ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 02481154

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

COMPANY INFORMATION

Director	S J Eccles


Company secretary	S J Eccles


Registered number	02481154


Registered office	Milkmaid House
	8 Rampton End
	Willingham
	Cambridgeshire
	CB24 5JB


Independent auditors	Xeinadin Audit Limited
	Chartered Accountants & Statutory Auditors
	8th Floor
	Becket House
	36 Old Jewry
	London
	EC2R 8DD


Bankers	Barclays Bank PLC
	Mortlock House Vision Park
	Histon
	Cambridge
	Cambridgeshire
	CB4 9DE

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

CONTENTS

	Page
Strategic report	1 - 2
Director's report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11 - 12
Notes to the financial statements	13 - 29

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

Introduction

The directors present their strategic report for the year ended 31 October 2025.

Business review

The principal activity of the Company continues to be the provision of villa holidays across Europe, primarily serving the UK leisure travel market.
The Company delivered a further year of growth, with Total Transactional Value (“TTV”) exceeding the prior year, reflecting continued demand for high-quality villa accommodation across its core destinations.
The Company’s key destinations include mainland Spain, the Balearic Islands, France, the Greek Islands, Croatia, Italy, Portugal, and Turkey. The strategy remains focused on offering a curated portfolio of high-quality properties in established leisure markets.

Financial Key Performance Indicators

TTV for the year increased to £13,491,448 (2024: £12,408,173) with a profit before tax of £794,128 (2024: £1,300,432). The EBITDA was £519,762 for the year (2024: £905,995). Net assets decreased by 51% to £3.46m in the current year, from £7.17m in the prior year.
While performance was slightly below internal forecasts, this was largely attributable to a shift in booking patterns, with sales during the traditionally strong January and February period proving less robust than anticipated. In addition, persistently high flight prices impacted customer booking behaviour in certain markets.
Profit before tax for the year is set out in the accompanying financial statements. The Company continued to maintain strong cash reserves throughout the year and operated without reliance on external borrowing, providing financial stability and flexibility.

Non-Financial Key Performance Indicators

The Directors monitor performance using a range of key indicators, including the number of properties in the portfolio, weeks let per property, average customer spend, margin performance, and customer satisfaction, alongside effective management of staffing and supplier relationships.
Market Position and Brand Strength
The holiday rental market remains competitive but resilient. The Company continues to benefit from a strong reputation for service quality and customer satisfaction.
During the year, the Company retained its Feefo Platinum Trusted Service Award, maintaining a 5-star rating, and achieved a 4.9 out of 5 rating on Trustpilot. The Company also received a number of industry accolades, including:
• Best Villa Operator at The Telegraph Travel Awards (an award held continuously since 2019);
• A Top 10 ranking in the Condé Nast Traveller Readers’ Choice Awards; and
• Silver in the Best Villa category at the British Travel Awards.
These recognitions support the Directors’ assessment of the Company’s strong market position

Page 1

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Future Outlook

The Directors remain cautiously optimistic about future prospects. The Company plans to continue expanding within existing destinations while selectively adding new locations to its portfolio. Ongoing investment in technology and IT systems is expected to enhance operational efficiency and improve the experience of customers and business partners.
The Company will also continue to invest in its team to ensure it remains well positioned to support sustainable growth and maintain high service standards.

Principal risks and uncertainties

The Company's principal selling currency is GBP, while a significant porportion of costs are in Euros. As a result, the business is exposed to fluctuations in foreign exchange rates. The Directors monitor currency movements on an ongoing basis and take appropriate steps to mitigate exposure, where practicable.
The Directors also keep under review broader economic conditions, including consumer confidence and travel costs. The UK Government Budget announced in November 2025 is not expected to have a material adverse impact on customer demand for holidays.

Future Developments

We plan to continue developing the business in coming years, investing in IT systems to enhance our competitive edge and improve stakeholder experiences. The company will also expand the number of properties offered and seek growth in both current and new destinations.

Subsequent Events

There have been no significant events affecting the Company since the reporting date.

This report was approved by the board on 30 January 2026 and signed on its behalf.

S J Eccles

Director

Page 2

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

The director presents his report and the financial statements for the year ended 31 October 2025.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The 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 to 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.

Principal activity

The prinicipal activity of the company continued to be that of a letting agent and tour operator.

Results and dividends

The profit for the year, after taxation, amounted to £559,212 (2024 - £893,164).

Dividends of £4,273,334 (2024: £554,875) were declared and paid during the year.

Director

The director who served during the year was:

S J Eccles
M A Poole (resigned 1 April 2025)
A K Poole (resigned 1 April 2025)
J Fallon (resigned 12 August 2025)

Matters covered in the Strategic report

Where necessary, disclosures relating to future developments have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006.

Page 3

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

S J Eccles

Director

Date: 30 January 2026

Page 4

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

Opinion

We have audited the financial statements of Vintage Spain Limited T.A Vintage Travel (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Page 5

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime

Page 6

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

∙Enquire of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: ATOL, ABTA, ABTOT compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us, or evident from relevant correspondence, an audit will not detect that breach.

Page 7

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Silpy Kedia ACA (Senior Statutory Auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditors

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD

30 January 2026

Page 8

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 OCTOBER 2025

	2025	2024
Note	£	£


Turnover	4	13,491,448	12,408,173
Cost of sales		(9,723,803)	(8,674,578)
Gross profit		3,767,645	3,733,595
Administrative expenses		(3,212,152)	(2,863,331)
Fair value movements		(35,731)	35,731
Operating profit	5	519,762	905,995
Interest receivable and similar income	9	274,366	395,074
Interest payable and similar expenses	10	-	(637)
Profit before tax		794,128	1,300,432
Tax on profit	11	(234,916)	(407,268)
Profit for the financial year		559,212	893,164

Other comprehensive income for the year
Total comprehensive income for the year		559,212	893,164

The notes on pages 13 to 29 form part of these financial statements.

Page 9

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

REGISTERED NUMBER: 02481154

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		121,348		58,348
Tangible assets	14		905,006		922,055
			1,026,354		980,403
Current assets
Debtors: amounts falling due within one year	15	322,574		204,315
Cash at bank and in hand	16	3,933,227		7,573,868
		4,255,801		7,778,183
Creditors: amounts falling due within one year	17	(1,765,844)		(1,562,014)
Net current assets			2,489,957		6,216,169
Total assets less current liabilities			3,516,311		7,196,572
Provisions for liabilities
Deferred tax	18	(52,824)		(18,963)
			(52,824)		(18,963)
Net assets			3,463,487		7,177,609

Capital and reserves
Called up share capital	19	50,000	50,000
Revaluation reserve	20	458,743	458,743
Profit and loss account	20	2,954,744	6,668,866
		3,463,487	7,177,609

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S J Eccles

Director

Date: 30 January 2026

The notes on pages 13 to 29 form part of these financial statements.

Page 10

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2024	50,000	458,743	6,668,866	7,177,609
Comprehensive income for the year
Profit for the year	-	-	559,212	559,212
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(4,273,334)	(4,273,334)
Total transactions with owners	-	-	(4,273,334)	(4,273,334)
At 31 October 2025	50,000	458,743	2,954,744	3,463,487

The notes on pages 13 to 29 form part of these financial statements.

Page 11

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2023	50,000	837,646	5,951,674	6,839,320
Comprehensive income for the year
Profit for the year	-	-	893,164	893,164
Total comprehensive income for the year	-	-	893,164	893,164
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(554,875)	(554,875)
Transfer to/from profit and loss account	-	(378,903)	378,903	-
Total transactions with owners	-	(378,903)	(175,972)	(554,875)
At 31 October 2024	50,000	458,743	6,668,866	7,177,609

The notes on pages 13 to 29 form part of these financial statements.

Page 12

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.	General information

Vintage Spain Limited is a private company limited by shared incorporated in England and Wales. The address of the registered company is given on the Company Information page of these financial statements.
The principal activity of the Company continued to be that of a tour operator.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Vintage Travel Limited as at 31 October 2025 and these financial statements may be obtained from Milkmaid House, 8 Rampton End, Willingham, Cambridgeshire.

2.3

Revenue

Revenue represents income received or receivable, net of TOMS VAT, for tours departing during the financial year, recognised on a departure date basis.

Page 13

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.5

Operating leases: the Company as lessee

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

2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7

Advanced receipts and deferred payments

All revenue received relating to bookings that depart after the balance sheet date is treated as advance receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are separately disclosed under prepayments and accrued income.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Development expenditure

20%

straight line

Page 15

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line (buildings only)
Plant and machinery	-	25%	straight line
Overseas equipment	-	25%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

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 party, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitutes a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public entity concessionary loan.
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 Income Statement.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the applicable of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the Statement of Comprehensive Income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical judgements
The directors have exercised judgement in adopting the revaluation model for freehold properties and in determining that the carrying values of the properties at the reporting date do not differ materially from their fair values, based on the most recent external valuations and current market conditions. The directors have also judged that the frequency of revaluations is sufficient to ensure that carrying values are not materially misstated.
Key sources of estimation uncertainty
Valuation of Property
The properties are held at revalued amounts based on valuations performed by independent professionally qualified valuers. These valuations are subject to estimation uncertainty and are based on assumptions including market conditions, comparable property transactions, rental yields, location, and the physical condition of the properties. A reasonably possible change in these assumptions could result in a material adjustment to the carrying values of the properties.
The directors confirm that no changes have occured to these properties that would have a material impact on their value during the period from the valuation to the year end, 31 October 2025.

Villa holidays	13,491,448	12,408,173
	13,491,448	12,408,173

All turnover arose within the United Kingdom.

Page 18

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Profit/(loss) on sale of asset	-	(1,134)
Exchange differences	(67,221)	(34,970)
Other operating lease rentals	34,621	34,986
Defined contribution pension cost	93,243	126,321
Depreciation	28,645	26,698

Fees payable to the Company's auditors for the audit of the Company's financial statements

10,500

7,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Wages and salaries	1,097,111	983,140
Social security costs	143,570	113,943
Cost of defined contribution scheme	93,243	126,321
	1,333,924	1,223,404

The average monthly number of employees, including the director, during the year was as follows:

	2025	2024
	No.	No.

Directors	3	4
Reservations	7	6
Product	6	8
Finance	3	3
Back Office	-	3
Other	6	4

	25	28

8.	Director's remuneration
		2025	2024
		£	£

Director's emoluments	185,413	210,713
Company contributions to defined contribution pension schemes	13,691	49,590
	199,104	260,303

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

Key Management includes the directors and senior management. The compensation paid or payable to Key Management personnel of the company for employee services carried out during the year amounted to £510,073 (2024: £342,463).

Page 20

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

9.	Interest receivable
		2025	2024
		£	£

	Bank and other interest receivable	274,366	395,074
		274,366	395,074

10.	Interest payable and similar expenses
		2025	2024
		£	£

	Other interest payable	-	637
		-	637

Page 21

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Corporation tax
Current tax on profits for the year	204,369	414,786
Adjustments in respect of previous periods	(3,314)	(848)
	201,055	413,938
Double taxation relief	-	(57,155)
	201,055	356,783
Foreign tax
Foreign tax on income for the year	-	57,155
	-	57,155
Total current tax	201,055	413,938

Deferred tax
Origination and reversal of timing differences	30,160	(6,670)
Prior period adjustments	3,701	-
Total deferred tax	33,861	(6,670)


		234,916	407,268

Page 22

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

11.Taxation (continued)

Profit on ordinary activities before tax

794,128

1,300,432

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	198,532	325,108
Effects of:
Fixed asset differences	8,681	(1,644)
Expenses not deductible for tax purposes	1,943	1,055
Adjustments to tax charge in respect of prior periods	-	(848)
Non-taxable income	-	(62)
Chargeable gains/(losses)	25,373	83,634
Other	-	25
Adjustments to tax charge in respect of prior periods	(3,314)	-
Adjustments to tax charge in respect of prior periods-deferred tax	3,701	-
Total tax charge for the year	234,916	407,268

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2025	2024
		£	£

	Dividends paid on equity capital	4,273,334	554,875
		4,273,334	554,875

Page 23

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

13.	Intangible assets

		Development Expenditure
		£
	Cost
	At 1 November 2024	200,623
	Additions	63,000
	At 31 October 2025	263,623
	Amortisation
	At 1 November 2024	142,275
	At 31 October 2025	142,275
	Net book value
	At 31 October 2025	121,348
	At 31 October 2024	58,348

Page 24

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

14.	Tangible fixed assets

	Freehold property	Plant and machinery	Overseas equipment	Total
	£	£	£	£
Cost or valuation
At 1 November 2024	1,054,218	173,026	13,094	1,240,338
Additions	-	11,596	-	11,596
At 31 October 2025	1,054,218	184,622	13,094	1,251,934
Depreciation
At 1 November 2024	132,244	172,946	13,093	318,283
Charge for the year on owned assets	20,788	7,856	1	28,645
At 31 October 2025	153,032	180,802	13,094	346,928
Net book value
At 31 October 2025	901,186	3,820	-	905,006
At 31 October 2024	921,974	80	1	922,055

Overseas Properties
The Company's overseas properties included in freehold property were revalued in 2021 on an open market basis by TINSA Real Estate Appraisals Ltd, a Spanish firm of independent real estate valuers. The revalued amount of overseas properties was £599,416. A further addition of £14,802 was made in 2024, resulting in a total cost of £614,218 at the year end.
UK Properties
The Company's office premises included in freehold property was valued on 30th November 2021 by an external valuer, Mark Critchley BSc (Hons) MRICs of Eddisons Chartered Surveyors. The valuation was in accordance with the requirements of the RICS Valuation Standards.
The valuation of the property was on the basis of Fair Value following a comparable approach. The valuers opinions of Fair Value for the office buildings amounted to £440,000.
The directors confirm that there have been no changes to these properties between the valuation date and the year-end date that would have a material impact on their value.

Page 25

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

14.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	901,186	921,974
	901,186	921,974

Cost or valuation at 31 October 2025 is as follows:

			Land and buildings
			£

		At cost	595,475
		At valuation:
		Open market basis (Overseas properties) Fair Value (UK Properties)	458,743

			1,054,218

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2025	2024
	£	£


Cost	559,554	559,554
Accumulated depreciation	(236,968)	(225,777)
Net book value	322,586	333,777

15.

Debtors

					2025	2024
					£	£


Trade debtors	34,450	31,126
Amounts owed by group undertakings	104,664	-
Other debtors	37,512	37,217
Prepayments and accrued income	145,948	100,241
Financial instruments	-	35,731
	322,574	204,315

Page 26

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

15.Debtors (continued)

Included in prepayments above are amounts relating to monies paid to suppliers for holidays departing after the year end, the total of which amount to £113,060 (2024: £62,973).

16.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	3,933,227	7,573,868
	3,933,227	7,573,868

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	226,623	179,445
Amounts owed to group undertakings	93,235	93,235
Corporation tax	191,722	295,131
Other taxation and social security	29,662	-
Other creditors	375,670	240,376
Accruals and deferred income	848,932	753,827
	1,765,844	1,562,014

Accruals and deferred income includes receipts from customers for departures after the balance sheet date amounting to £701,880 (2024: £632,325).

18.	Deferred taxation

		2025
		£

	At beginning of year	(18,963)
	Charged to profit or loss	(33,861)
	At end of year	(52,824)

Page 27

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	1,449	9,993
Short term timing differences	-	(56)
Capital gains/(losses)	(54,273)	(28,900)
	(52,824)	(18,963)

19.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

50,000 (2024 - 50,000) Ordinary shares of £1.00 each	50,000	50,000

20.

Reserves

Revaluation reserve

Includes all current and prior year revaluations.

Profit and loss account

Includes all current and prior period retained profit and losses.
Included within the reserve is £nil (2024: £nil) of unrealised gains which are non-distributable.

21.	Contingent liabilities

The Company currently holds an Air Travel Organiser's License (ATOL) issued by the Civial Aviation Authority (CAA) and is a member of the Association of Bonded Travel Organisation Trust ("ABTOT") and Association of British Travel Agents ("ABTA").
As at 31 October 2025, there were contingent liabilities given by the Company in the normal course of business in respect of ABTOT bonds amounting to £1,421,625 (2024: £1,338,575).

Page 28

VINTAGE SPAIN LIMITED T.A VINTAGE TRAVEL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

22.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £93,243 (2024: £126,321). Contributions totalling £nil (2024: £nil) were payable to the fund at the reporting date and are included in creditors.

Not later than 1 year	33,870	34,382
Later than 1 year and not later than 5 years	26,089	60,816
	59,959	95,198

24.	Forward contracts

The Company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 October 2025, there were no outstanding contracts (2024: £35,731).

25.	Related party transactions
	The Company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group. There were no other transactions with related parties.

26.	Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.

27.	Controlling party

The ultimate parent company is Vintage Travel Limited, a company incorporated and registered in England and Wales.

Page 29