ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 05676147

GLOBAL TRAVEL COLLECTION UK, LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

GLOBAL TRAVEL COLLECTION UK, LTD

CONTENTS

	Page
Company information	1
Group strategic report	2 - 11
Directors' report	12 - 14
Statement of directors' responsibilities in respect of the strategic report, directors' report and the financial statements	15
Independent auditors' report to the members of Global Travel Collection UK, Limited	16 - 19
Consolidated profit and loss account	20
Consolidated other comprehensive income	21
Consolidated statement of financial position	22 - 23
Company statement of financial position	24 - 25
Consolidated statement of changes in equity	26
Company statement of changes in equity	27 - 28
Consolidated statement of cash flows	29 - 30
Notes to the consolidated financial statements	31 - 57

GLOBAL TRAVEL COLLECTION UK, LTD

COMPANY INFORMATION

Directors	J D O'Hara
	R Klug
	F G Mendola
	H Daras
	A Taiwo


Registered number	05676147


Registered office	101 St. Martin's Lane
	London
	WC2N 4AZ


Independent auditor	Xeinadin Audit Limited
	Chartered Accountants
	Level 5a
	Maple House
	149 Tottenham Court Road
	London
	W1T 7NF


Bankers	Barclays Business Banking
	1 Churchill Place
	London
	E14 5HP

Page 1

GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors are pleased to present the annual report for Global Travel Collection UK, Ltd. for the financial year ended 31 December 2025. This report reflects the Group'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 Group delivered meaningful organic growth across its three divisions, improved its loss after tax position year-on-year, and made a strategically significant investment that positions the business well for future growth.

Business review

The principal activity of the Group during the year continued to be the provision of high-quality services as travel agents and tour operators. The Group's operations are structured across three complementary divisions, each serving a distinct segment of the travel market:

∙ALTOUR – Our in-house corporate travel management business, with operations in the UK and The Netherlands, serving corporate clients through a technology-enabled, service-led model.

∙Global Travel Collection – Advisor Division – Focused on corporate and luxury travel advisory services within the UK, operating through a growing network of independent travel advisors under the Global Travel Collection umbrella.

∙Colletts Travel - 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.

ALTOUR

ALTOUR, our in-house corporate travel management business, continued to deliver revenue growth during 2025 despite meaningful headwinds from margin pressures across the supplier and client base. The corporate travel market faced a particularly challenging first half of the year as the introduction of US tariffs under the Trump administration created widespread uncertainty in global trade and suppressed transatlantic business travel demand. Industry data from the Advantage Travel Partnership and Travelogix confirmed that UK bookings to the United States fell by approximately 26% in the first six months of 2025 as organisations reassessed the need for transatlantic travel in an uncertain trade environment. Across all destinations, total UK corporate travel spend fell by approximately 5% and volumes declined by over 12% year-on-year in H1 2025. ALTOUR navigated these conditions through a focus on retaining and deepening relationships with existing clients while pursuing new business opportunities in markets less affected by tariff disruption, including European and Middle Eastern routes where demand held firm.

A significant strategic development during the year was the progression of the ALTOUR Enterprise Project, an internal initiative designed to enhance ALTOUR's technology-enabled service proposition for enterprise-level corporate clients. Building on ALTOUR's investment in AI-powered travel management tools, enhanced data analytics, and integrated expense and reporting capabilities, the project is intended to close the gap between large enterprise travel programmes and the needs of growing mid-market corporate clients. This initiative reflects the Group's ambition to remain at the forefront of the technology-driven transformation of corporate travel management and positions ALTOUR for sustainable growth as market conditions normalise.

Following the strategic sale of Altour France in January 2025, ALTOUR has sharpened its focus on its core UK and Netherlands operations. The business remains a key contributor to the Group's revenue base and continues to benefit from the scale and global reach of its parent organisation, Internova Travel Group, which ranks as the highest-rated American corporate travel management company according to Business Travel News.

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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Global Travel Collection - Advisor Division

The Global Travel Collection Advisor Division delivered organic revenue growth of 20% during 2025, a standout performance that further cements the Group's position as the number one agency for independent travel advisors in the United Kingdom. This result reflects both the organic strength of the existing advisor network and the successful completion of the ALTOUR independent advisor integration, which unified all independent luxury travel advisors within Internova Travel Group under the Global Travel Collection brand. This consolidation, which re-positions Global Travel Collection as the central home for all luxury independent advisors across the Internova group, has meaningfully expanded the scale and reach of the UK advisor business.

The division continued to invest in advisor support, development, and recognition during the year. The Group's annual London Summer Soiree, now in its third year, brought together more than 220 travel professionals including over 100 independent travel advisors and nearly 120 preferred partners, to celebrate the advisor community and strengthen supplier relationships. Globally, the Global Travel Collection advisor network represents more than $2.4 billion in combined sales and over 800,000 trips planned annually, providing independent advisors with unrivalled leverage, recognition, and preferential treatment from the world's leading travel suppliers. For 2025, 232 advisors within the global network qualified for the Circle programme, each achieving at least $3 million in actualised sales during the year. The directors are confident that the division's momentum will continue into 2026.

Colletts Travel

Colletts Travel, our premium leisure travel division, 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 division 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 Colletts 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 cruising but only 24% have ever taken a cruise, the untapped demand opportunity is substantial. The division 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 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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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Market and macro-economic environment

The travel market in 2025 was defined by a confluence of macroeconomic, geopolitical, and sector-specific factors that created both challenges and opportunities for the Group. The introduction of sweeping tariffs by the Trump administration in early 2025 had an immediate and material impact on global trade confidence and, by extension, business travel. Industry-wide data demonstrated a significant cooling in long-haul corporate travel, particularly on transatlantic routes, during the first and second quarters of the year. According to the Travelogix Global Business Travel Review, UK-based organisations reduced their total travel spend by approximately 5% and travel volumes fell by over 12% year-on-year in H1 2025, with particularly sharp falls in bookings to the United States. New York, which ranked second by booking volume in H1 2024, fell to fourth place in the equivalent period of 2025, while Los Angeles dropped from the top 10 to 22nd position. As the year progressed and some trade uncertainty abated, market conditions stabilised, with a greater focus on short-haul and European routes as businesses adapted their travel strategies.

The Film and Media sector – a historically important client segment for the Group – faced distinct and sustained pressures throughout the year. Global film and television production volumes remained approximately 11% below pre-strike levels according to ProdPro data, reflecting the lingering effects of the 2023 industry strikes combined with shifting commissioning strategies from major studios and streaming platforms. Production disruptions, including the impact of the Los Angeles wildfires in early 2025 on filming locations and infrastructure, further weighed on entertainment industry travel demand across all four quarters of the year. The directors expect that as global production activity recovers, this will represent a source of incremental growth for the Group in the medium term.

Against this backdrop, the Group's diversified business model – spanning corporate travel management, independent advisor services, and premium leisure travel – provided meaningful protection against segment-specific headwinds. The strong organic growth achieved by the GTC Advisor Division and the resilience of Colletts Travel more than offset the pressure felt by ALTOUR in its corporate travel portfolio, enabling the Group reported a significantly reduced loss after tax compared with the prior year.

Key performance indicators
The KPIs during the year were as follows:
	2025	2024

Gross turnover	246,766,292	243,578,390
Gross profit	16,040,175	19,879,818
Gross profit margin (on gross turnover)	6.50%	8.16%
EBITDA	1,500,229	3,417,899
Net current assets	14,174,309	18,339,965
Cash funds	8,118,500	8,071,959
Average number of employees	196	187

Gross turnover grew by 1.3% year-on-year to £246.8 million despite the sale of Altour France, demonstrating underlying commercial resilience across the Group's divisions. The reduction in gross profit and EBITDA reflects the margin pressures experienced during the year, particularly within the corporate travel segment in the first half, combined with the loss of the contribution from Altour France following its disposal in January 2025. The Group's average headcount increased from 187 to 196, reflecting continued investment in the advisor and support infrastructure across its divisions.

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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Non-financial key performance indicators

Employee satisfaction - Glassdoor rating

As of the latest data, Internova Travel Group holds a Glassdoor rating of 4.1 out of 5 which reflects a strong level of employee satisfaction and engagement. This rating is above the industry average and indicates positive internal sentiment around company culture, leadership and career development opportunities.

Maintaining or improving this rating should remain a key priority, as it serves as a valuable indicator of organisational health and contributes to both talent retention and attraction. It also aligns with our broader strategic goals around employee experience and brand reputation.

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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Key risks and mitigating factors

Risk	Potential Impact	Mitigation
Consumer and corporate demand	A reduction in profitability arising from weakened consumer confidence or a decline in corporate travel demand, whether driven by economic cycles, geopolitical events, or trade policy changes.	The Group 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.
Geopolitical and macro-economic uncertainty	Volatile geopolitical conditions - including tariff-driven trade friction, political instability, or economic slowdowns - may suppress travel demand and impact the Group's revenue and margins.	The Group 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.
Competitive risks	The risk that new entrants, technology-led disruptors, or existing competitors may erode the Group's market share or advisor network.	The directors maintain close oversight of market dynamics and invest continuously in service quality, advisor support and technology capability. The Group's affiliation with Internova Travel Group provides scale and bargaining power that independent competitors cannot easily replicate.
Key supplier management	The risk of losing major suppliers or experiencing deterioration in supplier terms and preferred-partner status.	The Group 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.
Business continuity and IT systems	The risk of failure of the Group's IT systems, or of a cybersecurity breach, leading to business interruption, data loss, or reputational damage.	Systems are regularly updated, patched and backed up. The Group leverages the IT governance framework of Internova Travel Group and regularly reviews its cybersecurity posture to ensure appropriate protection is maintained.
Operating cost control	A reduction in profit if operating costs are not adequately managed relative to revenue.	Cost variances are reviewed monthly against budget and forecast. Remedial action is taken promptly where required. The Group benefits from the shared services and procurement leverage of Internova Travel Group.
Liquidity risk	A shortage of working capital impacting the Group's ability to meet its operational obligations.	The directors monitor working capital closely through regular cash flow forecasting and maintain communication with the Group's parent organisation, which provides additional comfort as to the Group's ability to meet its obligations.

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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Credit risk	Profitability may be impacted by the non-payment or late payment of amounts due from clients.	The Group 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.
Sustainability	The risk that the Group fails to make sufficient progress on its environmental and social responsibilities, or that its supply chain does not meet expected standards.	Sustainability is embedded as a core management principle. The Group 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 54% reduction in Scope 2 emissions during 2025.

Strategic review and future prospects

The Group enters 2026 in a strengthened strategic position. Despite the challenges presented by tariff-related uncertainty and sector-specific disruptions during 2025, the Group delivered organic growth, improved its loss after tax position year-on-year, and made a strategically important investment that broadens its commercial opportunity in the fast-growing cruise market.

Trading in the early weeks of 2026 has been encouraging, with performance running slightly ahead of budget across the Group's divisions. The stabilisation of trade conditions and an improvement in corporate travel confidence in the latter part of 2025 appear to be continuing into the new year, providing a more constructive backdrop for the corporate divisions.

A particularly significant development in 2026 is is the Group'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 cruising but only 24% have ever booked a cruise – this partnership represents a material opportunity to grow Colletts' cruise revenue and introduce a new generation of cruise travellers to the Group's premium travel proposition.

Looking ahead, the directors remain focused on three strategic priorities: growing the independent advisor network and deepening advisor productivity within the GTC Advisor Division; leveraging the ALTOUR Enterprise Project to strengthen ALTOUR's technology proposition and defend and grow its corporate client base; and capitalising on the luxury leisure growth opportunity through Colletts Travel, including through the Cruise Globe partnership. The Group's affiliation with Internova Travel Group continues to provide strategic, operational, and financial support that underpins the Group's ability to execute on these priorities.

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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Funding, liquidity and going concern

The directors have considered the appropriateness of the going concern basis in preparing these financial statements. As at 31 December 2025, the Group maintained a positive cash position of £8.1 million. The directors have reviewed forecast cash flows and trading performance and are satisfied, having regard also to the financial support available from the Group's parent organisation, Internova Holdings, LLC, that the Group has adequate financial resources to continue operating on a going concern basis for a period of at least twelve months from the date of approval of these financial statements. Further detail is set out in the accounting policy notes to the financial statements.

Employee involvement and communication

The Group 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.

Internova Travel Group 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 Group Townhalls.

The Group is committed to the principles of equal employment opportunity and complies with all applicable UK legislation in respect of diversity, equity, 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.

Disabled employees

The Group maintains an inclusive recruitment and employment policy, ensuring that disabled applicants and employees are given equitable opportunities for career development and advancement. The Group is committed to the continued employment and appropriate retraining of employees who may become disabled during their tenure, and takes all reasonable steps to make adjustments to support their continued contribution to the business.

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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Section 172 statement

We, the Directors of the Group, affirm our adherence to the professional standards and fiduciary obligations set out in section 172(1) of the Companies Act 2006. In compliance with these duties, we act in a manner that we believe will promote the long-term success of the Group for the benefit of its owners, exercising our duties with integrity and having regard to the following considerations:

∙The likely consequences of any decision in the long term.

∙The interests of the Group's employees.

∙The importance of upholding a reputation for high standards of business conduct.

∙The need to foster the Group's business relationships with suppliers, customers, and all other stakeholders.

∙The impact of the Group's operations on the wider community and the environment.

Long-term consequences of decisions

The Board considers both immediate and future impacts in all material decisions, ensuring that strategy remains aligned with sustained profitability, operational resilience, and long-term value creation. The decision to invest in Cruise Globe Limited in 2026 is an example of the Board taking a forward-looking view of a structural growth opportunity in the premium leisure market, accepting near-term investment in exchange for what the directors believe is a materially value-accretive commercial arrangement for Colletts Travel.

The interests of the Group's employees

We recognise that our employees are the foundation of the Group's commercial success. The Group upholds fair employment practices and complies with all applicable labour legislation across its jurisdictions. We are committed to a working environment that values diversity, equity, and inclusion. Compensation frameworks are designed to attract, retain, and reward high performers in a manner that is equitable and aligned with market benchmarks. Our participation in Group-wide initiatives such as the 'Everyone Belongs' programme reflects our commitment to ensuring that every individual in the organisation feels seen, valued, and empowered to contribute.

Business relationships with suppliers, customers, and others

Strong and collaborative relationships with our suppliers, clients, and travel advisor partners are fundamental to the Group's commercial model. Our customer-first ethos is embedded in every interaction. Supplier relationships are managed proactively at both a strategic and operational level, including through events such as the annual London Summer Soiree which brings together advisors and preferred supplier partners. The Group also maintains full compliance with its obligations to the Civil Aviation Authority (CAA) and ABTA, meeting the financial and reporting requirements of both bodies and providing clients with the assurance of appropriate financial protection.

Impact on the community and environment

The Group is committed to responsible business practices that minimise environmental impact and support the communities in which we operate. Through Internova Travel Group's strategic partnership with Sustainable Travel International, the Group participates in a range of sustainability initiatives including the Climate Positive programme for corporate clients and the Climate Action programme for leisure travellers. The Group's own operational progress on sustainability is evidenced by a 54% reduction in Scope 2 greenhouse gas emissions and a 23.4% reduction in total UK electricity consumption during 2025 compared to the prior year.

High standards of business conduct

Integrity is a non-negotiable principle of the Group's governance. The Board ensures adherence to all applicable legal and regulatory requirements, maintaining full compliance with its obligations to the CAA and ABTA, as well as all applicable data protection, employment, and financial services legislation. The Group submits all required

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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

returns and reports to its parent organisation on a timely basis and operates with transparency across all of its material relationships.

Streamlined energy and carbon reporting (SECR) statement

Overview

This statement is provided in compliance with the Streamlined Energy and Carbon Reporting (SECR) regulations and covers the UK operations of the Group for the year ended 31 December 2025. The Group remains committed to improving energy efficiency and reducing its environmental impact in line with its sustainability strategy.

UK energy consumption

Energy type	2024 (kWh)	2025 (kWh)
Electricity (purchased)	143,788	110,186
Total UK energy use	143,788	110,186

*Note: The Group does not consume significant amounts of gas or transport fuel as part of its UK operations.

UK greenhouse gas (GHG) emissions

Emission source	2024 (tCO2e)	2025 (tCO2e)
Scope 2 (Electricity - location based)	30.6	14.1

*Emissions have been calculated using the UK Government GHG conversion factors for company reporting (2024 and 2025 respectively).

Intensity metric

Metric	2024	2025
Turnover (£)	73,701,943	72,124,612
Emissions intensity (tCO2e/£m turnover)	0.42	0.20

Energy efficiency action taken in 2025

The Group continued to embed energy reduction principles across its operations during 2025. This commitment is reflected in a 23.4% reduction in total UK electricity consumption compared to 2024, and a 54% reduction in Scope 2 greenhouse gas emissions year-on-year. The emissions intensity ratio improved from 0.42 to 0.20 tCO2e per £ million of turnover, representing a significant step forward in the Group's decarbonisation journey.

Methodology

Energy data has been compiled from supplier invoices and verified meter readings. Emissions have been calculated in line with the UK Government's Environmental Reporting Guidelines and GHG Conversion Factors for 2024 and 2025. The report covers Scope 2 electricity emissions on a location-based basis. Scope 1 (gas) and transport-related emissions are not reported as they are not material to the Group's UK operations.

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GLOBAL TRAVEL COLLECTION UK, LTD

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Future focus

Looking ahead, the Group will continue to identify opportunities to reduce energy consumption and carbon emissions further. Areas of focus include exploring renewable energy supply contracts for the Group's office locations, implementing further enhancements to building controls and monitoring systems, and continuing staff education on sustainable practices.

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

................................................

A Taiwo

Director

101 St. Martin's Lane
London
WC2N 4AZ

Date:30 June 2026

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GLOBAL TRAVEL COLLECTION UK, LTD

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.

Principal activity

The Group's principal activity during the year continued to be the provision of high-quality services as travel agents and tour operators. The Group remains focused on delivering tailored travel solutions to its diverse client base, encompassing corporate travel management through ALTOUR, independent advisor services through Global Travel Collection, and premium leisure travel through Colletts Travel, whilst maintaining operational resilience in a dynamic market environment.

Results and dividends

The Group reported a loss for the year after taxation of £169,559 (2024: loss £912,936). Whilst the Group remained loss-making at the net level, this result represents a substantial improvement of approximately 45% on the prior year, reflecting the strong organic growth achieved across the Group's divisions notwithstanding the challenging trading conditions experienced particularly in the first half of 2025. The directors are encouraged by the trajectory of improvement and by the positive start to 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 Group.

Directors

The directors who served during the year were:

J D O'Hara

R Klug

F G Mendola (appointed 6 October 2025)

H Daras

J Oshiokpekhai (resigned 2 September 2025)

A Taiwo

Future developments

The future developments for the Group are covered in the Business Review and Strategic Review and Future Prospects sections of the Group Strategic Report.

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GLOBAL TRAVEL COLLECTION UK, LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial instruments

Liquidity risk

The Group 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 Group also benefits from the financial support of its parent organisation, Internova Holdings, LLC, which provides additional comfort as to the Group's ability to meet its obligations in the short to medium term.

Interest rate risk

The Group is exposed to cash flow interest rate risk arising from floating rate deposits and bank overdrafts. The Board reviews and manages this exposure regularly, ensuring an appropriate balance between fixed and variable rate positions. This strategy mitigates the impact of interest rate fluctuations on the Group's financial performance.

Credit risk

Cash investments and borrowings are placed only with financial institutions approved by the Board, ensuring the security of the Group's funds. The Group 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 Group's financial assets.

Political contributions

The Group made no political donations and did not incur any political expenditure during the year (2024: £Nil), reflecting its commitment to political neutrality and corporate integrity.

Disabled persons

The Group supports equal employment opportunities and considers applications from candidates with disabilities where their skills align with the requirements of the role. It remains committed to the career development and advancement of employees with disabilities and endeavours to provide continued employment and appropriate training should employees become disabled during their tenure.

Directors' indemnities

Throughout the year and at the date of this report, the Group maintained directors' and officers' liability insurance, constituting a qualifying third-party indemnity provision under the Companies Act 2006. This protection reinforces the Group's governance framework and supports the directors in fulfilling their fiduciary duties with appropriate assurance.

Environmental policy

The Group is committed to responsible energy management and practises energy efficiency across its operations wherever feasible. Acknowledging the global challenge of climate change, the Group recognises its responsibility in reducing greenhouse gas emissions and remains dedicated to advancing sustainability within the travel sector. The Group's progress during 2025 – including a 54% reduction in Scope 2 greenhouse gas emissions and a 23.4% reduction in total electricity consumption – reflects the tangible impact of its sustainability commitments. Full details of the Group's energy consumption and greenhouse gas emissions are set out in the SECR statement within the Group Strategic Report.

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GLOBAL TRAVEL COLLECTION UK, LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disclosure of information to auditors

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

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

With effect from April 2026, Colletts Travel Limited implemented an escrow arrangement in order to comply with Civil Aviation Authority (CAA) requirements and further enhance the protection of customer monies (see note 29)

There have been no other significant events affecting the Group since the year end.

Auditors

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.

................................................

A Taiwo

Director

Date: 30 June 2026

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GLOBAL TRAVEL COLLECTION UK, LTD

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE STRATEGIC REPORT, THE DIRECTORS' REPORT AND THE CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for preparing the Group 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 the Group and of the profit or loss of the Group for that period.

In discharging these responsibilities with due diligence, the directors are required to:

∙select suitable accounting policies that are appropriate and relevant to the Group's circumstances and then apply them consistently;

∙make judgments 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 assume that the Group will continue its operations for the foreseeable future.

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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In addition, the directors are committed to safeguarding the assets of the Company and the Group. They recognise their duty to implement and maintain effective systems and controls designed to prevent and detect fraud, error, and other irregularities, thereby upholding the highest standards of corporate governance and accountability.

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GLOBAL TRAVEL COLLECTION UK, LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, LTD

Opinion

We have audited the financial statements of Global Travel Collection UK, Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the company's ability to continue as a going concern.

Based on the work we have performed, and comments in note 1.6, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the parent Company’s ability to continue as a going concern for the period of at least twelve months from when the financial statements are authorised for issue.

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.

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

Page 16

GLOBAL TRAVEL COLLECTION UK, LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group 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 Group 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

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

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

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

Page 17

GLOBAL TRAVEL COLLECTION UK, LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, LTD (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 15, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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 Group 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 Group 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 Group’s licence to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws, employment law, ABTA, ATOL and IATA compliance recognising the nature of the Group’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.

Page 18

GLOBAL TRAVEL COLLECTION UK, LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL TRAVEL COLLECTION UK, LTD (CONTINUED)

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 Auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Yasin Khandwalla FCCA (Senior statutory auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditors

Level 5a

Maple House

149 Tottenham Court Road

London

W1T 7NF

30 June 2026

Page 19

GLOBAL TRAVEL COLLECTION UK, LTD

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£

Gross Turnover

246,766,292

243,578,390


Turnover	3	72,124,612	73,701,943
Cost of sales		(56,084,437)	(53,822,125)
Gross profit		16,040,175	19,879,818
Administrative expenses		(16,217,401)	(19,183,778)
Other operating charges		-	(59,383)
Operating (loss)/profit	4	(177,226)	636,657
Profit on disposal of investments	8	572,554	-
Interest receivable and similar income	9	40,435	129,887
Interest payable and similar expenses	10	(595,733)	(630,415)
(Loss)/profit before tax		(159,970)	136,129
Tax on (loss)/profit	11	(9,589)	(1,049,065)
Loss for the financial year		(169,559)	(912,936)

Loss for the year attributable to:
Owners of the Parent Company	(169,559)	(912,936)
	(169,559)	(912,936)

The notes on pages 31 to 57 form part of these financial statements.

Page 20

GLOBAL TRAVEL COLLECTION UK, LTD

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

				2025	2024
			Note	£	£

(Loss)/profit for the financial year	(169,559)	(912,936)
Other comprehensive income
Currency translation differences	(1,330,746)	564,104
Other comprehensive income for the year	(1,330,746)	564,104
Total comprehensive income for the year	(1,500,305)	(348,832)

(Loss) for the year attributable to:
Owners of the Parent Company	(169,559)	(912,936)
	(169,559)	(912,936)

The notes on pages 31 to 57 form part of these financial statements.

All transactions are from continuing operations.

Page 21

GLOBAL TRAVEL COLLECTION UK, LTD

REGISTERED NUMBER: 05676147

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		13,941,632		20,625,202
Tangible assets	14		383,653		404,375
Investments	15		853		9,485
			14,326,138		21,039,062
Current assets
Debtors: amounts falling due after more than one year	16	750,906		414,259
Debtors: amounts falling due within one year	16	23,847,054		30,854,218
Current asset investments	17	33,721		20,487
Cash at bank and in hand	18	8,118,500		8,071,959
		32,750,181		39,360,923
Creditors: amounts falling due within one year	19	(18,575,872)		(21,020,958)
Net current assets			14,174,309		18,339,965
Total assets less current liabilities			28,500,447		39,379,027
Creditors: amounts falling due after more than one year	20		(29,879,826)		(39,258,101)
Net (liabilities)/assets			(1,379,379)		120,926

Page 22

GLOBAL TRAVEL COLLECTION UK, LTD

REGISTERED NUMBER: 05676147

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Capital and reserves
Called up share capital	23	50,000	50,000
Foreign exchange reserve	24	165,666	1,496,412
Other reserves	24	20,406,361	20,406,361
Profit and loss account	24	(22,001,406)	(21,831,847)
Equity attributable to owners of the Parent Company		(1,379,379)	120,926
		(1,379,379)	120,926

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

................................................

A Taiwo

Director
101 St. Martin's Lane
London
WC2N 4AZ

Date: 30 June 2026

The notes on pages 31 to 57 form part of these financial statements.

Page 23

GLOBAL TRAVEL COLLECTION UK, LTD

REGISTERED NUMBER: 05676147

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		1,631,736		1,813,040
Tangible assets			106,357		141,761
Investments in subsidiary companies			38,129,046		43,316,615
			39,867,139		45,271,416
Current assets
Debtors: amounts falling due after more than one year	16	428,259		414,259
Debtors: amounts falling due within one year	16	14,406,581		19,414,579
Current asset investments	17	33,721		20,487
Cash at bank and in hand	18	3,574,662		2,364,276
		18,443,223		22,213,601
Creditors: amounts falling due within one year	19	(7,804,760)		(16,479,234)
Net current assets			10,638,463		5,734,367
Total assets less current liabilities			50,505,602		51,005,783

Creditors: amounts falling due after more than one year	20		(24,874,020)		(25,470,614)

Net assets			25,631,582		25,535,169

Page 24

GLOBAL TRAVEL COLLECTION UK, LTD

REGISTERED NUMBER: 05676147

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

	2025	2024
Note	£	£

Capital and reserves
Called up share capital	23		50,000		50,000
Other reserves	24		20,669,167		20,669,167
Profit and loss account brought forward		4,816,002		3,625,036
Profit for the year		96,413		1,190,966
Profit and loss account carried forward			4,912,415		4,816,002
			25,631,582		25,535,169

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss account in these financial statements.

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

................................................

A Taiwo

Director
101 St. Martin's Lane
London
WC2N 4AZ

Date: 30 June 2026

The notes on pages 31 to 57 form part of these financial statements.

Page 25


		GLOBAL TRAVEL COLLECTION UK, LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Foreign exchange reserve	Other reserves	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£	£
At 1 January 2024	50,000	932,308	20,406,361	(20,918,911)	469,758	469,758
Comprehensive income for the year
Loss for the year	-	-	-	(912,936)	(912,936)	(912,936)
Currency translation differences	-	564,104	-	-	564,104	564,104
Other comprehensive income for the year	-	564,104	-	-	564,104	564,104
Total comprehensive income for the year	-	564,104	-	(912,936)	(348,832)	(348,832)

At 1 January 2025	50,000	1,496,412	20,406,361	(21,831,847)	120,926	120,926
Comprehensive income for the year
Loss for the year	-	-	-	(169,559)	(169,559)	(169,559)
Other movement on disposal of subsidiary	-	(1,330,746)	-	-	(1,330,746)	(1,330,746)
Total comprehensive income for the year	-	(1,330,746)	-	(169,559)	(1,500,305)	(1,500,305)
At 31 December 2025	50,000	165,666	20,406,361	(22,001,406)	(1,379,379)	(1,379,379)

The notes on pages 31 to 57 form part of these financial statements.

Page 26

GLOBAL TRAVEL COLLECTION UK, LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2025	50,000	20,669,167	4,816,002	25,535,169
Comprehensive income for the year
Profit for the year	-	-	96,413	96,413
Total comprehensive income for the year	-	-	96,413	96,413
At 31 December 2025	50,000	20,669,167	4,912,415	25,631,582

The notes on pages 31 to 57 form part of these financial statements.

Page 27

GLOBAL TRAVEL COLLECTION UK, LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	50,000	20,669,167	3,625,036	24,344,203
Comprehensive income for the year
Profit for the year	-	-	1,190,966	1,190,966
At 31 December 2024	50,000	20,669,167	4,816,002	25,535,169

The notes on pages 31 to 57 form part of these financial statements.

Page 28

GLOBAL TRAVEL COLLECTION UK, LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(169,559)	(912,936)
Adjustments for:
Amortisation of intangible assets	2,774,371	2,556,309
Depreciation of tangible assets	117,114	194,057
Interest paid	595,733	630,415
Interest received	(40,435)	(129,887)
Taxation charge	9,589	1,049,065
Decrease/(increase) in debtors	128,414	(380,585)
Decrease in amounts owed by groups	5,510,413	-
Increase/(decrease) in creditors	532,049	(3,850,836)
(Decrease) in amounts owed to groups	(11,080,915)	(4,172,585)
Corporation tax received	446,446	257,083
Net cash generated from operating activities	(1,176,780)	(4,759,900)

Cash flows from investing activities
Purchase of intangible fixed assets	(3,200)	(3,160)
Purchase of tangible fixed assets	(96,392)	(72,166)
Sale of unlisted and other investments	8,632	-
Purchase of short-term unlisted investments	(33,721)	-
Interest received	40,435	129,887
Profit on disposal of subsidiary	572,554	-
Net cash from investing activities	488,308	54,561
Cash flows from financing activities
Interest paid	(595,733)	(630,415)
Net cash used in financing activities	(595,733)	(630,415)
Net (decrease) in cash and cash equivalents	(1,284,205)	(5,335,754)

Page 29

GLOBAL TRAVEL COLLECTION UK, LTD

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£


Cash and cash equivalents at beginning of year	8,071,959	13,407,713
Foreign exchange gains and losses	1,330,746	-
Cash and cash equivalents at the end of year	8,118,500	8,071,959

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	8,118,500	8,071,959
	8,118,500	8,071,959

The notes on pages 31 to 57 form part of these financial statements.

Page 30

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies

1.1

General information

Global Travel Collection UK, Ltd (the "Company") is a private company limited by shares incorporated, domiciled and registered in England in the UK. The registered number is 05676147 and the registered address, and principal place of business, is 101 St. Martin's Lane, London, WC2N 4AZ.

1.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

All amounts have been rounded to the nearest pound, unless otherwise indicated.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

1.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

1.4

Exemptions for qualifying entities under FRS 102

Global Travel Collection UK, Ltd, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of Global Travel Collection UK, Ltd.

Page 31

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.5

Sections 479A and 479C subsidiary companies audit exemption: parent undertaking declaration of guarantee

Global Travel Collection UK, Limited, the ultimate UK parent company, has undertaken to guarantee all outstanding liabilities to which the following UK subsidiaries are subject to at the end of the financial year, ending on 31 December 2025.

- Tzell UK Limited

- BBTF Travel Limited

- Infinity Travel Limited

This guarantee applies until:

a)the liabilities are satisfied in full,

b)the guarantee is enforceable against the ultimate UK parent undertaking by any person to whom the subsidiary is liable, in respect of those liabilities,

c)relates only to the year under guarantee.

1.6

Going concern

The financial statements have been prepared on a going concern basis.

The Group incurred a loss for the year of £169,559 and, as at 31 December 2025, reported net liabilities of £1,379,379. The directors have prepared forecasts and cash flow projections covering a period of at least twelve months from the date of approval of these financial statements.

The forecasts demonstrate a return to profitability during the forecast period and, together with the continued financial support available from the Group's ultimate parent undertaking, provide the directors with a reasonable expectation that the Group and Company will have adequate resources to continue trading and meet its liabilities as they fall due for a period of not less than twelve months from the date of approval of these financial statements.

In preparing the forecasts, the directors have considered trading performance, working capital requirements, available facilities and the continued support of the Group's parent undertaking.

Having considered the forecasts, available resources and the letter of support received from Internova Travel Group LLC, the directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.

The financial statements do not include any adjustments that would result if the Group or Company were unable to continue as a going concern.

Page 32

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.7

Revenue

Turnover represents amounts earned during the year from gross sales, transaction fees, management fees, commissions receivable, and other income in accordance with contractual arrangements, exclusive of Value Added Tax.

Revenue from the rendering of services is measured at the point when risk of the service transaction is transferred in the reporting period provided that the outcome can be reliably estimated. This is on a booking date basis where the Group acts as Agent, and departure date basis where it acts as a Principal. Turnover represents gross bookings when the group as a Principal and commission when it acts as an agent.

When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

1.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss 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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 33

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.9

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

1.10

Interest receivable and similar income

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

1.11

Interest payable and similar expenses

Interest payable and similar expenses are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 34

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

1.14

Intangible assets

Goodwill (Group)

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life. The finite useful life of goodwill is estimated to be between 12 to 17 years.

The company reviews the amortisation period and method when events and circumstances indicate that the useful life may have changed.

Other intangible assets

Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation is charged to the profit or loss on a straight-line basis over the estimated useful lives of intangible assets. The finite useful life of intangible assets is estimated to be 10 years. Intangible assets are amortised from the date they are available for use.

Page 35

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements	-	20% straight line
Plant and machinery	-	25% straight line
Fixtures and fittings	-	33.3% straight line
Computer equipment	-	33.3% straight line

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.

1.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

1.17

Advance receipts and payments

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 accruals and deferred income.

Payments made to suppliers in respect of these tours are included in prepayments.

1.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 36

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

1.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.21

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

1.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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 Group'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 Group after the deduction of all its liabilities.

Page 37

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.22

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 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.

2.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised 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 statement of comprehensive income in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

The principal areas requiring the use of judgement and estimation are as follows:

Recoverability of goodwill and investments in subsidiary undertakings

The directors have assessed the carrying value of goodwill and investments in subsidiary undertakings for indicators of impairment. This assessment required the use of judgement in evaluating the future profitability and cash-generating ability of the underlying businesses. Management prepared forecasts and budgets covering a period of at least twelve months from the date of approval of the financial statements and considered the strategic outlook for the Group's operations. Based on this assessment, the directors concluded that the recoverable amounts exceed the carrying values of the related assets and that no impairment provision is required.

The directors do not consider there to be any other critical judgements or key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 38

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Total transactional value	246,766,292	243,578,390
Costs before merchant fees	(174,641,680)	(169,876,447)
	72,124,612	73,701,943

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	72,012,514	70,340,475
Rest of Europe (see note 8 and 15)	112,098	3,361,468
	72,124,612	73,701,943

Depreciation of tangible fixed assets	117,114	194,057
Amortisation of intangible assets, including goodwill	2,774,371	2,556,309
Exchange differences	(805,640)	101,084
Defined contribution pension cost	189,165	137,568

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements	110,827	121,450
Fees payable for non-audit services
All non-audit services	47,498	52,050

Page 39

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	8,200,331	9,300,851	2,416,516	1,424,790
Social security costs	966,401	1,265,707	268,355	166,930
Cost of defined contribution scheme	189,165	137,568	73,719	4,774
	9,355,897	10,704,126	2,758,590	1,596,494

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Sales, operations and administration	196	187

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	370,512	407,196
Group contributions to defined contribution pension schemes	7,438	4,774
	377,950	411,970

	During the year retirement benefits were accruing to 2 directors (2024 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £174,674 (2024 - £248,063).
	The total accrued pension provision of the highest paid director at 31 December 2025 amounted to £NIL (2024 - £NIL).

Key management consists of the directors. The compensation paid to the key management for employee services is the same as directors.

Page 40

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Profit on disposal of investments
		2025	2024
		£	£


Profit on disposal of subsidiary	572,554	-
	572,554	-

On 23 January 2025, the Group disposed of its entire shareholding in Altour International SARL (France), a wholly owned subsidiary undertaking, resulting in a profit on disposal of £572,554 (see note 15).

9.	Interest receivable
		2025	2024
		£	£

Other interest receivable

40,435

129,887

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	-	49
Interest on loans from other group companies	595,733	630,278
Other interest payable	-	88
	595,733	630,415

Page 41

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	21,322	-
Adjustments in respect of previous periods	11,306	(71,611)
	32,628	(71,611)
Foreign tax
Foreign tax on income for the year	-	84,307
	-	84,307
Total current tax	32,628	12,696

Deferred tax
Origination and reversal of timing differences	220,192	228,990
Losses and other deductions	(243,231)	807,379
Total deferred tax	(23,039)	1,036,369


		9,589	1,049,065

Page 42

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

(Loss)/profit on ordinary activities before tax

(159,970)

136,129

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	338,660	34,032
Effects of:
Fixed asset differences	84,574	1,917
Expenses not deductible for tax purposes	3,814	643,941
Income not taxable for tax purposes	(29,968)	-
Adjustments in respect of prior periods	41,254	(71,611)
Exempt distribution income	(247,500)	-
Other differences leading to an increase (decrease) in the tax charge	139	31,008
Group relief	61,847	239,853
Movement, remeasurement and adjustments in respect of deferred tax	(243,231)	169,925
Total tax charge for the year	9,589	1,049,065

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent Company for the year was £96,413 (2024 - £1,190,966).

Page 43

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Intangible assets
	Group

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 January 2025	78,975	44,464,618	44,543,593
Additions	3,200	-	3,200
Disposals	-	(4,908,750)	(4,908,750)
At 31 December 2025	82,175	39,555,868	39,638,043
Amortisation
At 1 January 2025	46,429	23,871,962	23,918,391
Charge for the year on owned assets	18,082	2,756,289	2,774,371
On disposals	-	(996,351)	(996,351)
At 31 December 2025	64,511	25,631,900	25,696,411
Net book value
At 31 December 2025	17,664	13,923,968	13,941,632
At 31 December 2024	32,546	20,592,656	20,625,202

During the year, the Group disposed of its holding in Altour International SARL (France) and associated goodwill (see note 15).

Page 44

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.Intangible assets (continued)

	Company

		Goodwill
		£
	Cost
	At 1 January 2025	1,813,040
	At 31 December 2025	1,813,040
	Amortisation
	Charge for the year	181,304
	At 31 December 2025	181,304
	Net book value
	At 31 December 2025	1,631,736
	At 31 December 2024	1,813,040

Goodwill represents the value of investments held in Tzell UK Limited, excluding the cost of share capital, which was transferred to goodwill, as a result of trade being hived up in accordance with FRS 102 in the year ended 31 December 2024.

Page 45


		GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

	14.	Tangible fixed assets
		Group

	Leasehold Improvements	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	975,408	534,820	430,732	358,222	2,299,182
Additions	28,482	-	10,409	57,501	96,392
At 31 December 2025	1,003,890	534,820	441,141	415,723	2,395,574
Depreciation
At 1 January 2025	848,615	400,311	287,659	358,222	1,894,807
Charge for the year on owned assets	89,321	5,157	3,469	19,167	117,114
At 31 December 2025	937,936	405,468	291,128	377,389	2,011,921
Net book value
At 31 December 2025	65,954	129,352	150,013	38,334	383,653
At 31 December 2024	126,793	134,509	143,073	-	404,375

Page 46


		GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

		Company

	Leasehold Improvements	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	747,643	281,624	56,186	354,742	1,440,195
Additions	28,482	-	10,409	54,010	92,901
At 31 December 2025	776,125	281,624	66,595	408,752	1,533,096
Depreciation
At 1 January 2025	670,216	256,163	56,186	315,869	1,298,434
Charge for the year on owned assets	61,911	5,157	3,469	57,768	128,305
At 31 December 2025	732,127	261,320	59,655	373,637	1,426,739
Net book value
At 31 December 2025	43,998	20,304	6,940	35,115	106,357
At 31 December 2024	77,427	25,461	-	38,873	141,761

Page 47

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Fixed asset investments
	Group

	Unlisted investments	Other fixed asset investments	Total
	£	£	£
Cost or valuation
At 1 January 2025	8,260	26,888	35,148
Disposals	-	(26,888)	(26,888)
At 31 December 2025	8,260	-	8,260
Impairment
At 1 January 2025	7,407	18,256	25,663
Impairment on disposals	-	(18,256)	(18,256)
At 31 December 2025	7,407	-	7,407
Net book value
At 31 December 2025	853	-	853
At 31 December 2024	853	8,632	9,485

Unlisted investments is made up of various investments held by Altour International Limited, a subsidiary.

Page 48

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	43,316,615
	Disposals	(5,187,569)
	At 31 December 2025	38,129,046

	Net book value
	At 31 December 2025	38,129,046
	At 31 December 2024	43,316,615

On 23 January 2025, the Group disposed of its entire shareholding in Altour International SARL (France), a wholly owned subsidiary undertaking engaged in the provision of travel management services in France.

The carrying value of the investment disposed of, together with the net assets transferred and any associated foreign currency translation reserve relating to the subsidiary, were derecognised on disposal. The resulting profit on disposal recognised in the consolidated profit and loss account for the year amounted to £572,554.

During the year, Kitaway Limited, a dormant company within the Group, was dissolved.

Page 49

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Direct subsidiary undertakings
The following were direct subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Tzell UK Limited	101 St. Martin's Lane, London, WC2N 4AZ	Dormant	Ordinary	100%
Travel Leaders SA Proprietary Limited	306 THE FOUNDRY, 74 PRESTWICH STREET, CAPE TOWN, 8001	Travel management services	Ordinary	100%
Colletts Travel Limited	79 Brent Street, London, England, NW4 2EA	Travel agency activities	Ordinary	100%
Altour International Limited	101 St. Martin's Lane, London, WC2N 4AZ	Travel management services	Ordinary	100%
*Global Travel Collection (Ireland) Ltd	74 Northumberland Road, Ballsbridge, Dublin 4	Travel management services	Ordinary	100%

*During the year, the company made a capital contribution to its newly established subsidiary, Global Travel Collection (Ireland) Ltd. There was no change in ownership or control as a result of this addition.

The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Tzell UK Limited	(623,754)	16,995
Travel Leaders SA Proprietary Limited	132,956	(6,072)
Colletts Travel Limited	(3,146,865)	233,193
Altour International Limited	(3,074,743)	968,529
*Global Travel Collection (Ireland) Ltd	(43,595)	(2,062)

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

BBTF Travel (Holland) B.V.	Operetteweg 9, 1323 VJ, Almere, Netherlands	Travel management services	Ordinary	100%
BBTF Travel Limited	101 St. Martin's Lane, London, WC2N 4AZ	Dormant	Ordinary	100%
Infinity Travel Limited	101 St. Martin's Lane, London, WC2N 4AZ	Travel management services	Ordinary	100%

Page 50

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Indirect subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

BBTF Travel (Holland) B.V.	(160,257)	(21,428)
BBTF Travel Limited	(226,508)	(70,257)
Infinity Travel Limited	(1,157,522)	215,008

Page 51

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Due after more than one year
Amounts owed by group undertakings	322,647	-	-	-
Other debtors	428,259	414,259	428,259	414,259

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Due within one year
Trade debtors	14,058,114	15,769,405	5,745,574	4,967,607
Amounts owed by other group companies	4,782,472	10,615,532	7,425,123	13,253,311
Other debtors	2,390,013	2,370,375	609,099	795,648
Prepayments and accrued income	1,923,975	1,429,465	284,005	237,730
Deferred taxation	692,480	669,441	342,780	160,283
	23,847,054	30,854,218	14,406,581	19,414,579

Included in prepayments and accrued income are advance supplier payments for future departures amounting to £332,543 (2024: £348,338).

17.	Current asset investments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Unlisted investments	33,721	20,487	33,721	20,487

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	8,118,500	8,071,959	3,574,662	2,364,276

Page 52

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	11,221,507	12,469,743	4,523,336	3,945,704
Amounts owed to other group companies	2,217,393	3,909,205	2,057,746	11,775,096
Corporation tax	55,301	157,517	21,322	-
Other taxation and social security	202,028	232,791	202,028	156,521
Other creditors	1,698,843	2,166,675	195,904	380,372
Accruals and deferred income	3,180,800	2,085,027	804,424	221,541
	18,575,872	21,020,958	7,804,760	16,479,234

Amounts owed to related parties are non-interest bearing and payable on demand.

Included in accruals and deferred income are advance receipts from customers in relation to future departures £2,190,948 (2024: £1,136,314)

Included in the group trade creditors balance is the liability due to the International Air Transport Association (IATA) amounting to £526,147 (2024: £510,045) owed by Colletts Travel Limited.

Included in the group and company trade creditors balance is the liability due to the International Air Transport Association (IATA) amounting to £1,555,846 (2024: £853,304) owed by Global Travel Collection UK, Ltd.

20.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts owed to group undertakings	29,689,151	39,078,254	24,874,020	25,470,614
Other creditors	93,379	148,532	-	-
Accruals and deferred income	97,296	31,315	-	-
	29,879,826	39,258,101	24,874,020	25,470,614

The Group’s parent, Internova Travel Group LLC, issued a discounted loan note of £21.07m with an annual interest charge of 6% repayable over eight years in instalments. This was to finance the cost of acquiring Colletts Travel Limited. As at the year end, the balance outstanding was £14,761,431 (2024: £14,761,431).

Page 53

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Secured debts

A debenture in Altour International Limited in favour of Barclays Bank Plc which includes fixed and floating charges over the undertaking.

A debenture in BBTF Travel Limited in favour of The Royal Bank of Scotland Plc which includes fixed and floating charges over the undertaking.

A cross guarantee and debenture between Altour International Limited and BBTF Travel Limited in favour of Barclays Bank Plc which includes fixed and floating charges over the undertakings.

22.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	669,441	1,705,810
Charged to profit or loss	23,039	(1,036,369)
At end of year	692,480	669,441

Company

	2025	2024
	£	£

At beginning of year	160,283	821,206
Charged to profit or loss	182,497	(660,923)
At end of year	342,780	160,283

The deferred tax asset is made up as follows:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£

Fixed assets and short-term timing differences	61,739	(31,787)	(25,495)	(30,302)
Losses	422,061	701,228	368,275	190,585
Other deductions	208,680	-	-	-
	692,480	669,441	342,780	160,283

Page 54

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

50,000 Ordinary shares of £1.00 each	50,000	50,000

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 Group.

24.

Reserves

Other reserves

The parent of the group made a capital contribution of £17,669,167 in August 2017.These funds were used to acquire the shareholding of subsidiaries. A further contribution of £3,000,000 in December 2021 was made by the parent company. £262,806 has been repaid.

Foreign exchange reserve

Includes all foreign exchange gains and losses arising on consolidation.

Profit and loss account

Includes all current and prior period retained profits and losses.

25.	Contingent liabilities

Global Travel Collection UK, Ltd and Colletts Travel Limited currently hold an Air Travel Organisers Licence (ATOL) issued by the Civil Aviation Authority ('CAA'). In order to offer air inclusive package holidays, the Group requires the annual renewal by the CAA of its ATOL licences. The CAA grants these licences on the basis of meeting agreed financial criteria and renews this in September (effective 1st October) each year. The Group has complied with these requirements in previous years. The directors see no reason why the ATOL licences will not be renewed in September 2026 on substantially the same terms and conditions as currently agreed with the CAA. As at 31 December 2025, the Group held a joint bond 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, Global Travel Collection UK, Ltd and Colletts Travel Limited were members of the Association of British Travel Agents Limited ('ABTA'). As at 31 December 2025, the group held a joint insurance backed bond in the 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 Group’s financial standing or compliance with ABTA requirements.

Global Travel Collection UK, Ltd and Colletts Travel Limited are also accredited agents of the International Air Transport Association ('IATA'). Continued accreditation is subject to compliance with IATA's financial and operational requirements for each company.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.

Page 55

GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pensions cost charge represents contributions payable by the Group to the fund and amounted to £189,165 (2024: £137,568). Included in other creditors are contributions totalling to £35,807 (2024: £3,266) payable to the fund at the reporting date.

27.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	643,312	989,604	556,612	815,904
Later than 1 year and not later than 5 years	375,000	928,862	-	736,654
Later than 5 years	108,000	-	-	-
	1,126,312	1,918,466	556,612	1,552,558

28.	Related party transactions
	The company has taken advantage of the exemption available under FRS 102 section 33.1A where disclosures of transactions between group members are not required, provided that the subsidiary is wholly owned. The following balances with fellow group companies were outstanding at the year end:

		2025	2024
		£	£

Global Travel Collection LLC (Protravel International LLC)	(24,359,689)	(18,945,092)
Tzell Travel Group LLC	-	(16,369,712)
Barrhead Travel Service Ltd	(117,997)	3,555,000
Internova Travel Group LLC	-	(424,362)
Altour Delaware, LLC (Altour International NY)	5,045,540	(4,962,417)
Travel Leaders Group, LLC	945,884	(375,271)
Travel Leaders Corporate LLC	2,382,933	-

The following balances with connected companies were outstanding at the year end:

Owed to Y.E.S. (Your Event Solutions) Limited, £634,875 (2024: £1,624,416).

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GLOBAL TRAVEL COLLECTION UK, LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

29.	Post balance sheet events

Subsequent to the year end, and with effect from April 2026, Colletts Travel Limited 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.

The directors confirm there have been no other significant events affecting the Group since the year end.

30.	Controlling party

Internova Travel Group LLC (Incorporated in the USA) is regarded by the directors as being the company's ultimate parent company.

The company is a 100% subsidiary of Protravel International LLC, incorporated in the USA. Protravel International LLC is a 100% subsidiary of Tzell Holdings LLC, which is a 100% subsidiary of Internova Travel Group LLC.

The company is included in the consolidated accounts of Internova Travel Group LLC.

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