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Registered number: 05107061 WENDY WU TOURS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
WENDY WU TOURS LIMITED COMPANY INFORMATION
Directors | Y Wu
| G Mintrim
| K Rowe
| P G Crane
Company secretary | Y Wu
Registered number | 05107061
Registered office | 151f Tower Bridge Road
| London
| SE1 3JE
Independent auditors | White Hart Associates (London) Limited
| Chartered Accountants and Statutory Auditors
| 2nd Floor, Nucleus House
| 2 Lower Mortlake Road
| Richmond
| TW9 2JA
WENDY WU TOURS LIMITED CONTENTS
| Page
Strategic Report | 1 - 4
Directors' Report | 5 - 6
Independent Auditors' Report | 7 - 10
Profit and Loss Account | 11
Statement of Comprehensive Income | 12
Statement of Financial Position | 13
Statement of Changes in Equity | 14 - 15
Statement of Cash Flows | 16 - 17
Analysis of Net Debt | 18
Notes to the Financial Statements | 19 - 36
WENDY WU TOURS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Introduction The Directors present their strategic report for the year ended 31 December 2025. Section 172 (1) Statement The information provided below is intended to explain how the directors considered the interests of the Company’s key stakeholders and the broader matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty to promote the success of the Company under section 172 of the Companies Act 2006. Trading Performance and Strategic Improvements The Directors consider that they have acted in a way that is most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in section 172(1) of the Companies Act 2006. The Company delivered a strong financial performance in 2025, building on the record-breaking results achieved in 2024. Turnover increased by 32%, reflecting continued growth in passenger volumes and sustained demand across the Company’s core destinations. Gross profit increased by 27%, supported by disciplined pricing and cost management. Operating profit rose by 38%, demonstrating the Company’s ability to scale efficiently whilst maintaining control over its cost base. A key highlight of the year has been the continued strength and momentum in China, which has re-established itself as a leading destination and, alongside Japan, is once again one of the Company’s top-performing markets. Performance in China has exceeded expectations, driven by strong customer demand and the successful reintroduction and expansion of the Company’s product offering. Japan continues to perform exceptionally well and remains a core destination within the portfolio. The combined strength of Japan and China has been a significant driver of overall growth, underpinning both revenue performance and operational leverage across the business. The Company has also continued to develop its distribution channels during the year, supporting growth across both direct and trade sales. Expansion in the Ireland market has been particularly strong, providing an additional source of growth and enhancing the diversification of the Company’s revenue base. This reflects a continued focus on broadening market reach and strengthening performance across multiple channels. The CEO’s strategic focus during the year has been on driving sustainable growth, maintaining margin discipline, and enhancing customer retention. This has been supported by continued investment in product development, including the introduction of new itineraries and destinations to further diversify the offering and capture evolving customer demand. Management has continued to exercise strict control over discretionary expenditure and overheads, ensuring that cost growth remains aligned with revenue performance. This disciplined approach has supported profitability while maintaining high service standards and customer experience. Key performance indicators and operational monitoring The Company continues to monitor key performance indicators (KPIs) related to sales and gross profit. Weekly trading meetings are held to analyse booking intake, conversions, passenger volumes, and trading profit margins, ensuring the business remains agile and responsive to market conditions. Page 1
WENDY WU TOURS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Travel regulatory bodies The Company holds an ATOL granted by the CAA which falls due for renewal in September 2026. Principal risks and uncertainties The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties facing the Company. Health and Safety: The Company continues to prioritise the health and safety of its employees, customers, and partners as a fundamental part of its operations. Internal protocols remain in place to manage risks associated with travel, including regular staff training and established emergency response plans. These measures are reviewed periodically to ensure they remain appropriate in a changing global environment. The Company works closely with suppliers, local authorities, and industry bodies to ensure high standards are maintained across all destinations. This proactive approach supports safe operations and customer confidence. Geo-political events and natural disasters: The Company operates in a global and dynamic environment that is inherently exposed to geo-political risks and natural events, including political instability, conflict, and extreme weather conditions. These may impact travel routes, destination accessibility, and customer confidence. To mitigate these risks, the Company maintains a flexible operating model, enabling rapid adjustments to itineraries and operations where required. Risk assessments and contingency planning are regularly updated to support business continuity and customer safety. Regulatory risk: The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Company to operate. This licence is renewed in September each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk). Management closely monitors changes in regulation and industry standards to ensure ongoing compliance. Commercial relationships and risk management: The Company maintains strong and well-established relationships with customers and suppliers, reducing dependency on any single provider. The management team regularly engages with key suppliers and monitors performance and financial stability, ensuring a resilient and reliable supply chain. Market trends and customer behaviour are also closely monitored to maintain a competitive product offering. Page 2
WENDY WU TOURS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 I nformation technology: The Company remains heavily reliant on information technology systems, particularly its booking platforms, which are critical to daily operations. Controls and procedures are in place to minimise disruption in the event of system failure. The Company continues to invest in system resilience, cyber security, and infrastructure to support business continuity and enhance customer experience. Commercial risks: The Company's trading performance can be affected by environmental factors, which include: - acts of terrorism, particularly in key tourist destinations. - natural disasters in key tourist destinations. - weather conditions, both in the UK and in key tourist destinations. - health epidemics in key tourist destinations and global pandemics. - increase in government taxes in both UK and overseas. - wars or other international incidents which affect air or sea travel.
Financial key performance indicators
The key performance indicators used by the directors to monitor the progress of the Company are set out below:
|  | 2025 | 2024
|  | £ | £
| Turnover | 53,816,978 | 40,873,816
| Gross profit | 17,778,107 | 13,993,245
| Gross profit as a percentage of turnover | 33.03% | 34.24%
| Profit/(Loss on ordinary activities before taxation | 9,745,251 | 7,655,161
Page 3
WENDY WU TOURS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the Company
The Directors consider that they have acted in a way that is most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in section 172(1) of the Companies Act 2006. In fulfilling their duties, the Directors have given due consideration to the long-term consequences of decisions, ensuring that the Company remains well positioned for sustainable growth while maintaining appropriate levels of financial discipline and operational resilience. During the year, particular focus has been placed on strengthening core markets, including the continued growth and performance of China and Japan, alongside the development of new products and destinations. The Directors recognise the importance of employees and are committed to maintaining a supportive and high-performing working environment. Employee engagement, development, and wellbeing are considered in decision-making. Strong relationships with customers and suppliers remain central to the Company’s success. The Directors engage regularly with stakeholders to maintain service quality and operational resilience. The Directors also consider environmental impacts, including compliance with SECR requirements and ongoing monitoring of the Company’s carbon footprint. Environmental considerations are increasingly incorporated into business decisions. Through regular Board meetings, trading reviews, and risk assessments, the Directors ensure stakeholder considerations are embedded within decision-making, supporting the long-term success of the Company. This report was approved by the board on 10 June 2026 and signed on its behalf.
Y Wu Director
Page 4
WENDY WU TOURS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company'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 Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £7,506,192 (2024 - £5,819,588). No dividends were paid or proposed for the year ended 31 December 2025.
Directors
The directors who served during the year were:
Y Wu
G Mintrim
K Rowe
P G Crane
Page 5
WENDY WU TOURS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
Total greenhouse gas emissions for the reporting period were 149.22 tCO2e, covering UK operations only. Emissions are primarily driven by business travel, particularly air travel, which represents the most significant proportion of the Company’s carbon footprint. The reported emissions relate to the Company’s UK operations and include business travel undertaken by employees; emissions associated with customer travel are not included within the reporting boundary. The Company’s total energy consumption for the year was 502.68 MWh, the majority of which relates to travel and transport activity. Emissions have been calculated in accordance with the Greenhouse Gas Protocol, using UK Government greenhouse gas conversion factors. No material energy efficiency initiatives were implemented during the reporting period. The Company operates from an energy-efficient office environment utilising LED lighting and electrically powered systems and will continue to assess opportunities to improve efficiency over time. 2.82 tCO22e per £1m turnover 2.37 tCO2e per employee
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director 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's auditors are aware of that information.
Auditors
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 10 June 2026 and signed on its behalf.
Y Wu Director
Page 6
WENDY WU TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENDY WU TOURS LIMITED
Opinion
We have audited the financial statements of Wendy Wu Tours Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Analysis of Net Debt, the Statement of Financial Position, the Statement of Cash Flows, the 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 Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 7
WENDY WU TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENDY WU TOURS 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 directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
WENDY WU TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENDY WU TOURS LIMITED (CONTINUED)
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 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: - We exercise professional judgement and maintain professional scepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Company's compliance with its regulator, the Civil Aviation Authority ("CAA"), its membership of The Association of British Travel Agents ("ABTA") and its accreditation with the International Air Transport Association ("IATA") and sample test relevant documentation to assess this and the effectiveness of its control environment; - We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties; - We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern. 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. Page 9
WENDY WU TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WENDY WU TOURS LIMITED (CONTINUED)
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. N A Spoor FCA FCCA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 10 June 2026 Page 10
WENDY WU TOURS LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 53,816,978 | 40,873,816
Cost of sales |  | (36,038,871) | (26,880,571)
Gross profit |  | 17,778,107 | 13,993,245
Distribution costs |  | (2,351,242) | (1,777,611)
Administrative expenses |  | (6,495,975) | (5,204,277)
Operating profit | 5 | 8,930,890 | 7,011,357
Interest receivable and similar income | 9 | 425,644 | 315,609
Interest payable and similar expenses | 10 | (124,368) | (29,611)
Gains/(losses) on fair value revaluation of invesments | 15 | 513,085 | 357,806
Profit before tax |  | 9,745,251 | 7,655,161
Tax on profit | 11 | (2,239,059) | (1,835,573)
Profit for the financial year |  | 7,506,192 | 5,819,588
The notes on pages 19 to 36 form part of these financial statements.
Page 11
WENDY WU TOURS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Profit for the financial year |  | 7,506,192 | 5,819,588
Other comprehensive income |  |  |
Foreign exchange reserve movement |  | (362,408) | 5,664
Other comprehensive income for the year |  | (362,408) | 5,664
Total comprehensive income for the year |  | 7,143,784 | 5,825,252
The notes on pages 19 to 36 form part of these financial statements.
Page 12
WENDY WU TOURS LIMITED REGISTERED NUMBER: 05107061 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 26,451 |  | 22,097
Tangible assets | 13 |  | 556,815 |  | 573,436
|  |  | 583,266 |  | 595,533
Current assets |  |  |  |  |
Debtors | 14 | 8,474,598 |  | 6,159,749 |
Current asset investments | 15 | 8,224,167 |  | 7,711,082 |
Cash at bank and in hand | 16 | 26,664,728 |  | 18,295,558 |
|  | 43,363,493 |  | 32,166,389 |
Creditors: amounts falling due within one year | 17 | (19,002,405) |  | (14,953,245) |
Net current assets |  |  | 24,361,088 |  | 17,213,144
Total assets less current liabilities |  |  | 24,944,354 |  | 17,808,677
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (140,776) |  | (148,883) |
|  |  | (140,776) |  | (148,883)
Net assets |  |  | 24,803,578 |  | 17,659,794
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 100,000 |  | 100,000
Foreign exchange reserve | 20 |  | (715,301) |  | (352,893)
Profit and loss account | 20 |  | 25,418,879 |  | 17,912,687
|  |  | 24,803,578 |  | 17,659,794
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 June 2026.
Y Wu
Director
The notes on pages 19 to 36 form part of these financial statements. Page 13
WENDY WU TOURS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2025 | 100,000 | (352,893) | 17,912,687 | 17,659,794
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 7,506,192 | 7,506,192
Foreign exchange reserve movement | - | (362,408) | - | (362,408)
Other comprehensive income for the year | - | (362,408) | - | (362,408)
Total comprehensive income for the year | - | (362,408) | 7,506,192 | 7,143,784
At 31 December 2025 | 100,000 | (715,301) | 25,418,879 | 24,803,578
| The notes on pages 19 to 36 form part of these financial statements.
Page 14
WENDY WU TOURS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 100,000 | (358,557) | 12,093,099 | 11,834,542
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 5,819,588 | 5,819,588
Foreign exchange reserve movement | - | 5,664 | - | 5,664
Other comprehensive income for the year | - | 5,664 | - | 5,664
Total comprehensive income for the year | - | 5,664 | 5,819,588 | 5,825,252
At 31 December 2024 | 100,000 | (352,893) | 17,912,687 | 17,659,794
| The notes on pages 19 to 36 form part of these financial statements.
Page 15
WENDY WU TOURS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 7,506,192 | 5,819,588
Adjustments for: |  |
Amortisation of intangible assets | 5,237 | 1,082
Depreciation of tangible assets | 176,947 | 164,830
Loss on disposal of tangible assets | (6,035) | -
Interest paid | 124,368 | 29,611
Interest received | (425,644) | (315,609)
Taxation charge | 2,239,059 | 1,835,573
(Increase)/decrease in debtors | (496,186) | 201,544
(Increase) in amounts owed by groups | (1,818,663) | (300,517)
Increase in creditors | 3,405,927 | 3,275,829
Increase/(decrease)) in amounts owed to groups | - | (319,697)
Net fair value (gains) recognised in P&L | (513,084) | (357,806)
Corporation tax (paid) | (1,966,342) | (1,543,544)
Net cash generated from operating activities | 8,231,776 | 8,490,884
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (9,591) | (23,179)
Sale of intangible assets | 6,035 | -
Purchase of tangible fixed assets | (166,103) | (21,625)
Sale of tangible fixed assets | 5,777 | -
Interest received | 425,644 | 315,609
Interest paid | (124,368) | -
Net cash from investing activities | 137,394 | 270,805
Page 16
WENDY WU TOURS LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of finance leases | - | (8,000)
Interest paid | - | (29,611)
Net cash used in financing activities | - | (37,611)
Net increase in cash and cash equivalents | 8,369,170 | 8,724,078
Cash and cash equivalents at beginning of year | 18,295,558 | 9,571,480
Cash and cash equivalents at the end of year | 26,664,728 | 18,295,558
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 26,664,728 | 18,295,558
| 26,664,728 | 18,295,558
The notes on pages 19 to 36 form part of these financial statements.
Page 17
WENDY WU TOURS LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 18,295,558 | 8,369,170 | 26,664,728
Debt due within 1 year | (1,048,854) | 1,001,147 | (47,707)
| 17,246,704 | 9,370,317 | 26,617,021
The notes on pages 19 to 36 form part of these financial statements.
Page 18
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Wendy Wu Tours Limited is a private company limited by shares and incorporated in England under registered number 05107061. Its registered office is at 151f Tower Bridge Road, London SE1 3JE. 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
Due to the consumer unease in relation to the current economic environment and, increasing energy costs, Company management and the directors have continued to review the Company’s financial position. This is to ensure a swift response to any changes in planned trading performance. The directors have prepared projections for the period to September 2027. These reflect a very strong bookings growth and profitability.This is supported by the strong performance seen so far in the first half of 2026, which has seen a significant upside in demand. The Company has been well placed to meet and service the additional volume. Given the Company's substantial cash reserves the directors are confident that the Company will have sufficient funds and cash reserves to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised on the date of departure.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 19
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense 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 Company in independently administered funds. Page 20
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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.
| 2.10 | 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.
| 2.11 | 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. Page 21
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
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:
|  |  |  | Motor vehicles | - | 20% |
|  |  |  | Fixtures and fittings | - | 25% |
|  |  |  | Office equipment | - | 25% |
|  |  |  | Computer equipment | - | 25% |
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.
| 2.12 | 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.
| 2.13 | 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 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 Company's cash management.
| 2.14 | 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.
| 2.15 | 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. Page 22
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The Page 23
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 24
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other expectations of future events that are believed to be reasonable under the circumstances. a) Critical judgements in applying the Company's accounting policies The directors believe that there are no critical judgements involved in applying the Company's accounting policies that warrant disclosure. b) Key accounting estimates and assumptions The directors believe that there are no key accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 52,889,514 | 40,519,972
| Republic of Ireland | 927,464 | 353,844
|  | 53,816,978 | 40,873,816
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 176,947 | 164,830
| Amortisation | 5,237 | 1,082
| Lease payments on property | 124,320 | 123,453
| Other operating lease rentals | 13,093 | 3,905
| Audit fees | 23,400 | 23,400
Page 25
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 23,400 | 23,400
| Fees payable to the Company's auditors and their associates in respect of: |  |
| Audit-related assurance services | - | 182
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,444,956 | 2,572,806
| Social security costs | 601,499 | 348,883
| Cost of defined contribution scheme | 144,566 | 105,761
|  | 4,191,021 | 3,027,450
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Sales | 29 | 24
|  | Marketing | 9 | 7
|  | Administration | 25 | 23
|  |  | 63 | 54
Page 26
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 1,281,773 | 565,783
| Company contributions to defined contribution pension schemes | 123,357 | 62,802
|  | 1,405,130 | 628,585
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £1,104,580 (2024 - £385,477).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £56,371 (2024 - £16,400).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 425,644 | 315,609
|  | 425,644 | 315,609
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest paid | 124,368 | 29,611
|  | 124,368 | 29,611
Page 27
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 2,247,166 | 1,865,850
|  | 2,247,166 | 1,865,850
| Total current tax | 2,247,166 | 1,865,850
| Deferred tax |  |
| Origination and reversal of timing differences | (8,107) | (30,277)
| Total deferred tax | (8,107) | (30,277)
| Tax on profit | 2,239,059 | 1,835,573
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 9,745,251 | 7,655,161
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 2,436,313 | 1,913,790
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (116,794) | (78,217)
| Capital allowances for year in excess of depreciation | 6,466 | 30,277
| Dividends from UK companies | (14,873) | -
| Deferred tax | (8,107) | (30,277)
| Adjustment for non trade loan relationship | (68,740) | -
| Other differences leading to an increase (decrease) in the tax charge | 4,794 | -
| Total tax charge for the year | 2,239,059 | 1,835,573
Page 28
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| At 1 January 2025 | 23,179
| Additions | 9,591
| At 31 December 2025 | 32,770
| Amortisation |
| At 1 January 2025 | 1,082
| Charge for the year on owned assets | 5,237
| At 31 December 2025 | 6,319
| Net book value |
| At 31 December 2025 | 26,451
| At 31 December 2024 | 22,097
Page 29
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Motor vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 39,222 | 738,326 | 269,856 | 451,650 | 1,499,054
| Additions | 119,744 | 1,941 | 44,418 | - | 166,103
| Disposals | (43,333) | - | - | - | (43,333)
| At 31 December 2025 | 115,633 | 740,267 | 314,274 | 451,650 | 1,621,824
| Depreciation |  |  |  |  |
| At 1 January 2025 | 23,627 | 238,852 | 211,489 | 451,650 | 925,618
| Charge for the year on owned assets | 16,423 | 130,655 | 29,869 | - | 176,947
| Disposals | (37,556) | - | - | - | (37,556)
| At 31 December 2025 | 2,494 | 369,507 | 241,358 | 451,650 | 1,065,009
| Net book value |  |  |  |  |
| At 31 December 2025 | 113,139 | 370,760 | 72,916 | - | 556,815
| At 31 December 2024 | 15,595 | 499,474 | 58,367 | - | 573,436
Page 30
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 2,130,135 | 2,275,033
|  | 2,130,135 | 2,275,033
| Due within one year |  |
| Amounts owed by group undertakings | 2,130,734 | 312,071
| Other debtors | 2,255,385 | 2,455,382
| Prepayments and accrued income | 1,958,344 | 1,117,263
|  | 8,474,598 | 6,159,749
| Included in prepayments and accrued income is the sum of £1,356,658 (2024 - £910,210) of supplier payments made in advance for departures from 1 January 2026 onwards. Other debtors include a loan of £1,476,362 (2024 - £1,566,362) to Tower Bridge London Limited, a company where the director and shareholder Mrs Y Wu is also a director and shareholder. Other debtors also include a loan of £2,348,185 (2024 - £2,490,202) to Victoria Cruise One Member Company Limited for a Joint Venture Company where the director and shareholder Mrs Y Wu is also a shareholder. Interest is payable on £1,604,412 of the loan at 2% per annum.
15. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unlisted/unlisted investments investments | 7,711,083 | 7,353,276
| Listed/unlisted investments- Fair value revaluations | 513,084 | 357,806
|  | 8,224,167 | 7,711,082
| The investment comprises: - a portfolio of shares and securities stated at market value. - offshore investment bonds stated at their surrender value at the balance sheet date. The market value of investments at the balance sheet date was in excess of its original cost. Gains and losses on investments' valuations movements are reflected through the profit and loss account.
Page 31
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 26,664,728 | 18,295,558
|  | 26,664,728 | 18,295,558
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,512,490 | 3,298,165
| Corporation tax | 1,147,925 | 867,100
| Other taxation and social security | 914,793 | 395,979
| Other creditors | 276,111 | 1,115,532
| Accruals and deferred income | 12,435,785 | 8,923,576
| Financial instruments | 715,301 | 352,893
|  | 19,002,405 | 14,953,245
| Included in accruals and deferred income is the sum of £10,877,020 (2024 - £7,732,043) which relates to advance money received for departures from 1 January 2026 onwards. Included in other creditors is a loan in the sum of £47,707 (2024 - £1,048,854) from Mrs Y Wu, who is a director and 100% shareholder in the Company. The loan amount includes accrued interest of £47,707. The loan is unsecured. Interest is payable at 2% per annum. The loan including interest accrued to date in the amount of £1,021,730 was repaid during the year.
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (148,883)
| Charged to profit or loss | 8,107
| At end of year | (140,776)
Page 32
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 18.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (140,776) | (148,883)
|  | (140,776) | (148,883)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2024 - 100,000) Ordinary shares of £1.00 each | 100,000 | 100,000
20. | Reserves
Foreign exchange reserve Foreign exchange reserve relates to the amount of gain or loss recognised on forward contracts and derivatives that are cash flow hedges for committed foreign exchange transactions occurring in the 24 months post year end. Profit and loss account The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.
21. | Contingent liabilities
At 31 December 2025, there were contingent liabilities outstanding in respect of counter indemnities given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of ABTA travel bonds amounting to £583,802 (2024 - £368,000),
22. | Restricted cash
Included in the cash at bank as at 31 December 2025 was £1,138,661 of restricted cash (2024 -£899,339) provided as security to the Company's merchant providers, ABTA bond and other facilities. Unrestricted Cash - £25,526,097 Restricted Cash - £1,138,661 Total Cash - £26,664,728 Page 33
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £144,566 (2024 - £105,761). Outstanding contributions amounted to £151,965 (2024 - £62,564) at the year end.
24. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 90,000 | 90,000
| Later than 1 year and not later than 5 years | 180,000 | 270,000
|  | 270,000 | 360,000
25. | Transactions with directors
There was an amount owed to Mrs Y Wu at the balance sheet date of £47,707 (2024 - £1,048,854) shown as creditors due within one year (See note 18).The loan including interest accrued to date in the amount of £1,021,730 was repaid during the year. Page 34
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
26. | Related party transactions
| I nbound China Limite d - Amount due to the related party £2,019,389 (2024 - £2,018,031) shown as creditors due within one year. Mrs Y Wu, a director and 100% shareholder of Wendy Wu Tours Limited, is the controlling party of Inbound China Limited, a company registered in China. Amount owed for payments made by Inbound China Limited on behalf of Wendy Wu Tours Limited. Wendy Wu Tours PTY Limited - Amount due from the related party £1,982,826 (2024 - £282,929) shown as debtors due within one year. Mrs Y Wu, a director and 100% shareholder of Wendy Wu Tours Limited, is the controlling party of Wendy Wu PTY Limited a company registered in Australia. Wendy Wu Tours Limited - Amount due from the related party £147,908 (2024 - £29,142) shown as debtors within one year. Mrs Y Wu, a director and 100% shareholder of Wendy Wu Tours Limited is the controlling party of Wendy Wu Tours Limited, a company registered in New Zealand. Tower Bridge Kingdom Limited - Amount due from the related party £1,476,362 (2024 - £1,566,362) shown within other debtors (See note 15). Mrs Y Wu a director and 100% shareholder of Wendy Wu Tours Limited is the controlling party of Tower Bridge Kingdom Limited. Loan given by Wendy Wu Tours Ltd. Victoria Cruises One Member Company Limited - Amount due from the related party £2,348,185 (2024 - £2,505,806) shown within other debtors. Mrs Y Wu a director and 100% shareholder of Wendy Wu Tours is a shareholder of a Joint Venture Company of Victoria Cruises One Member Company Limited.
27. | BSP outstanding
As at 31st December 2025 the Company had £291,968 (2024 - £224,568) due to International Air Transport Association (IATA) for tickets issued in the month of December 2025.
28. | Charges
There is a debenture in favour of HSBC Bank Plc created on 3 June 2005. There is a further fixed charge over a cash deposit of £583,802 in respect of ABTA travel bonds and other facilities ( See Note 22). Page 35
WENDY WU TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
29. | Controlling party
The ultimate controlling party is Mrs Y Wu , a director of the Company, by virtue of her 100% ownership of the issued share capital of the Company.
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