The directors present the strategic report for the year ended 31 December 2025.
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.
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 |
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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
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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.
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Risk | Impact on Group | Mitigation |
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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.
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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.
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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
The directors present their annual report and financial statements for the year ended 31 December 2025.
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.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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.
The auditor, Gravita Audit II Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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 United Kingdom 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.
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).
Basis for 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
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.
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.
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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’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.
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.
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.
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 flow 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.
The consolidated financial statements incorporate those of Jacobs Media Group Limited and all of its subsidiaries (ie entities that the group 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 group.
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.
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.
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.
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.
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.
Equity investments 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.
In 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.
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 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, 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 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.
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.
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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
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 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 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.
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 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.
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 leased asset are consumed.
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.
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.
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 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.
An analysis of the group's turnover is as follows:
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.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
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:
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.
The group has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
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.
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.
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: £421,834).
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.
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 £239,855 (2024: £691,511).
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
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.
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
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:
The operating leases represent leases to third parties. The leases are negotiated over terms of 2 to 3 years.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The controlling party is C G Jacobs by virtue of his shareholding in the company.