REGISTERED NUMBER: 06343676 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 January 2026

for

One Traveller Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

I Darkin

D G Cox

A J Roberts

L A Tandy

REGISTERED OFFICE:

3rd Floor

52 Grosvenor Gardens

London

SW1W 0AU

REGISTERED NUMBER:

06343676 (England and Wales)

AUDITORS:

Elsby & Co (Sywell) Ltd

Statutory Auditors

155 Wellingborough Road

Rushden

Northamptonshire

NN10 9TB

The directors present their strategic report for the year ended 31 January 2026.

One Traveller Limited is the parent of One Traveller Transport Limited. Together these two companies are effectively managed as a single operating Leisure and Travel business.

The Company provides ATOL and ABTA protected escorted group holidays to UK, Europe and worldwide destinations. Holidays are marketed through printed brochures, digital marketing channels and the Company's website. The Company aims to provide a safe and friendly travelling environment for solo travellers whilst delivering high-quality destination experiences.

REVIEW OF BUSINESS

The principal activity of One Traveller Limited is that it operates in the leisure and travel sector, providing ATOL and ABTA protected escorted group holidays to destinations in the UK, Europe and worldwide. The Company continues to focus on delivering safe, high-quality travel experiences within its core escorted travel model.

Turnover for the year increased to £25,624,039 (2025: £23,415,950), representing growth of approximately 9.4%. Revenue growth was driven by higher passenger volumes, improved load factors across the holiday programme and sustained average selling prices across key destinations.

Gross margin improved during the year, reflecting a favourable holiday and destination mix together with continued pricing discipline. Operating profit of £2,620,214 (2025: £2,620,176) was broadly stable. Improved gross profitability was largely offset by higher administrative expenses, reflecting continued investment in operational capability, systems and support functions to support the Company's scale and future growth.

Profit before taxation increased to £2,783,423 (2025: £2,634,085). This increase was primarily attributable to improved underlying trading performance.

Average staff numbers increased to 54 (2025: 42), reflecting the Company's continued investment in people, infrastructure and processes to support operational resilience, service quality and the long-term development of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity Risk: Cash flow forecasts are prepared and regularly reviewed to ensure sufficient liquidity is maintained to meet obligations as they fall due.

Market and geopolitical risk: The Company maintains a geographically diversified holiday programme. Destination risk is monitored continuously, allowing itineraries and schedules to be adjusted where appropriate to protect customers and the business. Ongoing geopolitical developments, including recent instability in the Middle East, are kept under active review and the Company will continue to adjust destinations and operations as necessary to manage risk.

Foreign Exchange Risk: Exchange rate exposure is monitored and managed through appropriate commercial and financial strategies.

Competitive Risk: The Company operates in a competitive marketplace and continues to focus on service quality, reputation and value to maintain its market position.

NON-FINANCIAL INFORMATION

The Company prides itself on providing the best holidays possible for all mature solo travellers and looks ahead to delivering many more years of outstanding travel experiences for its customers. This year, the Company has been awarded the top prize at the British Travel Awards in the "Best Small Travel Company for Singles Holidays" category, adding to its previous accolades. One Traveller is also a Which? recommended solo specialist and was the only company in the survey to receive a 5-star service rating.

The Directors recognise that employees are integral to the Company's ongoing success, both in the UK and overseas. The Company offers an employee benefits package and remains committed to attracting, developing, and retaining skilled and experienced staff.

The Directors remain mindful of the wider economic environment and geopolitical uncertainty impacting the travel sector. The senior management team maintains a hands-on approach to day-to-day decision-making, with performance and risk factors kept under regular review.

The Company recognises the importance of maintaining strong relationships with its suppliers and is committed to making timely and full payments. By working collaboratively with key suppliers, the Company aims to enhance the overall holiday experience delivered to customers.

The Company is committed to minimising its carbon footprint as part of its overall strategy to improve sustainability. To support this goal, the Company produces eco-friendly brochures with potato starch wrapping, all of which are 100% recyclable. In addition, all brochures and newsletters are available online. The Company encourages its staff to adopt environmentally friendly practices through its green policies.

The Company is also committed to supporting charities close to its heart, achieving this through practical support and financial donations, and encouraging staff to participate in charitable activities wherever possible.

KEY PERFORMANCE INDICATORS

The Company monitors performance using a range of financial and operational key performance indicators. These include total holidays operated, passenger numbers, destination mix, and margin per passenger, and the results are as follows:

Change 2026

2026

2025

vs 2025

Number of UK holidays

34

31

9.68%

Number of European holidays

151

138

9.42%

Number of Worldwide holidays

59

58

1.72%

Cruises

24

21

14.29%

Total number of holidays

268

248

8.06%

Number of destinations

44

47

-6.38%

OUTLOOK

The Directors believe escorted group holidays for mature solo travellers remain a resilient segment of the leisure travel market. The Company enters the new financial year with a strong forward booking position and a diversified product portfolio, providing a solid platform for continued sustainable growth.

ON BEHALF OF THE BOARD:

I Darkin - Director

9 June 2026

The directors present their report with the financial statements of the company for the year ended 31 January 2026.

PRINCIPAL ACTIVITY

The principal activity of the Company during the year was the provision of escorted leisure travel services for mature solo travellers.

DIVIDENDS

During the year, total dividends of £3,855,404 were paid (2025: £388,538). These dividends were paid to Rodina Holdings Limited in line with group distribution arrangements.

A dividend amounting to £85,000 was paid after the year end.

DIRECTOR

I Darkin held office during the whole of the period from 1 February 2025 to the date of this report.

Other changes in directors holding office are as follows:

Post year end, D G Cox, A J Roberts and L A Tandy were appointed as directors of the company on the 6th of February 2026.

DONATIONS AND EXPENDITURE

All donations made during the year were to charitable organisations. No political donations were made.

DISCLOSURE IN THE STRATEGIC REPORT

Certain disclosures required by Section 414C of the Companies Act 2006 are included within the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Elsby & Co (Sywell) Ltd, will be proposed for re-appointment and appropriate arrangements have been put in place for them to be reappointed as auditors in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:

I Darkin - Director

9 June 2026

Opinion

We have audited the financial statements of One Traveller Limited (the 'company') for the year ended 31 January 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company's industry and its control environment, and discussed the Company's policies and procedures relating to fraud and compliance with laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

-

had a direct effect on the determination of material amounts and disclosures in the financial statements; and

-

do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs ( UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

-

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Carl Elsby ACA (Senior Statutory Auditor)

Elsby and Co Elsby & Co (Sywell) Ltd

Statutory Auditors

155 Wellingborough Road

Rushden

Northamptonshire

NN10 9TB

9 June 2026

TURNOVER

25,624,039

23,415,950

Cost of sales

19,572,208

18,062,818

GROSS PROFIT

6,051,831

5,353,132

Administrative expenses

4,455,800

3,270,643

1,596,031

2,082,489

Other operating income

1,024,183

537,687

OPERATING PROFIT

5

2,620,214

2,620,176

Interest receivable and similar income

203,209

173,909

2,823,423

2,794,085

Gain/loss on revaluation of assets

(40,000

)

(160,000

)

PROFIT BEFORE TAXATION

2,783,423

2,634,085

Tax on profit

7

735,562

664,349

PROFIT FOR THE FINANCIAL YEAR

2,047,861

1,969,736

PROFIT FOR THE YEAR

2,047,861

1,969,736

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,047,861

1,969,736

FIXED ASSETS

Intangible assets

9

163,674

5,295

Tangible assets

10

805,744

926,549

Investments

11

5,000

5,000

Investment property

12

300,000

340,000

1,274,418

1,276,844

CURRENT ASSETS

Debtors

13

3,746,326

2,354,527

Investments

14

-

2,602,577

Cash at bank and in hand

7,025,106

3,967,086

10,771,432

8,924,190

CREDITORS

Amounts falling due within one year

15

10,700,774

7,026,428

NET CURRENT ASSETS

70,658

1,897,762

TOTAL ASSETS LESS CURRENT LIABILITIES

1,345,076

3,174,606

CREDITORS

Amounts falling due after more than one year

16

-

(13,000

)

PROVISIONS FOR LIABILITIES

17

(4,934

)

(13,921

)

NET ASSETS

1,340,142

3,147,685

CAPITAL AND RESERVES

Called up share capital

18

30,000

30,000

Fair value reserve

19

51,536

91,536

Retained earnings

19

1,258,606

3,026,149

SHAREHOLDERS' FUNDS

1,340,142

3,147,685

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

I Darkin - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 February 2024

30,000

1,597,425

1,536

1,628,961

Prior year adjustment

-

(62,474

)

-

(62,474

)

As restated

30,000

1,534,951

1,536

1,566,487

Changes in equity

Dividends

-

(388,538

)

-

(388,538

)

Total comprehensive income

-

1,879,736

90,000

1,969,736

Balance at 31 January 2025

30,000

3,026,149

91,536

3,147,685

Changes in equity

Dividends

-

(3,855,404

)

-

(3,855,404

)

Total comprehensive income

-

2,087,861

(40,000

)

2,047,861

Balance at 31 January 2026

30,000

1,258,606

51,536

1,340,142

1.	STATUTORY INFORMATION

One Traveller Limited is a private company limited by shares, registered in England and Wales. The Company’s registered number and registered office address can be found on the General Information page.

The principal activity of the Company during the year was the provision of holiday services.

The presentation currency of One Traveller Limited is pounds sterling, and the financial statements are rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

Group financial statements

The financial statements contain information about One Traveller Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Rodina Holdings Limited, 3rd Floor, 52 Grosvenor Gardens, London, United Kingdom, SW1W 0AU. This is both the smallest and largest group in which One Traveller Limited's accounts are consolidated.

Turnover

The Company is a provider of holiday services. Revenue is measured at fair value of the consideration received or receivable and is stated net of discounts and value added tax.

(i) Revenue recognition

Revenue in respect of tours and related services is recognised on the date of departure of the tour, at which point the significant risks and rewards have been transferred to the passenger or the third party.

(ii) Client monies received in advance

Client monies received at the balance sheet date relating to tours or holidays departing after the year end are deferred and included with trade and other payables. If the date of the departure is in one year or less they are classified as current liabilities.

Other operating income

Other income includes income from asset disposals, rental income, dividend income, interest and management charges.

Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:

- Other intangible assets

10 years

- Computer software

10 years

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in the profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding fair value of non-monetary assets acquired is recognised in the profit or loss in the periods expected to be benefitted.

Tangible fixed assets

Tangible fixed assets are initially measured at cost or valuation and subsequently at cost or valuation less accumulated depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

Impairment of fixed assets

At each reporting period end date, the company 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.

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any impairment provision.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 from banks and other third parties, loans to related parties, investments in non-puttable ordinary shares and short-term instruments from banks.

Financial assets that are measured at cost and amortised cost are addressed 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 Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Derivative financial instruments

Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in the profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Foreign currency transactions and balance

In preparing the financial statements of the Company, transactions in currencies other than the functional currency of the Company are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non monetary items that are measured in terms of historical cost in a foreign currency are not translated.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise.

Finance expenses

Finance expenses recognised in the Statement of Comprehensive Income mainly comprises bank interest and credit card interest.

Employee Benefits

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 of 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.

Going concern

The Directors, having assessed the company's financial position have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates, and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors considered 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Derivative financial instruments fair value

Derivative financial instruments are measured at fair value, which represents an estimate of the amount for which the instruments could be exchanged in an arm’s length transaction. The estimate used is based on values provided by the instrument provider, derived from OFX's mark-to-market valuation of the instruments at the reporting date. The valuation reflects expectations of future movements in exchange markets and therefore includes elements of uncertainty.

Property valuation

The Group’s freehold property is carried at a revalued amount, with the valuation performed by the Directors using market-based evidence and comparable property data. The valuation involves the application of significant judgement and estimation, particularly in determining appropriate market values, yields, and adjustments for the condition, location, and nature of the property. As the valuation has not been performed by an independent external valuer, there is a higher degree of subjectivity in the assumptions applied. Changes in these assumptions could result in a material adjustment to the carrying value of the property and the revaluation reserve in future periods. Accordingly, the Directors consider the valuation of freehold property to be a key area of estimation uncertainty in the preparation of the financial statements.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,867,682

1,221,820

Social security costs

223,543

105,397

Other pension costs

150,926

143,615

2,242,151

1,470,832

The average number of employees during the year was as follows:

2026

2025

Director

1

1

Employees

53

41

54

42

The total gross remuneration paid to the Key Management Personnel was £431,269 (2025: £218,918).

2026

2025

£

£

Director's remuneration

23,613

16,706

Director's pension contributions to money purchase schemes

60,000

60,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Hire of plant and machinery

12,031

19,133

Depreciation - owned assets

60,613

73,896

(Profit)/loss on disposal of fixed assets

(7,642

)

2,039

Other intangible assets amortisation

2,271

2,271

Computer software amortisation

17,972

-

Foreign exchange differences

(16

)

(491

)

6.	AUDITORS' REMUNERATION

2026

2025

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

30,000

34,403

Total audit fees

30,000

34,403

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

758,132

713,539

Corporation tax over provision

(13,582

)

-

Total current tax

744,550

713,539

Deferred tax

(8,988

)

(49,190

)

Tax on profit

735,562

664,349

UK corporation tax has been charged at 25% (2025 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

2,783,423

2,634,085

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

695,856

658,521

Effects of:

Expenses not deductible for tax purposes

21,274

5,828

Adjustments to tax charge in respect of previous periods

(13,582

)

-

Unprovided deferred tax

32,014

-

Total tax charge

735,562

664,349

8.

DIVIDENDS

2026

2025

£

£

Ordinary shares of 1 each

Interim

3,855,404

388,538