software at 33.3% 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 recognised in the income statement.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.11
Impairment of fixed assets

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

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

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

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.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, loans from directors/shareholders and connected entity 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 receipts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, 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 if, and only if, there is 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.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.15
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.

1.16
Retirement benefits

The group operates a defined contribution plan for its employees. A deﬁned contribution plan is a pension plan under which the company pays ﬁxed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.17
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 d asset are consumed.

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
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.

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.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
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.

Taxation

The group evaluates the recoverability of deferred tax assets based on estimates of future earnings. The ability to recover these taxes depends ultimately on the group’s ability to generate taxable earnings over the course of the period for which the deferred tax assets remain deductible. This analysis is based on the estimated reversal of deferred taxes as well as estimates of taxable earnings, which are sourced from internal projections and are updated to reflect the latest trends.

The appropriate classification of tax assets and liabilities depends on a number of factors, including estimates as to the timing and materialisation of deferred tax assets and the forecast tax payment schedule. Actual income tax receipts and payments could differ from the estimates made by the group as a result of changes in tax legislation or unforeseen transactions that could affect tax balances.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Magazine Print Advertising
2,431,894
3,060,601
Digital Advertising
2,345,976
2,172,814
Events
8,938,448
8,298,717
Other income (including subscription)
660,044
361,521
Online travel training
570,788
616,802
14,947,150
14,510,455
2025
2024
£
£
Turnover analysed by geographical market
UK
8,684,960
8,612,106
Europe
2,563,775
2,584,506
USA
1,097,854
964,881
Rest of the world
2,600,561
2,348,962
14,947,150
14,510,455
2025
2024
£
£
Other revenue
Interest income
-
9

All turnover is derived from one activity, being the Group's principal activity of providing creative solutions for the travel and hospitality industries across print, digital media and in person.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
15,780
38,561
Research and development costs
2,644
-
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of tangible fixed assets
60,532
59,007
Profit on disposal of tangible fixed assets
-
(12,500)
Amortisation of intangible assets
234,285
190,543
Loss on disposal of intangible assets
31,031
-
Operating lease charges
571,988
492,920
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Printing, editorial, sales, marketing and other
91
102
-
-
Admin
22
21
4
4
Total
113
123
4
4

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,609,385
5,543,998
-
0
-
0
Social security costs
654,477
588,828
-
-
Pension costs
198,826
173,144
-
0
-
0
6,462,688
6,305,970
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
438,748
434,153
JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
200,110
229,367
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
9
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
73,852
74,679
Other interest on financial liabilities
576,339
312,175
Total finance costs
650,191
386,854
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
30,464
-
0
JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 24 -

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

2025
2024
£
£
Loss before taxation
(8,319)
(280,661)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(2,080)
(70,165)
Tax effect of expenses that are not deductible in determining taxable profit
37,114
8,447
Tax effect of utilisation of tax losses not previously recognised
(113,603)
-
0
Unutilised tax losses carried forward
30,472
51,455
Permanent capital allowances in excess of depreciation
9,494
2,339
Amortisation on assets not qualifying for tax allowances
25,085
-
0
Other permanent differences
-
0
(5,594)
Deferred tax
30,464
-
0
Amortisation on goodwill
13,518
13,518
Taxation charge
30,464
-
10
Discontinued operations

In December 2025, the group disposed of the Connections brand, a B2B travel and hospitality events specialist connecting travel buyers and suppliers through bespoke, immersive networking events globally. The disposal reflects the group's strategic decision to concentrate on its core operations, which extend beyond the luxury travel segment.

11
Intangible fixed assets
Group
Goodwill
Website development costs
Development Costs
Other intangibles
Branding
Total
£
£
£
£
£
£
Cost
At 1 January 2025
5,519,696
378,136
329,269
983,145
34,875
7,245,121
Additions
-
0
147,378
155,683
-
0
-
0
303,061
Disposals
-
0
-
0
-
0
-
0
(34,875)
(34,875)
At 31 December 2025
5,519,696
525,514
484,952
983,145
-
0
7,513,307
Amortisation and impairment
At 1 January 2025
5,033,052
91,179
45,317
983,145
3,844
6,156,537
Amortisation charged for the year
54,072
100,340
79,873
-
0
-
0
234,285
Disposals
-
0
-
0
-
0
-
0
(3,844)
(3,844)
At 31 December 2025
5,087,124
191,519
125,190
983,145
-
0
6,386,978
JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 31 December 2025
432,572
333,995
359,762
-
0
-
0
1,126,329
At 31 December 2024
486,644
286,957
283,952
-
0
31,031
1,088,584
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
12
Tangible fixed assets
Group
Land and buildings Leasehold
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
58,139
550,711
260,619
528,629
1,398,098
Additions
-
0
-
0
1,877
6,816
8,693
At 31 December 2025
58,139
550,711
262,496
535,445
1,406,791
Depreciation and impairment
At 1 January 2025
58,139
491,036
232,673
481,501
1,263,349
Depreciation charged in the year
-
0
29,550
9,243
21,739
60,532
At 31 December 2025
58,139
520,586
241,916
503,240
1,323,881
Carrying amount
At 31 December 2025
-
0
30,125
20,580
32,205
82,910
At 31 December 2024
-
0
59,675
27,946
47,128
134,749
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
40,850
40,850

The group has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
40,850
Carrying amount
At 31 December 2025
40,850
At 31 December 2024
40,850
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Clive Jacobs Publishing Limited*
1
Dormant
Ordinary
100.00
Travel Weekly Group Limited
1
Creative solutions for the travel and hospitality industries across print, digital media and in person
Ordinary
100.00
TWG Media Limited*
1
Dormant
Ordinary
100.00
OTT Group Limited
1
Online travel training
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
3rd Floor, 52 Grosvenor Gardens, London, SW1W 0AU.
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Travel Weekly Group Limited
(2,544,996)
0
243,701
OTT Group Limited
(792,759)
0
(228,412)
0

Under section 479A & 479C - audit exemption for a subsidiary company, Jacobs Media Group Limited has provided a statement of guarantee by a parent undertaking of a subsidiary undertaking on behalf of:

- OTT Group Limited Limited (Company Registration Number 07792585)

Consequently, the above entity is exempt from the requirements of the Companies Act having taken exemption under section 479A relating to the audit of their individual accounts.

* Subsidiaries of Travel Weekly Group Limited

Fixed asset investments comprise equity shares in the above entities, none of which are publicly traded.

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,567,532
1,497,587
-
0
-
0
Unpaid share capital
1,156
1,156
1,156
1,156
Corporation tax recoverable
191
91
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
120,000
120,000
Other debtors
3,478,839
1,689,418
-
0
-
0
Prepayments and accrued income
1,576,212
986,261
-
0
-
0
6,623,930
4,174,513
121,156
121,156
Amounts falling due after more than one year:
Deferred tax asset (note 19)
161,714
192,178
-
0
-
0
Total debtors
6,785,644
4,366,691
121,156
121,156

Trade debtors are stated after provisions for impairment of £nil (2024: £114,657).

Included in other debtors is an amount of £3,379,079 (2024: £1,642,794) owed by connected entity. The loan is interest free, has not date of repayment and is repayable on demand.

Company

Included within amounts due from fellow group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
629,065
656,273
-
0
-
0
Other borrowings
18
29,117
28,834
-
0
-
0
Trade creditors
2,170,795
2,234,419
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
159,694
159,694
Other taxation and social security
1,456,276
687,183
-
0
-
0
Deferred income
20
1,988,537
2,294,638
-
0
-
0
Other creditors
199,266
77,899
-
0
-
0
Accruals and deferred income
1,358,693
931,653
-
0
-
0
7,831,749
6,910,899
159,694
159,694
JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Creditors: amounts falling due within one year
(Continued)
- 28 -

The group has a charge dated 13 October 2009 over the rental deposit in favour of Redgranite Limited.

Loans totalling £29,117 (2024: £28,834) included within other creditors are secured by a first charge given by Clive Jacobs over such shares held by him in Jacobs Media Group Limited. The loan was fully repayable by July 2027 by annual instalments at an interest rate of 15% per annum.

Loans totalling £166,667 (2024: £400,000) included within bank loans are secured by fixed and floating charges over the company's assets. The loan is fully repayable by May 2026.

The aggregate of secured liabilities is £195,784 (2024: £4 21,834).

Company

Included within amounts owed to group undertakings are loans are loan balances which are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
166,667
-
0
-
0
Other borrowings
18
3,176,627
1,415,787
-
0
-
0
3,176,627
1,582,454
-
-

Loans totalling £44,069 (2024: £72,989) included within other creditors is secured by a first charge given by Clive Jacobs over such shares held by him in Jacobs Media Group Limited. The loan are fully repayable by annual instalments at an interest rate of 15% per annum.

Loans totalling £3,132,558 (2024: £1,342,784) included within other creditors are unsecured. The loan is repayable by annual instalments at an interest rate of 20% per annum.

Loans totalling £nil (2024: £166,667) included within bank loans are secured by fixed and floating charges over the company's assets. The loan is fully repayable by May 2026.

The aggregate of secured liabilities is £44,069 (2024: £239,656).

JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
168,438
589,688
-
0
-
0
Bank overdrafts
460,627
233,252
-
0
-
0
Other loans
3,205,744
1,444,621
-
0
-
0
3,834,809
2,267,561
-
-
Payable within one year
658,182
685,107
-
0
-
0
Payable after one year
3,176,627
1,582,454
-
0
-
0

Loans totalling £73,186 (2024: £101,823) are secured by a first charge given by Clive Jacobs over such shares held by him in Jacobs Media Group Limited. The loan is fully repayable by July 2027 by annual instalments at an interest rate of 15% per annum.

Loan totalling £3,132,558 (2024: £1,342,784) included within other borrowings are unsecured. The loan is repayable by annual instalments at an interest rate of 20% per annum.

Loans totalling £166,667 (2024: £566,667) included within bank loans are secured by fixed and floating charges over the company's assets. The loan is fully repayable by May 2026.

The aggregate of secured liabilities is £239,855 (2024: £691,511).

19
Deferred taxation

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

Assets
Assets
2025
2024
Group
£
£
Tax losses
161,714
192,178
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Asset at 1 January 2025
(192,178)
-
Charge to profit or loss
30,464
-
Asset at 31 December 2025
(161,714)
-
JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
20
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
1,988,537
2,294,638
-
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
198,826
173,144

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary A Shares of 10p each
10,060
10,060
1,006
1,006
Ordinary B Shares of 10p each
1,500
1,500
150
150
Deferred Shares of 10p each
11,560
11,560
1,156
1,156
23,120
23,120
2,312
2,312

There are 3 classes of Ordinary shares; Ordinary A shares, Ordinary B shares and Deferred Ordinary shares. Ordinary A and Ordinary B shares have no restrictions on the distribution of dividends and repayment of capital. Deferred Ordinary shares are not entitled to share in any income distributions or capital distributions on a sale or winding up.

23
Reserves
Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

24
Operating lease commitments
As lessee
JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Operating lease commitments
(Continued)
- 31 -

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
606,149
606,740
-
-
Years 2-5
4,809
601,340
-
-
610,958
1,208,080
-
-
Lessor

The operating leases represent leases to third parties. The leases are negotiated over terms of 2 to 3 years.

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
331,343
378,484
-
-
Years 2-5
-
331,343
-
-
331,343
709,827
-
-
25
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Interest Charge
Management charge
2025
2024
2025
2024
£
£
£
£
Group
Other Related Parties
342,944
210,920
119,301
-
Key management personnel
46,384
52,891
-
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Key management personnel
401,296
287,585
Other related parties
2,819,294
1,157,022
26
Controlling party
JACOBS MEDIA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
26
Controlling party
(Continued)
- 32 -

The controlling party is C G Jacobs by virtue of his shareholding in the company.

27
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Loss after taxation
(38,783)
(280,661)
Adjustments for:
Taxation charged
30,464
-
0
Finance costs
650,191
386,854
Investment income
-
0
(9)
Gain on disposal of tangible fixed assets
-
(12,500)
Loss on disposal of intangible assets
31,031
-
Amortisation and impairment of intangible assets
234,285
190,543
Depreciation and impairment of tangible fixed assets
60,532
59,007
Movements in working capital:
(Increase)/decrease in debtors
(2,449,317)
324,298
Increase in creditors
1,253,876
269,518
(Decrease)/increase in deferred income
(306,101)
186,143
Cash (absorbed by)/generated from operations
(533,822)
1,123,193
28
Analysis of changes in net debt - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
1,544
71,381
72,925
Bank overdrafts
(233,252)
(227,375)
(460,627)
(231,708)
(155,994)
(387,702)
Borrowings excluding overdrafts
(2,034,309)
(1,339,873)
(3,374,182)
(2,266,017)
(1,495,867)
(3,761,884)
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