REGISTERED NUMBER: 04225116 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2026

FOR

FREEDOM DESTINATIONS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

D P Wallis

SECRETARY:

Mrs F Wallis

REGISTERED OFFICE:

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

REGISTERED NUMBER:

04225116 (England and Wales)

SENIOR STATUTORY AUDITOR:

Jeff Oliver

AUDITORS:

Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

The director presents his strategic report for the year ended 31st March 2026.

REVIEW OF BUSINESS

The results for the financial year ended 31 March 2026 are shown in the annexed financial statements.

Turnover has increased by 7.1% (2025: 17.98%). The increase in turnover is due to the return of consumer confidence and increasing demand for long haul travel..

The gross profit margin decreased to 19.06% (2025: decreased to 19.2%), including the effects of exchange rate gains. The gross profit margin is considered acceptable. The satisfactory margin combined with increased turnover for the year have resulted in profit before tax of £1,703,334 (2025: £1,861,296).

Other than as mentioned above, the director does not consider any further financial indicators are necessary to understand the performance of the business of Freedom Destinations Ltd.

The company continues to successfully manage the impact of currency fluctuations on the business operations by good cash and treasury management.

The director considers the results for the year to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES

The company uses various financial instruments including cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The director reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity Risk

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Interest Rate Risk

The company finances its operations through its retained profits. It does not have any borrowings and therefore the exposure interest rate risk is low. The company actively seeks the best available deposit rates for investing surplus cash.

Credit Risk

The Company's principal financial assets are cash and trade debtors; the principal risk arises therefore from its trade debtors. The impact associated with trade debtor risk is reduced through a broad customer base and payment terms which ensure monies are received from customers before operator costs are paid.

Currency Risk

The company principally operates in Sterling, Australian Dollars, New Zealand Dollars, South African Rand, US Dollars, Thai Baht and Singapore Dollars. It does not currently consider the risk of exposure to be material. The director regularly monitors fluctuations in foreign currencies and acts on significant changes as necessary.

ON BEHALF OF THE BOARD:

D P Wallis - Director

16th July 2026

The director presents his report with the financial statements of the company for the year ended 31st March 2026.

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2026 will be £ 37,500 .

DIRECTOR

D P Wallis held office during the whole of the period from 1st April 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D P Wallis - Director

16th July 2026

Opinion

We have audited the financial statements of Freedom Destinations Limited (the 'company') for the year ended 31st March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 31st March 2026 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including Fraud

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:

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

> Financial reporting Standard 102

> Companies Act 2006

> UK General Data Protection Regulation

> ATOL - Civil Aviation Authority (Air Travel Organiser's Licensing) Regulations 2012.

> ABTA

We assessed the risks of material misstatement in respect of fraud as follows:

> Discussed the risk of material misstatement due to irregularities, including fraud with management and those charged with governance at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

> Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

> Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.

> We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

> Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

> We ensured that all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement during the audit planning meeting.

> Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

> Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.

> The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

> Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulations. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

> A separate ATOL engagement was undertaken in line with the requirement for ATOL Reporting Accountants to report to the CAA on compliance with regulations.

> Further, at both the planning and completion stage of the audit enquiries where made of management/those charged with governance/legal counsel/other group auditors regarding any known instances of fraud or non-compliance with laws and regulations

> These representations were corroborated where possible through the review of board minutes/correspondence with HMRC and companies house and correspondence with other regulatory bodies. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Jeff Oliver (Senior Statutory Auditor)

for and on behalf of Cook & Partners Limited

Statutory Auditor

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

16th July 2026

TURNOVER

26,583,125

24,819,798

Cost of sales

21,516,724

20,055,629

GROSS PROFIT

5,066,401

4,764,169

Administrative expenses

3,710,693

3,203,931

1,355,708

1,560,238

Other operating income

99,725

102,225

OPERATING PROFIT

4

1,455,433

1,662,463

Interest receivable and similar income

247,953

198,833

1,703,386

1,861,296

Interest payable and similar expenses

5

52

70

PROFIT BEFORE TAXATION

1,703,334

1,861,226

Tax on profit

6

425,823

465,306

PROFIT FOR THE FINANCIAL YEAR

1,277,511

1,395,920

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,277,511

1,395,920

CURRENT ASSETS

Debtors

9

9,799,104

9,706,586

Investments

10

2

2

Cash at bank

9,072,290

7,270,904

18,871,396

16,977,492

CREDITORS

Amounts falling due within one year

11

10,019,934

9,888,549

NET CURRENT ASSETS

8,851,462

7,088,943

TOTAL ASSETS LESS CURRENT LIABILITIES

8,851,462

7,088,943

CREDITORS

Amounts falling due after more than one year

12

(1,778,511

)

(1,254,300

)

PROVISIONS FOR LIABILITIES

13

(157,215

)

(158,918

)

NET ASSETS

6,915,736

5,675,725

CAPITAL AND RESERVES

Called up share capital

14

50,000

50,000

Retained earnings

15

6,865,736

5,625,725

SHAREHOLDERS' FUNDS

6,915,736

5,675,725

The financial statements were approved by the director and authorised for issue on 16th July 2026 and were signed by:

D P Wallis - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2024

50,000

4,229,805

4,279,805

Changes in equity

Total comprehensive income

-

1,395,920

1,395,920

Balance at 31st March 2025

50,000

5,625,725

5,675,725

Changes in equity

Dividends

-

(37,500

)

(37,500

)

Total comprehensive income

-

1,277,511

1,277,511

Balance at 31st March 2026

50,000

6,865,736

6,915,736

Cash flows from operating activities

Cash generated from operations

1

2,268,953

1,644,241

Interest paid

(52

)

(70

)

Tax paid

(715,468

)

(355,548

)

Net cash from operating activities

1,553,433

1,288,623

Cash flows from investing activities

Interest received

247,953

198,833

Net cash from investing activities

247,953

198,833

Cash flows from financing activities

Amount introduced by directors

37,500

-

Equity dividends paid

(37,500

)

-

Net cash from financing activities

-

-

Increase in cash and cash equivalents

1,801,386

1,487,456

Cash and cash equivalents at beginning of year

2

7,270,904

5,783,448

Cash and cash equivalents at end of year

2

9,072,290

7,270,904

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

1,703,334

1,861,226

Depreciation charges

-

206

Movement in provisions

(1,703

)

45,410

Fair value of forward contracts

6,179

304

Finance costs

52

70

Finance income

(247,953

)

(198,833

)

1,459,909

1,708,383

Increase in trade and other debtors

(92,552

)

(2,408,505

)

Increase in trade and other creditors

901,596

2,344,363

Cash generated from operations

2,268,953

1,644,241

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

9,072,290

7,270,904

Year ended 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

7,270,904

5,783,448

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank

7,270,904

1,801,386

9,072,290

7,270,904

1,801,386

9,072,290

Liquid resources

Current asset investments

2

-

2

2

-

2

Total

7,270,906

1,801,386

9,072,292

1.	STATUTORY INFORMATION

Freedom Destinations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director has assessed various factors and risks affecting the company and its ability in the current economic climate to continue to trade as a going concern. The director has identified no material uncertainties and on the basis of these assumptions the financial statements for the year ended 31st March 2026 have been prepared using the going concern basis of accounting.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Over the term of the lease

Fixtures and fittings

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Tour operator costs in foreign currencies are translated into sterling at an estimated rate of exchange.

Overheads in foreign currencies are translated into sterling at an average rate of exchange over the year.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Turnover

Turnover represents sales of tours in the year, excluding value added tax.

Sales are recognised upon receipt of a non refundable deposit.

Tour operator costs represents the cost of tours sold in the year.

Tour operator costs include estimated costs attributable to tours not yet undertaken.

Cancellation and administrative costs provision

Provisions are made in respect of cancellations of tours not yet undertaken based upon the company's past history of the rate of cancellations.

An amount has been provided in respect of a provision for administrative costs to be incurred on tours not yet undertaken.

Provisions are taken into account in arriving at the operating result.

Foreign exchange forward contracts

Foreign exchange forward contracts are recognised in the accounts at fair value through the profit and loss as non basic financial instruments in accordance with FRS 102 sections 11 and 12.

3.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,774,145

1,603,743

Social security costs

208,284

154,558

Other pension costs

94,312

88,871

2,076,741

1,847,172

The average number of employees during the year was as follows:

2026

2025

Sales

40

34

Administration

15

19

55

53

2026

2025

£

£

Director's remuneration

20,800

21,000

Director's pension contributions to money purchase schemes

40,582

40,590

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Other operating leases

107,419

71,613

Depreciation - owned assets

-

206

Auditors' remuneration

10,000

10,000

Taxation compliance services

1,000

1,000

Other non- audit services

19,488

17,745

(Gain)/Loss on foreign currency translation

17,726

58,507

Forward foreign exchange contracts at fair value through profit and loss

6,179

(11,856

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Interest payable

52

70

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

425,789

465,303

Deferred tax

34

3

Tax on profit

425,823

465,306

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

1,703,334

1,861,226

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

425,834

465,307

Effects of:

Capital allowances in excess of depreciation

(11

)

-

Changes in marginal rate of tax

-

(1

)

Total tax charge

425,823

465,306

7.

DIVIDENDS

2026

2025

£

£

Interim

37,500

-

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1st April 2025

and 31st March 2026

8,478

134,570

143,048

DEPRECIATION

At 1st April 2025

and 31st March 2026

8,478

134,570

143,048

NET BOOK VALUE

At 31st March 2026

-

-

-

At 31st March 2025

-

-

-

9.

DEBTORS

2026

2025

£

£

Amounts falling due within one year:

Trade debtors

7,886,926

8,309,518

Other debtors

228

2,509

Corporation tax recoverable

19,052

19,052

VAT

-

2,100

Deferred tax asset

Accelerated capital allowances

155

189

Prepayments

23,841

21,983

7,930,202

8,355,351

Amounts falling due after more than one year:

Trade debtors

1,868,902

1,351,235

Aggregate amounts

9,799,104

9,706,586

10.	CURRENT ASSET INVESTMENTS

2026

2025

£

£

Other

2

2

Current asset investments represents monies held in fixed term deposit accounts.