Company registration number 06130760 (England and Wales)
BILYANA GOLF (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
BILYANA GOLF (UK) LIMITED
COMPANY INFORMATION
Directors
Mr B Uygurlu
Ms B Bayindir
Company number
06130760
Registered office
Unit 2
The Kathleen Roylance Buildings
90-92 Waters Green
Macclesfield
Cheshire
SK11 6LH
Auditor
WP Audit Services LLP
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA
BILYANA GOLF (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
BILYANA GOLF (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 31 March 2026.

Review of the business

The principal activity of the business continued to be travel services and hospitality related to golf holidays overseas such as Turkey, Spain, Portugal, Morocco, Cyprus, Dubai, Bulgaria, Mauritius, Greece.

We are now developing a provision of UK based hotel and golf stays for our clients which we intend to grow stronger each year and become an important part of our turnover.

The business has grow n for the year 2026 and given the situation we have maintained an impressive numbers of bookings.

The group's trans action value increased to £44.2m (2025: £37.9m) and at the year end there was a profit before tax of £3.4m (2025: £3.6m).

The group continued to keep its focus on improving strategic growth, productivity and profitability. The company continue to make improvements in customer satisfaction, which is clearly reflected in our repeat client base which is 80% of our guests.

The group's net current assets for 2026 increased to £3.5m (2025: £3.2m) with a strong cash balance at the year end.

Principal risks and uncertainties

Financial

The company has control in place to manage financial risks, including liquidity risk and credit risk.

Liquidity risk:

To ensure sufficient funds are available for ongoing operations and future developments, the company uses a mixture of bank balances and related party funding. The company prefers to retain significant levels of profit in cash in order to deal effectively with unknown uncertainties.

Currently all future holiday payments are held by the company until clients finalise their planned holiday at their destinations. Hotels are not paid until such s aid time.

Credit risks:

The company’s credit risks are attributable to its trade debtors. Credit terms are managed to reduce risk. The company’s credit risks spread to a number of counterparties and customers.

Legislative and regulatory risks:

The travel industry is heavily regulated. The company holds all necessary licenses to trade in its market and holds ATOL registrations, ABTA as well as holding an IPP certificate (International Passenger Protection) for all European sales.

Environmental risks:

The business also could be affected by forces of nature (extreme weather, volcanic ash) terrorism, pandemics. The company mitigates the risks with processes that are in place.

BILYANA GOLF (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Promoting the success of the company

The Board of directors of Bilyana Golf (UK) Limited consider, both individually and collectively, that they have acted in ways that they believe in good faith to be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and other matters set out in S172(1) of the Act) in the decisions they made during the period ended 31 March 2026.

We recognise our colleagues as a key asset and aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and wellbeing of our colleagues are of the highest importance and ensuring this is maintained is a key consideration in how we do business.

Caring for our customers is fundamental to the success of our business and we endeavour to serve them to the very best of our ability both in terms of our direct customers and the ultimate consumers of our products. We are committed to ensuring that all the holidays we sell is are above the expectations of our customers.

We also aim to act responsibly and fairly in our engagement with suppliers, regulators, bankers, insurers and bondholders. We respond quickly and fully to queries from regulators, bankers, insurers if queries arise.

The Directors consider that the information included in the Group’s S172 statement is relevant to all subsidiaries of Bilyana Golf (UK) Limited.

As the board of directors, our intention is always to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. We recognise that the maintenance of our good reputation, founded on responsible behaviour, is fundamental to our continuing ability to achieve profitable growth for the benefit of our stakeholders in the future.

On behalf of the board

Ms B Bayindir
Director
10 August 2026
BILYANA GOLF (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the company and group continued to be that of the provision of travel agent activities.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £686,576. The directors do not recommend payment of a further 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 E Ozbiyik
(Resigned 17 July 2026)
Mr B Uygurlu
Ms B Bayindir
Auditor

Afford Bond Holdings Limited resigned as auditors after the year end and confirmed that there were no circumstances connected with their resignation that should be brought to the attention of members or creditors of the company. WP Audit Services LLP were subsequently appointed.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Ms B Bayindir
Director
10 August 2026
BILYANA GOLF (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

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

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

BILYANA GOLF (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BILYANA GOLF (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Bilyana Golf (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 31 March 2026 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he 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.

BILYANA GOLF (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BILYANA GOLF (UK) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent 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.

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing internal audit reports.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

BILYANA GOLF (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BILYANA GOLF (UK) LIMITED
- 7 -
Peter O'Malley ACA FCCA CTA (Senior Statutory Auditor)
For and on behalf of WP Audit Services LLP, Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA
10 August 2026
BILYANA GOLF (UK) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
2026
2025
Notes
£
£
Turnover
3
44,254,521
37,922,402
Cost of sales
(36,682,341)
(31,031,554)
Gross profit
7,572,180
6,890,848
Administrative expenses
(4,576,426)
(3,632,978)
Other operating income
447,479
230,740
Operating profit
4
3,443,233
3,488,610
Interest receivable and similar income
8
54,722
70,221
Interest payable and similar expenses
9
(4,538)
(106,179)
Amounts written off investments
10
-
204,713
Profit before taxation
3,493,417
3,657,365
Tax on profit
11
(826,333)
(716,009)
Profit for the financial year
2,667,084
2,941,356
Profit for the financial year is all attributable to the owners of the parent company.
BILYANA GOLF (UK) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
2026
2025
£
£
Profit for the year
2,667,084
2,941,356
Other comprehensive income
Total comprehensive income for the year
2,667,084
2,941,356
Total comprehensive income for the year is all attributable to the owners of the parent company.
BILYANA GOLF (UK) LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 10 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
13
112,856
230,867
Tangible assets
14
6,384,447
6,087,471
Investment property
15
2,692,720
2,692,720
9,190,023
9,011,058
Current assets
Debtors
19
9,692,686
7,964,194
Cash at bank and in hand
12,321,337
13,337,978
22,014,023
21,302,172
Creditors: amounts falling due within one year
20
(18,469,498)
(18,123,316)
Net current assets
3,544,525
3,178,856
Total assets less current liabilities
12,734,548
12,189,914
Creditors: amounts falling due after more than one year
21
-
0
(1,000,000)
Provisions for liabilities
Deferred tax liability
23
51,178
51,178
(51,178)
(51,178)
Net assets
12,683,370
11,138,736
Capital and reserves
Called up share capital
25
146,100
146,100
Other reserves
2,065,913
2,501,787
Profit and loss reserves
10,471,357
8,490,849
Total equity
12,683,370
11,138,736
The financial statements were approved by the board of directors and authorised for issue on 10 August 2026 and are signed on its behalf by:
10 August 2026
Ms B Bayindir
Director
Company registration number 06130760 (England and Wales)
BILYANA GOLF (UK) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 11 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
14
22,740
11,017
Investment property
15
1,126,500
1,126,500
Investments
16
2,193,975
2,193,975
3,343,215
3,331,492
Current assets
Debtors
19
7,364,700
5,450,634
Cash at bank and in hand
11,811,521
12,777,114
19,176,221
18,227,748
Creditors: amounts falling due within one year
20
(17,021,763)
(15,694,628)
Net current assets
2,154,458
2,533,120
Total assets less current liabilities
5,497,673
5,864,612
Creditors: amounts falling due after more than one year
21
-
0
(1,000,000)
Provisions for liabilities
Deferred tax liability
23
51,178
51,178
(51,178)
(51,178)
Net assets
5,446,495
4,813,434
Capital and reserves
Called up share capital
25
146,100
146,100
Profit and loss reserves
5,300,395
4,667,334
Total equity
5,446,495
4,813,434

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,319,637 (2025 - £1,445,628 profit).

The financial statements were approved by the board of directors and authorised for issue on 10 August 2026 and are signed on its behalf by:
10 August 2026
Ms B Bayindir
Director
Company registration number 06130760 (England and Wales)
BILYANA GOLF (UK) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -
Share capital
Inflation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
146,100
3,621,342
5,630,882
9,398,324
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
2,941,356
2,941,356
Dividends
12
-
-
(81,389)
(81,389)
Inflation reserve transfer
-
(1,119,555)
-
(1,119,555)
Balance at 31 March 2025
146,100
2,501,787
8,490,849
11,138,736
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
2,667,084
2,667,084
Dividends
12
-
-
(686,576)
(686,576)
Inflation reserve transfer
-
(435,874)
-
(435,874)
Balance at 31 March 2026
146,100
2,065,913
10,471,357
12,683,370
BILYANA GOLF (UK) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
146,100
3,303,095
3,449,195
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
1,445,628
1,445,628
Dividends
12
-
(81,389)
(81,389)
Balance at 31 March 2025
146,100
4,667,334
4,813,434
Year ended 31 March 2026:
Profit and total comprehensive income
-
1,319,637
1,319,637
Dividends
12
-
(686,576)
(686,576)
Balance at 31 March 2026
146,100
5,300,395
5,446,495
BILYANA GOLF (UK) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,471,672
7,573,150
Interest paid
(4,538)
(106,179)
Income taxes paid
(965,748)
(392,633)
Net cash inflow from operating activities
501,386
7,074,338
Investing activities
Proceeds from disposal of intangibles
37,931
-
Purchase of tangible fixed assets
(2,667,551)
(1,837,029)
Proceeds from disposal of tangible fixed assets
1,948,548
-
Repayment of loans
(190,612)
6,900
Interest received
54,722
70,221
Net cash used in investing activities
(816,962)
(1,759,908)
Financing activities
Repayment of bank loans
(14,489)
9,330
Dividends paid to equity shareholders
(686,576)
(81,389)
Net cash used in financing activities
(701,065)
(72,059)
Net (decrease)/increase in cash and cash equivalents
(1,016,641)
5,242,371
Cash and cash equivalents at beginning of year
13,337,978
8,095,607
Cash and cash equivalents at end of year
12,321,337
13,337,978
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
1
Accounting policies
Company information

Bilyana Golf (UK) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2, The Kathleen Roylance Buildings, 90-92 Waters Green, Macclesfield, Cheshire, SK11 6LH.

The group consists of Bilyana Golf (UK) Limited and its subsidia ry Kargo Turizm Filmcilik Ticaret A.S.

1.1
Accounting convention

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- 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.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bilyana Golf (UK) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

Bilyana Golf (UK) Limited's fianancial statements have been prepared to 31 March year end but the Financial statements for the subsidiary Kargo Turizm Filmcilik Ticaret A.S are made up to 31 December. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup. The financial statements for the subsidiary have been adjusted for the effects of significant transactions or events that occur between the date of component financial statements and the date of the consolidated financial statements. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

Kargo Turizm Ticaret A.S f inancial transactions have been r estated by applying a general price index current at the balance sheet date to reflect the impact of hyperinflation. Items such as monetary items that are already stated at the measuring unit at the balance sheet date are not restated. Other items are restated based on the change in the general price index between the date those items were acquired or incurred and the balance sheet date.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of travel agent services i s recognised upon completion of the holidays w hen the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to flights , hotel bookings and ancillary services , as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

N egative goodwill, up to the fair value of non-monetary assets acquired is r ecognised in the profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired shall be recognised in profit or loss in the periods expected to be benefited.

1.7
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:

Software
10% Straight line
1.8
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.

BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -

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:

Freehold land and buildings
2% on cost
Plant and equipment
33% Straight line
Fixtures and fittings
25% on cost
Computers
33% on cost
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 19 -
1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
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.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 20 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 21 -
1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
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 profit and loss account 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 group’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.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.19
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.

BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Hotels, golf and flights
44,254,521
37,922,402
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom
22,860,379
19,872,468
European Economic Area
21,394,142
18,049,934
44,254,521
37,922,402
2026
2025
£
£
Other revenue
Interest income
54,722
70,221
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(208,772)
(101,950)
Depreciation of owned tangible fixed assets
422,990
595,409
Profit on disposal of tangible fixed assets
(963)
-
Amortisation of intangible assets
80,080
94,292
Release of negative goodwill
-
(103,858)
Operating lease charges
12,945
7,939
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 23 -
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,250
13,500
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Management and administration
97
92
10
9

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
2,015,537
1,532,701
308,073
241,453
Social security costs
28,912
20,389
28,912
20,389
Pension costs
5,060
3,840
5,060
3,840
2,049,509
1,556,930
342,045
265,682
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
70,916
69,066
8
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
54,722
70,221
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 24 -
9
Interest payable and similar expenses
2026
2025
£
£
Interest on bank overdrafts and loans
-
102,712
Other interest
4,538
3,467
Total finance costs
4,538
106,179
10
Investment property valuation
2026
2025
£
£
Changes in the fair value of investment properties
-
204,713
11
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
440,829
432,395
Foreign current tax on profits for the current period
385,504
232,436
Total current tax
826,333
664,831
Deferred tax
Origination and reversal of timing differences
-
0
51,178
Total tax charge
826,333
716,009

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:

2026
2025
£
£
Profit before taxation
3,493,417
3,657,365
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2025: 25%)
873,354
914,341
Effects of:
Expenses that are not deductible in determining taxable profit
(47,733)
(199,605)
Permanent capital allowances in excess of depreciation
712
1,273
Taxation charge in the financial statements
826,333
716,009
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 25 -
12
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Final paid
686,576
81,389
13
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£
£
£
£
Cost
At 1 April 2025
6,033
(759,347)
416,368
(336,946)
Disposals
-
0
759,347
(37,931)
721,416
At 31 March 2026
6,033
-
0
378,437
384,470
Amortisation and impairment
At 1 April 2025
6,033
(759,347)
185,501
(567,813)
Amortisation charged for the year
-
0
-
0
80,080
80,080
Disposals
-
0
759,347
-
0
759,347
At 31 March 2026
6,033
-
0
265,581
271,614
Carrying amount
At 31 March 2026
-
0
-
0
112,856
112,856
At 31 March 2025
-
0
-
0
230,867
230,867
Company
Goodwill
£
Cost
At 1 April 2025 and 31 March 2026
6,033
Amortisation and impairment
At 1 April 2025 and 31 March 2026
6,033
Carrying amount
At 31 March 2026
-
0
At 31 March 2025
-
0
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 26 -
14
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2025
4,795,184
1,496,840
15,058
429,358
14,891
796,301
7,547,632
Additions
2,061,761
-
0
-
0
83,079
3,784
518,927
2,667,551
Disposals
(4,801)
(1,495,150)
-
0
(167,829)
-
0
(283,055)
(1,950,835)
At 31 March 2026
6,852,144
1,690
15,058
344,608
18,675
1,032,173
8,264,348
Depreciation and impairment
At 1 April 2025
1,331,325
-
0
15,058
61,166
14,014
38,598
1,460,161
Depreciation charged in the year
144,574
-
0
-
0
107,835
1,764
168,817
422,990
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(3,250)
(3,250)
At 31 March 2026
1,475,899
-
0
15,058
169,001
15,778
204,165
1,879,901
Carrying amount
At 31 March 2026
5,376,245
1,690
-
0
175,607
2,897
828,008
6,384,447
At 31 March 2025
3,463,859
1,496,840
-
0
368,192
877
757,703
6,087,471
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 27 -
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2025
15,058
54,639
14,891
10,000
94,588
Additions
-
0
1,050
3,784
24,024
28,858
Disposals
-
0
-
0
-
0
(10,000)
(10,000)
At 31 March 2026
15,058
55,689
18,675
24,024
113,446
Depreciation and impairment
At 1 April 2025
15,058
51,249
14,014
3,250
83,571
Depreciation charged in the year
-
0
2,615
1,764
6,006
10,385
Eliminated in respect of disposals
-
0
-
0
-
0
(3,250)
(3,250)
At 31 March 2026
15,058
53,864
15,778
6,006
90,706
Carrying amount
At 31 March 2026
-
0
1,825
2,897
18,018
22,740
At 31 March 2025
-
0
3,390
877
6,750
11,017
15
Investment property
Group
Company
2026
2026
£
£
Fair value
At 1 April 2025 and 31 March 2026
2,692,720
1,126,500

Group

Investment properties are included at the Fair value hyper-inflation adjusted values where appropriate.

Company

Investment property comprises 2 Units and 4 Flats in the Kathleen Roylance Buildings, 90/92 Waters Green, Macclesfield SK11 6LH. The fair value of the investment property has been arrived at on the basis of a valuation carried out in May 2025 with the commercial review carried out by Greenham Commercial Limited, Chartered Surveyors and the residential by Jigsaw Surveyors Limited, Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The carrying value of land and buildings comprises:

Group
Company
2026
2025
2026
2025
£
£
£
£
Freehold
921,787
921,787
921,787
921,787
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 28 -
16
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
2,193,975
2,193,975
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2025 and 31 March 2026
2,193,975
Carrying amount
At 31 March 2026
2,193,975
At 31 March 2025
2,193,975
17
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Kargo Turizm Filmcilik Ticaret A.S
Caglayan Mah. 2009 Sok No:22 Bilyana Plaza, Muratpasa, Antalya 07230, Turkey
Travel agents
Ordinary
100.00
18
Financial instruments
Group
Company
2026
2025
2026
2025
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
9,478,315
7,563,365
5,366,631
6,332,644
Carrying amount of financial liabilities
Measured at amortised cost
17,806,528
18,324,501
16,444,120
13,635,906
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 29 -
19
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,557,151
2,517,160
7,043,516
5,347,983
Other debtors
6,006,116
5,146,344
214,544
23,863
Prepayments and accrued income
129,419
300,690
106,640
78,788
9,692,686
7,964,194
7,364,700
5,450,634
20
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans
22
36,053
50,542
-
0
-
0
Trade creditors
914,199
1,913,960
93,534
95,820
Corporation tax payable
174,829
242,395
174,829
242,395
Other taxation and social security
488,141
556,420
9,425
8,113
Other creditors
16,832,387
15,336,764
16,720,086
15,325,065
Accruals and deferred income
23,889
23,235
23,889
23,235
18,469,498
18,123,316
17,021,763
15,694,628
21
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
£
£
£
£
Other creditors
-
0
1,000,000
-
0
1,000,000
22
Loans and overdrafts
Group
Company
2026
2025
2026
2025
£
£
£
£
Bank loans
36,053
50,542
-
0
-
0
Payable within one year
36,053
50,542
-
0
-
0
BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 30 -
23
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Group
£
£
Revaluations
51,178
51,178
Liabilities
Liabilities
2026
2025
Company
£
£
Revaluations
51,178
51,178
There were no deferred tax movements in the year.

T he deferred tax liability set out above is expected to reverse within 1 2 months and relates to accelerated capital allowances that are expected to mature within the same period.

24
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,060
3,840

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
136,880
136,880
136,880
136,880
B Ordinary of £1 each
9,220
9,220
9,220
9,220
146,100
146,100
146,100
146,100
26
Controlling party

The ultimate controlling party is Mr B Uygurlu by virtue of his shareholding.

BILYANA GOLF (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 31 -
27
Cash generated from group operations
2026
2025
£
£
Profit after taxation
2,667,084
2,941,356
Adjustments for:
Taxation charged
826,333
716,009
Finance costs
4,538
106,179
Investment income
(54,722)
(70,221)
Gain on disposal of tangible fixed assets
(963)
-
Fair value gain on investment properties
-
0
(204,713)
Amortisation and impairment of intangible assets
80,080
(9,566)
Depreciation and impairment of tangible fixed assets
422,990
595,409
Hyperinflation reserve
(435,874)
(1,119,555)
Movements in working capital:
(Increase)/decrease in debtors
(1,537,880)
3,645,673
(Decrease)/increase in creditors
(499,914)
972,579
Cash generated from operations
1,471,672
7,573,150
28
Analysis of changes in net funds - group
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
13,337,978
(1,016,641)
12,321,337
Borrowings excluding overdrafts
(50,542)
14,489
(36,053)
13,287,436
(1,002,152)
12,285,284
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