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Registered number: 01714349
COLLETTS TRAVEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COLLETTS TRAVEL LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditors' Report
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Statement of Changes in Equity
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Notes to the Financial Statements
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COLLETTS TRAVEL LIMITED
COMPANY INFORMATION
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Statutory Auditor & Chartered Accountants
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COLLETTS TRAVEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are pleased to present the annual report for Colletts Travel Limited for the financial year ended 31 December 2025. This report reflects the Company's continued resilience, disciplined financial management, and commitment to sustainable growth within a dynamic and, at times, challenging global travel market. Despite notable macroeconomic and geopolitical headwinds during the year, the Company continued to generate a profit and made a strategically significant investment that positions the business well for future growth.
Business review
The principal activity of the Company during the year continued to be a premier tour operator and luxury travel advisor catering to the high-end leisure market in the UK, with specialist expertise in bespoke itineraries and premium cruise offerings.
Colletts Travel continued to grow from strength to strength in 2025, building on a solid 2024 performance and delivering consistent growth across its portfolio of luxury and bespoke travel experiences. The Company continues to benefit from strong structural tailwinds in the UK luxury leisure travel market, which is estimated to be growing at approximately 9% per annum, driven by rising demand from high-net-worth individuals and a broader consumer shift towards personalised, experience-led travel.
The cruise segment was a particular area of focus and growth for the Company during the year. The luxury cruise market is the fastest-expanding segment of the travel industry, forecast to grow at approximately 9% per annum through to 2030. With industry research indicating that 36% of UK consumers express interest in cruise travel but only 24% have ever taken a cruise, the untapped demand opportunity is substantial. The Company maintained strong relationships with its advisor network and continued to develop its proprietary tour operator product, which remains a key source of competitive differentiation in the premium leisure segment. Colletts Travel enters 2026 with a strong forward booking pipeline and an exciting new commercial partnership that will significantly accelerate its cruise proposition (see 'Strategic Review and Future Prospects' below).
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COLLETTS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Key performance indicators
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The directors consider the following to be the key financial performance indicators for the Company:
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Gross profit margin (on gross turnover)
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Average number of employees
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Gross turnover grew by 6.8% year-on-year to £44.97 million, the reduction in gross profit and EBITDA reflects the margin pressures experienced during the year.
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COLLETTS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Key risks and mitigating factors
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A reduction in profitability arising from weakened consumer confidence or a decline in travel demand, whether driven by economic cycles, geopolitical events, or trade policy changes.
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The Company actively monitors bookings performance, market intelligence, and client sentiment. Pricing and product strategy is reviewed regularly. The Group's diversification across the corporate, advisory, and leisure segments provides a natural hedge against segment-specific downturns.
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Geopolitical and macro-economic uncertainty
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Volatile geopolitical conditions - including tariff-driven trade friction, political instability, or economic slowdowns - may suppress travel demand and impact the Company's revenue and margins.
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The Company maintains a close watching brief on geopolitical developments through its parent organisation, Internova Travel Group. Scenario planning and cost management flexibility enable swift response to deteriorating conditions.
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The risk that new entrants, technology-led disruptors, or existing competitors may erode the Company's market share or advisor network.
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The directors maintain close oversight of market dynamics and invest continuously in service quality, advisor support and technology capability. The Company's affiliation with Internova Travel Group provides scale and bargaining power that independent competitors cannot easily replicate.
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The risk of losing major suppliers or experiencing deterioration in supplier terms and preferred-partner status.
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The Company maintains strong and proactive relationships with all key suppliers. Accounts are reconciled regularly, payments are made in a timely manner, and senior leadership engages with supplier partners throughout the year, including at key industry and partner events.
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Business continuity and IT systems
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The risk of failure of the Company's IT systems, or of a cybersecurity breach, leading to business interruption, data loss, or reputational damage.
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Systems are regularly updated, patched and backed up. The Company leverages the IT governance framework of Internova Travel Group and regularly reviews its cybersecurity posture to ensure appropriate protection is maintained.
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A reduction in profit if operating costs are not adequately managed relative to revenue.
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Cost variances are reviewed monthly against budget and forecast. Remedial action is taken promptly where required. The Company benefits from the shared services and procurement leverage of Internova Travel Group.
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COLLETTS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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A shortage of working capital impacting the Company's ability to meet its operational obligations.
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The directors monitor working capital closely through regular cash flow forecasting and maintain communication with the Company's parent organisation, which provides additional comfort as to the Company's ability to meet its obligations.
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Profitability may be impacted by the non-payment or late payment of amounts due from clients.
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The Company operates a tight credit control framework. Credit is phased out where possible, with clients encouraged to settle by direct debit or credit card. Trade receivables are monitored regularly and provisions raised as necessary.
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The risk that the Company fails to make sufficient progress on its environmental and social responsibilities, or that its supply chain does not meet expected standards.
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Sustainability is embedded as a core management principle. The Company advances its sustainability objectives through Internova Travel Group's partnership with Sustainable Travel International and through its own operational improvements, including the energy efficiency measures that contributed to a reduction in Scope 2 emissions during 2025.
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Strategic review and future prospects
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The Company enters 2026 in a strong position. Despite the challenges presented by tariff-related uncertainty and sector-specific disruptions during 2025, the Company continued to generate a profit and secure a new revenue-generating opportunity.
A particularly significant development is Global Travel Collection UK Group, Colletts Travel’s parent company’s acquisition of a shareholding in Cruise Globe Limited, trading as 'The Cruise Globe'. The Cruise Globe is a fast-growing travel technology start-up and cruise agency, providing cruise passengers with a free digital logbook, a 3D satellite tracking map, and a full-service booking platform. Since its launch, The Cruise Globe has attracted over 130,000 registered users who have collectively logged more than 750,000 voyages, making it one of the most rapidly adopted consumer cruise platforms in the market. Through this investment, Colletts Travel has been appointed as the exclusive agency for all UK cruise bookings made via the Cruise Globe platform. Given the scale of untapped demand in the UK cruise market – where 36% of consumers express interest in cruise travel but only 24% have ever booked a cruise – this partnership represents a material opportunity to grow cruise revenue and introduce a new generation of cruise travellers to the Company's premium travel proposition.
Looking ahead, the directors remain focused on growing the travel advisor network and deepening advisor productivity, defending and growing the Company’s client base and capitalising on the luxury leisure growth opportunity, including through the Cruise Globe platform. The Company's affiliation with Internova Travel Group continues to provide strategic, operational, and financial support that underpins the Company's ability to execute on these priorities.
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COLLETTS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Funding, liquidity and going concern
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As at 31 December 2025, the Company had net assets of £3 million (2024: £3 million) and net current assets of £3 million (2024: £3 million). The directors have assessed the Company's ability to continue as a going concern, having considered forecast cash flows and the continued financial support available from the wider group. They are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and have therefore prepared the financial statements on a going concern basis.
Employee involvement and communication
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The Company remains committed to fostering a supportive, inclusive, and rewarding workplace. Our financial position enables continued investment in employee development, well-being, and engagement. Open communication and collaborative forums are central to our culture, ensuring that employee aspirations remain aligned with organisational goals.
Colletts Travel invests actively in the well-being and growth of its employees, aiming to create a working environment that supports professional development and personal success. We foster a culture of transparency, respect, and continuous learning, offering skill enhancement, career advancement opportunities, and work-life balance programmes to ensure each team member feels valued and motivated. Professional development is supported through mentorship programmes, leadership coaching, flexible working arrangements, and self-directed learning through platforms such as LinkedIn Learning. We promote two-way communication through proactive employee forums, team meetings, and regular Townhalls.
The Company is committed to the principles of equal employment opportunity and complies with all applicable UK legislation in respect of diversity, equality, and inclusion. Regular events with internal and external guest speakers, diversity committees, and open communications through the 'Everyone Belongs' newsletter ensure that our commitment to an inclusive culture is embedded throughout the organisation.
With effect from April 2026, the company implemented an escrow arrangement in order to comply with Civil Aviation Authority (CAA) requirements and further enhance the protection of customer monies, see note 21.
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COLLETTS TRAVEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Liquidity risk
The Company actively manages its cash and borrowing requirements to ensure sufficient liquid resources are maintained to meet operational commitments at all times. Detailed cash flow forecasts are prepared and reviewed regularly by the directors, enabling proactive management of working capital requirements. The Company also benefits from the financial support of its ultimate parent organisation, Internova Holdings, LLC, which provides additional comfort as to the Company's ability to meet its obligations in the short to medium term.
Credit risk
Cash investments and borrowings are placed only with financial institutions approved by the Board, ensuring the security of the Company's funds. The Company enforces strict credit terms, typically requiring payment prior to service delivery or within defined credit limits. Trade receivables are closely monitored and provisions for doubtful debts are made as necessary to safeguard the Company's financial assets.
Directors indemnities
Throughout the year and at the date of this report, the Company maintained directors' and officers' liability insurance, constituting a qualifying third-party indemnity provision under the Companies Act 2006. This protection reinforces the Company's governance framework and supports the directors in fulfilling their fiduciary duties with appropriate assurance.
Environmental policy
The Company is committed to responsible energy management and practises energy efficiency across its operations wherever feasible. Acknowledging the global challenge of climate change, the Company recognises its responsibility in reducing greenhouse gas emissions and remains dedicated to advancing sustainability within the travel sector.
This report was approved by the board and signed on its behalf.
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A Taiwo
Director
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COLLETTS TRAVEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The Company's principal activity during the year continued to be the provision of high-quality services as a tour operator and luxury travel agents. The Company remains focused on delivering tailored travel solutions to its client base whilst maintaining operational resilience in a dynamic market environment.
The profit for the year, after taxation, amounted to £233,194 (2024 - £462,637).
Whilst the Company's profitability for the year was lower than that achieved in the prior period, the Directors remain positive by the strength of the current business pipeline and anticipated future opportunities. The Company's appointment as the exclusive agency for UK cruise bookings transacted through the Cruise Globe platform are expected to provide additional revenue-generating opportunities. The Directors therefore believe that the Company is well positioned to improve its financial performance during 2026.
No dividends were paid during the year (2024: £Nil). The directors continue to prioritise the reinvestment of available resources to strengthen the financial position and support the strategic growth initiatives of the Company.
The directors who served during the year were:
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J Oshiopkekhai (resigned 2 September 2025)
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F Mendola (appointed on 6 October 2025)
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The company did not make any disclosable political donations in the current period (2024: Nil).
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
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COLLETTS TRAVEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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A Taiwo
Director
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COLLETTS TRAVEL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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COLLETTS TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLETTS TRAVEL LIMITED
We have audited the financial statements of Colletts Travel Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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COLLETTS TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLETTS TRAVEL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 10, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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COLLETTS TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLETTS TRAVEL LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, employment law and ABTA, ATOL and IATA compliance recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
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COLLETTS TRAVEL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLLETTS TRAVEL LIMITED (CONTINUED)
Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Yasin Khandwalla FCCA (Senior Statutory Auditor)
for and on behalf of
Xeinadin Audit Limited
Statutory Auditor
Chartered Accountants
Level 5A
Maple House
149 Tottenham Court Road
London
W1T 7NF
30 June 2026
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COLLETTS TRAVEL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
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Profit for the financial year
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The notes on pages 20 to 32 form part of these financial statements.
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COLLETTS TRAVEL LIMITED
REGISTERED NUMBER: 01714349
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
A Taiwo
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The notes on pages 20 to 32 form part of these financial statements.
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COLLETTS TRAVEL LIMITED
REGISTERED NUMBER: 01714349
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
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COLLETTS TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 20 to 32 form part of these financial statements.
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COLLETTS TRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 20 to 32 form part of these financial statements.
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Colletts Travel Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is: 79 Brent Street, London, NW4 2EA. The nature of the company's operations and its principal activities are set out in the Directors Report.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
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Financial reporting standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
This information is included in the consolidated financial statements of Global Travel Collection UK, Ltd as at 31 December 2025, and these financial statements may be obtained from 101 St Martin's Lane, London, WC2N 4AZ.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Turnover is recognised upon delivery of the services and hence upon transfer of risk. Fees are on a gross basis as the company have risks of providing the service. These fees are recognised once the company has performed their contractual obligation, which is considered to have been met at the date of departure.
Turnover represents amounts earned during the year from tour operating activities and other income in accordance with contractual arrangements, exclusive of Value Added Tax.
Interest income is recognised in profit or loss using the effective interest method.
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
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Current and deferred taxation
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold improvements
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Straight line over the life of the lease
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5 to 10 years straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Advance receipts and payments
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All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under accrual and deferred income.
Payments made to suppliers in respect of these tours are included in prepayments.
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of the key areas of judgement and estimation are as follows:
The directors are of the view that there are no critical judgements that have had a significant effect on the amounts recognised in the financial statements.
The whole of the turnover is attributable to its market in the United Kingdom and is derived from the principal activity as tour operators.
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Other operating lease rentals
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements.
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Staff costs were as follows:
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Cost of defined contribution scheme
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No remuneration was paid to the directors by the Company during the current year (2024: £nil). The directors perform duties across a number of companies within the Internova Travel Group and are remunerated by other group undertakings, including Global Travel Collection UK Limited, for services provided to the wider group. Accordingly, no directors' remuneration has been charged to the Company during the year.
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The average monthly number of employees, during the year was as follows:
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The figures above include staff numbers and recharges from its immediate parent company.
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Adjustments in respect of previous periods
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Fixed assets and short term timing differences
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Losses and other deductions
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Adjustments to tax charge in respect of prior periods
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
8.Taxation (continued)
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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Short-term leasehold improvements
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Charge for the year on owned assets
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included in prepayments are advance supplier payments for future departures amounting to £361,195 (2024: £348,338).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group companies are repayable on demand and have no interest charged on the balance.
Included in accruals and deferred income are advanced receipts from customers for future departures amounting to £2,092,297 (2024: £1,136,314)
At the year end the liability due to the International Air Transport Association (IATA) was £526,147 (2024: £510,044)
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Other creditors are made up of advance receipts from customers in relation to future departures of £97,296 (2024: £31,315)
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Credited/(charged) to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed assets and short term timing differences
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Allotted, called up and fully paid
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100,000 (2024 - 100,000) Ordinary shares of £1.00 each
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The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
The amount carried forward is the premium that arose from the issue of shares in 2001.
Profit and loss account
At the year end distributable reserves amounted to £3,021,865 (2024: £2,788,671).
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Regulatory requirements and contingent liability
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The Company currently holds an Air Travel Organiser's Licence ('ATOL') issued by the Civil Aviation Authority ('CAA'). In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL licence. The CAA grants this licence on the basis of meeting agreed financial criteria and renews this in September (effective 1 October) each year. The directors see no reason why the ATOL licence will not be renewed in September 2026 on substantially the same terms and conditions as currently agreed with the CAA. As at the year end, a joint bond was in place with Travel and General Insurance Services Limited in favour of the CAA of £3,818,000 (2024: £3,818,000).
During the year, the Company was a member of the Association of British Travel Agents ('ABTA'). As at 31 December 2025 the company had in place an insurance backed bond in favour of ABTA of £333,959 (2024: £631,780). The reduction in the bond requirement compared with the prior year reflects a reassessment of the bond calculation and does not indicate any reduction in the Company's financial standing or compliance with ABTA requirements.
Colletts Travel Limited is also an accredited agent of the International Air Transport Association ('IATA'). Continued accreditation is subject to compliance with IATA's financial and operational requirements. The directors do not consider that this gives rise to any material contingent liabilities beyond those disclosed above.
There are no other material contingent liabilities.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,514 (2024: £22,052). Contributions totalling £Nil (2024:£Nil) were payable to the fund at the balance sheet date and are held in creditors.
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Operating lease commitments
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies.
The following balances were outstanding with group companies at the balance sheet date:
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Global Travel Collection LLC (Protravel International LLC)
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Global Travel Collection UK, Ltd
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Global Travel Collection, LLC
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Post balance sheet events
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Subsequent to the year end, and with effect from April 2026, the company implemented an escrow arrangement in order to comply with Civil Aviation Authority (CAA) requirements and further enhance the protection of customer monies.
Under the arrangement, approximately 70% of qualifying customer receipts are paid into a designated escrow account and are released in accordance with the terms of the escrow agreement.
The directors do not consider that this event requires any adjustment to the amounts recognised in these financial statements
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COLLETTS TRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Parent and ultimate parent company
|
The company regards Global Travel Collection UK, Ltd as its parent company.
The company's ultimate parent undertaking is Internova Travel Group, LLC. The address of Internova Travel Group, LLC is United States.
Internova Travel Group, LLC is regarded as both the controlling party and the ultimate controlling party.
The parent of the largest group in which the results are consolidated is Internova Travel Group, LLC.
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