The director presents the strategic report for the year ended 31 December 2025.
2025 was another record year of performance for Not Just Travel, with its growing franchise network delivering its highest level of holiday commission yet. The group was proud be to be recognised as the World’s number 1 lifestyle franchise at the International Franchise Awards, further reinforcing its position as a leading travel franchise opportunity in the UK.
Holiday commission turnover is recognised on departure, 2025 saw departure TTV increase by 20% over the prior 12 months, generating a 22% increase in turnover from gross holiday commissions at an average margin of 9.7%. Average TTV per booking saw an increase of 10% over the prior 12 months.
2025 marked our most successful franchise renewal period to date, with exceptionally high retention rates as consultants renewed their three-year agreements, underscoring the strength of our value proposition and franchisee satisfaction.
The business welcomed another 153 new franchisees (“Travel Consultants”) during the year, and as a result of enhanced systems, processes and training during 2025 the new joiners now benefit from an improved training programme which means there is more opportunity to earn more commission more quickly. We were pleased to see an increase in the number of Travel Consultants achieving the money back challenge in 2025 compared to 2024.
Franchise fee turnover includes monthly management and subscriptions fees which increased by 29% over the prior year, driven by the expansion of the franchise network. In addition, the group continued to benefit from its relationships with Key Trade Partners who offer our Travel Consultants enhanced commission arrangements and facilitate our Travel Consultant trips.
The business has experienced rapid growth over recent years, in 2025 we took the opportunity to review and make further investments in systems and processes, and we strengthened our leadership team, to ensure we are well positioned for the next stage of our growth journey.
The travel sector remains susceptible to macro-economic and geopolitical factors. Political instability in various global regions can impact sales patterns, though our 24 years of experience demonstrates that such events typically redirect rather than reduce holiday bookings.
We observe evolving booking patterns, with increased last-minute reservations alongside a growing trend of bookings made more than 12 months in advance (currently around 15% of total bookings).
Competition within the franchise sector has intensified. However, our continued sales growth and unwavering focus on delivering superior solutions for our Travel Consultants ensures we maintain our position as the UK's—and the world's—number one travel franchise opportunity.
We introduced our Teams programme in Autumn 2025 as an accelerator to growth, expanding the reach of a single Travel Consultant by building up a team to work with them. A key part of this initiative involved some of our most successful and experienced Travel Consultants becoming ‘Business Builders’, with us recruiting a team of Lite franchisees to be mentored and work with them to generate holiday leads.
We continued to develop our proprietary platforms including 'Vision', our new Commission Reporting System and made significant progress in harnessing the benefits of AI, providing our Travel Consultants with market-leading tools to help accelerate their growth. We also continued to make further investments in training tools and dedicated support staff to optimise the new franchisee journey.
We won multiple awards in 2025, including the aforementioned World’s number 1 Lifestyle franchise, TTG Luxury Travel Homeworking Business of the Year (Large) and UK Business Awards Innovation in Travel, to name but a few. These awards have continued to raise our profile and validate our position as a global leader and provide powerful differentiation in the marketplace.
Our strategic focus centres on sustainable growth through three key pillars:
1. Franchise Network Expansion
We have set ourselves a target of expanding our network to 1,000 franchisees and beyond. In addition to our feature-rich 'Elite' package, providing consultants with enhanced tools, resources, and exclusive trips, we have now fully launched our ‘Lite’ package, which offers a lower cost of entry and the dedicated support of an existing experienced Travel Consultant, with the option to convert to an Elite at any point.
We are focused on franchisee retention and continue to see high levels of renewal.
2. Travel Consultant Development and Support
Many of our Travel Consultants join with the ambition of leaving their previous career behind and earning a full-time income from travel, with the flexibility of working on their own terms. We not only teach them how to set up a successful business but also, once they are established, how to continue to grow their business with us.
Our team of Business Consultants provide 1:1 support at all stages of their development, providing training and mentorship. In addition to access to a dedicated Business Consultant we offer a wide range of travel experiences, including overseas trips, which the Travel Consultants can join to expand their knowledge and experiences.
3. Business Growth and Innovation
We are committed to driving towards £500 million TTV by 2028 through our three-year plan.
We are focused on:
Accelerating the growth trajectory of our Travel Consultants, for example through initiatives such as the Teams programme;
Enhancements to the operational support provided by HQ to further encourage repeat bookings and to continue to provide exceptional customer service;
Providing new sales initiatives to our Travel Consultants to increase sales and profitability;
Retail expansion when the time is right;
We are making significant investments in technology, improving operational efficiency through AI tools, and improved workflow systems, and continuing to provide marketing support to Travel Consultants.
Some recent projects include:
Bespoke AI tool was introduced to all Travel Consultants free of charge from Spring 2026;
New website providing Travel Consultants with a significantly improved personalised landing page showcasing their experience (launching Autumn 2026);
Development of NJT Operating System (announced in July 2026);
Our longer-term vision targets £1 billion TTV within the next 10 years, supported by continuous innovation in technology, training, and consultant support systems.
The group maintains its philosophy of prioritising sustainable business growth over short-term profit maximisation, ensuring we continue to invest in the training, development, and support that enables our Travel Consultants to grow, improve their income, and expand their businesses.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £155,450. The director does not recommend payment of a further dividend.
No preference dividends were paid. The director does not recommend payment of a final dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The auditor, Fiander ETL, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of risks and future developments.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of Not Just Travel Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
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 skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; and
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
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:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
tested a sample of payments to identify payments being made to unexpected bank accounts;
performed transactional testing on payroll costs in respect of those employees with responsibility or authority in connection with the payroll function;
assessed whether judgements and assumptions made in determining the accounting estimates; and
investigated the rationale behind significant or unusual transactions.
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;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £155,450 (2024 - £319,508 ).
Not Just Travel Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 206, Smartbase Aviation Business Park, Hurn, Christchurch, BH23 6NW.
The group consists of Not Just Travel Holdings Limited and all of its subsidiaries.
The company incorporated on 29 September 2023 and comparative period is the first accounting period to 31 December 2024 to bring it in line with the rest of the group. The current period is a year so they are not directly comparable.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
The consolidated group financial statements consist of the financial statements of the parent company Not Just Travel Holdings 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.
All financial statements are made up to 31 December 2025. 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 group.
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.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The group recognises revenue from the following major sources:
Holiday commissions
Franchise fees
Other revenue
The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:
Holiday commissions
Holiday commissions relate to the agreed % gross commission travel agency rate based on TTV sold with various holiday travel suppliers. These are paid by the travel providers based on holiday departure.
Revenue is recognised once the holiday has departed which is the performance obligation and the point where no claw back can be made for cancellation.
Franchise fees
Revenue from franchise monthly fees and subscriptions are invoiced monthly and recognised on a straight line basis over the period of the franchise agreement.
Revenue from non-refundable franchise sign up fees are invoiced and recognised in full in the month of initial training
Other revenue
Other revenue is recognised once the service has been provided or goods dispatched.
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.
Equity investments 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.
In 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 group’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 company 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.
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.
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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
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.
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.
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, 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 payments 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
When consultants sign up with the group, included in the terms is the option to attend training trips provided by the group. The provision is included in the financial statements for the cost of future trips the company is contractually obliged to provide at a future date. See note 19.
To calculate the provision the directors have estimated the % of consultants who will make use of the trip based on historical up take rates. There is also an estimate for the future price of the trip to the group. This has been calculated based on trip costs from previous 12 months.
All revenue generated in the UK.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
Included in loans is a Funding Circle loan with an outstanding balance of £20,435 (2024 - £68,697) with a term of 5 years and interest rate of 10.1%.
The trip provision is a provision for the cost of trips for Franchisees who have paid their membership but not taken the free trips yet.
The money back challenge scheme is open to Franchisees who have met target on TTV of holidays booked in the first 12 months of contract.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
The company has three classes of ordinary shares which carry no right to fixed income and are not redeemable. Additionally, the company has in issue 5,727,566 non-redeemable preference shares of £0.0001 each, classified as equity. These shares do not carry voting rights.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel is as follows.
The group incurred non exec director advisory costs of £19,159 (2024: £33,317) from Meridian Corporate Finance Limited, a company in which D Thompson is also a director.
At the balance sheet date, £nil was owed in respect of these transactions.
The group also incurred costs of £84,376 (2024: £94,585) relating to paying payroll on behalf of Travel Partners Worldwide Limited, a company which is under the control of P Harrison and S Witt.
At the balance sheet date, £nil was owed in respect of these transactions.
The group has taken advantage of the exemption in FRS102 section 33.1a whereby transactions with other wholly owned members of the group do not need to be disclosed.
Interest free loans have been granted by the group to its directors as follows:
On the 4 June 2026 DLA2 was fully settled as part of a share purchase.