The directors present their strategic report for the year ended 31 March 2026.
The principal activity of the Group and the Company continued to be the provision of sports travel and hospitality services. Your Golf Travel (“YGT”) offers golf holidays, tournament experiences and tee-time bookings across domestic and international destinations.
Investment in technology continued across the website, online booking journey, YGT app and back-office systems, improving customer experience, digital capability and operational efficiency.
Customer satisfaction remained strong. The Group’s Trustpilot score improved to 4.7 out of 5 from 4.2, based on more than 10,300 reviews. Net Promoter Score and Google Reviews are also monitored as part of the Group’s wider service-quality framework.
Balance sheet liquidity improved significantly during the year. Current assets increased to £93.8 million from £72.8 million, cash at bank rose to £30.3 million from £25.0 million and borrowings reduced to £3.0 million from £4.0 million. This provides greater financial flexibility for future investment and growth.
The Group continued its relationship with England Golf, supporting the England Golf Trust and The Race to Woodhall Spa. Its ambassador partnerships included Solheim Cup Captains Anna Nordqvist and Suzann Pettersen, Open Champion Darren Clarke and Simon Holmes, YGT’s Chief Tuition Officer, together with selected event activity involving Ryder Cup-winning Captain Luke Donald.
The directors consider the Group’s principal financial key performance indicators to be:
Total transaction value;
Gross profit; and
EBITDA before exceptional items.
Performance against each of these measures is discussed in the Trading Review above.
The Group also monitors customer satisfaction, digital conversion, booking volumes, repeat business and employee engagement.
YGT’s mission is to provide memorable customer experiences through outstanding service. During the next 12 months, the Group will continue to invest in technology, people and product development.
Planned website, CRM personalisation and app enhancements will improve customer communication, booking management and post-booking services. More products will become directly bookable online, supported by additional transaction methods.
The Group will continue to deepen its destination expertise and expand its global product portfolio through high-quality supplier partnerships, enabling teams to provide informed and personal recommendations.
During FY26, the Group strengthened its leadership team by appointing a Chief People Officer, Chief Marketing Officer, Chief Operating Officer in the US, Group Chief Financial Officer and an experienced Non-Executive Director.
More than 108 million adults and juniors now participate in golf worldwide. Participation is becoming younger and more diverse, supported by the growth of off-course golf and entertainment venues. The Group will seek to reach more customers across the leading on-course markets of the United States, UK, Europe, Australasia, Asia as well as other international markets.
The directors believe that YGT’s market position, brand portfolio, specialist expertise, technology investment and strengthened financial position provide a strong platform for continued sustainable growth.
Principal risks, uncertainties and financial risk management policies
The following principal risks and uncertainties may affect the Group’s operations, financial performance and strategic objectives. The list is not exhaustive, and the Board keeps the Group’s risk profile and mitigating actions under regular review.
The Board retains responsibility for financial risk management and does not delegate this responsibility to a separate sub-board. The Board sets the relevant policies and monitors the principal risks, controls and mitigating actions described below.
Financial risk
The Group manages financial risks including liquidity, credit and foreign-exchange risk. Its principal financial instruments comprise cash and bank balances, trade receivables and trade payables.
Liquidity risk
The Group seeks to maintain sufficient funding for ongoing operations and planned investment. Its principal external funding is a revolving credit facility, supplemented by intercompany loans from a parent undertaking. Liquidity and cash requirements are monitored regularly.
Credit risk
Credit risk principally arises from trade receivables. Amounts reported in the balance sheet are stated net of allowances for doubtful debts. Credit terms and debtor balances are actively managed, and exposure is spread across a broad range of customers and counterparties, with no significant concentration of credit risk.
Foreign-exchange risk
The Group is exposed to movements in exchange rates through costs denominated principally in euros and US dollars. Forecast currency requirements are monitored and, where appropriate, hedged using forward foreign-exchange contracts.
Legislative and regulatory risks
The travel industry is subject to extensive regulation. The Group maintains regular engagement and reporting with its regulators and uses external advisers where appropriate. It holds the licences, registrations and memberships required to operate in its markets, including ATOL and IATA registrations and membership of ABTOT.
Economic conditions
Trading may be affected by factors outside the Group’s control, including changes in consumer confidence, political uncertainty, inflation and currency volatility. These factors may place pressure on demand, revenue or margins. The Group mitigates this risk through regular monitoring of market conditions and trading performance.
External disruption and environmental risk
The Group may be affected by extreme weather, natural events, terrorism, industrial action, epidemics, pandemics or the closure of a key destination. Established incident-management processes, defined responsibilities and a diversified destination portfolio help reduce the operational and financial impact of significant disruption.
IT systems and cyber risk
The Group depends on key technology systems and access to operational facilities. System failure, loss of access or a cyber incident could cause operational disruption and financial or reputational damage. Systems, controls, business-continuity arrangements and recovery processes are maintained to mitigate and respond to such events.
On behalf of the board
The Directors present their annual report and the audited financial statements of the Group and Company for the year ended 31 March 2026.
The Group comprises of Your Golf Travel Limited and its subsidiaries:
Your Golf Travel Inc. and subsidiaries (USA)
Destination Golf Services (UK/EU)
Your Sports Travel Limited (UK)
The results for the year are set out on page 11 of the financial statements.
An interim dividend of £7.0m was declared during the year, as set out in Note 13 of the financial statements.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Information regarding the Group's likely future developments is included in the Strategic Report.
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £100k revenue. This has been deemed the most appropriate measure given all of our energy usage is by way of office electricity consumed which will increase in line with headcount which is ultimately determined by the revenue to be serviced.
In the period covered by the report the Group has continued to maintain heating, ventilation and air conditioning systems ensuring they are operating efficiently, installed smart electricity meters to ensure consumption can be monitored frequently, and encouraged employees to engage in energy saving practices such as participating in the EV scheme offered, supporting energy conservation and using recycling bins provided.
The Group is committed to minimising its environmental impact and works towards reducing its own internal carbon emissions and footprint as well as placing a greater emphasis on partnering with eco-friendly suppliers to offer a wide range of sustainable travel options to its customers.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Your Golf Travel Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and company law.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation, and ATOL/ABTOT registration requirements.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,634,731 (2025 - £537,620 profit).
Your Golf Travel Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Cloister Court, 22-26 Farringdon Lane, London, England, EC1R 3AJ.
The group consists of Your Golf Travel Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the investment property and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
Management has concluded that the financial statements give a true and fair view of the company's financial position, financial performance, and cash flows. The company has complied with FRS 102 except that it has departed from the requirement to show current liabilities on the basis of loan agreements and scheduled payments thereof that were applicable at the balance sheet date. Under FRS 102, bank loans payable within one year would be £3,000,000. This treatment has been deemed misleading due to amended loan agreements being agreed post year end. Current and non-current bank loans have been recognised on the basis of the amended loan agreements.
The consolidated group financial statements consist of the financial statements of the parent company Your Golf Travel Limited together with all entities controlled by the parent company and subsidiaries.
All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
At the time of approving the financial statements, the directors expect that the group and company has adequate resources to continue in operational existence for the foreseeable future. The group has the ongoing support of its bankers. Cash flow forecasts provided to the bank through to October 2027 have been approved and show ongoing compliance with the financial covenants. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Total transaction value ('TTV') represents gross bookings (excluding other income) and does not represent the company's statutory turnover. Where the company acts as an agent, TTV represents the price at which bookings have been sold.
Turnover represents amounts invoiced and receivable for the provision of sports travel services and hospitality. Revenue earned on bookings travelling in greater than one year is recognised at the present value of future cash flows.
Turnover also includes supplier overrides, advertising and sponsorship income which is recognised in the year to which it relates.
Agency turnover
Where the company acts as an agent and does not take ownership of the services being sold, turnover represents commissions earned.
Commission is recognised as earned on a booking date basis but is amendable until the travel date. Turnover also includes an estimated downsizing provision for any adjustments made after the booking date and before the departure date which affects the original booking value and commission receivable. The cost of sales element to these bookings are included in the cost of sales provision and accrued for in order to reflect margin achieved by the company in the financial statements.
Principal turnover
Where the company acts as a principal and purchases the services for resale, turnover represents the price at which the product or service has been sold.
Turnover is recognised as earned on a booking date basis, with an estimated downsizing provision for any adjustments made after the booking date and before the departure date which affects the original booking value. The cost of sales element to these bookings are included in trade creditors and accrued for in order to reflect gross margin achieved by the company in the financial statements.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include trade debtors and other debtors, amounts owed by group undertakings, accrued income, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets carried at cost or amortised cost are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all liabilities.
Basic financial liabilities, including trade and other creditors, bank loans, amounts owed to group undertakings, and accruals, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss as part of operating profit.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the enacted or substantially enacted tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using an appropriate valuation model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
When equity-settled share-based payments are forfeited, the expense is reversed.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Consolidation of foreign subsidiaries has been effected using the closing rate/net investment method. For subsidiary companies reporting in foreign currencies, profit and loss account transactions have been translated at the average rate ruling during the year and balance sheet items have been translated at the rate ruling at the year-end. Differences arising from the retranslation of net investments in foreign subsidiaries are taken to other comprehensive income.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Fixed asset investments are valued at cost less impairment. During the prior year the investment in Sport of Kings Investments Limited was judged to be impaired on the basis of discounted cash flows expected to flow to the group over the next ten years.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
In line with the turnover accounting policy, cost of sales are recognised at the point of booking. Supplier invoices are received on the date of travel. The resulting accrual is estimated based on future expected costs of the supply.
Cost of sales accruals also include the expected cost of sales of any outstanding vouchers in issue. The cost of sales on outstanding vouchers is calculated by applying the expected margin on future bookings to the outstanding value.
The cost of sales accrual is included under trade creditors. The carrying value of the cost of sales accrual at the balance sheet date is £74,710,960 (2025: £63,976,545).
A provision is recognised for the expected reduction in profit margin as a result of amendments to bookings made before date of travel. This provision is estimated using historical data to provide an expected downsizing percentage to the trips that are yet to travel at year end. The downsizing provision is included in other creditors. The carrying value of the downsizing provision at the balance sheet date is £563,579 (2025: £664,017).
A provision is recognised for the expected staff commission payable on future travel. This provision is estimated using historical data to provide an expected percentage to the trips that are yet to travel at year end. The commission provision is included in other creditors. The carrying value of the commission provision at the balance sheet date is £659,984 (2025: £555,877).
A provision is recognised for the expected VAT payable on future travel. This provision is estimated using historical data to provide an expected percentage of UK trips on which VAT will be charged that are yet to travel at year end. The VAT provision is included in other creditors and is deemed to be irrecoverable. The carrying value of the VAT provision at the balance sheet date is £741,066 (2025: £611,478).
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives set out in note 1.6.
The carrying value of intangible assets is disclosed in note 15 to the financial statements.
Compensation claims related to cost recovery claims against credit card merchants and an airline.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
There were 2 directors in the group's defined contribution pension scheme (2025: 0).
Other interest on financial liabilities includes interest payable on related party loans, directors' loan accounts, and overdue amounts outstanding to HMRC with respect to PAYE / NIC liabilities.
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows.
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
Customer databases relate to booking databases acquired on acquisition of subsidiaries. Software development relates to regular ongoing research and development of the website and IT systems. The assets are amortised over a period of five years.
The investment property relates to one property in Farringdon, London. The fair value of the investment property at the previous reporting date was a directors' valuation supported by valuations offered by RICS certified advisors, who are independent from the group and its directors.
The valuation was made on a yield capitalisation approach with reference to its expected rental value based on values of similar properties in the area and net equivalent yield.
The property was disposed of to Palatinate Group Holdings Limited, the immediate parent company as at the reporting date, on 15 December 2025, for proceeds equal to the carrying value.
The investments in associates relate to Your Golf Travel Limited's investment in Sport of Kings Investments Limited. At the previous reporting date, Your Golf Travel Limited owned 844,000 shares in Sport of Kings Investments Limited. On 13 January 2026, Your Golf Travel Limited purchased an additional 681,017 shares in Sport of Kings Investments Limited, for a total consideration of £681,017. As a result, at the reporting date Your Golf Travel Limited own 30% of the voting share capital of Sport of Kings Investments Limited, and are considered to hold significant influence over the company.
Details of the company's subsidiaries at 31 March 2026 are as follows:
Destination Golf Services Limited is exempt from audit by virtue of Section 479A of the Companies Act 2006. Your Golf Travel Limited has provided this subsidiary with a guarantee under Section 479C of the Companies Act 2006 thereby undertaking to guarantee all outstanding liabilities to which the subsidiary company is subject at the end of the financial year.
Your Golf Travel Inc acquired 50% of the share capital of Walker Sports Marketing LLC on 17 January 2025. Walker Sports Marketing LLC has been considered a subsidiary of Your Golf Travel Inc due to Your Golf Travel Inc having power to cast the majority of votes at meetings of the Management Committee whereby the financial and operating policies of the entity are governed. Your Golf Travel Inc additionally own the rights to 100% of the allocation of the Company's profits and losses for each fiscal year and 100% entitlement to any distributions. On 30 June 2025, Your Golf Travel Inc. acquired an additional 10% of the share capital of Walker Sports Marketing LLC.
On 30 June 2026, Your Golf Travel Inc. acquired an additional 10% of the share capital of Walker Sports Marketing LLC, bringing total indirect ownership to 70%.
Long term trade debtors relate to bookings travelling in greater than one year from the balance sheet date.
At 31 March 2026, the Company had £24,636 (2025 - £129,672) of BSP outstanding cash sales to be paid to the International Air Transport Association ('IATA') for tickets issued during the month of March 2026, all of which was paid within April and May 2026.
The movement in derivative financial instruments since the prior year is due to the volatility of the British Pound against the Euro and US Dollar. The derivative financial instruments are measured at fair value through the profit and loss account and are measured using valuation techniques that utilise observable inputs.
Other long term creditors relate to deferred consideration payable by Your Golf Travel Inc. on the acquisition of Premier Golf LLC and Walker Sports Marketing LLC.
Bank loans consist of a revolving credit facility. Under the facility agreement applicable at the balance sheet date, the facility is due for repayment on 2 October 2027.
Shareholder loans relate to subordinated loans provided by the director shareholders. The loans are repayable on 2 October 2027.
The interest terms of the loans were at commercial rates (interest payable – note 10).
The loans are secured by a debenture charged over the assets of the company.
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes. Deferred tax has been calculated using a rate of 25% (2024: 25%).
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. There is a pension liability of £46,206 (2025: £48,653) at the year end.
On 3 December 2025, the company issued 39,255 new G1 ordinary shares of 1p each for 2p a share, and issued 1,548,940 new G2 ordinary shares of 1p each for 1.5p per share.
The ordinary shares carry full voting rights but no right to fixed income. The G1 and G2 ordinary shares carry no right to vote and no right to fixed income.
Barclays Bank Plc holds a fixed charge over all assets of Your Golf Travel Limited and related company Cloisters Court Limited.
The operating lease represents leased premises from third parties. The leases are negotiated over terms of 10 years, and rentals are fixed for 10 years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The operating lease represents a lease to a third party. The lease is over a term of 10 years and rentals are fixed for 5 years. The lease includes a provision for upward rent review every 5 years according to prevailing market conditions. There are no options in place for either party to extend the lease terms.
The lease arrangement was novated to Palatinate Group Holdings Limited, the immediate parent entity of Your Golf Travel Limited, on 1 July 2026.
Company
The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies that are wholly owned on the grounds that consolidated financial statements are prepared by the ultimate parent company.
During the year, the company charged £629,125 (2025: £1,184,167) to Spabreaks.com Limited, a related party by virtue of having common directors and shareholders. This related to management charges in respect of staff costs, IT support, website development, rent, service charges and office costs. The company also paid other expenses amounting to £2,831,589 (2025: £1,294,242) on behalf of Spabreaks.com Limited. At the balance sheet date, the company owed £nil (2025: £2,500,000) to Spabreaks.com Limited.
During the year, the company made rental, service and office cost payments of £158,182 (2025: £106,730) to the Palatinate Pension Scheme (SASS). This is a related party by virtue of being a director's pension scheme. The company also paid loan repayments and other expenses amounting to £72,939 (2025: £106,730).
During the year, the company charged £1,873 (2025: £38,919) to Outofofficedotcom Limited, a related party by virtue of having a common director and shareholder.
During the year, the company was charged rental expenses of £964,800 (2025: £964,800) and paid expenses amounting to £nil (2025: £794) on behalf of Cloisters Court Limited, a related party by virtue of having common directors and shareholders. At the balance sheet date, the company was owed £2,310,000 (2025: £2,310,000) from Cloisters Court Limited.
During the year the company paid expenses of £487,026 (2025: £487,026) on behalf of Racingbreaks.com Limited. At the balance sheet date the company was owed £350,000 (2025: £375,000) from Racingbreaks.com Limited. Interest is paid to the company on this loan at 8% per annum.
During the year, the company paid expenses amounting to £12,884 (2025: £37,289) on behalf of Albatross Club Limited, a related party by virtue of having common directors and shareholders.
During the year, the company made purchases of £1,711,474 (2025: £2,150,229) from Walker Sports Marketing LLC relating to sporting event tickets. This is a related party by virtue of having common directors. At the balance sheet date, the company was owed £23,085 (2025: £nil) from Walker Sports Marketing LLC.
During the year a sum of £nil (2025: £24,000) was paid to E Harding, the father of former director A Harding, in relation to non-executive director services provided.
At the balance sheet date, director R Marshall was owed £663,606 by (2025: £42,386 owed to) the company, and former director A Harding was owed £836,260 (2025: £206,717) by the company.
Group
At the balance sheet date, the Group was owed £6,703,490 from its immediate parent entity, Palatinate Group Holdings Limited.
At the balance sheet date, the Group owed £3,567,267 to its ultimate parent entity, Palatinate Topco Holdings Limited.