| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2026 |
| for |
| Travel Seen Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2026 |
| for |
| Travel Seen Limited |
| Travel Seen Limited (Registered number: 13133836) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2026 |
| Page |
| Company information | 1 |
| Chartered accountants' report | 2 |
| Balance sheet | 3 |
| Notes to the financial statements | 5 |
| Travel Seen Limited |
| Company Information |
| for the Year Ended 31 March 2026 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| 4 Greenfield Road |
| Holmfirth |
| West Yorkshire |
| HD9 2JT |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Travel Seen Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Travel Seen Limited for the year ended 31 March 2026 which comprise the Income statement, Balance sheet, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Travel Seen Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Travel Seen Limited and state those matters that we have agreed to state to the Board of Directors of Travel Seen Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Travel Seen Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Travel Seen Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Travel Seen Limited. You consider that Travel Seen Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Travel Seen Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| 4 Greenfield Road |
| Holmfirth |
| West Yorkshire |
| HD9 2JT |
| Travel Seen Limited (Registered number: 13133836) |
| Balance Sheet |
| 31 March 2026 |
| 31.3.26 | 31.3.25 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investments | 5 |
| Current assets |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
8 |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Travel Seen Limited (Registered number: 13133836) |
| Balance Sheet - continued |
| 31 March 2026 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Travel Seen Limited (Registered number: 13133836) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2026 |
| 1. | STATUTORY INFORMATION |
| Travel Seen Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing arrangement, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
| Debt instruments are subsequently measured at amortised cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Travel Seen Limited (Registered number: 13133836) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2025 |
| and 31 March 2026 |
| DEPRECIATION |
| At 1 April 2025 |
| and 31 March 2026 |
| NET BOOK VALUE |
| At 31 March 2026 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakin |
| £ |
| COST |
| At 1 April 2025 |
| Disposals | ( |
) |
| At 31 March 2026 |
| NET BOOK VALUE |
| At 31 March 2026 |
| At 31 March 2025 |
| On 5 March 2026, the company disposed of its entire shareholding in Vedere |
| Limited. Following the disposal, Vedere Limited ceased to be a subsidiary. The financial effect of the disposal has been reflected in these financial statements. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.26 | 31.3.25 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| Travel Seen Limited (Registered number: 13133836) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.26 | 31.3.25 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.26 | 31.3.25 |
| £ | £ |
| Other creditors |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.3.26 | 31.3.25 |
| £ | £ |
| Other loans |
| The loan is secured by a registered debenture in favour of the lender over the assets of the company. |
| 10. | POST BALANCE SHEET EVENTS |
| Subsequent to the balance sheet date, the Group completed a restructuring process, following which Gravity Topco 2026 Limited became the ultimate parent undertaking, and Gravity Midco Limited became an intermediate holding company. |
| The Travel Seen Group also acquired the entire issued share capital of OTC Group Ltd, including Oxford Travel Collection Limited, for initial consideration comprising £3.97 million in cash and £1.5 million in shares, with potential additional deferred consideration of up to £3.6 million. The acquisition was supported by a £6 million facility with Shawbrook Bank, secured over the assets of the group. |
| At the year end, Mercia loans amounting to £953,291 (2025: £808,435) were secured against the assets of the Group, to which the Company is a party. |
| On 6 May 2026, the Group also fully repaid its two Mercia loans for total consideration of £1.01 million, comprising £0.70 million in respect of the Eternal Holdco Limited loan and £0.30 million in respect of the Travel Seen Limited NPIF II loan. The repayments, which included accrued interest and early repayment charges, were made as part of the Shawbrook refinancing. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is under the joint control of the directors, and there is no individual controlling the company. |
| Subsequent to the balance sheet date, the Group completed a restructuring process, following which Gravity Topco 2026 Limited became the ultimate parent undertaking |