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REGISTERED NUMBER: 04037220 (England and Wales)

| Group Strategic Report, |

| Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Travel Sector Property Limited |

| Travel Sector Property Limited (Registered number: 04037220) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 7 |

| Consolidated Other Comprehensive Income | 8 |

| Consolidated Balance Sheet | 9 |

| Company Balance Sheet | 10 |

| Consolidated Statement of Changes in Equity | 11 |

| Company Statement of Changes in Equity | 12 |

| Consolidated Cash Flow Statement | 13 |

| Notes to the Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Financial Statements | 15 |

| Travel Sector Property Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | A E Long

| Mrs J Long

| REGISTERED OFFICE: | The Old Rectory

| Rectory Road

| Coleby

| Lincoln

| Lincolnshire

| LN5 0AJ

| REGISTERED NUMBER: | 04037220 (England and Wales)

| AUDITORS: | Wright Vigar Limited

| Statutory Auditors

| Chartered Accountants & Business Advisers

| 15 Newland

| Lincoln

| Lincolnshire

| LN1 1XG

| Travel Sector Property Limited (Registered number: 04037220) |

Group Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

Consolidated group turnover for the year from ordinary activities increased to £10,557,014 from £9,139,878 in 2024.

Consolidated group gross loss decreased to £2,333,819 from £13,937,103 in 2024.

The Company and its respective subsidiaries have primarily focused on capital investment in 'operational real estate' assets where the ultimate value is a product of the trading income and rental value that can be generated on a long term sustainable basis. In addition to more traditional freehold investment properties such as the Quinton Fuel Filling Station in Birmingham and what is now known as the TSP Automotive Park at OuterCircle Road in Lincoln, which are each primarily let to third party Tenants, the 'operational real estate' assets significantly include Hotel Polurrian on the Lizard in Cornwall, White Hart Hotel in Bailgate Lincoln and Hotel Victoria in Robin Hood's Bay, North Yorkshire.

Each of the three hotels occupy unique and strong trading locations that are substantially and relatively robust to adverse impacts on the general UK Hotel Sector. Given the long term investment strategy adopted, each Hotel is now very well invested in terms of major capital refurbishment and general improvement works, both for their future reliance and optimum sustainable trading potential. Significantly, this has included the comprehensive full refurbishment of the White Hart Hotel, inclusive of all 49 Bedrooms, as well as creation of the 'all new' Antlers Restaurant and high quality facilities that first opened in December 2023. Capital expenditure has been greater than originally anticipated, but it would not have been appropriate to compromise on the high quality of the refurbishment and 'up grading' works, which have now firmly put the Hotel into it's '4 Star plus' category.

For operation ancillary to the White Hart Hotel, there has also been the acquisition and adaption of 6/7 Castle Hill, together with the acquisition and full refurbishment of Leigh Pemberton House. These provide an additional eight high quality Hotel Bedrooms and also complement the company's subsidiary ownership of the Judge's Lodgings and Former White Hart Garages / 2 Bailgate, Lincoln. That redevelopment and refurbishment scheme has been rescheduled for commencement of Enabling Works Q2 26 in order to focus on the final works at the White Hart Hotel, for which planning & listed building consents have already been obtained for the new pool, gym & sauna facilities. These works are programmed to commence October 25 and subject to receipt of final Statutory Consents, there are also proposals for a new Sky Lounge & Roof Terrace at fourth floor level.

At Hotel Victoria, there has been the opportunity to acquire the freehold interest in the two adjacent former guesthouse properties, now increasing the total number of Bedrooms from 16 to 30. A good quality refurbishment of all three now combined properties has created a significantly more robust trading facility, inclusive of the enhanced 'Osbornes Restaurant' with a new Cocktail Lounge and separate public house style bar & eatery as now named 'The Loxley'. There has also been significant capital investment in the provision of new Garden Terraces for 'Alfresco Dining', together with new customer WCs and other general improvement works.

There has also been a major refurbishment and enhancement of Hotel Polurrian, inclusive of 'up grading' the restaurant & Vista Lounge facilities, together with construction of new garages and other major works to create both 'Shearwater' (2 Bedroom Holiday Cottage) and the new 'Island View Suite'. Planning permission has also been obtained to extend the existing 40 Bedroom Hotel with 10 additional family bedrooms, as well as new Function Suite (120 persons), Spa treatment rooms and a new pool (with glazed retractable roof). This will represent a further capital investment of approximately £8.5m for which Funding has been procured and as scheduled for commencement of main on site works January 26, over a 15 month period to full completion by 31 March 27.

Throughout year ended 31 December 24 there has been significant capital investment in 'Trevean' at Mullion Cove to create an exceptionally high quality 'holiday let' property which was fully completed by 30 June 25. This is now being operated ancillary to Hotel Polurrian as first launched July 25. All PropCo and OpCo entities for the three hotel locations are now wholly owned subsidiaries of the intermediate Loxley Collection (TSP Group) Limited HoldCo entity which is itself a wholly owned subsidiary of the Company. The Judges Lodgings (TSP Investments) Limited redevelopment property assets, along with other property investment assets are separately owned within their respective subsidiary entities and not part of the Loxley Collection sub group.

| Travel Sector Property Limited (Registered number: 04037220) |

Group Strategic Report

for the Year Ended 31 December 2025

Following significant disruption to trading from the major capital improvement works at each of the three Hotels locations in FY24, as well as the additional 7 Bedrooms being completed April 25 at Hotel Victoria and the additional 4 Bedrooms added to the White Hart Hotel Inventory, Occupancy Rates have quickly recovered and are being maintained a high level for each location. These can be further summarised as follows:

- Hotel Victoria: 74.8% for Q4 FY24 and now increased to 83.6% for 9 months YTD FY25, in comparison to budget of 87.5% for the same period.

- Hotel Polurrian: 63.8% for Q4 FY24 and now increased to 82.4% for 9 months YTD FY25, in comparison to budget of 77.3% for same period.

- White Hart Hotel: 72.8% for Q4 FY24 and now increased to 77.8% for 9 months YTD FY25, in comparison to budget of 81.3% for same period.

There has also been good growth in the Average Room Rate, together with the Food & Beverage Sales at each location. Where Total Revenue has fallen short of budget for a respective period, there has been a regular review of gross margins and tight control of operating costs to help optimise EBITDA.

Overall trading at each of the three Hotel locations is running generally in line with budget and on course for the projected stabilization of trading, as will be FY27 for Hotel Victoria, FY28 for White Hart Hotel and FY29 for Hotel Polurrian, the latter taking into account the major extension and improvement works as now scheduled for FY26 and as to be fully completed by end of Q1 27.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors of the Company reviews any risks and uncertainties that are either currently faced by the Company or will potentially be faced by the Company in the future. Measures are then agreed upon to be put in place to mitigate these situations.

The principal risk for the group are the commercial property markets and those of the broader economy and the demand for hotel, leisure, conferences, restaurants, retail, exhibitions and events related activities. The group's property valuations are reviewed annually to reflect fair value and consequently are subject to any changes in the property market which can be outside the control of management. The management of the group has a strong track record of investing, creating and managing market leading properties and property concepts in strong and emerging areas with a high degree of resilience and as such this serves to mitigate the inherent risks of any fluctuating property markets. The Director regularly monitors the market and the development and management of the properties held and managed by the group. Through this process, the Director is confident that these risks are managed as well as possible.

ON BEHALF OF THE BOARD:

A E Long - Director

22 July 2026

| Travel Sector Property Limited (Registered number: 04037220) |

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of property consultants and hotel operations.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

A E Long

Mrs J Long

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A E Long - Director

22 July 2026

Report of the Independent Auditors to the Members of

Travel Sector Property Limited

Opinion

We have audited the financial statements of Travel Sector Property Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2025 and of the group's loss for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

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

Report of the Independent Auditors to the Members of

Travel Sector Property Limited

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have 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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).

- Challenging assumptions and judgments made by management in its significant accounting estimates.

- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

- Assessing the extent of compliance with the relevant laws and regulations.

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.

Paul Colcomb FCCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

22 July 2026

| Travel Sector Property Limited (Registered number: 04037220) |

Consolidated

Income Statement

for the Year Ended 31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 10,557,014 |  | 9,139,878 |  |

Cost of sales | 6,151,583 |  | 5,967,851 |  |

GROSS PROFIT | 4,405,431 |  | 3,172,027 |  |

Administrative expenses | 5,585,657 |  | 4,432,947 |  |

(1,180,226 | ) | (1,260,920 | ) |

Other operating income | 77,558 |  | 447,388 |  |

OPERATING LOSS | 5 | (1,102,668 | ) | (813,532 | ) |

Gain/loss on revaluation of

land and building | 7 | 313,751 |  | 13,120,689 |  |

(1,416,419 | ) | (13,934,221 | ) |

Income from interest in associated undertakings | 31,394 |  | 12,053 |  |

Interest receivable and similar income | 2,459 |  | 9,181 |  |

|  |  | 33,853 |  |  |  |  | 21,234 |  |

(1,382,566 | ) | (13,912,987 | ) |

Gain/loss on revaluation of investment property | (32,525 | ) | - |  |

(1,415,091 | ) | (13,912,987 | ) |

Interest payable and similar expenses | 8 | 599,965 |  | 108,035 |  |

LOSS BEFORE TAXATION | (2,015,056 | ) | (14,021,022 | ) |

Tax on loss | 9 | 318,763 |  | (83,919 | ) |

LOSS FOR THE FINANCIAL YEAR | (2,333,819 | ) | (13,937,103 | ) |

Loss attributable to:

Owners of the parent | (2,333,819 | ) | (13,937,103 | ) |

| Travel Sector Property Limited (Registered number: 04037220) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

LOSS FOR THE YEAR | (2,333,819 | ) | (13,937,103 | ) |

OTHER COMPREHENSIVE INCOME |

Revaluation of land and buildings | - |  | 2,458,356 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | - |  | 2,458,356 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (2,333,819 | ) | (11,478,747 | ) |

Total comprehensive income attributable to:

Owners of the parent | (2,333,819 | ) | (11,478,747 | ) |

| Travel Sector Property Limited (Registered number: 04037220) |

Consolidated Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 584,269 |  | 702,773 |  |

Tangible assets | 12 | 38,513,830 |  | 35,431,790 |  |

Investments | 13 |

| Interest in associate | 250 |  | 250 |  |

| Other investments | 958,262 |  | 924,553 |  |

Investment property | 14 | 10,824,971 |  | 10,050,794 |  |

50,881,582 |  | 47,110,160 |  |

CURRENT ASSETS

Stocks | 15 | 88,797 |  | 86,242 |  |

Debtors | 16 | 1,411,475 |  | 1,108,943 |  |

Cash at bank and in hand | 575,356 |  | 415,309 |  |

2,075,628 |  | 1,610,494 |  |

CREDITORS

Amounts falling due within one year | 17 | 3,291,492 |  | 4,731,540 |  |

NET CURRENT LIABILITIES | (1,215,864 | ) | (3,121,046 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 49,665,718 |  | 43,989,114 |  |

CREDITORS

Amounts falling due after more than one year | 18 | (65,650,955 | ) | (58,091,413 | ) |

PROVISIONS FOR LIABILITIES | 21 | (450,881 | ) | - |  |

NET LIABILITIES | (16,436,118 | ) | (14,102,299 | ) |

CAPITAL AND RESERVES

Called up share capital | 22 | 133 |  | 133 |  |

Share premium | 23 | 168,744 |  | 168,744 |  |

Revaluation reserve | 23 | 2,295,742 |  | 2,458,356 |  |

Fair value reserve | 23 | 43,873 |  | 43,873 |  |

Retained earnings | 23 | (18,944,610 | ) | (16,773,405 | ) |

SHAREHOLDERS' FUNDS | (16,436,118 | ) | (14,102,299 | ) |

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by:

A E Long - Director

| Travel Sector Property Limited (Registered number: 04037220) |

Company Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | 155,588 |  | 107,459 |  |

Investments | 13 | 2,141,507 |  | 2,107,565 |  |

Investment property | 14 | - |  | 1,500,000 |  |

2,297,095 |  | 3,715,024 |  |

CURRENT ASSETS

Debtors | 16 | 34,747,376 |  | 35,293,065 |  |

Cash at bank | 417,636 |  | 48,095 |  |

35,165,012 |  | 35,341,160 |  |

CREDITORS

Amounts falling due within one year | 17 | 48,180 |  | 235,617 |  |

NET CURRENT ASSETS | 35,116,832 |  | 35,105,543 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 37,413,927 |  | 38,820,567 |  |

CREDITORS

Amounts falling due after more than one year | 18 | 56,193,798 |  | 55,241,416 |  |

NET LIABILITIES | (18,779,871 | ) | (16,420,849 | ) |

CAPITAL AND RESERVES

Called up share capital | 22 | 133 |  | 133 |  |

Share premium | 23 | 168,744 |  | 168,744 |  |

Fair value reserve | 23 | 43,873 |  | 43,873 |  |

Retained earnings | 23 | (18,992,621 | ) | (16,633,599 | ) |

SHAREHOLDERS' FUNDS | (18,779,871 | ) | (16,420,849 | ) |

Company's loss for the financial year | (2,359,022 | ) | (16,680,611 | ) |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by:

A E Long - Director

| Travel Sector Property Limited (Registered number: 04037220) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2024 | 100 |  | (2,836,302 | ) | - |  |

Changes in equity

Issue of share capital | 33 |  | - |  | 168,744 |  |

Total comprehensive income | - |  | (13,937,103 | ) | - |  |

Balance at 31 December 2024 | 133 |  | (16,773,405 | ) | 168,744 |  |

Changes in equity

Total comprehensive income | - |  | (2,171,205 | ) | - |  |

Balance at 31 December 2025 | 133 |  | (18,944,610 | ) | 168,744 |  |

| Fair |

| Revaluation |  | value |  | Total

| reserve |  | reserve |  | equity

£ | £ | £ |

Balance at 1 January 2024 | - |  | 43,873 |  | (2,792,329 | ) |

Changes in equity

Issue of share capital | - |  | - |  | 168,777 |  |

Total comprehensive income | 2,458,356 |  | - |  | (11,478,747 | ) |

Balance at 31 December 2024 | 2,458,356 |  | 43,873 |  | (14,102,299 | ) |

Changes in equity

Total comprehensive income | (162,614 | ) | - |  | (2,333,819 | ) |

Balance at 31 December 2025 | 2,295,742 |  | 43,873 |  | (16,436,118 | ) |

| Travel Sector Property Limited (Registered number: 04037220) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |  | Fair |

| share |  | Retained |  | Share |  | value |  | Total

| capital |  | earnings |  | premium |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2024 | 100 |  | 47,012 |  | - |  | 43,873 |  | 90,985 |  |

Changes in equity

Issue of share capital | 33 |  | - |  | 168,744 |  | - |  | 168,777 |  |

Total comprehensive income | - |  | (16,680,611 | ) | - |  | - |  | (16,680,611 | ) |

Balance at 31 December 2024 | 133 |  | (16,633,599 | ) | 168,744 |  | 43,873 |  | (16,420,849 | ) |

Changes in equity

Total comprehensive income | - |  | (2,359,022 | ) | - |  | - |  | (2,359,022 | ) |

Balance at 31 December 2025 | 133 |  | (18,992,621 | ) | 168,744 |  | 43,873 |  | (18,779,871 | ) |

| Travel Sector Property Limited (Registered number: 04037220) |

Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (2,144,077 | ) | 4,060,292 |  |

Interest paid | (599,965 | ) | (108,035 | ) |

Net cash from operating activities | (2,744,042 | ) | 3,952,257 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | - |  | (42,014 | ) |

Purchase of tangible fixed assets | (3,863,895 | ) | (15,765,002 | ) |

Purchase of fixed asset investments | (33,709 | ) | (44,898 | ) |

Purchase of investment property | (806,702 | ) | (1,388,577 | ) |

Sale of fixed asset investments | - |  | 378,298 |  |

Interest received | 2,459 |  | 9,181 |  |

Dividends received | 31,394 |  | 12,053 |  |

Net cash from investing activities | (4,670,453 | ) | (16,840,959 | ) |

Cash flows from financing activities

New loans in year | 7,569,689 |  | 2,850,000 |  |

Related party loan movement | - |  | 10,081,223 |  |

Amount withdrawn by directors | 4,853 |  | (378,710 | ) |

Share issue | - |  | 168,777 |  |

Net cash from financing activities | 7,574,542 |  | 12,721,290 |  |

Increase/(decrease) in cash and cash equivalents | 160,047 |  | (167,412 | ) |

Cash and cash equivalents at beginning of year | 2 | 415,309 |  | 582,721 |  |

Cash and cash equivalents at end of year | 2 | 575,356 |  | 415,309 |  |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Loss before taxation | (2,015,056 | ) | (14,021,022 | ) |

| Depreciation charges | 586,609 |  | 418,672 |  |

| Loss on disposal of fixed assets | - |  | 13,400 |  |

| Loss on revaluation of fixed assets | 346,276 |  | 13,120,689 |  |

| Profit on disposal of investments | - |  | (353,090 | ) |

| Finance costs | 599,965 |  | 108,035 |  |

| Finance income | (33,853 | ) | (21,234 | ) |

(516,059 | ) | (734,550 | ) |

| Increase in stocks | (2,555 | ) | (5,207 | ) |

| (Increase)/decrease in trade and other debtors | (170,414 | ) | 2,106,508 |  |

| (Decrease)/increase in trade and other creditors | (1,455,049 | ) | 2,693,541 |  |

| Cash generated from operations | (2,144,077 | ) | 4,060,292 |  |

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 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 575,356 |  | 415,309 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 415,309 |  | 582,721 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 415,309 |  | 160,047 |  | 575,356 |  |

415,309 |  | 160,047 |  | 575,356 |  |

| Debt

| Debts falling due within 1 year | - |  | (15,000 | ) | (15,000 | ) |

| Debts falling due after 1 year | (56,731,223 | ) | (7,554,689 | ) | (64,285,912 | ) |

(56,731,223 | ) | (7,569,689 | ) | (64,300,912 | ) |

| Total | (56,315,914 | ) | (7,409,642 | ) | (63,725,556 | ) |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Travel Sector Property 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 General 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 as modified by the revaluation of certain assets.

| At the year end the balance sheet of the group showed net liabilities. The group receives the financial support of a related company and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. There was £53,881,223 outstanding at year end due to the related party, but as procured for the company for a minimum period of 30 years on an interest free and unsecured basis.

| Related party exemption

| The company has taken advantage of 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 wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

| Rental income

| Rental income from investment properties is recognised on a straight-line basis over the term of the lease. The aggregate cost of incentives provided to lessees is recognised as a reduction of rental income over the lease term on a straight-line basis. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of four years.

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Land and buildings |  | - |  | Not provided |  |

| Long leasehold |  | - |  | Straight line over 25 years |  |

| Improvements to property |  | - |  | 10% on reducing balance and 5% on cost |  |

| Plant and machinery |  | - |  | 20% on reducing balance and 10% on cost |  |

| Fixtures and fittings |  | - |  | 20% on reducing balance and 10-20% on cost |  |

| Motor vehicles |  | - |  | 20% - 25% on reducing balance |  |

| Computer equipment |  | - |  | 20% - 25% on reducing balance and 20% on cost |  |

| Freehold Land and buildings are recognised initially at cost.

| Subsequent to initial recognition Land and buildings are carried at fair value determined annually by company directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Hotel properties are on a stablised level of trade basis. Holiday let properties are on a vacant possession market value. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

| Investments in associates

| Investments in subsidiary and associate undertakings are recognised at cost less impairment.

| Other investments

| Other investments are stated at cost or valuation less impairment. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

| Subsequent to initial recognition investment properties are carried at fair value determined annually by company directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial

| assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference

| between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Fee income | 60,000 |  | 265,951 |  |

| Rents received | 490,008 |  | 552,715 |  |

| Hotel income | 10,007,006 |  | 8,321,212 |  |

10,557,014 |  | 9,139,878 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 10,557,014 |  | 9,139,878 |  |

10,557,014 |  | 9,139,878 |  |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,747,067 |  | 3,819,786 |  |

| Social security costs | 387,513 |  | 294,425 |  |

| Other pension costs | 105,627 |  | 132,422 |  |

4,240,207 |  | 4,246,633 |  |

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

| 2025 |  | 2024

| Hotel based employees | 194 |  | 197 |  |

| Office based employees | 2 |  | 2 |  |

196 |  | 199 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 6,404 |  | 5,159 |  |

5. | OPERATING LOSS

| The operating loss is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 17,411 |  | 764 |  |

| Other operating leases | (35,838 | ) | 332,359 |  |

| Depreciation - owned assets | 468,104 |  | 374,432 |  |

| Profit on disposal of fixed assets | - |  | (339,690 | ) |

| Goodwill amortisation | 108,000 |  | 38,250 |  |

| Computer software amortisation | 10,504 |  | 5,991 |  |

| Foreign exchange differences | 221 |  | 1,403 |  |

6. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 51,075 |  | 46,000 |  |

| Auditors' remuneration for non audit work | 45,388 |  | 73,233 |  |

7. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Gain/loss on revaluation of

| land and building | (313,751 | ) | (13,120,689 | ) |

| During the year a net loss on revaluation of land and building of £313,751 (2024: £13,120,689) was recorded against the carrying value of certain land and buildings held by subsidiary undertakings.

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 12,598 |  | - |  |

| Bank loan interest | 587,367 |  | 108,035 |  |

599,965 |  | 108,035 |  |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

9. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the loss for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | (273,312 | ) | - |  |

| Prior year over provision | - |  | (91,467 | ) |

| Total current tax | (273,312 | ) | (91,467 | ) |

| Deferred tax | 592,075 |  | 7,548 |  |

| Tax on loss | 318,763 |  | (83,919 | ) |

| UK corporation tax has been charged at 19 % (2024 - 19 %).

| Reconciliation of total tax charge/(credit) included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Loss before tax | (2,015,056 | ) | (14,021,022 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 19 % (2024 - 19 %) | (382,861 | ) | (2,663,994 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 67,202 |  | 16,461 |  |

| Income not taxable for tax purposes | (110,130 | ) | (13,159 | ) |

| Capital allowances in excess of depreciation | (162,517 | ) | (995,505 | ) |

| Utilisation of tax losses | - |  | (193,835 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (91,467 | ) |

| Deferred tax | 592,075 |  | 7,548 |  |

| Impairment of balances | 314,994 |  | 3,246,029 |  |

| Losses carried forward | - |  | 604,003 |  |

| allowance |

| Total tax charge/(credit) | 318,763 |  | (83,919 | ) |

| Tax effects relating to effects of other comprehensive income |

| There were no tax effects for the year ended 31 December 2025.

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of land and buildings | 2,458,356 |  | - |  | 2,458,356 |  |

10. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

11. | INTANGIBLE FIXED ASSETS

| Group

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1,193,995 |  | 42,014 |  | 1,236,009 |  |

| AMORTISATION

| At 1 January 2025 | 527,245 |  | 5,991 |  | 533,236 |  |

| Amortisation for year | 108,000 |  | 10,504 |  | 118,504 |  |

| At 31 December 2025 | 635,245 |  | 16,495 |  | 651,740 |  |

| NET BOOK VALUE

| At 31 December 2025 | 558,750 |  | 25,519 |  | 584,269 |  |

| At 31 December 2024 | 666,750 |  | 36,023 |  | 702,773 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Land and |  | Long |  | to |  | Plant and

| Buildings |  | leasehold |  | property |  | machinery

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 29,322,969 |  | 25,000 |  | 2,770,671 |  | 2,306,537 |  |

| Additions | 2,838,410 |  | 47,705 |  | 306,210 |  | 351,871 |  |

| Impairments | (313,751 | ) | - |  | - |  | - |  |

| At 31 December 2025 | 31,847,628 |  | 72,705 |  | 3,076,881 |  | 2,658,408 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 9,417 |  | 156,889 |  | 351,779 |  |

| Charge for year | - |  | 2,000 |  | 145,854 |  | 121,617 |  |

| At 31 December 2025 | - |  | 11,417 |  | 302,743 |  | 473,396 |  |

| NET BOOK VALUE

| At 31 December 2025 | 31,847,628 |  | 61,288 |  | 2,774,138 |  | 2,185,012 |  |

| At 31 December 2024 | 29,322,969 |  | 15,583 |  | 2,613,782 |  | 1,954,758 |  |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

12. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 1,322,594 |  | 128,913 |  | 284,602 |  | 36,161,286 |  |

| Additions | 214,382 |  | 25,999 |  | 79,318 |  | 3,863,895 |  |

| Impairments | - |  | - |  | - |  | (313,751 | ) |

| At 31 December 2025 | 1,536,976 |  | 154,912 |  | 363,920 |  | 39,711,430 |  |

| DEPRECIATION

| At 1 January 2025 | 95,819 |  | 32,010 |  | 83,582 |  | 729,496 |  |

| Charge for year | 86,528 |  | 27,103 |  | 85,002 |  | 468,104 |  |

| At 31 December 2025 | 182,347 |  | 59,113 |  | 168,584 |  | 1,197,600 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,354,629 |  | 95,799 |  | 195,336 |  | 38,513,830 |  |

| At 31 December 2024 | 1,226,775 |  | 96,903 |  | 201,020 |  | 35,431,790 |  |

| Land and buildings was valued on an open market basis by Knight Frank.

| Company

| Fixtures

| Long |  | Plant and |  | and

| leasehold |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 January 2025 | 25,000 |  | 40,247 |  | 85,298 |  |

| Additions | 47,705 |  | - |  | - |  |

| At 31 December 2025 | 72,705 |  | 40,247 |  | 85,298 |  |

| DEPRECIATION

| At 1 January 2025 | 9,417 |  | 34,536 |  | 46,665 |  |

| Charge for year | 2,000 |  | 1,142 |  | 7,727 |  |

| At 31 December 2025 | 11,417 |  | 35,678 |  | 54,392 |  |

| NET BOOK VALUE

| At 31 December 2025 | 61,288 |  | 4,569 |  | 30,906 |  |

| At 31 December 2024 | 15,583 |  | 5,711 |  | 38,633 |  |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

12. | TANGIBLE FIXED ASSETS - continued

| Company

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 61,613 |  | 7,490 |  | 219,648 |  |

| Additions | 25,999 |  | - |  | 73,704 |  |

| At 31 December 2025 | 87,612 |  | 7,490 |  | 293,352 |  |

| DEPRECIATION

| At 1 January 2025 | 15,185 |  | 6,386 |  | 112,189 |  |

| Charge for year | 14,485 |  | 221 |  | 25,575 |  |

| At 31 December 2025 | 29,670 |  | 6,607 |  | 137,764 |  |

| NET BOOK VALUE

| At 31 December 2025 | 57,942 |  | 883 |  | 155,588 |  |

| At 31 December 2024 | 46,428 |  | 1,104 |  | 107,459 |  |

13. | FIXED ASSET INVESTMENTS

| Group

| Interest |

| in |  | Unlisted |  | Classic |

| associate |  | investments |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 250 |  | 14,001 |  | 910,552 |  | 924,803 |  |

| Additions | - |  | - |  | 33,709 |  | 33,709 |  |

| At 31 December 2025 | 250 |  | 14,001 |  | 944,261 |  | 958,512 |  |

| NET BOOK VALUE

| At 31 December 2025 | 250 |  | 14,001 |  | 944,261 |  | 958,512 |  |

| At 31 December 2024 | 250 |  | 14,001 |  | 910,552 |  | 924,803 |  |

| Company

| Shares in |  | Interest |

| group |  | in |  | Other |  | Classic |

| undertakings |  | associate |  | investments |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 1,182,762 |  | 250 |  | 14,001 |  | 910,552 |  | 2,107,565 |  |

| Additions | 233 |  | - |  | - |  | 33,709 |  | 33,942 |  |

| At 31 December 2025 | 1,182,995 |  | 250 |  | 14,001 |  | 944,261 |  | 2,141,507 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,182,995 |  | 250 |  | 14,001 |  | 944,261 |  | 2,141,507 |  |

| At 31 December 2024 | 1,182,762 |  | 250 |  | 14,001 |  | 910,552 |  | 2,107,565 |  |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

13. | FIXED ASSET INVESTMENTS - continued

| Company

| Cost or valuation at 31 December 2025 is represented by:

| Shares in |  | Interest |

| group |  | in |  | Other |  | Classic |

| undertakings |  | associate |  | investments |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2019 | - |  | - |  | - |  | 43,873 |  | 43,873 |  |

| Cost | 1,182,995 |  | 250 |  | 14,001 |  | 900,388 |  | 2,097,634 |  |

1,182,995 |  | 250 |  | 14,001 |  | 944,261 |  | 2,141,507 |  |

| If other investments had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 900,388 |  | 860,639 |  |

| Other investment was valued on an open market basis on 31 December 2025 by the directors .

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Loxley Collection (TSP Group) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Holding company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The entity has taken an exemption under Section 479A of the Companies Act 2006.

| Outercircle (TSP Investments) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Property investment company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Quinton (TSP Investments) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Property investment company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Andrew Long (Portugal) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Property investment company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The entity has taken an exemption under Section 479A of the Companies Act 2006.

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

13. | FIXED ASSET INVESTMENTS - continued

| Cotswolds (TSP Investments) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Dormant company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Cotswolds (TSP Operations) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Dormant company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Judges Lodgings (TSP Investments) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Property investment company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The entity has taken an exemption under Section 479A of the Companies Act 2006.

| Trevean (TSP Investments) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Property investment company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The entity has taken an exemption under Section 479A of the Companies Act 2006.

| Associated companies

| GCL Holdco Limited

| Registered office: Extra MSA Baldock Amenities Building 1st Floor, A1 M Junction 10, Baldock, Hertfordshire, SG7 5TR, United Kingdom

| Nature of business: Holding company

| %

| Class of shares: | holding |

| Ordinary | 10.00 |

| Coleby Pub Company (Investments) Limited

| Registered office: The Old Rectory, Rectory Road, Coleby, Lincoln, LN5 0AJ, United Kingdom

| Nature of business: Property investment company

| %

| Class of shares: | holding |

| Ordinary | 9.09 |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

14. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 January 2025 | 10,050,794 |  |

| Additions | 806,702 |  |

| Revaluations | (32,525 | ) |

| At 31 December 2025 | 10,824,971 |  |

| NET BOOK VALUE

| At 31 December 2025 | 10,824,971 |  |

| At 31 December 2024 | 10,050,794 |  |

| Fair value at 31 December 2025 is represented by:

£ |

| Cost | 10,824,971 |  |

| Company

| Total

£ |

| FAIR VALUE

| At 1 January 2025 | 1,500,000 |  |

| Additions | 913,751 |  |

| Disposals | (2,413,751 | ) |

| At 31 December 2025 | - |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | 1,500,000 |  |

15. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 88,797 |  | 86,242 |  |

16. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 62,047 |  | 76,422 |  | 23,050 |  | 24,650 |  |

| Other debtors | 24,414 |  | 56,445 |  | - |  | - |  |

| Tax | 273,312 |  | - |  | - |  | - |  |

| VAT | - |  | - |  | 14,966 |  | 58,442 |  |

| Deferred tax asset | - |  | 141,194 |  | 157,561 |  | 157,561 |  |

| Prepayments and accrued income | 789,174 |  | 490,542 |  | 26,436 |  | 20,016 |  |

1,148,947 |  | 764,603 |  | 222,013 |  | 260,669 |  |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

16. | DEBTORS - continued

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due after more than one | year: |

| Amounts owed by group undertakings | - |  | - |  | 34,262,835 |  | 34,688,056 |  |

| Other debtors | 262,528 |  | 344,340 |  | 262,528 |  | 344,340 |  |

262,528 |  | 344,340 |  | 34,525,363 |  | 35,032,396 |  |

| Aggregate amounts | 1,411,475 |  | 1,108,943 |  | 34,747,376 |  | 35,293,065 |  |

| Deferred tax asset

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | - |  | 141,194 |  | 157,561 |  | 157,561 |  |

17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 19) | 15,000 |  | - |  | - |  | - |  |

| Trade creditors | 694,781 |  | 2,710,532 |  | 2,262 |  | 190,882 |  |

| Social security and other taxes | 211,999 |  | 126,936 |  | - |  | 2,189 |  |

| VAT | 338,602 |  | 222,319 |  | - |  | - |  |

| Other creditors | 998,005 |  | 744,808 |  | 6,612 |  | 7,084 |  |

| Accruals and deferred income | 1,033,105 |  | 926,945 |  | - |  | - |  |

| Accrued expenses | - |  | - |  | 39,306 |  | 35,462 |  |

3,291,492 |  | 4,731,540 |  | 48,180 |  | 235,617 |  |

18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 19) | 10,404,689 |  | 2,850,000 |  | - |  | - |  |

| Other loans (see note 19) | 53,881,223 |  | 53,881,223 |  | 53,881,223 |  | 53,881,223 |  |

| Amounts owed to group undertakings | - |  | - |  | 947,532 |  | 3 |  |

| Directors' loan account | 1,365,043 |  | 1,360,190 |  | 1,365,043 |  | 1,360,190 |  |

65,650,955 |  | 58,091,413 |  | 56,193,798 |  | 55,241,416 |  |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

19. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 15,000 |  | - |  | - |  | - |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 2,167,798 |  | - |  | - |  | - |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 8,236,891 |  | 2,850,000 |  | - |  | - |  |

| Amounts falling due in more than five years: |

| Repayable otherwise than by instalments |

| Amounts owed to related party | 53,881,223 |  | 53,881,223 |  | 53,881,223 |  | 53,881,223 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank loans | 10,419,689 |  | 2,850,000 |  |

| The bank loans are secured over two of the subsidiary entities assets.

21. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 450,881 |  | - |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | (141,194 | ) |

| Charge to Income Statement during year | 612,748 |  |

| Utilised during year | (20,673 | ) |

| Balance at 31 December 2025 | 450,881 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | (157,561 | ) |

| Balance at 31 December 2025 | (157,561 | ) |

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 700 | Ordinary A voting | 0.1 | 70 |  | 70 |  |

| 633 | Ordinary B non-voting | 0.1 | 63 |  | 63 |  |

133 |  | 133 |  |

| During the prior period, the company converted 100 Ordinary shares of £1.00 each into:

| 700 Ordinary A shares of £0.10 each

| 300 Ordinary B shares of £0.10 each

| This conversion was executed to restructure the share classes and align with the company’s revised capital strategy. The total nominal value of the converted shares remained unchanged at £100. The Ordinary B had no voting rights attached.

| Additionally, the company issued 333 Ordinary B shares of £0.10 each for a total consideration of £168,777. These shares were allotted and fully paid up during the period, increasing the company’s issued share capital accordingly.

23. | RESERVES

| Group

| Fair |

| Retained |  | Share |  | Revaluation |  | value |

| earnings |  | premium |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2025 | (16,773,405 | ) | 168,744 |  | 2,458,356 |  | 43,873 |  | (14,102,432 | ) |

| Deficit for the year | (2,333,819 | ) | (2,333,819 | ) |

| Revaluation | 162,614 |  | - |  | (162,614 | ) | - |  | - |  |

| At 31 December 2025 | (18,944,610 | ) | 168,744 |  | 2,295,742 |  | 43,873 |  | (16,436,251 | ) |

| Company

| Fair |

| Retained |  | Share |  | value |

| earnings |  | premium |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2025 | (16,633,599 | ) | 168,744 |  | 43,873 |  | (16,420,982 | ) |

| Deficit for the year | (2,359,022 | ) | (2,359,022 | ) |

| At 31 December 2025 | (18,992,621 | ) | 168,744 |  | 43,873 |  | (18,780,004 | ) |

24. | OTHER FINANCIAL COMMITMENTS

| Total financial commitments which are not included in the balance sheet amount to £344,000 (2024: £388,000). These amounts consist of lease commitments payable over the next 14 years (2024:15 years).

| Travel Sector Property Limited (Registered number: 04037220) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

25. | RELATED PARTY DISCLOSURES

| Included in other debtors due to be received over one year is a sum owed by Coleby Pub Company Limited (a company in which A E Long is a director). The amount owed as at 31 December 2025 is £16,500 (2024: £16,500).

| Included in other debtors due to be received within one year is a sum owed by Grice, Collins, Long Limited (a company in which A E Long is a director). The amount owed as at 31 December 2025 is £nil. (2024: £nil ).

| Included in other debtors due to be received over one year is a sum owed by GCL Holdco Limited (a company in which A E Long is a director). The amount owed as at 31 December 2025 is £246,028 (2024: £327,840).

| Included in other creditors due over one year is a sum owed to TSP Coleby Investments Limited (a company in which A E Long is a director). The amount owed as at 31 December 2025 is £53,881,223 (2024: £53,881,223).

| LHM Luxury Hotel Management Limited

| During the year, management fees of £455,561 (2024: £412,642) were charged from LHM Luxury Hotel Management Limited of which £3,663 (2024: £66,851) was outstanding at year end. The company also paid an advance of £29,330 (2024: £15,192) for future management fees. A J B Nares and N P Chapman are directors of LHM Luxury Hotel Management Limited.

| Carbis Club Limited

| During the year, purchases of £5,580 (2024: £848) were made from Carbis Club Limited. The outstanding balance was £nil (2024:£1,017) at the year end due to Carbis Club Limited. A J B Nares and N P Chapman are directors of Carbis Club Limited.

| Kingfisher Una Resort Limited

| During the year no purchases (2024: £28,829) were made from Kingfisher Una Resort Limited. There was £4,227 (2024: £7,419) outstanding at year end due to Kingfisher Una Resort Limited. A J B Nares and N P Chapman are directors of Kingfisher Una Resort Limited.

| Knoll House Hotel Limited

| During the year purchases of £88,578 (2024: £13,810) were made from Knoll House Hotel Limited. There was£25,312 (2024: £3,866) oustanding at year end due to Knoll House Hotel Limited. A J B Nares is a director of Knoll House Hotel Limited.

26. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is A E Long.