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

The company’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 company 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 company 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 company 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 shows greatest growth potential, which had the effect of increasing efficiencies and growing margins as a result of discontinuing some brands. In addition, the company continues to make investment in technology, moving each of the company’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.

Risks associated with the company 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 company continues to be well managed and maintain a notable competitive advantage across each of its brands, and whilst a relatively small business the company 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 company’s approach to mitigating those risks.

The company’s principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the company. The main purpose of the instruments is to raise funds to finance the company’s operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company’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 company’s bank balances, and detailed budgeting to ensure no shortfall arises.

In respect of loans, these comprise amounts from directors and shareholders of the company 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 company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

On behalf of the board

The principal activity of the company is that of providing creative solutions for the travel and hospitality industries across print, digital media and in person.

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

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

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

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

In the UK, the company 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 company’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 company'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 company’s print markets despite other travel titles closing in the same period.

In 2026 the company 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 company'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 company’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 company 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 company strategy to be a major global events business is reflected in the events portfolio representing 60% of the company’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.

Gravita Audit II Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual report 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). 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; and

• 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.

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 company’s auditor 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 company’s auditor is aware of that information.

We have audited the financial statements of Travel Weekly Group Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 company's affairs as at 31 December 2025 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 Auditor's 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.

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 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:

• the information given in the strategic report and the directors' report 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.

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 directors' report.

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

• adequate accounting records have not been kept, 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.

As explained more fully in the directors' responsibilities statement set out on pages 3 to 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 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.

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 company through discussions with directors and other management, and from our commercial knowledge and experience of the travel 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 company, 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.

We assessed the susceptibility of the company’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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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

Travel Weekly Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 52 Grosvenor Gardens, London, SW1W 0AU.

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 amounts 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.

Group Accounts

The company has taken advantage of the exemption not to prepare consolidated accounts, on the basis that the subsidiary of the company is a dormant entity. The financial statements present information about the company as an individual entity and not about its group.

The directors have prepared the company'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. true

In addition, a director, who has a majority shareholding in the parent company, has indicated that he will provide financial and other support to the company 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.

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.

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.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 5 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.

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:

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

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:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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.

The company 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 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, 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, 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.

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.

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.

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

Basic financial liabilities, including creditors, loans from directors/shareholders of the ultimate parent company 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

The tax expense represents the sum of the tax currently payable and deferred 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

The company 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 company 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.

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 leases asset are consumed.

When the company 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 company 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.

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.

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.

The company evaluates the recoverability of deferred tax assets based on estimates of future earnings. The ability to recover these taxes depends ultimately on the company’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 company as a result of changes in tax legislation or unforeseen transactions that could affect tax balances.

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

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

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

Their aggregate remuneration comprised:

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

In December 2025, the company 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 company’s strategic decision to concentrate on its core operations, which extend beyond the luxury travel segment.

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

These financial statements are separate company financial statements for Travel Weekly Group Limited.

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

Registered office addresses (all UK unless otherwise indicated):

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

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.

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.

The company 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: £428,834).

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).

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 £239,853 (2024: £668,490).

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

There are 2 classes of Ordinary shares; ordinary A shares and ordinary B shares. There are no restrictions on the distribution of dividends and repayment of capital.

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

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

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

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

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

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

The ultimate controlling party is C G Jacobs by way of his majority shareholding in the ultimate parent company Jacobs Media Group Limited. Travel Weekly Group Limited is 100% owned by Jacobs Media Group Limited.

Jacobs Media Group Limited prepares group financial statements and copies can be obtained from Companies House.

The parent company's registered office is 3rd Floor, 52 Grosvenor Gardens, London, SW1 0AU.