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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
COMPANY INFORMATION
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THE THINKING TRAVELLER LTD
CONTENTS
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THE THINKING TRAVELLER LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their strategic report for the year ended 31 December 2025. The Thinking Traveller continues to deliver a consistently high-quality travel experience to its clients by offering only wholly exclusive villas, outstanding local knowledge and exceptional personal service.
Trade improved by 1% year-on-year, with sales of £38,136,627 (2024: £37,866,745), achieved against the backdrop of an increasingly competitive high-end villa rental market.
To support both current performance and the company’s strategic growth ambitions, continued investment has been made in technology - most notably the initiation of a project to redesign the reservations platform - as well as in establishing a sales distribution centre in the USA to further strengthen access to the important North American source market. As a result of these investments, the business made a reported loss of £152,216 (2024: Loss £4,097,100). With a continued focus on future growth and expansion into new territories. The business closed the year with strong underlying momentum, as booking profiles continue to shift later - highlighting healthy demand trends and a positive trajectory heading into the next period.
The principal risks facing the business include client economic resilience and confidence within a challenging macroeconomic environment, alongside fluctuations in foreign exchange rates.
In addition, there are risks around ongoing geopolitical uncertainty but the business benefits from a diversified revenue base, with no over-reliance on any single source market, helping to mitigate regional demand fluctuations and support overall resilience.
Management drives business performance through the setting of clearly defined and measured key performance indicators (KPIs) taking action where required to improve the financial performance of the business.
This report was approved by the board and signed on its behalf.
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THE THINKING TRAVELLER 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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make 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 presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £152,216 (2024 - loss £4,097,100).
The directors do not recommend the payment of a dividend (2024: - £nil).
The Directors who served during the year were:
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THE THINKING TRAVELLER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The equity investment from The Thinking Traveller Holdings Ltd in 2020 was undertaken to fund the company’s strategic growth plans, the business continues to increase the number of villas, focusing only on high quality homes that match the current portfolio and will seek to grow the business in its current and new strategic destinations. For 2026, the business is looking to expand its new destinations such as Sardinia.
The company has an overseas branch in Italy.
Under section 487(2) of the Companies Act 2006, Xeinadin Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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THE THINKING TRAVELLER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER LTD
We have audited the financial statements of The Thinking Traveller Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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THE THINKING TRAVELLER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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THE THINKING TRAVELLER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: data protection laws, anti-bribery, money laundering and employment law compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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THE THINKING TRAVELLER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER LTD (CONTINUED)
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THE THINKING TRAVELLER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THINKING TRAVELLER LTD (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Level 5A, Maple House
149 Tottenham Court Road
W1T 7NF
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THE THINKING TRAVELLER LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
REGISTERED NUMBER: 04421653
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 27 form part of these financial statements.
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THE THINKING TRAVELLER LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Thinking Traveller Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered company and principal place of business is The Old Truman Brewery, 91 - 95 Brick Lane, London, E1 6QL. The principal activity of the Company continued to be as tour operator specialising in villa holidays. The functional and presentational currency of the company is GBP.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of The Thinking Traveller Holdings Limited as at 31 December 2025 and these financial statements may be obtained from The Old Truman Brewery, 91-95 Brick Lane, London, United Kingdom, E1 6QL.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Thinking Traveller Limited is a subsidiary company of a medium-sized group for which consolidated financial statements are prepared. The going concern assessment has been conducted on the group as a whole.
Within the group there are two trading companies, and the results and period end position disclosed below relate to the entire group of which The Thinking Traveller Holdings Limited (TTTH) is the parent. TTTH made a consolidated loss before tax of £2,226,816 (2024: £2,876,121) during the year ended 31 December 2025 and at that date had net liabilities of £339,943 (2024: net assets of £1,752,821) and net current liabilities of £1,434,921 (2024: £766,495). The current and future financial positions of the Company have been reviewed by the Directors and stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period. The Directors are confident that there is sufficient headroom to meet the forecast cash requirements during the twelve months from the date of approval of the financial statements having considered any additional requirements that would be contingent on a downturn in activity over the same period.
Functional and presentation currency
Transactions and balances
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
All revenue received relating to bookings that depart after the balance sheet date is treated as advanced receipts and is separately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advanced payments and are separately disclosed under prepayments and accrued income.
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value 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 Statement of Comprehensive Income over its useful economic life. Other intangible assets Development expenditure Development expenditure is initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years or life of assets.
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans with related parties and investments in ordinary shares.
Financial assets are initially measured at cost and are subsequently measured at amortised cost. which is assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. Financial liabilities are initially measured at cost and are subsequently measured at fair value through profit and loss.
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of revision and future periods where the revision affects both current and future periods. Certain critical accounting judgements in applying the Company’s accounting policies are described below: Depreciation The annual depreciation charge for tangible assets is sensitive due to the material nature of the value of fixed assets. The depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis. Investment Valuation The valuation of investments are sensitive due to its material nature. The valuation of investments involves a degree of subjectivity and relies on various assumptions and estimates that may impact financial reporting. The company recognises that changes in market conditions and the inherent unpredictability of economic factors can influence the valuation process. As such, the estimation of fair values requires management to exercise judgement and apply relevant valuation methodologies, taking into account the inherent uncertainties associated with the valuation of investments. The company diligently considers all available information and market indicators to make reasonable and supportable estimates, while also disclosing the sensitivity of the valuations to changes in key assumptions, as required by FRS 102. 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.
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £68,653 (2024: £59,589). Contributions totalling £19,670 (2024: £10,804) were payable to the fund at the reporting date and are included in creditors.
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THE THINKING TRAVELLER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
20.Other financial commitments
At 31 December 2025 the Company was committed to making payments under a number of guarantee contracts with villa owners totalling €5.9m (2024: €5.6m).
The company has a registered charge from Piper PE LLP, which contains a charge over the company's assets, as well as a fixed charge, floating and a negative pledge.
The Company enters into various foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2025, the outstanding contracts all mature within 12 months of the year end.
At the year end, the Company is committed to buying €1,267,805 (2024: €2,657,898) for a fixed amount of USD.
The Company's immediate and ultimate parent and ultimate controlling party is The Thinking Traveller Holdings Limited, a company incorporated in England and Wales, which has a registered address of The Thinking Traveller Holdings Limited is The Old Truman Brewery, 91-95 Brick Lane, London, United Kingdon, E1 6QL.
The largest and smallest group producing publicly available consolidated financial statements is headed by The Thinking Traveller Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3VZ.
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