Company registration number 05824929 (England and Wales)
Holiday Gems Limited
Annual report and financial statements
For the year ended 31 December 2025
Holiday Gems Limited
Company information
Directors
Mr M D Appleby
Mr A I Botterill
Mr T G Carty
Mr J W Edwards
Mr M D Lawton
Mr A D Freeth
(Appointed 20 January 2025)
Company number
05824929
Registered office
14 Telford Court Chestergate Business
Park
Dunkirk
Chester
CH1 6LT
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Holiday Gems Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
Holiday Gems Limited
Strategic report
For the year ended 31 December 2025
- 1 -

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

Principal Activty and Business Review

The Company operates as an online travel agent specialising in short-haul and package holidays, serving customers predominantly within the United Kingdom. The Company continues to operate under its ATOL licences and IATA accreditation and forms part of the Travcorp Holdings Group.

Market Conditions and Trading Environment

During FY25, the business operated within a competitive and evolving travel market.

Key factors impacting the year included continued pressure on airline and accommodation pricing, competitive intensity across digital distribution channels, ongoing macroeconomic uncertainty affecting UK consumer demand, and geopolitical influences impacting destination demand.

Demand for overseas travel remained present, although price sensitivity persisted within the short-haul segment.

Strategic Positioning and Focus

During the year, the Group continued to refine the allocation of marketing investment and management focus across its portfolio of brands.

As a result, activity within Holiday Gems was more targeted relative to prior periods, with a greater proportion of Group resources directed towards other areas within the portfolio.

The Company continues to provide scale within the short-haul segment and benefits from shared infrastructure, purchasing capability and operational expertise across the Group.

Change in Accounting Policy - Turnover Recognition

During the year, the Company adopted a change in turnover recognition policy from a booking-date basis to a departure-date basis.

This aligns the Company with wider Group reporting and ensures revenue is recognised in line with the delivery of travel services.

The impact of this change is reflected in prior period restatement, including a reduction in opening retained earnings of approximately £0.5m.

All key performance indicators are presented on a departure basis to ensure consistency and comparability.

The Company delivered a lower level of activity during FY25, reflecting the allocation of Group marketing investment and strategic focus across the portfolio.

KPI | 2025 | 2024 | % change
Total Transaction Value (£000) | 18,688 | 26,123 | (28%)
Bookings | 10,418 | 16,098 | (35%)
Passengers | 27,533 | 41,958 | (34%)

The movement in volumes reflects changes in activity levels during the year.

Holiday Gems Limited
Strategic report (continued)
For the year ended 31 December 2025
- 2 -
Key Developments During the Year

The Company continued to benefit from Group-wide initiatives, including optimisation of marketing channels, cost management aligned to activity levels, utilisation of Group systems and infrastructure, and maintenance of customer proposition.

Future Outlook

The Company remains well positioned within the short-haul travel market as part of the Group’s broader portfolio.

Key focus areas include alignment of activity with Group strategy, optimisation of marketing channels, leveraging Group purchasing scale and maintaining operational flexibility.

Summary

FY25 represented a period of repositioning for Holiday Gems, with activity levels reflecting the allocation of Group resources.

The directors believe the Company remains a scalable component of the Group’s multi-brand model and is well positioned to support future growth in line with strategic priorities.

On behalf of the board

Mr A I Botterill
Director
19 June 2026
Holiday Gems Limited
Directors' report
For the year ended 31 December 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company in the year under review was that of an online travel agent.

Dividends

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M D Appleby
Mr A I Botterill
Mr T G Carty
Mr J W Edwards
Mr M D Lawton
Mr A D Freeth
(Appointed 20 January 2025)
Auditor

The auditor, DJH Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr A I Botterill
Director
19 June 2026
Holiday Gems Limited
Directors' responsibilites statement
For the year ended 31 December 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

Holiday Gems Limited
Independent auditor's report
To the members of Holiday Gems Limited
- 5 -
Opinion

We have audited the financial statements of Holiday Gems Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Holiday Gems Limited
Independent auditor's report (continued)
To the members of Holiday Gems Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

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

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2008, General Data Protection Regulations (GDPR) and The Civil Aviation (Air Travel Organisers' Licensing) Regulations 2012.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

Holiday Gems Limited
Independent auditor's report (continued)
To the members of Holiday Gems Limited
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries, in particular those that were significant or unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to estimating the useful life and residual values of assets, and provisions for bad debts.

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

- Testing key turnover lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Performing a physical verification of key assets.

- Documenting and verifying all significant related party balances and transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

Kate Hughes (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
19 June 2026
Holiday Gems Limited
Statement of comprehensive income
For the year ended 31 December 2025
- 8 -
2025
2024
as restated
Notes
£
£
Turnover
4
18,839,260
26,410,645
Cost of sales
(16,334,595)
(22,828,932)
Gross profit
2,504,665
3,581,713
Administrative expenses
(2,792,815)
(3,547,728)
Operating (loss)/profit
5
(288,150)
33,985
Interest receivable and similar income
8
290,363
75,900
Interest payable and similar expenses
9
-
0
(419)
Profit before taxation
2,213
109,466
Tax on profit
10
(16,477)
(79,957)
(Loss)/profit for the financial year
(14,264)
29,509

The income statement has been prepared on the basis that all operations are continuing operations.

Holiday Gems Limited
Statement Of Financial Position
As at 31 December 2025
31 December 2025
- 9 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
316,255
257,166
Tangible assets
13
279,325
274,247
595,580
531,413
Current assets
Debtors
14
2,360,356
3,549,219
Cash at bank and in hand
452,658
329,430
2,813,014
3,878,649
Creditors: amounts falling due within one year
15
(3,673,102)
(4,676,783)
Net current liabilities
(860,088)
(798,134)
Total assets less current liabilities
(264,508)
(266,721)
Provisions for liabilities
Deferred tax liability
16
149,330
132,853
(149,330)
(132,853)
Net liabilities
(413,838)
(399,574)
Capital and reserves
Called up share capital
18
99
99
Profit and loss reserves
(413,937)
(399,673)
Total equity
(413,838)
(399,574)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 June 2026 and are signed on its behalf by:
Mr M D Lawton
Director
Company registration number 05824929 (England and Wales)
Holiday Gems Limited
Statement of changes in equity
For the year ended 31 December 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
99
286,870
286,969
Effect of change in accounting policy
-
(513,492)
(513,492)
As restated
99
(226,622)
(226,523)
Year ended 31 December 2024:
Profit and total comprehensive income
-
29,509
29,509
Dividends
11
-
(202,560)
(202,560)
Balance at 31 December 2024
99
(399,673)
(399,574)
Year ended 31 December 2025:
Loss and total comprehensive income
-
(14,264)
(14,264)
Balance at 31 December 2025
99
(413,937)
(413,838)
Holiday Gems Limited
Notes to the financial statements
For the year ended 31 December 2025
- 11 -
1
Accounting policies
Company information

Holiday Gems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Telford Court Chestergate Business, Park, Dunkirk, Chester, CH1 6LT.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Travcorp Holdings Limited. These consolidated financial statements are available from its registered office, 14 Telford Court Chestergate Business Park, Dunkirk, Chester, England, CH1 6LT.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises of amounts due from customers in respect of package holidays and other services supplied in the ordinary course of business, net of value added tax, rebates and discounts. Turnover from package holidays is r ecognised in the income statement on the departure date and turnover from other services is recognised in the income statement on the booking date.

In the comparative period, the company recognised turnover from package holidays and from other services in the income statement on the booking date. This has been restated, the impact of which can be found in note 19.

Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
Straight line over 3 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing Balance
Fixtures and fittings
20% Reducing Balance
Computers
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
- 14 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Change in accounting policy

In the current year, a change in accounting policy was adopted by the company with regard to turnover recognition.

The company has changed its turnover recognition policy from date of booking to date of departure as this more accurately reflects the risk profile of the company's trading environment and is in line with fellow group undertakings.

The company’s revised accounting policies are set out in note 1 and the adjustment for each financial statement line item affected by the new accounting policy is set out below.

Current year adjustments as a result of change in turnover recognition accounting policy
2025
Cumulative effect on the opening balance of retained earnings
£
Increase/(decrease) in retained earnings:
- Effect of change in accounting policy
(500,790)
Total adjustment
(500,790)
2025
Effect on current year profit or loss
£
Arising from amendments to turnover recognition accounting policy:
- Increase in turnover
1,562,932
- Increase in cost of sales
1,406,475
Total effect on current year profit or loss
156,457
The corporation tax impact for the change in turnover recognition policy is an increase of £39,411.
Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
2
Change in accounting policy
(Continued)
- 15 -
2025
Effect on current year net assets
£
Arising from amendments to turnover recognition accounting policy:
- Decrease in trade debtors
(922,865)
- Decrease in prepayments
(20,167)
- Decrease trade creditors
(2,598,796)
- Decrease accruals
(8,181)
- Increase in deferred income
2,008,278
- Decrease retained earnings
(500,790)
3
Judgements and key sources of estimation uncertainty

In the application 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 considered 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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing material differences to the carrying amount of assets and liabilities are outlined below.

- Making judgement based on historical experience on the level of the provision required for bad debts. Further information received after the statement of financial position date may impact on the level of provision required.

- Determining the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation and amortisation charge.

Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
- 16 -
4
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Package holidays
18,450,814
25,636,624
Other services
388,446
774,021
18,839,260
26,410,645
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
18,839,260
26,410,645
2025
2024
£
£
Other revenue
Interest income
290,363
75,900

The turnover and profit before taxation are attributable to the one principal activity of the company.

5
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(8,218)
(56,100)
Fees payable to the company's auditor for the audit of the company's financial statements
11,775
11,000
Depreciation of tangible fixed assets
79,770
77,505
Amortisation of intangible assets
165,412
90,211
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
6
5
Sales and administrative
92
87
Total
98
92
Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
679,466
1,376,920
Social security costs
145,484
98,368
Pension costs
65,534
72,321
890,484
1,547,609
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
110,234
102,139
Company pension contributions to defined contribution schemes
28,838
38,632
139,072
140,771
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
290,363
75,900
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
-
419
10
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
16,477
79,957
Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
10
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,213
109,466
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
553
27,367
Tax effect of expenses that are not deductible in determining taxable profit
41,492
3,244
Tax effect of income not taxable in determining taxable profit
-
0
(34,124)
Group relief
14,916
55,582
Permanent capital allowances in excess of depreciation
(57,395)
(48,893)
Movement in deferred tax
16,477
79,957
Short term timing difference
434
-
0
Effect on change in accounting policy
-
0
(3,176)
Taxation charge for the year
16,477
79,957
11
Dividends
2025
2024
£
£
Interim paid
-
0
202,560
Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
- 19 -
12
Intangible fixed assets
Development costs
£
Cost
At 1 January 2025
374,645
Additions
224,501
At 31 December 2025
599,146
Amortisation and impairment
At 1 January 2025
117,479
Amortisation charged for the year
165,412
At 31 December 2025
282,891
Carrying amount
At 31 December 2025
316,255
At 31 December 2024
257,166
13
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2025
7,396
95,165
358,880
461,441
Additions
-
0
-
0
84,848
84,848
At 31 December 2025
7,396
95,165
443,728
546,289
Depreciation and impairment
At 1 January 2025
4,298
42,858
140,038
187,194
Depreciation charged in the year
774
13,077
65,919
79,770
At 31 December 2025
5,072
55,935
205,957
266,964
Carrying amount
At 31 December 2025
2,324
39,230
237,771
279,325
At 31 December 2024
3,098
52,307
218,842
274,247
Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
- 20 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
337,081
102,996
Amounts owed by group undertakings
682,029
1,567,615
Other debtors
4,338
8,343
Prepayments and accrued income
1,336,908
1,870,265
2,360,356
3,549,219
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
531,452
819,615
Amounts owed to group undertakings
269,395
-
0
Taxation and social security
112,277
78,588
Other creditors
2,028,320
2,832,182
Accruals and deferred income
731,658
946,398
3,673,102
4,676,783
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
148,896
132,853
Retirement benefit obligations
434
-
149,330
132,853
2025
Movements in the year:
£
Liability at 1 January 2025
132,853
Charge to profit or loss
16,477
Liability at 31 December 2025
149,330
Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
- 21 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,534
72,321

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Included within other creditors are defined contribution scheme liabilities totalling £20,044 (2024: £16,445).

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
99
99
99
99
19
Ultimate controlling party

The company's intermediate and ultimate parent company is Travcorp Holdings Limited, a company incorporated in England and Wales. Travcorp Holdings Limited is the largest group into which the results are consolidated and its financial statements are available upon request from its registered office address, Unit 14 Telford Court Chester Gates Business Park, Dunkirk, Chester, England, CH1 6LT.

20
Prior period adjustment

A prior year adjustment has been recognised following a change of accounting policy to recognise turnover on departure date basis.

Holiday Gems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
20
Prior period adjustment
(Continued)
- 22 -
Reconciliation of changes in equity
1 January
31 December
2024
2024
£
£
Adjustments to prior year
Trade debtor adjustment
-
(1,682,662)
Trade creditor adjustment
-
2,426,363
Deferred income adjustment
-
(2,815,737)
Prepayment adjustment
-
1,571,246
Total adjustments
-
(500,790)
Equity as previously reported
286,969
101,216
Equity as adjusted
286,969
(399,574)
Analysis of the effect upon equity
Profit and loss reserves
-
(500,790)
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Turnover adjustment
374,187
Cost of sales adjustment
(361,485)
Total adjustments
12,702
Profit as previously reported
16,807
Profit as adjusted
29,509
Notes to reconciliation
Corporation tax impact

The corporation tax impact for the change in turnover recognition policy is £3,176.

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