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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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PELORUSX LTD
COMPANY INFORMATION
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PELORUSX LTD
CONTENTS
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PELORUSX LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report of the Company (PelorusX Limited) and the Group (PelorusX Limited and its subsidiaries) for the year ended 31 December 2025.
2025 was a transformational year for the Pelorus Group, delivering record revenue and meaningful operating profit. This performance validates the sustained investment made in people, product and brand in prior years and demonstrates the scalability of the underlying business model.
Group turnover grew by 72% to £23.8 million (2024: £13.8 million), driven by strong demand across our core product verticals and continued penetration of our primary market in the United States. Gross profit increased to £5.3 million (2024: £3.3 million), reflecting both volume growth and an improving product mix as higher-value bespoke itineraries accounted for a greater proportion of total revenue. The US client base remains our most significant market opportunity. High Net Worth and Ultra High Net Worth travellers in North America have demonstrated a sustained appetite for the deeply curated, access-driven experiences that Pelorus is uniquely positioned to deliver, with average transaction values continuing to rise as clients expand their engagement across our product verticals. The Group's multi-vertical structure - spanning land, sea and air - remains a meaningful competitive differentiator, enabling genuinely integrated itineraries that single-discipline operators cannot replicate. Notwithstanding the strong trading performance, the Group continues to invest in the capabilities required to support the next phase of growth, including technology, marketing and key hires, while headcount remained stable at 34, reflecting improved productivity across the business.
Pelorus occupies a deliberately narrow position in the global luxury travel landscape, serving some of the world's most discerning and well-travelled clients. Our proposition centres on access to remote and rarely visited places, to private and privileged experiences, and to the logistical expertise required to execute extraordinarily complex travel flawlessly. The Pelorus brand continues to build recognition in its target markets, including inclusion in the Condé Nast Traveller Readers' Choice Awards as a leading Travel Specialist and recognition in Travel + Leisure World's Best Awards, reinforcing its position at the forefront of the luxury experiential travel sector.
Pelorus' commitment to the environment extends beyond the journeys it curates. As founding corporate benefactor of Pelorus Foundation, Pelorus works with its clients towards contributing a target of one percent of annual travel sales to fund the Foundation's conservation and climate programmes. This reflects a conviction that access to the world's most extraordinary places carries a responsibility to protect them. Through the Foundation, Pelorus supports grassroots initiatives spanning biodiversity protection, ecosystem restoration and the fight against illegal wildlife trade across more than ten countries - ensuring that every journey undertaken with Pelorus contributes, in part, to the stewardship of the natural world.
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PELORUSX LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Pelorus’s commitment to responsible business practices is further reflected in its status as a certified B Corporation. The Group continues to invest significant effort into improving its B Corp performance, with a renewed focus on strengthening the organisation across all assessed areas in advance of its upcoming recertification. This process is driving enhanced rigour, accountability and transparency across governance, environmental and social impact, ensuring that the business continues to align long term commercial growth with measurable positive impact.
The Group has strengthened its balance sheet through disciplined cost management and a focus on operational efficiency and pricing. Management's ongoing priority is to improve the Group's financial position to enable effective navigation of the inherently seasonal travel cycle. The Group carries no third-party debt.
Over the next twelve months, the Group intends to deploy capital into its IT and technology infrastructure to improve sales efficiency and enhance the client experience, including the continued development of its internal platform to drive consistency and scalability. In parallel, the Group will further embed its Private Client Manager model to strengthen client ownership and improve conversion through more personalised service delivery.
The Group will also continue investing in targeted marketing, particularly in the United States, to accelerate growth within its core client segments, alongside ongoing refinement of its product offering across land, sea and air. Further investment in talent and training will support these initiatives, positioning the Group for sustained and scalable growth.
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PELORUSX LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The following risk factors may affect the Group's operating results and financial position. They should not be regarded as a complete statement of all potential risks and uncertainties facing the Group.
Competitive market - The Group operates in a highly competitive market and responds by continually investing in its brand, product range and supplier relationships to maintain its market position. Foreign exchange - The Group is exposed to currency risk on overseas purchases. It partially hedges this exposure and closely manages its currency requirements and trip pricing to minimise the impact of fluctuations between invoicing and payment currencies. The Group's pre-departure settlement policy meaningfully reduces credit risk. Supplier concentration - The Group maintains close relationships with a broad range of suppliers and avoids over-reliance on any single partner. Senior management engages regularly with key suppliers to monitor both operational and financial matters. IT and systems - The Group is reliant on the uninterrupted operation of its technology infrastructure. Arrangements are in place to mitigate the risk of disruption from power loss, cyber threats or other events. Commercial and travel risks - The Group's trading performance may be affected by acts of terrorism, regional conflicts, epidemics, natural disasters, weather events, changes in customer behaviour and government tax policy. The Group seeks to mitigate these through a flexible, low-commitment business model. Geopolitical risks - The directors actively monitor a range of geopolitical developments, including the ongoing Russia-Ukraine conflict and its effect on Eastern European airspace and travel confidence; instability across the Middle East and its impact on certain destination categories and private aviation routing; US dollar strength relative to other currencies; and tariff and trade uncertainty under the current US administration and its potential effect on client sentiment and discretionary spending. The Group follows FCDO and US State Department guidance when monitoring risk and advising clients on travel decisions.
This report was approved by the board on 30 June 2026 and signed on its behalf.
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PELORUSX LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,012,908 (2024 - loss £279,813).
No dividend (2024: £Nil) was paid during the year. The Directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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PELORUSX LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PELORUSX LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PELORUSX LTD
We have audited the financial statements of PelorusX LTD (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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 or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PELORUSX LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PELORUSX LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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PELORUSX LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PELORUSX LTD (CONTINUED)
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PELORUSX LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PELORUSX LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We exercise professional judgment and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We review the scope of the Group's compliance with The Package and Linked Travel Arrangements Regulations 2018 ("PTRs") and sample test relevant documentation to assess this and the effectiveness of its control environment; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements; - We review the Group's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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PELORUSX LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PELORUSX LTD (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
2 Lower Mortlake Road
TW9 2JA
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PELORUSX LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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PELORUSX LTD
REGISTERED NUMBER: 10921430
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 36 form part of these financial statements.
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PELORUSX LTD
REGISTERED NUMBER: 10921430
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 36 form part of these financial statements.
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PELORUSX LTD
REGISTERED NUMBER: 10921430
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
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