ACCOUNTS - Final Accounts

Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:

Company Registration Number: 02647301

CHARTWELL TRAVEL LIMITED

FINANCIAL STATEMENTS

31 DECEMBER 2025

CHARTWELL TRAVEL LIMITED

COMPANY INFORMATION

Directors	Matthew David Charles Kelsall
	Tina Rose
	Sheena Varma


Company secretary	Nicola Jane Cole


Registered number	02647301


Registered office	33 Charterhouse Street
	Farringdon
	London
	EC1M 6HA


Independent auditors	Armstrong Watson Audit Limited
	Chartered Accountants & Statutory Auditors
	89 Seaward Street
	Glasgow
	G41 1HJ

CHARTWELL TRAVEL LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 7
Statement of Income and Retained Earnings	8
Balance Sheet	9
Notes to the Financial Statements	10 - 17

CHARTWELL TRAVEL LIMITED

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.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 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 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 for the company's financial statements and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Going concern

In preparing these financial statements, the directors of the company have given careful consideration to current and anticipated future solvency requirements of the company and its ability to continue as a going concern for the foreseeable future. The Directors have prepared cash flow forecasts for a period beyond 12 months from the date of approval of these financial statements which indicate that the company will have sufficient funds, through its operating cash flows and cash reserves to meet its liabilities as they fall due for that period.

Based on the above, the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Principal activity

The principal activity of the company in the period under review was that of a travel agent.

Page 1

CHARTWELL TRAVEL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Directors

The directors who served during the year were:

Matthew David Charles Kelsall

Tina Rose

Sheena Varma

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

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

∙the director 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

Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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

Matthew David Charles Kelsall

Director

Date: 14 July 2026

Page 2

CHARTWELL TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTWELL TRAVEL LIMITED

Opinion

We have audited the financial statements of Chartwell Travel Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 December 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 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.

Page 3

CHARTWELL TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTWELL TRAVEL LIMITED (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 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has 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 Directors' 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 directors' remuneration specified by law are not made; or

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

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Page 4

CHARTWELL TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTWELL TRAVEL LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.

Page 5

CHARTWELL TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTWELL TRAVEL LIMITED (CONTINUED)

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and knowledge of the Company to identify or recognise non-compliance with applicable laws and regulations.

∙we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006, ATOL and ABTA regulation and tax legislation and UK employment legislation;

∙we assessed the extent of compliance with the laws and regulations identified above by making enquiries of management and

∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:t

∙performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;

∙tested journal entries recorded on the Company’s finance system to identify unusual transactions that may indicate override of controls;

∙reviewed key judgements and estimates for any evidence of management bias.

∙reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

∙agreeing financial statement disclosures to underlying supporting documentation and

∙enquiring of management to identify actual and potential litigation and claims.

Page 6

CHARTWELL TRAVEL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTWELL TRAVEL LIMITED (CONTINUED)

Due 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. For example, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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.

Martin Johnston (Senior Statutory Auditor)

Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Glasgow

14 July 2026

Page 7

CHARTWELL TRAVEL LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2025


	2025	2024
Note	£	£


Turnover	6,026,358	5,396,680
Cost of sales	(3,341,772)	(2,548,908)
Gross profit	2,684,586	2,847,772
Administrative expenses	(2,768,708)	(1,693,678)
Operating (loss)/profit	(84,122)	1,154,094
Interest receivable and similar income	295,044	352,157
Profit before tax	210,922	1,506,251
Tax on profit	330,677	(163,009)
Profit after tax	541,599	1,343,242



Retained earnings at the beginning of the year	4,401,536	3,058,294
	4,401,536	3,058,294
Profit for the year	541,599	1,343,242
Retained earnings at the end of the year	4,943,135	4,401,536

The notes on pages 10 to 17 form part of these financial statements.

Page 8

CHARTWELL TRAVEL LIMITED

REGISTERED NUMBER: 02647301

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		7,046		13,978
Investments	6		2,144		2,144
			9,190		16,122
Current assets
Debtors: amounts falling due within one year	7	9,930,206		5,452,371
Cash at bank and in hand	8	2,332,059		980,977
		12,262,265		6,433,348
Creditors: amounts falling due within one year	9	(7,233,224)		(1,950,918)
Net current assets			5,029,041		4,482,430
Total assets less current liabilities			5,038,231		4,498,552
Provisions for liabilities
Deferred tax	10	(1,762)		(3,682)
			(1,762)		(3,682)
Net assets			5,036,469		4,494,870

Capital and reserves
Called up share capital	11	80,000	80,000
Share premium account	12	13,334	13,334
Profit and loss account	12	4,943,135	4,401,536
		5,036,469	4,494,870

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

Matthew David Charles Kelsall

Director

Date: 14 July 2026

The notes on pages 10 to 17 form part of these financial statements.

Page 9

CHARTWELL TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Chartwell Travel Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 02647301 and the registered address is 33 Charterhouse Street, Farringdon, London, EC1M 6HA

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 requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Management do not believe there to be any significant accounting estimates or judgements.

The following principal accounting policies have been applied:

2.2

Going concern

In preparing these financial statements, the directors of the company have given careful consideration to current and anticipated future solvency requirements of the company and its ability to
continue as a going concern for the foreseeable future. The Directors have prepared cash flow forecasts for a period beyond 12 months from the date of approval of these financial statements which indicate that the company will have sufficient funds, through its operating cash flows and cash reserves to meet its liabilities as they fall due for that period.

Based on the above, the directors believe it remains appropriate to prepare the financial statements
on a going concern basis.

2.3

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.

Page 10

CHARTWELL TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

The company acts as an agent in all its transactions with customers. Turnover represents commissions earned on the collection of receipts in respect of passenger travel and associated services (excluding value added tax) during the year. Revenue from acting as an agent is recognised in the Statement of Income and Retained Earnings at the time the customer books their travel arrangements.

The Company is obliged to share certain commissions earned directly attributable to the client business. These costs are recorded as a cost of sale within the Statement of Income and Retained Earnings.

2.5

Interest income

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

2.6

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 Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

2.7

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 11

CHARTWELL TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

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.

The estimated useful lives range as follows:

				Fixtures and fittings	-	4	Years
				Computer equipment	-	4	Years

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.

2.9

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.10

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.

2.11

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.

2.12

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.

Page 12

CHARTWELL TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

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.

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

19,000

17,400

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.

Employees

The average monthly number of employees, including directors, during the year was 5 (2024 - 11).

Page 13

CHARTWELL TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2025	19,822	81,676	101,498
At 31 December 2025	19,822	81,676	101,498
Depreciation
At 1 January 2025	19,822	67,698	87,520
Charge for the year on owned assets	-	6,932	6,932
At 31 December 2025	19,822	74,630	94,452
Net book value
At 31 December 2025	-	7,046	7,046
At 31 December 2024	-	13,978	13,978

6.	Fixed asset investments

		Other fixed asset investments
		£
	Cost or valuation
	At 1 January 2025	2,144
	At 31 December 2025	2,144

Page 14

CHARTWELL TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Trade debtors	3,397,245	2,418,364
Amounts owed by group undertakings	5,735,885	2,974,816
Other debtors	784,903	44,557
Prepayments and accrued income	12,173	14,634
	9,930,206	5,452,371

8.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	2,332,059	980,977
	2,332,059	980,977

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

Trade creditors	1,221,649	987,564
Amounts owed to group undertakings	5,264,299	-
Corporation tax	-	172,341
Other taxation and social security	-	27,997
Other creditors	10,628	8,968
Accruals and deferred income	736,648	754,048
	7,233,224	1,950,918

Page 15

CHARTWELL TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(3,682)	(4,150)
Charged to profit or loss	1,920	468
At end of year	(1,762)	(3,682)

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

Accelerated capital allowances	(1,762)	(4,030)
Short term timing differences	-	348
	(1,762)	(3,682)

11.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

72,000 (2024 - 72,000) Ordinary shares of £1 each	72,000	72,000
8,000 (2024 - 8,000) A Ordinary shares of £1 each	8,000	8,000

	80,000	80,000

All shares rank equally in regard to voting and income. On a return of capital on winding up the company the A shareholders shall have no entitlement to payments until amounts paid up to Ordinary shares and any dividends declared in advance of the winding up on Ordinary shares have been paid.

12.

Reserves

Share premium account

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Profit and loss account

The profit and loss account comprises of accumulated profits and losses of the company.

Page 16

CHARTWELL TRAVEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	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.

Contributions owed to the fund at year end amounted to £nil (2024: £3,716).

14.	Billing & settlement plan UK

The balance owed to BSP at 31 December 2025 was £710,017 (2024: £575,872).

15.	Transactions with directors

Transactions with directors in the year totalled £3,778 (2024: Nil), as at 31 December 2025 the directors owed the company £3,778 (£2024: Nil).

16.	Related party transactions
	The company has taken advantage of the exemption, under the terms of Financial Reporting 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17.	Post balance sheet events

On 2 May 2026, Global Business Travel Group, Inc. (“GBTG”), the ultimate parent of Chartwell Travel Limited, entered into an Agreement and Plan of Merger whereby GBTG is to be acquired by Long Lake Management.

The completion of the merger is subject to customary closing conditions, including shareholder approval and required regulatory clearances. The transaction is expected to complete in the second half of 2026. After completion GBTG will no longer be a publicly listed company.

This transaction represents a non-adjusting post-balance sheet event for the Company. It is not practical to estimate the financial effect of the merger on the Company at this stage, and the merger is not expected to impact the Company's ability to continue as a going concern.

18.	Controlling party

The company is wholly owned by Ovation Travel Group UK Limited, a company registered in England. The company's registration number is 11380723. The parent company’s registered office is 33 Charterhouse Street, Farringdon, London, United Kingdom, EC1M 6HA.

The ultimate parent company and controlling party at the balance sheet date was Global Business Travel Group, Inc. (GBTG), a Delaware corporation. Since 31st May 2022, Global Business Travel Group, Inc. is publicly-traded on the NYSE under the stock symbol GBTG.

Page 17