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Registered number: 03746239 SHEARINGS TRAVEL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
SHEARINGS TRAVEL LIMITED COMPANY INFORMATION
Directors | I D Henry
| K Henry
| A Oldfield
| C G Plummer
| L Race
Company secretary | A Oldfield
Registered number | 03746239
Registered office | Sunway House
| Canklow Meadow
| Rotherham
| South Yorkshire
| S60 2XR
Independent auditors | White Hart Associates (London) Limited
| Chartered Accountants and Statutory Auditors
| 2nd Floor, Nucleus House
| 2 Lower Mortlake Road
| Richmond
| TW9 2JA
SHEARINGS TRAVEL LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditors' Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 26
SHEARINGS TRAVEL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
The Company is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Company during the financial year ended 31 December 2025, the position of the Company and Group at the end of the period and a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose. The principal activity of the Group during the year continued as a specialist holiday tour operator, focusing on its industry-leading brands, Leger and Shearings. These brands primarily cater to the UK’s 50+ demographic with a diverse portfolio of escorted coach tours. Offerings include battlefield tours, river cruises, cultural tours, and event-based holidays within the UK and across Europe. The Group has continued to concentrate on capacity management to continue to drive sustainable profit growth. The Group has maintained a strong focus on product innovation, continually developing and refreshing its holiday portfolio across both brands with new itineraries, destinations and experiences designed around evolving customer preferences. This ongoing investment in the product range and customer proposition has helped sustain demand and underpins the Group's growth strategy. Customer satisfaction remains high, with the Group's two principal brands independently rated 'Excellent' on Trustpilot as at June 2026, with Leger Holidays scoring 4.5 out of 5 and Shearings 4.3 out of 5, reflecting continued strong approval from clients. The directors are pleased to report another significant milestone in the Group’s growth strategy, with the strongest trading EBITDA to date, totaling £6.1 million, a 21.29% increase compared to 2024. Consolidated turnover for the year amounted to £79.8 million, reflecting a 3.1% increase from the previous year. Additionally, improved gross profit margins of 29.83% contributed to the overall EBITDA growth. Forward bookings are strong across both of the Group's brands, with Leger and Shearings each tracking double-digit growth for both the 2026 and 2027 seasons, building at record levels. This positions the Group to continue on its planned growth trajectory. The key performance indicators used by the directors to monitor the progress of the Company are set out below:-
|  | 2025 | 2024
|  | £ | £
| Key performance indicators |  |
| Turnover | 38,532,804 | 35,699,656
| Gross profit | 10,394,202 | 8,608,969
| Gross profit as a percentage of turnover | 26.97% | 24.11%
| Profit on ordinary activities before tax | 1,876,373 | 1,498,616
| Profit before tax as a percentage of turnover | 4.87% | 4.20%
Page 1
SHEARINGS TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The following risk factors may affect the Company's operating results and its financial position. 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 risk and uncertainties facing the Company. The directors do not feel that the risks in 2026 will be much different to those that were prevalent in 2025. Economic uncertainty The demand for holidays is affected by local economic conditions. During 2025, rising costs across the economy have affected the cost of holiday arrangements and resulted in consumers having less discretionary spending available for travel. However, this has been compensated by the high level of consumer demand for coach tours in the UK and Europe. This, combined with consumer unease in relation to the current economic environment and geopolitical events, has meant that the Company’s management have continued to review the Company’s financial position, as well as forecasts, and plan mitigation actions in order to neutralise any potential financial impact on trading performance. Regulatory risks The Company is exposed to various regulators, including the Civil Aviation Authority ("CAA") which issues an Air Travel Organisers Licence ("ATOL") and 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). Competition The Company operates in a highly competitive market featuring innovation in travel products and the methods by which it is marketed, as well as price pressures. The Company seeks to constantly invest in its brand to increase public awareness as well as offer a wide selection of products from a wide range of suppliers at competitive prices to maintain its market position. The Company also monitors competitor activity closely. Foreign exchange The Company is exposed to foreign exchange rate risk when it purchases overseas holiday services in currencies other than British Pounds. Monetary assets and liabilities are translated at the exchange rate prevailing at the statement of financial position date. 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. The Company hedges this risk and where not hedged, the Company bears the risk associated with such foreign exchange movements. Commercial relationships The Company has well-established and close relationships with customers and suppliers, and risk is spread by not placing over-reliance on any one supplier in any particular area. However, if a relationship were lost or damaged with a major supplier this could have a detrimental effect on the business. The management team meets regularly with suppliers to maintain good working relationships and to understand the supplier's financial position. Page 2
SHEARINGS TRAVEL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Principal risks and uncertainties (continued) Information technology The Company is heavily reliant on the uninterrupted operation of its IT systems and website. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Company to carry on its business effectively. The Group has made arrangements to mitigate this risk with increased and continual investment in IT infrastructure, cyber insurance, relevant technical support partners and our internal IT teams. Finance The Company finances its operations through retained profits. The Company's exposure to interest rate fluctuations on its cash deposits are managed by using short term, fixed and floating deposits. Geo-political events and natural disasters The nature of the business exposes the Company to various commercial risks which may affect the trading performance of the Company. These include: - acts of terrorism, particularly in key tourist destinations - epidemics in key tourist destinations which threaten the health of tourists - wars or other international uncertainty which affects air travel - natural disasters in key tourist destinations - weather conditions, both in the UK and key tourist destinations - changes in customer behaviour and preferences - increase in government taxes These factors may affect the Company by causing potential customers to cancel or postpone travel plans, reducing the earnings potential of the Company. The Company seeks to minimise such risks by offering products in a wide range of destinations. This report was approved by the board on 29 June 2026 and signed on its behalf.
................................................ L Race Director
Page 3
SHEARINGS TRAVEL 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. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Principal activity
The principal activity for the year continued to be that of an escorted coach tour operator.
Results and dividends
The profit for the year, after taxation, amounted to £1,407,280 (2024 - £1,123,962). An interim dividend of £500,000 was paid during the year ended 31 December 2025. The directors do not recommend a final dividend for the year, making the total distribution of dividends for the year ended 31 December 2025 £500,000 (2024 - £1,500,000). Page 4
SHEARINGS TRAVEL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Directors
The directors who served during the year were:
I D Henry
K Henry
A Oldfield
C G Plummer
L Race
Future developments
During 2026 the Company will continue to focus on providing domestic and overseas holidays to a variety of European and Worldwide destinations. The Group is confident that it will remain and capitalise on being the market leading UK escorted coach tour operator as all brands continually develop.
Research and development activities
The Company continually looks ahead at opportunities to improve processes and efficiencies either through in-house technology development or alternatively investment in third-party cutting edge solutions.
Matters covered in the Strategic Report
The directors have chosen, in line with the Companies Act 2006, to show the review of the business (including events since the date of the statement of financial position) and the principal risks and uncertainties in the Strategic Report to the financial statements.
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.
Post balance sheet events
During 2026, the Company will continue to operate as outlined in the principal activity note above. There have been no significant events affecting the Company since the year end. Page 5
SHEARINGS TRAVEL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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 29 June 2026 and signed on its behalf.
................................................ L Race Director
Page 6
SHEARINGS TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEARINGS TRAVEL LIMITED
Opinion
We have audited the financial statements of Shearings Travel Limited (the 'Company') for the year ended 31 December 2025, which comprise 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
SHEARINGS TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEARINGS 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 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 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
SHEARINGS TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEARINGS TRAVEL 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 judgment 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 The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - 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. 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
SHEARINGS TRAVEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHEARINGS TRAVEL 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. M S Caldicott ACA FCCA CTA (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 29 June 2026 Page 10
SHEARINGS TRAVEL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 38,532,804 | 35,699,656
Cost of sales |  | (28,138,602) | (27,090,687)
Gross profit |  | 10,394,202 | 8,608,969
Administrative expenses |  | (8,678,044) | (7,381,897)
Other operating income | 5 | 19,522 | 1,917
Operating profit |  | 1,735,680 | 1,228,989
Interest receivable and similar income | 8 | 183,543 | 270,938
Interest payable and similar expenses | 9 | (42,850) | (1,311)
Profit before tax |  | 1,876,373 | 1,498,616
Tax on profit | 10 | (469,093) | (374,654)
Profit for the financial year |  | 1,407,280 | 1,123,962
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 1,407,280 | 1,123,962
The notes on pages 16 to 26 form part of these financial statements.
Page 11
SHEARINGS TRAVEL LIMITED REGISTERED NUMBER: 03746239 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 12 |  | 1,000 |  | 1,000
|  |  | 1,000 |  | 1,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 2,905,373 |  | 1,833,362 |
Cash at bank and in hand | 14 | 3,175,235 |  | 3,034,302 |
|  | 6,080,608 |  | 4,867,664 |
Creditors: amounts falling due within one year | 15 | (5,084,112) |  | (4,778,448) |
Net current assets |  |  | 996,496 |  | 89,216
Total assets less current liabilities |  |  | 997,496 |  | 90,216
Net assets |  |  | 997,496 |  | 90,216
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 1 |  | 1
Profit and loss account | 17 |  | 997,495 |  | 90,215
Shareholders' funds |  |  | 997,496 |  | 90,216
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026.
................................................ A Oldfield
Director
The notes on pages 16 to 26 form part of these financial statements. Page 12
SHEARINGS TRAVEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1 | 466,253 | 466,254
Comprehensive income for the year |  |  |
Profit for the year | - | 1,123,962 | 1,123,962
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (1,500,000) | (1,500,000)
At 1 January 2025 | 1 | 90,215 | 90,216
Comprehensive income for the year |  |  |
Profit for the year | - | 1,407,280 | 1,407,280
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (500,000) | (500,000)
At 31 December 2025 | 1 | 997,495 | 997,496
| The notes on pages 16 to 26 form part of these financial statements.
Page 13
SHEARINGS TRAVEL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,407,280 | 1,123,962
Adjustments for: |  |
Interest received | (183,543) | (270,938)
Taxation charge | 469,093 | 374,654
Increase in debtors | (3,533) | (146,669)
Increase in amounts owed by groups | (1,068,478) | (244,092)
Increase in creditors | 691,934 | 360,916
Corporation tax paid | (855,363) | (363,164)
Net cash generated from operating activities | 457,390 | 834,669
Cash flows from investing activities |  |
Interest received | 183,543 | 270,938
Net cash from investing activities | 183,543 | 270,938
Cash flows from financing activities |  |
Dividends paid | (500,000) | (1,500,000)
Net cash used in financing activities | (500,000) | (1,500,000)
Net increase/(decrease) in cash and cash equivalents | 140,933 | (394,393)
Cash and cash equivalents at beginning of year | 3,034,302 | 3,428,695
Cash and cash equivalents at the end of year | 3,175,235 | 3,034,302
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,175,235 | 3,034,302
The notes on pages 16 to 26 form part of these financial statements.
Page 14
SHEARINGS TRAVEL 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 | 3,034,302 | 140,933 | 3,175,235
The notes on pages 16 to 26 form part of these financial statements.
Page 15
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
As disclosed in the Directors' Report, the principal activity of the Company in the year under review was that of an escorted coach tour operator. The Company is a private company limited by shares and is incorporated in England and Wales. The address of the Company's principal place of business, being the same as the registered office stated on the Company Information page, is: Sunway House Canklow Meadows Rotherham South Yorkshire S60 2XR 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
Group management and the directors constantly review the Company’s financial position and forecasts, and plan mitigating actions to neutralise the potential financial impact from any significant downturn in trading. Based on the above and the sensitised forecasts and budgets, Group management have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the strong brought forward performance for the start of 2026 and subsequent volumes being in line with forecasts. As a result, and with the Company continuing to receive the full support of its Group and shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future. Page 16
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Turnover
Turnover represents the aggregate amount of gross revenue receivable from inclusive tours, travel agency commissions receivable, cancellation income and other services supplied to customers in the ordinary course of business. Turnover derived from ordinary activities is recognised in the income statement on holiday departure date and is stated after trade discounts, net of VAT and after any other sales taxes. Other revenues and associated expenses are taken to the income statement as they are earned or incurred. All receipts taken relating to tours with departure dates after the year end are treated as advanced receipts at the statement of financial position date and are included within accruals and deferred income. Payments made to suppliers in respect of these tours are included within prepayments and accrued income at the statement of financial position date.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | 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.
| 2.6 | Taxation
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.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less 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. Page 17
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 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.
| 2.10 | 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.
| 2.11 | 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 include 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. Page 18
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
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 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. Page 19
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
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.
| 2.12 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Critical judgments in applying the Company’s accounting policies The directors believe that there are no critical judgments 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
|  |  |  |  | £ | £
| Holiday sales | 38,532,804 | 35,699,656
| All turnover arose within the United Kingdom.
Page 20
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Commissions receivable | 19,522 | 1,917
6. | Auditors' remuneration
| The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.
7. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
| The directors were remunerated through another group company, Leger Shearings Group Limited, during the current and previous financial year. The average number of employees for the Group during the period was 180 (2024 - 189). All employees have quadripartite contracts of employment with the parent company, Leger Shearings Group Limited, Shearings Travel Limited, Leger Holidays Limited and Leger Air Holidays Limited. All employees have been remunerated through Leger Shearings Group Limited during both the current and previous financial year.
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 183,543 | 270,938
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 42,850 | 1,311
Page 21
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 469,093 | 374,654
| Total current tax | 469,093 | 374,654
| Total deferred tax | - | -
| Tax on profit | 469,093 | 374,654
| 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 | 1,876,373 | 1,498,616
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 469,093 | 374,654
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | -
| Total tax charge for the year | 469,093 | 374,654
| Factors that may affect future tax charges
There were no factors that may affect future tax charges at 31 December 2025. Page 22
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid - Ordinary shares | 500,000 | 1,500,000
12. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 1,000
| At 31 December 2025 | 1,000
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Shearings Transport Limited | Sunway House, Canklow Meadows, Rotherham, South Yorkshire, S60 2XR | Transport provider | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit
| Shearings Transport Limited | 1,000 | -
Page 23
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 354 | 7,594
| Amounts owed by group undertakings | 2,550,657 | 1,482,179
| Prepayments and accrued income | 354,362 | 343,589
|  | 2,905,373 | 1,833,362
| Included within prepayments and accrued income above are payments made to suppliers relating to bookings departing after the year end, where the Company is acting as principal. The total of these prepaid costs at 31 December 2025 was £257,060 (2024 - £248,450). Amounts owed by group undertakings above are made up of debtors due from group undertakings of £4,226,449 (2024 - £26,045,081) and creditors due to group undertakings of £1,675,792 (2024 - £24,562,902). All amounts owed by and to group undertakings are repayable on demand and are not subject to interest charges.
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,175,235 | 3,034,302
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 716,146 | 795,444
| Corporation tax | 229,093 | 615,363
| Other taxation and social security | 246,785 | 197,845
| Accruals and deferred income | 3,892,088 | 3,169,796
|  | 5,084,112 | 4,778,448
| Included within accruals and deferred income above are receipts from customers relating to bookings departing after the year end, where the Company is acting as principal. The total of these receipts taken in advance at 31 December 2025 was £3,149,487 (2024 - £2,518,205).
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SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
| The ordinary shares of £1.00 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.
17. | Reserves
Profit and loss account The profit and loss account represents all current and prior period retained profits and losses, less any dividends paid to the Company's parent.
18. | Contingent liabilities
At 31 December 2025, there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the Company, in the normal course of business, to the Company's bond insurance obligors in respect of Civil Aviation Authority and Association of Bonded Travel Organisers Trust Limited bonds amounting to £8,295,981 (2024 - £7,541,074).
19. | Related party transactions
| The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned subsidiaries within the Group. This is because the ultimate parent company prepares consolidated financial statements in which these transactions are eliminated in full.
20. | Controlling party
The Company's immediate holding company is Leger Shearings Group Limited, a company registered in England and Wales. Copies of the financial statements of Leger Shearings Group Limited can be obtained from Sunway House, Canklow Meadows, Rotherham, South Yorkshire, S60 2XR. The Company's ultimate holding company is Leger Shearings Group Topco Limited, a company registered in England and Wales. Copies of the financial statements of Leger Shearings Group Holdings Limited can be obtained from Sunway House, Canklow Meadows, Rotherham, South Yorkshire, S60 2XR. In the opinion of the directors, there is no single ultimate controlling party of the Company. Page 25
SHEARINGS TRAVEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Post balance sheet events
During 2026, the Company will continue to operate as outlined in the principal activity note. There have been no significant events affecting the Company since the year end.
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