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Registered number: 04279813 VINTAGE TRAVEL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
VINTAGE TRAVEL LIMITED COMPANY INFORMATION
Director | S J Eccles
Company secretary | S J Eccles
Registered number | 04279813
Registered office | Milkmaid House
| 8 Rampton End
| Willingham
| Cambridgeshire
| CB24 5JB
Independent auditors | Xeinadin Audit Limited
| Chartered Accountants & Statutory Auditors
| 8th Floor
| Becket House
| 36 Old Jewry
| London
| EC2R 8DD
VINTAGE TRAVEL LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Director's report | 3 - 4
Independent auditors' report | 5 - 8
Consolidated statement of comprehensive income | 9
Consolidated statement of financial position | 10
Company statement of financial position | 11
Consolidated statement of changes in equity | 12
Company statement of changes in equity | 13
Consolidated statement of cash flows | 14
Notes to the financial statements | 15 - 33
VINTAGE TRAVEL LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The directors present their strategic report for the year ended 31 October 2025.
Business review
The principal activity of the group remains the provision of villa holidays across Europe, primarily serving the UK leisure travel market. The Group delivered a further year of growth, with Total Transactional Value (“TTV”) exceeding the prior year, reflecting continued demand for high-quality villa accommodation across its core destinations. The Group’s key destinations include mainland Spain, the Balearic Islands, France, the Greek Islands, Croatia, Italy, Portugal, and Turkey. The strategy remains focused on offering a curated portfolio of high-quality properties in established leisure markets. Financial Key Performance Indicators TTV for the year increased to £13,491,448 (2024: £12,408,173) with a profit before tax of £794,128 (2024: £1,300,432). The EBITDA was £519,762 for the year (2024: £905,995). Net assets decreased by 51% to £3.46m in the current year, from £7.17m in the prior year. While performance was slightly below internal forecasts, this was largely attributable to a shift in booking patterns, with sales during the traditionally strong January and February period proving less robust than anticipated. In addition, persistently high flight prices impacted customer booking behaviour in certain markets. Profit before tax for the year is set out in the accompanying financial statements. The Group continued to maintain strong cash reserves throughout the year and operated without reliance on external borrowing, providing financial stability and flexibility. Non-Financial Key Performance Indicator The Directors monitor performance using a range of key indicators, including the number of properties in the portfolio, weeks let per property, average customer spend, margin performance, and customer satisfaction, alongside effective management of staffing and supplier relationships. The holiday rental market remains competitive but resilient. The Company continues to benefit from a strong reputation for service quality and customer satisfaction. Market Position and Brand Strength During the year, the Group retained its Feefo Platinum Trusted Service Award, maintaining a 5-star rating, and achieved a 4.9 out of 5 rating on Trustpilot. The Company also received a number of industry accolades, including: • Best Villa Operator at The Telegraph Travel Awards (an award held continuously since 2019); • A Top 10 ranking in the Condé Nast Traveller Readers’ Choice Awards; and • Silver in the Best Villa category at the British Travel Awards. These recognitions support the Directors’ assessment of the Company’s strong market position Future Outlook The Directors remain cautiously optimistic about future prospects. The Group plans to continue expanding within existing destinations while selectively adding new locations to its portfolio. Ongoing investment in technology and Page 1
VINTAGE TRAVEL LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 IT systems is expected to enhance operational efficiency and improve the experience of customers and business partners. The Group will also continue to invest in its team to ensure it remains well positioned to support sustainable growth and maintain high service standards.
Principal risks and uncertainties
The Group's principal selling currency is GBP, while a significant porportion of costs are in Euros. As a result, the business is exposed to fluctuations in foreign exchange rates. The Directors monitor currency movements on an ongoing basis and take appropriate steps to mitigate exposure, where practicable. The Directors also keep under review broader economic conditions, including consumer confidence and travel costs. The UK Government Budget announced in November 2025 is not expected to have a material adverse impact on customer demand for holidays.
Future Developments
We plan to continue developing the business in the coming years, investing in IT systems to enhance our competitive edge and improve stakeholder experiences. The company will also expand the number of properties offered and seek growth in both current and new destinations.
Share Capital Reorganisation and Ownership Changes
On 1 April 2025, the Company entered into a transaction to purchase 30,000 of its own ordinary shares from two retiring shareholders - Anthony Poole and Mavis Poole. These shares were subsequently cancelled on the same day. On the same day, a bonus issue of 30,000 ordinary shares was made to the remaining director, Steve Eccles. This formed part of a planned succession strategy and was funded from existing reserves. Following the buyback, the remaining director, Steve Eccles, became the sole shareholder. This transaction supports the long-term continuity of the business and provides a stable foundation for future growth. This report was approved by the board and signed on its behalf.
................................................ S J Eccles Director
Date: 30 January 2026
Page 2
VINTAGE TRAVEL LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The director presents his report and the financial statements for the year ended 31 October 2025.
Director's responsibilities statement
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal acitivity of the group continued to be that of a tour operator.
Results and dividends
The profit for the year, after taxation, amounted to £559,212 (2024 - £893,164). The directors have recommended a dividend amounting £253,334 (2024: £554,875) for the financial year.
Director
The director who served during the year was:
S J Eccles M A Poole (resigned 1 April 2025) A K Poole (resigned 1 April 2025)
Matters covered in the Group strategic report
Where necessary, disclosures relating to future developments have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006. Page 3
VINTAGE TRAVEL LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Disclosure of information to auditors
The director at the time when this Director's report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Subsequent events
There have been no significant events affecting the Company since the reporting date.
Auditors
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ S J Eccles Director
Date: 30 January 2026
Page 4
VINTAGE TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE TRAVEL LIMITED
Opinion
We have audited the financial statements of Vintage Travel Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 October 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report. Page 5
VINTAGE TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE TRAVEL LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 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 director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
VINTAGE TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE TRAVEL LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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: The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • Enquiry of management and those charged with governance around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. • Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: ATOL, ABTA, ABTOT compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us, or evident from relevant correspondence, an audit will not detect that breach. Page 7
VINTAGE TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE TRAVEL LIMITED (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to the fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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. Silpy Kedia ACA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Chartered Accountants Statutory Auditors 8th Floor Becket House 36 Old Jewry London EC2R 8DD 30 January 2026 Page 8
VINTAGE TRAVEL LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 13,491,448 | 12,408,173
Cost of sales |  | (9,723,803) | (8,674,578)
Gross profit |  | 3,767,645 | 3,733,595
Administrative expenses |  | (3,212,152) | (2,863,331)
Fair value movements |  | (35,731) | 35,731
Operating profit | 5 | 519,762 | 905,995
Interest receivable and similar income | 9 | 274,366 | 395,074
Interest payable and similar expenses | 10 | - | (637)
Profit before taxation |  | 794,128 | 1,300,432
Tax on profit | 11 | (234,916) | (407,268)
Profit for the year |  | 559,212 | 893,164
Total comprehensive income for the year |  | 559,212 | 893,164
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 559,212 | 893,164
|  | 559,212 | 893,164
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
The notes on pages 15 to 33 form part of these financial statements.
Page 9
VINTAGE TRAVEL LIMITED REGISTERED NUMBER: 04279813 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 121,348 |  | 58,348
Tangible assets | 15 |  | 905,006 |  | 922,055
|  |  | 1,026,354 |  | 980,403
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 217,930 |  | 204,335 |
Cash at bank and in hand | 18 | 4,037,891 |  | 7,573,868 |
|  | 4,255,821 |  | 7,778,203 |
Creditors: amounts falling due within one year | 19 | (1,672,609) |  | (1,468,779) |
Net current assets |  |  | 2,583,212 |  | 6,309,424
Total assets less current liabilities |  |  | 3,609,566 |  | 7,289,827
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 | (52,824) |  | (18,963) |
|  |  | (52,824) |  | (18,963)
Net assets |  |  | 3,556,742 |  | 7,270,864
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 50,000 |  | 50,000
Revaluation reserve | 22 |  | 458,743 |  | 458,743
Profit and loss account | 22 |  | 3,047,999 |  | 6,762,121
Equity attributable to owners of the Parent Company |  |  | 3,556,742 |  | 7,270,864
|  |  | 3,556,742 |  | 7,270,864
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ S J Eccles
Director
Date: 30 January 2026
The notes on pages 15 to 33 form part of these financial statements. Page 10
VINTAGE TRAVEL LIMITED REGISTERED NUMBER: 04279813 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 52,000 |  | 52,000
|  |  | 52,000 |  | 52,000
Current assets |  |  |  |  |
Cash at bank and in hand | 18 | 104,664 |  | - |
|  | 104,664 |  | - |
Creditors: amounts falling due within one year | 19 | (104,664) |  | - |
Net current assets |  |  | - |  | -
Total assets less current liabilities |  |  | 52,000 |  | 52,000
Net assets excluding pension asset |  |  | 52,000 |  | 52,000
Net assets |  |  | 52,000 |  | 52,000
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 50,000 |  | 50,000
Profit and loss account | 22 |  | 2,000 |  | 2,000
|  |  | 52,000 |  | 52,000
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ S J Eccles
Director
Date: 30 January 2026
The notes on pages 15 to 33 form part of these financial statements. Page 11

|  | VINTAGE TRAVEL LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
|  | Called up share capital | Capital redemption reserve | Revaluation reserve | Profit and loss account | Equity attributable to owners of Parent Company | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 November 2023 | 50,000 | - | 837,646 | 6,044,929 | 6,932,575 | 6,932,575
| Comprehensive income for the year |  |  |  |  |  |
| Profit for the year | - | - | - | 893,164 | 893,164 | 893,164
| Contributions by and distributions to owners |  |  |  |  |  |
| Dividends: Equity capital | - | - | - | (554,875) | (554,875) | (554,875)
| Transfer to/from profit and loss account | - | - | (378,903) | 378,903 | - | -
| At 1 November 2024 | 50,000 | - | 458,743 | 6,762,121 | 7,270,864 | 7,270,864
| Comprehensive income for the year |  |  |  |  |  |
| Profit for the year | - | - | - | 559,212 | 559,212 | 559,212
| Contributions by and distributions to owners |  |  |  |  |  |
| Dividends: Equity capital | - | - | - | (253,334) | (253,334) | (253,334)
| Purchase of own shares | (30,000) | 30,000 | - | (4,020,000) | (4,020,000) | (4,020,000)
| Capitalisation/Bonus Issue | 30,000 | (30,000) | - | - | - | -
| At 31 October 2025 | 50,000 | - | 458,743 | 3,047,999 | 3,556,742 | 3,556,742
| The notes on pages 15 to 33 form part of these financial statements.
Page 12

VINTAGE TRAVEL LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 November 2024 | 50,000 | - | 2,000 | 52,000
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 4,273,334 | 4,273,334
Total comprehensive income for the year | - | - | 4,273,334 | 4,273,334
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (253,334) | (253,334)
Purchase of own shares | (30,000) | 30,000 | (4,020,000) | (4,020,000)
Capitalisation/Bonus issue | 30,000 | (30,000) | - | -
Total transactions with owners | - | - | (4,273,334) | (4,273,334)
At 31 October 2025 | 50,000 | - | 2,000 | 52,000
| The notes on pages 15 to 33 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 November 2023 | 50,000 | 2,000 | 52,000
Comprehensive income for the year |  |  |
Profit for the year | - | 554,875 | 554,875
Total comprehensive income for the year | - | 554,875 | 554,875
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (554,875) | (554,875)
Total transactions with owners | - | (554,875) | (554,875)
At 31 October 2024 | 50,000 | 2,000 | 52,000
| The notes on pages 15 to 33 form part of these financial statements.
Page 13
VINTAGE TRAVEL LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 559,212 | 893,164
Adjustments for: |  |
Depreciation of tangible assets | 28,645 | 26,698
Loss on disposal of tangible assets | - | 1,134
Interest paid | - | 637
Interest received | (274,366) | (395,074)
Taxation charge | 234,916 | 407,268
(Increase) in debtors | (49,326) | (18,933)
Increase/(decrease) in creditors | 307,239 | (9,093)
Net fair value losses/(gains) recognised in P&L | 35,731 | (35,731)
Corporation tax (paid) | (304,464) | (248,108)
Net cash generated from operating activities | 537,587 | 621,962
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (63,000) | (58,348)
Purchase of tangible fixed assets | (11,596) | (20,266)
Sale of tangible fixed assets | - | 523,433
Interest received | 274,366 | 395,074
Net cash from investing activities | 199,770 | 839,893
Cash flows from financing activities |  |
Purchase of own shares | (4,020,000) | -
Dividends paid | (253,334) | (554,875)
Interest paid | - | (637)
Net cash used in financing activities | (4,273,334) | (555,512)
Net (decrease)/increase in cash and cash equivalents | (3,535,977) | 906,343
Cash and cash equivalents at beginning of year | 7,573,868 | 6,667,525
Cash and cash equivalents at the end of year | 4,037,891 | 7,573,868
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,037,891 | 7,573,868
| 4,037,891 | 7,573,868
The notes on pages 15 to 33 form part of these financial statements.
Page 14
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Vintage Travel Limited is a private company limited by shares incorporated in England and Wales. The address of the registered company is given on the Company Information page of these financial statements. The principal acitivity of the group continued to be that of a tour operator. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Revenue
Revenue represents income received or receivable, including TOMS VAT, for tours departing during the financial year, recognised on a departure date basis. Page 15
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.4 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Development expenditure | - | 20% | straight line
| 2.5 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | straight line (buildings only)
|  |  |  | Plant and machinery | - | 25% | straight line
|  |  |  | Overseas equipment | - | 25% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. Page 16
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.10 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 17
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.12 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.13 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.14 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.15 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.16 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds. Page 18
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.17 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 19
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.20 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
3. | Judgments in applying accounting policies 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 recognised 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 statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Critical judgements The directors have exercised judgement in adopting the revaluation model for freehold properties and in determining that the carrying values of the properties at the reporting date do not differ materially from their fair values, based on the most recent external valuations and current market conditions. The directors have also judged that the frequency of revaluations is sufficient to ensure that carrying values are not materially misstated. Key sources of estimation uncertainty Valuation of Property The properties are held at revalued amounts based on valuations performed by independent professionally qualified valuers. These valuations are subject to estimation uncertainty and are based on assumptions including market conditions, comparable property transactions, rental yields, location, and the physical condition of the properties. A reasonably possible change in these assumptions could result in a material adjustment to the carrying values of the properties. The directors confirm that no changes have occured to these properties that would have a material impact on their value during the period from the valuation to the year end, 31 October 2025. Page 20
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Villa holidays | 13,491,448 | 12,408,173
|  | 13,491,448 | 12,408,173
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on sale of asset | - | (1,134)
| Exchange differences | (67,221) | (34,970)
| Other operating lease rentals | 34,621 | 34,986
| Defined contribution pension cost | 93,243 | 126,321
| Depreciation | 28,645 | 26,698
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 11,500 | 8,220
| Fees payable to the Company's auditors for non-audit services | 8,000 | 5,850
Page 21
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
7. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 1,097,111 | 983,140
| Social security costs | 143,570 | 113,943
| Cost of defined contribution scheme | 93,243 | 126,321
|  | 1,333,924 | 1,223,404
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 3 | 4
|  | Reservations | 7 | 6
|  | Product | 6 | 8
|  | Finance | 3 | 3
|  | Back Office | - | 3
|  | Other | 6 | 4
|  |  | 25 | 28
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 185,413 | 210,713
| Group contributions to defined contribution pension schemes | 13,691 | 49,590
|  | 199,104 | 260,303
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| Key Management includes the directors and senior management. The compensation paid or payable to Key Management personnel of the company for employee services carried out during the year amounted to £510,073 (2024: £342,463).
Page 22
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank and other interest receivable | 274,366 | 395,074
|  | 274,366 | 395,074
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | - | 637
|  | - | 637
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 204,369 | 414,786
| Adjustments in respect of previous periods | (3,314) | (848)
|  | 201,055 | 413,938
| Double taxation relief | - | (57,155)
|  | 201,055 | 356,783
| Foreign tax |  |
| Foreign tax on income for the year | - | 57,155
|  | - | 57,155
| Total current tax | 201,055 | 413,938
| Deferred tax |  |
| Origination and reversal of timing differences | 30,160 | (6,670)
| Prior period adjustments | 3,701 | -
| Total deferred tax | 33,861 | (6,670)
| Profit before taxation | 234,916 | 407,268
Page 23
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 794,128 | 1,300,432
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 198,532 | 325,108
| Effects of: |  |
| Fixed asset differences | 8,681 | (1,644)
| Expenses not deductible for tax purposes | 1,943 | 1,055
| Adjustments in respect of prior periods | (3,314) | (848)
| Adjustments in respect of prior periods-deferred tax | 3,701 | -
| Non-taxable income | - | (62)
| Chargeable gains/(losses) | 25,373 | 83,634
| Other | - | 25
| Total tax charge for the year | 234,916 | 407,268
Page 24
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 11.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on equity capital | 253,334 | 554,875
|  | 253,334 | 554,875
13. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £4,273,334 (2024 - £554,875). Page 25
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Intangible assets
| Group and Company
|  | Development Expenditure
|  | £
| Cost |
| At 1 November 2024 | 200,623
| Additions | 63,000
| At 31 October 2025 | 263,623
| Amortisation |
| At 1 November 2024 | 142,275
| At 31 October 2025 | 142,275
| Net book value |
| At 31 October 2025 | 121,348
| At 31 October 2024 | 58,348
Page 26
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
15. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Overseas equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 November 2024 | 1,054,218 | 173,026 | 13,094 | 1,240,338
| Additions | - | 11,596 | - | 11,596
| At 31 October 2025 | 1,054,218 | 184,622 | 13,094 | 1,251,934
| Depreciation |  |  |  |
| At 1 November 2024 | 132,244 | 172,946 | 13,093 | 318,283
| Charge for the year on owned assets | 20,788 | 7,856 | 1 | 28,645
| At 31 October 2025 | 153,032 | 180,802 | 13,094 | 346,928
| Net book value |  |  |  |
| At 31 October 2025 | 901,186 | 3,820 | - | 905,006
| At 31 October 2024 | 921,974 | 80 | 1 | 922,055
| Overseas Properties The company's overseas properties included in freehold property were revalued in 2021 on an open market basis by TINSA Real Estate Appraisals Ltd, a Spanish firm of independent real estate valuers. The revalued amount of overseas properties was £599,416. A further addition of £14,802 was made in 2024, resulting in a total cost of £614,218 at the year end. UK Properties The company's office premises included in freehold property was valued on 30th November 2021 by an external valuer, Mark Critchley BSc (Hons) MRICs of Eddisons Chartered Surveyors. The valuation was in accordance with the requirements of the RICS Valuation Standards. The valuation of the property was on the basis of Fair Value following a comparable approach. The valuers opinion of Fair Value for the office buildings amounted to £440,000. The directors confirm that there have been no changes to these properties between the valuation date and the year-end date that would have a material impact on their value.
Page 27
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 15.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 901,186 | 921,974
|  | 901,186 | 921,974
Cost or valuation at 31 October 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 595,475
|  | At valuation: |
|  | Open market basis (Overseas properties) Fair Value (UK Properties) | 458,743
|  |  | 1,054,218
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group |  |
| Cost | 559,554 | 559,554
| Accumulated depreciation | (236,968) | (225,777)
| Net book value | 322,586 | 333,777
Page 28
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 November 2024 | 52,000
| At 31 October 2025 | 52,000
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Principal activity | Class of shares | Holding
| Vintage Spain Ltd | Tour operator & letting agent | Ordinary | 100%
| Vintage Holidays Ltd | Dormant company | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 October 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Vintage Spain Ltd | 3,463,487 | 559,212
| Vintage Holidays Ltd | 93,255 | -
17. | Debtors
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 34,450 | 31,126
| Other debtors | 37,532 | 37,237
| Prepayments and accrued income | 145,948 | 100,241
| Financial instruments | - | 35,731
|  | 217,930 | 204,335
Page 29
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 17.Debtors (continued)
| Included in prepayments above are amounts relating to monies paid to suppliers for holidays departing after the year end, the total of which amount to £113,060 (2024: £62,973).
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 4,037,891 | 7,573,868 | 104,664 | -
|  | 4,037,891 | 7,573,868 | 104,664 | -
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 226,623 | 179,445 | - | -
| Amounts owed to group undertakings | - | - | 104,664 | -
| Corporation tax | 191,722 | 295,131 | - | -
| Other taxation and social security | 29,662 | - | - | -
| Other creditors | 375,670 | 240,376 | - | -
| Accruals and deferred income | 848,932 | 753,827 | - | -
|  | 1,672,609 | 1,468,779 | 104,664 | -
| Accruals and deferred income includes receipts from customers for departures after the balance sheet date amounting to £701,880 (2024: £632,325).
Page 30
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
20. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (18,963)
| Charged to profit or loss | (33,861)
| At end of year | (52,824)
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Fixed asset timing differences | 1,449 | 9,993
| Capital (gains)/losses | (54,273) | (28,900)
| Short term timing differences | - | (56)
|  | (52,824) | (18,963)
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 40,000 (2024 - 40,000) Ordinary shares of £1.00 each | 40,000 | 40,000
|  | 10,000 (2024 - 10,000) Ordinary 'A' shares of £1.00 each | 10,000 | 10,000
|  |  | 50,000 | 50,000
| On 1 April 2025, the Company purchased 30,000 of its own ordinary shares from retiring shareholders. These shares were cancelled on the same date. On the same day, the Company issued a bonus allotment of 30,000 ordinary shares to the remaining director.
Page 31
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
22. | Reserves
Revaluation reserve Includes all current and prior year revaluations. Capital redemption reserve Includes the non-distributable reserve arising from the issue of share buybacks. Profit and loss account Includes all current and prior period retained profit and losses. Included within the reserve is £nil (2024: £nil) of unrealised gains which are non-distributable.
23. | Contingent liabilities
The Group currently holds an Air Travel Organiser's License (ATOL) issued by the Civil Aviation Authority (CAA) and is a member of the Association of Bonded Travel Organisers Trust ('ABTOT') and Association of British Travel Agents ('ABTA'). As at 31 October 2025, there were contingent liabilities given by the Group in the normal course of business in respect of ABTOT bonds amounting to £1,421,625 (2024: £1,338,575).
24. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £93,243 (2024: £126,321). Contributions totalling £nil (2024: £nil) were payable to the fund at the reporting date and are included in creditors.
25. | Commitments under operating leases
| At 31 October 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 33,870 | 34,382
| Later than 1 year and not later than 5 years | 26,089 | 60,816
|  | 59,959 | 95,198
Page 32
VINTAGE TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
26. | Forward contracts
The Group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 October 2025, there were no outstanding contracts (2024: £35,731).
27. | Related party transactions
| The Company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group. There were no other transactions with related parties.
28. | Post balance sheet events
The director has concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Group.
29. | Controlling party
The group is ultimately controlled by the director.
Page 33