The directors present the strategic report for the period ended 31 December 2025.

OVERVIEW

Matrix Travel Ltd is part of the Linstol UK Group, which is part of a Group headed by the Hoffmann Family of Companies, a USA based family fund which is an investment vehicle used to acquire Companies across the world and particularly in the US marketplace. The Company will benefit from synergies provided by collaboration with its owners as well as the financial strength of the Hoffmann Family of Companies.

The period ended 31 December 2025 represents the first period of active trading for Matrix Travel Ltd. During the period the Company established its operations, built out its supply chain and delivered a strong financial performance, as detailed in our financial review.

In November 2025, the entire issued share capital of Matrix Travel Ltd was transferred from Matrix APA (UK) to COGS Holdings UK Ltd, and subsequently the majority of shares were sold to the Linstol UK Group. Matrix Travel Ltd supplies amenity and textile products to the airline industry. These goods and services are complementary to the wider Group’s product offering and provide an opportunity to expand into more categories across the Group’s customer base.

Our key strategic focus has been to deliver consistently for our established airline customers while integrating into the Linstol UK Group and responding to evolving customer demands in a dynamic marketplace.

MARKET REVIEW

Market overview

Matrix Travel Ltd operates in the airline amenity and textile product market, supplying products that enhance the passenger experience with a particular focus on the premium cabins. As part of the Linstol UK Group the Company is able to broaden its product portfolio and benefit from the Group’s wider innovation across its headset, amenity, textile and serviceware ranges.

The addressable market

Our focus continues to be the airline marketplace due to the growth of this sector and the international footprint of the Linstol Group.

Where are we in the market

The Company holds long-standing relationships with a number of the world’s leading premium airlines, supplying amenity and textile products built around a human-centered design approach. Matrix Travel is regarded as one of the best in utilizing a bespoke, studio-led approach to co-creating with its airline partners. As part of the Linstol Group we are able to leverage market-leading expertise across nearly all passenger in-flight amenities categories for an unmatched comprehensive approach to creating passenger experiences.

OPERATIONAL REVIEW

Customer and sales growth

In its first period of active trading the Company generated revenue of £11.3 million, supplied to a small number of established airline customers. These customers are long-standing partners with whom the Company continues to work closely to increase revenue and broaden the range of products supplied. The directors recognise that the Company’s revenue is concentrated among a small number of customers and are focused on deepening these relationships while, over time, broadening the customer base through the wider Linstol Group.

Employees

At Linstol we bring together the best talent from around the world and empower them to create, deliver and excel for the benefit of our customers. Our employees embody our culture built on ambition, innovation, collaboration, and dedication, and they thrive in an environment that inspires and encourages. unwavering respect and team spirit, a progressive outlook, independent thinking and idea sharing, and flexibility to work and succeed on their own initiative. We understand that supporting each other, celebrating our diversity, championing work/life balance, and being of charitable service makes us stronger as a business and good stewards in the communities we serve.

For the period ended 31 December 2025, the number of employees in Matrix Travel Ltd was 6. As this is the Company’s first period of active trading, no prior period comparative is presented.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Company’s strategy are subject to a number of risks. The key risks affecting the Company are set out below. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Company.

Customer concentration

The Company derives substantially all of its revenue from a small number of airline customers and therefore has a significant concentration of customer risk. These customers are, however, long-standing partners with whom the Company has well-established and trusted relationships. The directors mitigate this risk through close and regular engagement with each customer, consistent delivery of high service and product quality, and by leveraging the wider Linstol Group’s relationships and product range to broaden the Company’s customer base over time.

Competition

The Company operates in a highly competitive market, particularly with airlines regularly benchmarking pricing through tender processes including reverse auctions.

Employees

The Company’s performance depends largely on local staff. The loss of key individuals and the inability to recruit people with the right experience and skills could adversely impact the Company’s results. To mitigate these issues the Company has begun integrating the Matrix Travel team among the Linstol Group team, providing opportunities for career expansion and development alongside competitive remuneration packages designed to retain key individuals.

The Company is subject to the wider economic impacts of economic slowdown or labour shortages in the Company’s core markets. Core markets are continually reviewed and the position monitored by management as developments arise.

FINANCIAL RISK MANAGEMENT

Individual Companies manage their own financial risk with the support of the wider Linstol Group. The directors review the Company’s exposure to financial risks on an ongoing basis.

The Company does not extensively use derivative financial instruments to manage financial risk, and as such, the Board have taken the view that hedge accounting is not applied.

Foreign exchange risk

The Company operates internationally and is exposed to foreign exchange risk arising from various currency exposures. The Company uses foreign currency bank accounts, FX spot deals and natural hedging to reduce exposure to foreign currency risk.

Credit risk

The Company has significant concentrations of credit risk. This credit risk is managed at the ultimate parent company level through a credit insurance policy, and through credit verification procedures prior to providing credit terms. The Company supplies primarily well-known, global, financially-stable airlines. Any outstanding customer balances are monitored on an ongoing basis and provisions for doubtful debts made as appropriate.

Liquidity risk

The ultimate parent company has access to significant credit lines, minimising liquidity risk.

BUSINESS RELATIONSHIPS WITH CUSTOMERS AND SUPPLIERS

The directors consider the Company’s customers to be the organizations that are the end users of the Company’s products.

The directors receive regular feedback from the Company’s customers through regular meetings with the customers, and an annual exhibition in Hamburg which is attended by our customers. In the period ended 31 December 2025 the directors continued to invest in product research and development to ensure the Company’s products continue to meet the evolving needs of its customers in a competitive market.

The directors continue to focus on maintaining strong long-term relationships as a reliable partner for the Company’s suppliers.

Employees

The directors are committed to ensuring the Company is a responsible employer, with consultation processes in place to allow views of employees to be considered when decisions are made that are likely to affect their interests.

The directors promote a high-performance culture which includes the clear articulation of business objectives and the alignment with personal goals and development. The Company invests in employee training and development programmes as well as annual performance reviews. The Company is also committed to providing tools and resources to assist employees with the management of their health and well-being.

Environment and the wider community

The directors are mindful of the impact their decisions have on the community and the environment and are determined to meet the highest standards of social and environmental performance. consider People and Planet in all business decisions. They take a long-term and all-inclusive approach to managing the environmental risks and opportunities facing the business, and evaluate success across three distinct pillars including People (social impact), Planet (environmental impact) and Profit (financial performance).

2025 was a notable year in sustainability at the Linstol Group. The group made continual progress in executing our Beyond Zero sustainability strategy based on 3 pillars including reducing CO2 emissions, working in harmony with nature and valuing natural resources. The group also published our annual Sustainability Report as part of our annual EcoVadis assessment, in which we received an improved platinum rating (86%), EcoVadis’ top award, placing Linstol in the top 1% of rated companies worldwide. The group also achieved its 2030 global carbon emissions goals of a 30% reduction from a 2019 pre-Covid baseline (total 59,929 Tons CO2e) with a 2024 footprint of 40,924 Tons CO2e. The group maintains its longer-term goals of 50% reduction by 2035 and Net Zero status by 2040. In 2025 the group off-set 1,900 Tons CO2e from freight of customer shipments through our partnership with Pachama which is a strong start towards our Net Zero reduction targets, and maintained our corporate sponsorship of social enterprise, Plastic Bank, funding the collection of over 129,000 Kgs of ocean bound “Social Plastic ®” to date.

FINANCIAL REVIEW

Introduction

The financial results for the period ended 31 December 2025 reflect the Company’s first period of active trading, during which it established its operating structure and delivered a strong trading result.

Statement of Income

Revenue for the period ended 31 December 2025 was £11.3 million. As this is the Company’s first period of active trading, no prior period comparatives are presented.

Gross profit for the period ended 31 December 2025 was £2.5 million, representing a gross margin of 22.5%.

Net profit before taxation for the period ended 31 December 2025 was £1.7 million.

Statement of Financial Position

Cash and cash equivalents at 31 December 2025 were £0.1 million.

Net assets at 31 December 2025 were £0.5 million, after a dividend of £0.8 million paid during the period.

KEY PERFORMANCE INDICATORS

The main key performance indicators were as follows:

Revenue 2025: £11.3 million

Gross profit 2025: £2.5 million

Gross profit margin 2025: 22.5%

Net profit before tax 2025: £1.7 million

Net profit margin 2025: 11.4%

Net profit after tax 2025: £1.3 million

Inventory Turn 2025: 38 days

Aged Receivables 2025: 51 days

As this is the Company’s first period of active trading, no prior period comparatives are available. The key performance indicators are monitored each month by the Board to ensure they are progressing as planned in a timely manner. At this stage the board is confident that these targets are being met.

SUMMARY AND OUTLOOK

Having completed a successful first period of active trading and joined the Linstol UK Group, the Company is well positioned to continue to thrive and prosper well into the future. Airline travel is expected to continue growing, and many airlines are focusing passenger experience investment specifically around the premium cabins. The directors will continue to invest in the Company’s customer relationships and product range, while pursuing opportunities to broaden the customer base through the wider Group.

MEMBERS

The Company is a wholly owned subsidiary within the Linstol UK Group, the ultimate parent undertaking being Linstol USA LLC. The directors engage with Linstol UK Group and Linstol USA LLC management on a regular basis with regards to strategy of the business, particularly in respect of any potential new business opportunities which may require collaboration with other Linstol Group operations, together with the ongoing processes for financial planning and the monitoring of financial performance.

On behalf of the board

The directors present their annual report and financial statements for the period ended 31 December 2025.

The principal activity of the company is the supply of cabin related passenger products for airlines and airline associated companies.

The results for the period are set out on page 10.

Ordinary dividends were paid amounting to £800,000. The directors do not recommend payment of a further dividend.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

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

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Matrix Travel Limited (the 'company') for the period ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the 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).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

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 period 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.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and 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 indicators of potential bias. 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

The income statement has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Matrix Travel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beech House North East Wing, Ancells Road, Fleet, Hampshire, United Kingdom, GU51 2UN.

The accounting period is from the date of incorporation to 31 December 2025, which is a period of less than 12 months. The reporting date was changed to 31 December 2025 to align with the period end date of the group in which Matrix Travel Limited is a member.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than US Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end 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.

In the application of the company’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 average monthly number of persons (including directors) employed by the company during the period was:

Their aggregate remuneration comprised:

No remuneration was paid to the directors.

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

Included within other debtors is £489,956, due from an invoice financing provider in respect to receivables that have been assigned under an invoice financing arrangement.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:

All rights attached. Each share is entitled to one vote in any circumstances and is entitled to dividend payments or any other distribution.

On incorporation 100 Ordinary shares of £1 each were issued. On 7 November 2025 the shares in issue were sub-divided into 1,000 Ordinary shares of £0.10 each.

Securities

The company has security with external parties by way of a fixed and floating charge over the assets of the company.

During the year, the company incurred management fees of £38,310 from Matrix APA (UK) Ltd. At 31 December 2025, amounts due to Matrix APA (UK) Ltd totalled £101,354 and amounts due from Matrix APA (UK) Ltd totalled £14,815,434 , amounts due to Matrix APA (UK) Ltd totalled £15,244,800, sales to Matrix APA (UK) Ltd of £3,297,685 and purchases from Matrix APA (UK) Ltd of £3,733,013.

During the year the company paid COGS Holdings (UK) Limited a dividend of £800,000. At 31 December 2025, amounts due from COGS Holdings (UK) Limited totalled £512,359.

At 31 December 2025, the company was due amounts from Linstol Travel Limited £1,063,954.

During the year, the immediate parent company changed from COGS Holdings (UK) Limited to Linstol Travel Limited.

At the balance sheet date, the immediate parent company is Linstol Travel Limited, incorporated in England and Wales. The registered office is Beech House North East Wing, Ancells Road, Fleet, Hampshire, England, GU51 2UN.

The ultimate parent entity is The Jerrilyn M. Hoffmann Trust, registered in the United States of America. The registered office is 825 Green Bay Road, Wilmette, IL 60091, United States of America.

The parent of the largest and smallest group for which consolidated financial statements are prepared is Linstol UK Limited, incorporated in England and Wales. The registered office is Beech House North East Wing, Ancells Road, Fleet, Hampshire, GU51 2UN.