ACCOUNTS - Final Accounts

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

11 month period ended

31 March

12 month period ended

30 April

Registered number: 03571913

GOLFBREAKS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

GOLFBREAKS LIMITED

COMPANY INFORMATION

Directors	A M Stanley
	S Hemsworth
	T W May (appointed 18 March 2026)
	T J Przybysz (appointed 18 March 2026)
	D L Windle (appointed 18 March 2026)
	D S Grave (resigned 18 March 2026)
	L N Stover (resigned 18 March 2026)
	C G Hellyer (resigned 18 March 2026)
	G E S Proddow (resigned 18 March 2026)


Company secretary	S Longden


Registered number	03571913


Registered office	The Spectrum 56-58 Benson Road
	Birchwood
	Warrington
	Cheshire
	WA3 7PQ


Independent auditors	White Hart Associates (London) Limited
	Chartered Accountants and Statutory Auditors
	2nd Floor, Nucleus House
	2 Lower Mortlake Road
	Richmond
	TW9 2JA


Bankers	Barclays Bank plc
	1 Churchill Place
	London
	E14 5HP

GOLFBREAKS LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 7
Directors' Report	8 - 10
Independent Auditors' Report	11 - 14
Consolidated Profit and Loss Account	15
Consolidated Statement of Comprehensive Income	16
Consolidated Statement of Financial Position	17 - 18
Company Statement of Financial Position	19 - 20
Consolidated Statement of Changes in Equity	21 - 22
Company Statement of Changes in Equity	23 - 24
Consolidated Statement of Cash Flows	25 - 26
Consolidated Analysis of Net Debt	27
Notes to the Financial Statements	28 - 62

GOLFBREAKS LIMITED

GROUP STRATEGIC REPORT

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Introduction

The directors present their strategic report together with the audited financial statements for the 11-month period ended 31 March 2026.

The reporting period was shortened from twelve months following the acquisition of Golfbreaks Limited by Sports Tours International in March 2026 and the alignment of the Group's financial year-end. Whilst the reporting period covers eleven months of trading, the underlying business continued to perform strongly across each of its three operating markets.

Golfbreaks continues to operate as Europe's leading golf travel specialist, arranging golf breaks, holidays, tournament experiences and bespoke travel for customers across the UK & Ireland, Scandinavia and the United States. The business continues to trade under the Golfbreaks brand from its headquarters in Windsor, with operations in Charleston and Copenhagen.

Business review

The Group delivered another successful trading period characterised by profitable growth, strong cash generation and continued investment in its people, technology and customer proposition. Despite the shorter reporting period, all three operating markets delivered positive performances, reflecting the resilience of the business model, the strength of the Golfbreaks brand and continued demand for golf travel experiences.

UK Market
The UK business remained the largest contributor to Group revenues and delivered another resilient performance. Demand for European holidays remained strong supported by long-standing supplier relationships and continued investment in digital marketing and customer engagement. Domestic golf travel also showed encouraging signs of recovery as pricing became more competitive and customers increasingly sought shorter golf breaks closer to home.

Scandinavian Market
The Scandinavia business delivered an improved performance during the period benefiting from a continued focus on escorted group travel, disciplined cost management and a refined product offering. The business remains strategically important, providing valuable access to a loyal customer base and strengthening Golfbreaks' presence within the Nordic market.

USA Market
Now accounting for 17% of Group revenues, our USA business again represented the fastest-growing part of the Group. Continued investment in local product development, commercial partnerships and operational capability supported further market share gains. The Board continues to regard the US as a significant long-term growth opportunity and expects further expansion under the ownership of Sports Tours International.

Customer Experience
Delivering exceptional customer service remains fundamental to the Group's strategy. High levels of repeat business, excellent customer satisfaction scores and consistently strong independent reviews demonstrate the continued strength of the Golfbreaks brand. Investment continued in digital tools, self-service functionality and booking technology to enhance the customer journey.

Page 1

GOLFBREAKS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Business review (continued)

People and Culture
The Board recognises that the Group's continued success is built upon the commitment, expertise and passion of its employees. Throughout the period, the Group continued to invest in learning and development, leadership capability, employee wellbeing and initiatives that support a positive and inclusive culture that has defined Golfbreaks since its formation, whilst successfully supporting colleagues through the ownership transition following the acquisition by Sports Tours International.

The strength of the Group's culture was recognised recently through independent industry awards. Golfbreaks was named Best Mid-Size Company at the Best Workplaces in Travel Awards 2026, alongside receiving awards for Advocacy, Performance & Recognition, and Happiness.

Acquisition by Sports Tours International
In March 2026 Golfbreaks became part of Sports Tours International, owned by Betfred Chairman, Fred Done and family, creating one of the UK's largest specialist sports travel groups. The acquisition represents an important strategic milestone and provides access to additional investment, broader commercial expertise and enhanced marketing capability. Importantly, Golfbreaks will continue to operate under its established brand with its experienced senior leadership team remaining in place. The Board believes the acquisition creates significant opportunities to accelerate growth while preserving the culture, customer focus and supplier relationships that have underpinned the Company's success.

Strategic Priorities
The Board's strategic priorities remain focused on:
• strengthening supplier relationships and expanding the product portfolio;
• enhancing customer experience through continued digital innovation;
• investing in data, automation and artificial intelligence to improve operational efficiency;
• developing and retaining talented employees;
• leveraging opportunities arising from membership of the Sports Tours International group while preserving the Golfbreaks brand and values.

Page 2

GOLFBREAKS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Principal risks and uncertainties

Liquidity risk
The Group seeks to manage liquidity risk by maintaining substantial cash reserves, generating strong operating cash flows and preparing detailed rolling cash flow forecasts to ensure sufficient funds are available to meet operational requirements, seasonal working capital demands and future investment opportunities.

Due to the seasonal nature of the business, cash balances are typically at their lowest point in December. This risk is mitigated through active treasury management, disciplined working capital control and regular forecasting. During the period the Group generated £10.5 million of net cash from operating activities, increasing cash balances to £49.3 million at the period end. The Group also continues to maintain 100% cash coverage of customer deposits held, providing a high level of financial resilience and liquidity. The directors remain satisfied that the Group has sufficient financial resources to meet its obligations as they fall due whilst continuing to invest in strategic growth initiatives.

Exchange rate risk
The Group is exposed to transaction foreign exchange risk. Transaction exposures, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts, in accordance with the Group's hedge accounting policy. At year-end, the Group had covered 93% of its future Euro commitments with hedges, leaving only minimal exposure to future commitments stated in other currencies.

Regulatory risk
The travel industry is highly regulated. The impact of this is the inability to trade due to loss of licence which would damage the Company's reputation. To mitigate the risk, the Group reports regularly to its external regulators, the Civil Aviation Authority ("CAA"), Association of Bonded Travel Organisers Trust ("ABTOT") and the Danish Travel Guarantee Fund ("DTGF"). The CAA issues an Air Travel Organisers Licence ("ATOL") and is required in order for the Group to operate in the UK. This licence is renewed in September each year and is subject to assessments of fitness and financial criteria, the framework of which is available on the CAA website (www.caa.co.uk).

Economic conditions
Decline in consumer demand due to the global economic environment, wars in Ukraine and the Middle East and rising costs in the UK could reduce volumes and put pressure on profitability. The Group operates across a number of markets in the UK, Europe and the rest of the world, and as can be seen from the financial statements and forward outlook, the Group has been able to continue trading at record levels due to a diverse market portfolio.

Page 3

GOLFBREAKS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Principal risks and uncertainties (continued)

Political, social, and environmental factors
Due to the nature of the industry that the Group operates in, the Group faces political risks (for example social unrest or terrorism), environmental risks (such as hurricanes or volcanic eruptions) and health risks in destinations in which we operate. This can result in cancellation of holidays, repatriation costs and decline in customer demand. The Group mitigates this risk by operating in several travel destinations and has established an incident management policy, making use of advice provided by ABTOT (the Association of Bonded Travel Organisers) and the FCDO (Foreign Commonwealth and Development Office).

Following the withdrawal of the United Kingdom from the European Union on 31 January 2020, the Group continues to consider possible contingency strategies and the regulatory benefits of operating a Scandinavian business, to ensure the business remains resilient to potential changes any new trade arrangement could bring to currency, licensing or tax treatment for travel into the EU.

Consumer confidence has returned in recent years, despite political and social unrest in key markets. Nonetheless, the Group continues to monitor latest data, scientific guidance and government announcements for signs of further disruption. We report internally on levels of customer demand, new bookings, cancellations and customer balances on a daily basis to observe any changes and impact to trading. We continue to consult with staff on their capability to work remotely or in the office under a modern hybrid working policy to maintain operations and service levels.

To sustain our improved profitability, we continue to monitor all non-essential spending whilst benefiting from other more significant cost reduction measures and improvements to working capital from increased operational efficiency and better use of data analytics in our marketing and digital teams.

The uncertainty as to the future impact of the cost-of-living crisis on the Group has also been considered as part of the Group’s adoption of the going concern basis, as explained in note 2.3 on page 29.

Page 4

GOLFBREAKS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Financial key performance indicators

The financial performance of the Group for the 11-month period is summarised in the Consolidated Profit and Loss Account on page 15. Whilst direct comparison with the prior year should take account of the shortened reporting period, the Group delivered another strong financial performance, reflecting continued growth across each of its three operating markets.

Group turnover increased to £118.2 million (12 month period 30 April 2025 - £117.4 million), representing growth despite the reporting period comprising eleven months rather than twelve. This performance was driven by continued demand across the UK business together with another strong contribution from the USA, which now represents 17% of Group revenues.

Gross profit remained resilient at £21.0 million (12 month period to 30 April 2025 - £21.1 million), with the gross margin of 17.8% remaining broadly consistent with the previous year despite continued inflationary pressures across the travel sector and changes in sales mix.

Operating expenses reduced to £17.7 million (12 month period to 30 April 2025 - £18.2 million) despite continued investment in technology, people and marketing. The reduction reflects the shorter reporting period together with ongoing operational efficiencies, whilst the average number of employees increased to 214 (2025 - 202) as the Group continued to invest in future growth.

EBITDA remained strong at £4.1 million (12 month period to 30 April 2025 - £4.7 million), demonstrating the resilience of the underlying operating business despite the shorter reporting period and one-off acquisition related costs incurred during the year.

Profit before taxation amounted to £3.3 million (12 month period to 30 April 2025 - £3.7 million). The reduction compared with the previous 12-month period reflects the shorter reporting period losing over £2 million contribution from April 2026. This together with £583,842 of exceptional acquisition-related costs incurred following the acquisition by Sports Tours International, demonstrates the robust underlying trading throughout the period.

The Group’s financial position strengthened further during the period. Cash at bank increased to £49.3 million (30 April 2025 - £39.7 million) following operating cash generation of £10.5 million, whilst net assets increased to £7.1 million (30 April 2025 - £4.9 million). This continued improvement provides a strong platform for future investment and demonstrates the Group’s ability to generate sustainable cash flows whilst supporting continued growth.

Financial risk management objectives and policies

The Group uses a variety of financial instruments including cash, equity instruments, mini bonds, trade creditors and debtors and forward exchange contracts, which arise directly from its operations. The main purpose of these financial instruments is to provide working capital for the Group operations.

Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the Board of directors are implemented by the Group’s senior finance team. The directors are of the view that the main risks arising from the Group’s financial instruments are exchange rate risk and liquidity risk.

The directors set and review policies for managing each of these risks and they are summarised in the principal risks and uncertainties above.

Directors' statement of compliance with duty to promote the success of the Group

Section 172 of the Companies Act 2006 sets out the duties of directors when exercising powers and discharging their responsibilities. This report sets out how the directors of the Group have complied with their statutory duties in the reporting period.

Page 5

GOLFBREAKS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

The Board
During the reporting period, the composition of the Board changed following the acquisition of Golfbreaks Limited by Sports Tours International on 18 March 2026. The Board is now comprised of the two founding executive directors, Andrew Stanley and Steve Hemsworth, together with Tim May, Tim Przybysz (Chief Executive Officer of Sports Tours International) and Debbie Windle, representing the interests of the Group's new shareholder. The former non-executive directors and founding directors Daniel Grave and Guy Proddow stepped down from the Board on completion of the transaction, although the wider senior leadership team continues to play an important role in the ongoing success of the business.

The Board remains focused on the long-term sustainable growth of Golfbreaks, balancing the opportunities arising from being part of the Sports Tours International group with the preservation of the Golfbreaks brand, culture and customer-first approach. Strategic decisions continue to be guided by the interests of the new owners, employees, customers, suppliers and other key stakeholders, with particular emphasis on maintaining the Group's market-leading position within golf travel.

Discharging its statutory duties
The Board recognises that decision making for the long term requires that the interests of various stakeholders be considered including those of employees, customers, suppliers and the wider community in which the Group operates. The Board also recognises, and has regard to, its governance frameworks and high standards of business conduct in managing the affairs of the Group. The Board discharges its duties through:

- Having a clear plan of meetings to address the matters that are important to the Group’s long-term health;

- Considering the Group’s relationships with employees and continuing to promote a positive company culture through regular communication, transparency and healthy recognition of individual and team achievement;

- Providing assurance to our customers of the high standards that we instil in our sales and service teams by taking a proactive client-centric approach which is monitored continuously through our operational systems and proactive customer review process;

- Promoting a policy of being fair to all suppliers with timely payments of invoices and regular communication and trading updates through our dedicated Product Management Team;

- Continuously monitoring the Group’s financial health; and

- The governance framework that it puts in place and regularly monitors.

The Board is presented with regular board packs and presentations to support it with the information that it needs to discharge its responsibilities. This information includes data in relation to demand, bookings, customer relationships, supplier relationships, market developments and trends and other information relating to the long term health of the Group. Employee responses to surveys and communication programmes are also considered by the Board. The Board also has direct engagement with employees within different functions of the business to help inform its decision making.

Page 6

GOLFBREAKS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Key board considerations
During the period, the Board's principal focus was the successful completion of the acquisition by Sports Tours International and ensuring a smooth transition to new ownership whilst preserving the Golfbreaks brand, culture and customer-first approach. The Board also oversaw the acquisition of the remaining 50% shareholding in Golfshake Limited, strengthening the Group's digital capabilities and supporting its long-term growth strategy.

The Board continued to prioritise investment in technology, cyber security and artificial intelligence, whilst maintaining a strong balance sheet and disciplined cash management. The Group generated operating cash flows of £10.5 million, increasing cash balances to £49.3 million, providing a solid financial platform to support future investment and sustainable long-term growth.

Future developments

Trading in the new financial year has commenced positively with encouraging forward bookings across each of the Group's operating markets. The Board expects the business to benefit from continued consumer demand for golf travel together with the additional investment opportunities available through Sports Tours International.

Future priorities include continued technology investment, operational efficiency, expansion of strategic partnerships and further enhancement of the customer proposition. The directors remain confident that the Group is well positioned to deliver sustainable long-term growth whilst maintaining the high levels of service and trusted relationships that define the Golfbreaks brand.

This report was approved by the board on 22 July 2026 and signed on its behalf.

S Hemsworth

Director

Page 7

GOLFBREAKS LIMITED

DIRECTORS' REPORT

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

The directors present their report and the financial statements for the 11 month period ended 31 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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

∙select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the 11 month period, after taxation, amounted to £2,356,437 (2025 - £2,818,643).

A dividend of £157,302 (12 months to 30 April 2025 - £193,262) was paid during the period to the shareholders.

Directors

The directors who served during the 11 month period were:

A M Stanley

S Hemsworth

T W May (appointed 18 March 2026)

T J Przybysz (appointed 18 March 2026)

D L Windle (appointed 18 March 2026)

D S Grave (resigned 18 March 2026)

L N Stover (resigned 18 March 2026)

C G Hellyer (resigned 18 March 2026)

G E S Proddow (resigned 18 March 2026)

Page 8

GOLFBREAKS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Environmental matters

The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.

Engagement with suppliers, customers and others

The directors are mindful of their statutory duty to act in the way they each consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, as set out in our s172(1) statement included in the Strategic Report. A consideration of the Group’s relationship with wider stakeholders, including suppliers and customers, is also disclosed in the same statement.

Qualifying third-party indemnity provisions

Qualifying third party indemnity insurance is in place covering directors and officers.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption for the 11 month period are 52 tCO2e and 254,552 kWh (12 month period 2025 - 61 tCO2e and 272,096 kWh).

The Group has historically applied “GHG Reporting Protocol – Corporate Standard” methodology and used Energyfit.uk energy and carbon reporting calculator to measure and report greenhouse gas emissions.

The Group is reporting as a large, unquoted group.

The operational control approach has been used to identify the boundaries, from which the Group has identified three scopes for reporting:

- Scope 1 direct emissions issued from sources directly controlled by the company, such as stationary combustion equipment for building heating

- Scope 2 indirect emissions from electricity production, or from imported heat or vapour consumed in the buildings and equipment operation, provided by an external party

- Scope 3 other indirect emissions issued from company activities but controlled by external parties, principally staff mileage claims

The Group remains committed to reducing its environmental impact through practical initiatives that improve energy efficiency and encourage more sustainable ways of working. During the period, the Group continued to promote its Cycle to Work scheme, encourage recycling across its offices and support the adoption of electric vehicles through its employee leasing scheme.

Together with reduced business travel, these initiatives contributed to lower Scope 2 electricity emissions and a reduction in emissions associated with employee business mileage, whilst maintaining operational performance and supporting the Group's wider sustainability objectives.

Page 9

GOLFBREAKS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Disclosure of information to auditors

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

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

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

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

This report was approved by the board on 22 July 2026 and signed on its behalf.

S Hemsworth

Director

Page 10

GOLFBREAKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS LIMITED

Opinion

We have audited the financial statements of Golfbreaks Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 March 2026 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Page 11

GOLFBREAKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS LIMITED (CONTINUED)

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 12

GOLFBREAKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional skepticism throughout the audit;

- 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. 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 deliberate override of internal control;

- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;

- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;

- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

- We review the scope of the Group's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment;

- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;

- We review the Group's relationships with related parties, identifying and disclosing transactions during the year and balances at year-end with such parties.

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.

Page 13

GOLFBREAKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLFBREAKS LIMITED (CONTINUED)

Use of our report

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

N A Spoor FCA FCCA (Senior Statutory Auditor)

for and on behalf of

White Hart Associates (London) Limited

Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA

22 July 2026

Page 14

GOLFBREAKS LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026


	11 month period ended 31 March	12 month period ended 30 April
	2026	2025
Note	£	£


Turnover	4	118,168,953	117,359,042
Cost of sales		(97,163,378)	(96,237,552)
Gross profit		21,005,575	21,121,490
Administrative expenses		(17,702,893)	(18,188,632)
Other operating income	5	-	123,285
Exceptional costs	14	(583,842)	-
Operating profit	6	2,718,840	3,056,143
Interest receivable and similar income	10	866,087	944,847
Interest payable and similar expenses	11	(292,273)	(325,445)
Profit before tax		3,292,654	3,675,545
Tax on profit	12	(936,217)	(848,380)
Profit for the financial 11 month period		2,356,437	2,827,165

Profit for the 11 month period attributable to:
Non-controlling interests	-	8,522
Owners of the Parent Company	2,356,437	2,818,643
	2,356,437	2,827,165

The notes on pages 28 to 62 form part of these financial statements.

Page 15

GOLFBREAKS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

	11 month period ended 31 March	12 month period ended 30 April
	2026	2025
Note	£	£

Profit for the financial 11 month period	2,356,437	2,827,165
Other comprehensive income
Foreign exchange revaluation of reserves	(102,624)	260,753
Movement in unrealised foreign exchange reserve	69,560	(14,574)
Fair value gain/(loss) on cash flow hedges	85,048	147,016
Other comprehensive income for the 11 month period/year	51,984	393,195
Total comprehensive income for the 11 month period	2,408,421	3,220,360

Profit for the 11 month period attributable to:
Non-controlling interest	-	8,522
Owners of the Parent Company	2,356,437	2,818,643
	2,356,437	2,827,165

Total comprehensive income attributable to:
Non-controlling interest	-	8,522
Owners of the Parent Company	2,408,421	3,220,360
	2,408,421	3,228,882

The notes on pages 28 to 62 form part of these financial statements.

Page 16

GOLFBREAKS LIMITED

REGISTERED NUMBER: 03571913

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

	31 March	30 April
	2026	2025
Note	£	£

Fixed assets
Intangible assets	16		4,913,681		4,782,640
Tangible assets	17		1,177,196		573,628
Investments	18		-		100,000
			6,090,877		5,456,268
Current assets
Debtors: amounts falling due after more than one year	19	5,660		5,560
Debtors: amounts falling due within one year	19	11,508,833		11,718,216
Cash at bank and in hand	20	49,273,782		39,655,740
		60,788,275		51,379,516
Creditors: amounts falling due within one year	21	(55,143,024)		(47,416,964)
Net current assets			5,645,251		3,962,552
Total assets less current liabilities			11,736,128		9,418,820
Creditors: amounts falling due after more than one year	22		(4,112,340)		(4,021,000)
Provisions for liabilities
Deferred taxation	25	(502,680)		(527,831)
			(502,680)		(527,831)
Net assets			7,121,108		4,869,989

Page 17

GOLFBREAKS LIMITED

REGISTERED NUMBER: 03571913

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

	31 March	30 April
	2026	2025
Note	£	£

Capital and reserves
Called up share capital	26	48,510	48,510
Share premium account	27	6,885,398	6,885,398
Foreign exchange reserve	27	223,504	153,944
Other reserves	27	48,732	(36,316)
Profit and loss account	27	(85,036)	(2,181,547)
Equity attributable to owners of the Parent Company		7,121,108	4,869,989

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2026.

T W May

Director

The notes on pages 28 to 62 form part of these financial statements.

Page 18

GOLFBREAKS LIMITED

REGISTERED NUMBER: 03571913

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

	31 March	30 April
	2026	2025
Note	£	£

Fixed assets
Intangible assets	16		4,681,009		4,675,310
Tangible assets	17		1,100,505		488,823
Investments	18		1,316,329		2,716,329
			7,097,843		7,880,462
Current assets
Debtors: amounts falling due after more than one year	19	258,570		258,570
Debtors: amounts falling due within one year	19	8,621,813		9,025,698
Cash at bank and in hand	20	43,973,537		36,873,055
		52,853,920		46,157,323
Creditors: amounts falling due within one year	21	(43,655,734)		(38,344,565)
Net current assets			9,198,186		7,812,758
Total assets less current liabilities			16,296,029		15,693,220

Creditors: amounts falling due after more than one year	22		(4,475,806)		(4,378,034)
Provisions for liabilities
Deferred taxation	25	(531,355)		(527,831)
			(531,355)		(527,831)
Net assets			11,288,868		10,787,355

Page 19

GOLFBREAKS LIMITED

REGISTERED NUMBER: 03571913

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

	31 March	30 April
	2026	2025
Note	£	£

Capital and reserves
Called up share capital	26		48,510		48,510
Share premium account	27		6,885,398		6,885,398
Other reserves	27		48,732		(36,316)
Profit and loss account brought forward		3,889,763		1,331,916
Profit for the 11 month period		573,767		2,751,109
Other changes in the profit and loss account		(157,302)		(193,262)
Profit and loss account carried forward			4,306,228		3,889,763
			11,288,868		10,787,355

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 July 2026.

T W May

Director

The notes on pages 28 to 62 form part of these financial statements.

Page 20


		GOLFBREAKS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

	Called up share capital	Share premium account	Foreign exchange reserve	Cash flow hedging reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 May 2025	48,510	6,885,398	153,944	(36,316)	(2,181,547)	4,869,989
Comprehensive income for the 11 month period
Profit for the 11 month period	-	-	-	-	2,356,437	2,356,437
Foreign exchange revaluation of reserves	-	-	-	-	(102,624)	(102,624)
Movement in unrealised foreign exchange reserve	-	-	69,560	-	-	69,560
Fair value gain on cash flow hedges	-	-	-	85,048	-	85,048
Other comprehensive income for the 11 month period	-	-	69,560	85,048	(102,624)	51,984
Total comprehensive income for the 11 month period	-	-	69,560	85,048	2,253,813	2,408,421
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(157,302)	(157,302)
Total transactions with owners	-	-	-	-	(157,302)	(157,302)
At 31 March 2026	48,510	6,885,398	223,504	48,732	(85,036)	7,121,108

The notes on pages 28 to 62 form part of these financial statements.

Page 21


		GOLFBREAKS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE 12 MONTH PERIOD ENDED 30 APRIL 2025

	Called up share capital	Share premium account	Shares to be issued	Foreign exchange reserve	Cash flow hedging reserve	Profit and loss account	Non-controlling interests	Total equity
	£	£	£	£	£	£	£	£
At 1 May 2024	48,510	6,884,404	994	168,518	(183,332)	(4,602,060)	(474,143)	1,842,891
Comprehensive income for the year
Profit for the year	-	-	-	-	-	2,818,643	8,522	2,827,165
Currency translation differences	-	-	-	-	-	260,753	-	260,753
Movement in unrealised foreign exchange reserve	-	-	-	(14,574)	-	-	-	(14,574)
Fair value loss on cash flow hedges	-	-	-	-	147,016	-	-	147,016
Total comprehensive income for the year	-	-	-	(14,574)	147,016	3,079,396	8,522	3,220,360
Dividends: Equity capital	-	-	-	-	-	(193,262)	-	(193,262)
Acquisition of minority shareholding in subsidiary	-	-	-	-	-	(465,621)	465,621	-
Shares cancelled	-	994	(994)	-	-	-	-	-
Total transactions with owners	-	994	(994)	-	-	(658,883)	465,621	(193,262)
At 30 April 2025	48,510	6,885,398	-	153,944	(36,316)	(2,181,547)	-	4,869,989

The notes on pages 28 to 62 form part of these financial statements.

Page 22

GOLFBREAKS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 May 2025	48,510	6,885,398	(36,316)	3,889,763	10,787,355
Comprehensive income for the year
Profit for the 11 month period	-	-	-	573,767	573,767
Fair value gain on cash flow hedges	-	-	85,048	-	85,048
Other comprehensive income for the 11 month period	-	-	85,048	-	85,048
Total comprehensive income for the 11 month period	-	-	85,048	573,767	658,815
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(157,302)	(157,302)
Total transactions with owners	-	-	-	(157,302)	(157,302)
At 31 March 2026	48,510	6,885,398	48,732	4,306,228	11,288,868

The notes on pages 28 to 62 form part of these financial statements.

Page 23


		GOLFBREAKS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE 12 MONTH PERIOD ENDED 30 APRIL 2025

	Called up share capital	Share premium account	Shares to be issued	Cash flow hedging reserve	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 May 2024	48,510	6,884,404	994	(183,332)	1,331,916	8,082,492
Comprehensive income for the year
Profit for the year	-	-	-	-	2,751,109	2,751,109
Fair value loss on cash flow hedges	-	-	-	147,016	-	147,016
Other comprehensive income for the year	-	-	-	147,016	-	147,016
Total comprehensive income for the year	-	-	-	147,016	2,751,109	2,898,125
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(193,262)	(193,262)
Shares cancelled	-	994	(994)	-	-	-
Total transactions with owners	-	994	(994)	-	(193,262)	(193,262)
At 30 April 2025	48,510	6,885,398	-	(36,316)	3,889,763	10,787,355

The notes on pages 28 to 62 form part of these financial statements.

Page 24

GOLFBREAKS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

			11 month period ended 31 March	12 month period ended 30 April
			2026	2025
			£	£

Cash flows from operating activities
Profit for the financial 11 month period	2,356,437	2,827,165
Adjustments for:
Amortisation of intangible assets	938,946	1,424,108
Depreciation of tangible assets (excluding right of use assets)	158,047	171,732
Interest paid/(received)	(566,814)	(619,402)
Taxation charge	936,217	848,380
Decrease/(increase) in debtors	155,480	(1,133,491)
Increase in creditors	7,393,186	6,898,276
Corporation tax (paid)	(859,647)	(1,286,252)
Research and development expenditure credit	-	(123,285)
Net cash generated from operating activities	10,511,852	9,007,231
Cash flows from investing activities
Purchase of intangible fixed assets	(897,931)	(1,010,987)
Purchase of tangible fixed assets	(78,255)	(305,354)
Net cash outflow on acquisition	(89,134)	-
Net cash from investing activities	(1,065,320)	(1,316,341)
Cash flows from financing activities

Page 25

GOLFBREAKS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

		11 month period ended 31 March	12 month period ended 30 April
		2026	2025
		£	£


Repayment of other loans	(238,000)	(285,000)
Dividends paid	(157,304)	(193,262)
Interest received/(paid)	566,814	619,402
Net cash used in financing activities	171,510	141,140
Net increase in cash and cash equivalents	9,618,042	7,832,030
Cash and cash equivalents at beginning of 11 month period	39,655,740	31,823,710
Cash and cash equivalents at the end of 11 month period	49,273,782	39,655,740

Cash and cash equivalents at the end of 11 month period comprise:
Cash at bank and in hand	49,273,782	39,655,740
	49,273,782	39,655,740

The notes on pages 28 to 62 form part of these financial statements.

Page 26

GOLFBREAKS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026


At 1 May 2025	Cash flows	Other non-cash changes	At 31 March 2026
£	£	£	£

Cash at bank and in hand	39,655,740	9,618,042	-	49,273,782
Debt due after 1 year	(4,021,000)	255,000	-	(3,766,000)
Debt due within 1 year	(126,000)	(17,000)	-	(143,000)
Finance leases	(979,604)	286,925	-	(692,679)
Related derivatives	-	-	48,732	48,732
	34,529,136	10,142,967	48,732	44,720,835

The notes on pages 28 to 62 form part of these financial statements.

Page 27

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

1.	General information

As disclosed in the Strategic Report, the principal activity of the Group and Company in the period under review was the promotion of golf breaks, golf holidays and golf tournament experiences across its three consumer markets of the UK and Ireland, Scandinavia and the USA.

The Company is a private company limited by shares and is incorporated in England. The address of the Group's principal place of business is Minton Place, Victoria Street, Windsor, Berkshire, SL4 1EG. The registered office details of the Company are stated on the Company Information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

2.2

Basis of consolidation

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

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

Page 28

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.3

Going concern

The Group reported profits for the period of £2.35 million and has a net surplus in shareholders’ funds of £7.1 million. The financial statements have been prepared on the going concern basis as the directors have prepared sensitised forecasts and having undertaken a review of the future financing requirements for on-going operations of the Group, are satisfied that sufficient cash facilities are secured to meet its working capital requirements for at least 12 months from the date of
signing of these financial statements.

Bond Redemption
At 31 March 2026 the Group has net current assets of £5.4 million excluding bond redemption repayments of £143,000 due in the next 12 months from the statement of financial position date. As part of their review, the directors have made certain estimates about the redemption of bond 1. The next potential notification date for bond 1 holders to request redemption of bonds is in January 2027, for redemption in July 2027. The directors have used an anticipated redemption rate based on the historic redemption experience of bond 1, since the first redemption window in January 2018, when forecasting. In the event of a 100% redemption requirement in July 2027 in respect of bond 1, the Group will still have sufficient headroom to meet its working capital requirements over the next 12 months. The next potential notification date for bond 2 holders to request redemption of bonds is in May 2027, for redemption in November 2027.

Geopolitical Tensions
The uncertainty caused by rising costs in the UK and geopolitical tensions in Eastern Europe and the Middle East have also been considered as part of the Group's adoption of the going concern basis. Downside sensitivities were applied to the base case cash flow model to understand the potential impact of needing to defer or refund bookings, based on future prospects, performance and an assessment of the economic environment.

Whilst it remains difficult to predict any future downturns in trading, the directors continue to responsibly manage cash reserves and take the required commercially reasonable steps (including options to pursue further financing) to mitigate any downside scenarios.

For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 29

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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

2.5

Revenue

Revenue is recognised in full at the point of travel, less a small element of non-refundable deposits paid which is recognised at the point of sale.

Revenue represents (a) the gross value (total transaction value) at which the services earned as a tour operator have been sold to the customer and (b) rebates and overrides received from suppliers.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and rebates.

2.6

Operating leases: the Group as lessee

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

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

Page 30

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range between 5 to 10 years.

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.

2.8

Interest income

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

2.9

Finance costs

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

2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the 11 month period in which they are incurred.

2.11

Pensions

Defined contribution pension plan

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

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

Page 31

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Cash-settled share options are measured at fair value, with a liability recognised over the vesting period based on the number of awards expected to vest. The liability is remeasured at each reporting date until settlement, with changes recognised in profit or loss.

Page 32

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.13

Current and deferred taxation

The tax expense for the 11 month period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

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

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

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

2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 33

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.15

Intangible assets

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 the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are 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.

The estimated useful lives range as follows:

Development expenditure	-	5 - 10 years on a straight line basis
Goodwill	-	3 years on a straight line basis
Branding	-	5 years on a straight line basis

2.16

Tangible fixed assets

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

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 34

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.16

Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Leasehold improvements	-	10% on a straight line basis
Right of use assets	-	Over the term of the lease
Computer equipment	-	20% on a straight line basis
Other fixed assets	-	20% on a straight line 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.

2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.18

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Profit and Loss Account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 35

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.19

Cash and cash equivalents

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

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

2.20

Creditors

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

2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.22

Financial instruments

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 36

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.22

Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted.

The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 37

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.22

Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Forward exchange contracts are used to manage currency fluctuations by purchasing foreign currency in advance to match future currency commitments when they become due. Foreign exchange contracts and the amounts due are valued at the time when the contract is entered into. In accordance with FRS 102 these forward exchange contracts are revalued at the year end valuation and the resulting gain or loss is recognised in the income statement. At 31 March 2026, the Group had entered into forward exchange contracts to buy £42,121,228 (30 April 2025 - £15,179,627) of foreign currencies.

2.23

Hedge accounting

The Group uses foreign currency forward contracts to manage its exposure to cash flow risk on its future bookings. These derivatives are measured at fair value at each reporting date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the 11 month period.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the 11 month period. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 38

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

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

In the application of the Group's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying value 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 assumption are reviewed on a regular and 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.

Critical accounting estimates and assumptions
Investments - Management assesses the investments held for evidence of impairment annually. When assessing for impairment, management considers factors including performance of investments, forecasts and future strategic plans.

Useful life of intangible assets - The Group assesses the expected useful life of all intangibles and amortises them over the corresponding period, currently between 5 and 10 years. The directors have applied a life of 10 years to computer software where they consider this to be built around 'best in class' platforms. The Group continually monitors this policy and the performance of the assets, and will amend the estimate of the useful life should it be required.

Loyalty Scheme Provision - Management provide for the expected redemption of currently available loyalty points within future periods. The provision is calculated using historical data to determine expected redemption rates. This provision is regularly reviewed and amended should it be required.

Intercompany recoverability - The Group assesses its intercompany balances for recoverability. When assessing for impairment, management considers factors including historical experience, knowledge of performance, and future forecasts based upon strategic investment plans. Management have assumed year on year growth in profitability of the Scandinavian subsidiary. Growth assumptions related to the US subsidiary are noted below.

Fair value assumptions - The directors assess the recoverable amount of investments in subsidiaries by reference to each subsidiary's maintainable earnings and a market-based earnings multiple. This is an area of estimation uncertainty, as it requires judgement over sustainable future earnings and the appropriate multiple to apply. Applying this approach, the directors estimated the recoverable amount of the investment in Golfbreaks Scandinavia APS at approximately £1,000,000 and, accordingly, recognised an impairment of £1,500,000 in the profit and loss account.

Dilapidations - The Company's office lease is currently in a holdover period, and management expects it to be renewed for a further term of 3 to 5 years. No provision for dilapidations has been recognised at the balance sheet date, reflecting management's judgement that the extent and timing of any reinstatement obligation cannot be reliably estimated until the terms of the renewed lease are agreed. This is an area of estimation uncertainty, and a provision may be required in future periods as the position becomes clearer.

Page 39

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Turnover

Golfbreaks	118,168,953	117,359,042
	118,168,953	117,359,042

Analysis of turnover by country of destination:

					11 month period ended 31 March	12 month period ended 30 April
					2026	2025
					£	£

United Kingdom	94,585,980	93,954,522
Denmark	2,690,254	3,097,372
United States of America	20,892,719	20,307,148
	118,168,953	117,359,042

	Research and development expenditure credit	-	123,285

Page 40

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Depreciation of tangible fixed assets	458,056	161,580
Amortisation of intangible assets, including goodwill	938,946	1,474,092
Exchange differences	187,765	30,857
Other operating lease rentals	487,662	859,646

Fees payable to the Company's auditors and their associates for the audit of the consolidated and Parent Company's financial statements	64,580	61,098
Fees payable to the Company's auditors and their associates in respect of:
All other services	61,177	19,954

Page 41

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

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

Group 31 March	Group 30 April	Company 31 March	Company 30 April
2026	2025	2026	2025
£	£	£	£


Wages and salaries	9,446,758	8,730,758	7,021,008	6,844,927
Social security costs	1,131,707	986,111	1,000,276	849,934
Cost of defined contribution scheme	274,301	251,957	220,597	210,621
	10,852,766	9,968,826	8,241,881	7,905,482

The average monthly number of employees, including the directors, during the 11 month period was as follows:

	Group	Group	Company	Company
	11 month period ended 31 March	12 month period ended 30 April	11 month period ended 31 March	12 month period ended 30 April
	2026	2025	2026	2025
	No.	No.	No.	No.

Administrative	214	202	178	166

Page 42

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Directors' emoluments	417,987	408,746
Group contributions to defined contribution pension schemes	25,577	26,919
	443,564	435,665

	During the 11 month period retirement benefits were accruing to 4 directors (2025 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £149,569 (2025 - £169,410).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,186 (2025 - £5,919).
	The total accrued pension provision of the highest paid director at 31 March 2026 amounted to £NIL (2025 - £NIL).

Other interest receivable

866,087

944,847

	Other loan interest payable	292,273	325,445
		292,273	325,445

Page 43

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Corporation tax
Current tax on profits for the year	861,466	1,007,654
Adjustments in respect of previous periods	(30,821)	(315,965)
	830,645	691,689
Foreign tax
Foreign tax on income for the year	102,048	-
	102,048	-
Total current tax	932,693	691,689

Deferred tax
Origination and reversal of timing differences	3,524	156,691
Total deferred tax	3,524	156,691


	Tax on profit	936,217	848,380

Page 44

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

12.Taxation (continued)

Profit on ordinary activities before tax

3,292,654

3,675,545

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	823,164	918,886
Effects of:
Non-tax deductible amortisation of goodwill and impairment	7,436	297,654
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	34,778	3,455
Capital allowances for 11 month period/year in excess of depreciation	94,660	(193,587)
Adjustments to tax charge in respect of prior periods	(30,821)	(315,965)
Profits taxed in foreign jurisdictions	(9,288)	(18,754)
Unrelieved tax losses carried forward	9,168	-
Movement in deferred taxes	3,524	156,691
Other differences leading to an increase (decrease) in the tax charge	3,596	-
Total tax charge for the 11 month period/year	936,217	848,380

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

B Ordinary share dividends

157,302

193,262

Page 45

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

	Transaction related costs	583,842	-
		583,842	-

15.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the 11 month period/year was £573,767 (2025 - £2,751,109).

Page 46

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

	Development expenditure	Computer software	Goodwill	Total
	£	£	£	£
Cost
At 1 May 2025	10,548,664	-	-	10,548,664
Additions	888,931	9,000	152,961	1,050,892
On acquisition of subsidiaries	-	18,256	-	18,256
Foreign exchange movement	8,600	-	-	8,600
At 31 March 2026	11,446,195	27,256	152,961	11,626,412
Amortisation
At 1 May 2025	5,766,024	-	-	5,766,024
Charge for the 11 month period	906,444	2,761	29,742	938,947
Foreign exchange movement	7,760	-	-	7,760
At 31 March 2026	6,680,228	2,761	29,742	6,712,731
Net book value
At 31 March 2026	4,765,967	24,495	123,219	4,913,681
At 30 April 2025	4,782,640	-	-	4,782,640

At 31 March 2026, capitalised software development costs of £785,506 (30 April 2025 - £202,900) related to projects still in development and had not yet commenced amortisation.

Page 47

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

16.Intangible assets (continued)

	Company

		Development expenditure
		£
	Cost
	At 1 May 2025	10,112,988
	Additions	888,931
	At 31 March 2026	11,001,919
	Amortisation
	At 1 May 2025	5,437,678
	Charge for the 11 month period	883,232
	At 31 March 2026	6,320,910
	Net book value
	At 31 March 2026	4,681,009
	At 30 April 2025	4,675,310

Page 48

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

17.	Tangible fixed assets
	Group

	Leasehold improvements	Right of use assets	Computer and other equipment	Total
	£	£	£	£
Cost or valuation
At 1 May 2025	634,238	-	1,836,900	2,471,138
Impact of change in accounting policy	-	979,604	-	979,604
At 1 May 2025 (adjusted balance)	634,238	979,604	1,836,900	3,450,742
Additions	-	-	78,255	78,255
Acquisition of subsidiary	-	-	2,231	2,231
Exchange adjustments	-	-	2,634	2,634
At 31 March 2026	634,238	979,604	1,920,020	3,533,862
Depreciation
At 1 May 2025	628,148	-	1,269,362	1,897,510
Charge for the 11 month period	578	299,323	157,469	457,370
Exchange adjustments	-	-	1,786	1,786
At 31 March 2026	628,726	299,323	1,428,617	2,356,666
Net book value
At 31 March 2026	5,512	680,281	491,403	1,177,196
At 30 April 2025	6,090	-	567,538	573,628

Following the acquisition of the Company by Sports Tours International Limited, and in line with the Group's accounting policy, the Company has for the first time recognised right-of-use assets in respect of its leased property under the revised Section 20 (Leases) of FRS 102. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset.

	Short leasehold	5,512	6,090

Page 49

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

17.Tangible fixed assets (continued)

	Company

	Leasehold improvements	Right of use assets	Computer and other equipment	Total
	£	£	£	£
Cost or valuation
At 1 May 2025	634,238	-	1,658,941	2,293,179
Impact of change in accounting policy	-	979,604	-	979,604
At 1 May 2025 (as restated)	634,238	-	1,658,941	2,293,179
Additions	-	-	64,691	64,691
At 31 March 2026	634,238	979,604	1,723,632	3,337,474
Depreciation
At 1 May 2025	628,148	-	1,176,208	1,804,356
Charge for the 11 month period	578	299,323	132,712	432,613
At 31 March 2026	628,726	299,323	1,308,920	2,236,969
Net book value
At 31 March 2026	5,512	680,281	414,712	1,100,505
At 30 April 2025	6,090	-	482,733	488,823

	Short leasehold	5,512	6,090

Page 50

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

18.	Fixed asset investments
	Group

		Investment in joint ventures
		£

	At 1 May 2025	100,000
	Transfers intra group	(100,000)
	At 31 March 2026	-

The Group directly owns the share capital of the subsidiaries listed in the table below. During the period, the Group acquired the remaining 50% shareholding in Golfshake Limited.

	Company

	Investments in subsidiary companies	Investment in joint ventures	Total
	£	£	£
Cost or valuation
At 1 May 2025	2,616,329	100,000	2,716,329
Additions	100,000	-	100,000
Transfers intra group	100,000	(100,000)	-
At 31 March 2026	2,816,329	-	2,816,329
Impairment
Charge for the period	1,500,000	-	1,500,000
At 31 March 2026	1,500,000	-	1,500,000

Following the capitalisation of an intercompany loan in the prior year, the carrying value of the Company's investment in Golfbreaks Scandinavia APS rose by £2.5m. As part of its annual impairment review, management assessed the recoverable amount of the investment by reference to the subsidiary's maintainable earnings and a market-based earnings multiple, estimating recoverable amount at approximately £1m. Accordingly, the investment has been written down by £1.5m with the impairment loss recognised in the profit and loss account.

Page 51

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Golfbreaks Bonds Plc	The Spectrum Benson Road, Birchwood, Warrington, Cheshire, WA3 7PQ	Ordinary	100%
Golfbreaks Incorporated	474 Wando Park Blvd, Suite 204, Mount Pleasant, South Carolina, 29464, USA	Ordinary	100%
Golfbreaks Scandinavia APS	Tuborgvej 5, 2900 Hellerup, Denmark	Ordinary	100%
Golfcourses Limited	The Spectrum Benson Road, Birchwood, Warrington, Cheshire, WA3 7PQ	Ordinary	100%
Golfshake Limited	The Spectrum Benson Road, Birchwood, Warrington, Cheshire, WA3 7PQ	Ordinary	100%

The aggregate of the share capital and reserves as at 31 March 2026 and the profit or loss for the 11 month period ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Golfbreaks Bonds Plc	103,998	5,454
Golfbreaks Incorporated	(3,435,277)	180,659
Golfbreaks Scandinavia APS	345,927	162,639
Golfcourses Limited	-	-
Golfshake Limited	10,699	(32,585)

Page 52

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

19.	Debtors
		Group 31 March	Group 30 April	Company 31 March	Company 30 April
		2026	2025	2026	2025
		£	£	£	£

Due after more than one year
Amounts owed by group undertakings	-	-	258,570	258,570
Other debtors	5,660	5,560	-	-
	5,660	5,560	258,570	258,570

Group 31 March	Group 30 April	Company 31 March	Company 30 April
2026	2025	2026	2025
£	£	£	£

Due within one year
Trade debtors	402,901	179,072	387,437	179,072
Amounts owed by group undertakings	-	-	57,800	109,628
Other debtors	1,286,875	1,478,240	1,117,339	1,192,684
Prepayments and accrued income	9,770,325	10,060,904	7,010,505	7,544,314
Financial instruments	48,732	-	48,732	-
	11,508,833	11,718,216	8,621,813	9,025,698

Rental deposits held by landlords as security for the use of offices across the Group, included within other debtors due after more than one year, totalled £5,660 (30 April 2025 - £5,560) for the Group and £Nil (30 April 2025 - £Nil) for the parent Company.

20.	Cash and cash equivalents
		Group 31 March	Group 30 April	Company 31 March	Company 30 April
		2026	2025	2026	2025
		£	£	£	£

	Cash at bank and in hand	49,273,782	39,655,740	43,973,537	36,873,055

Included within the cash balances held by the Group at 31 March 2026, is an amount of £2,968,028 (30 April 2025: £Nil) relating to funds held in the independently managed CAA Escrow Trust Account.

Page 53

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

21.	Creditors: Amounts falling due within one year
		Group 31 March	Group 30 April	Company 31 March	Company 30 April
		2026	2025	2026	2025
		£	£	£	£

Other loans	143,000	126,000	-	-
Payments received on account	44,852,015	36,492,995	35,906,158	29,595,323
Trade creditors	1,951,897	1,510,992	1,288,314	1,061,977
Amounts owed to group undertakings	-	-	143,000	126,000
Corporation tax	37,800	67,389	36,821	67,389
Other taxation and social security	275,975	252,416	245,138	201,614
Lease liabilities	346,339	-	346,339	-
Other creditors	1,293,893	1,235,679	1,267,257	1,194,293
Accruals and deferred income	6,242,105	7,695,177	4,422,707	6,061,653
Financial instruments	-	36,316	-	36,316
	55,143,024	47,416,964	43,655,734	38,344,565

Other loans represent bonds issued to investors in prior periods by Golfbreaks Bonds plc. The initial term of the first bond expired in July 2018 and these are now on an annual redemption basis.

The next redemption notification deadline is January 2027 for redemption in July 2027. Interest accrues at 7.5% or 10% per annum depending on the type of bond purchased, and is payable yearly on the anniversary of the issue of the bond. If the holder of the bond does not notify the Group of their wish to redeem the bond at least 6 months prior to the bond's redemption date (January), the bond automatically rolls over for a further year. The first bond is now not due for redemption until July 2027 (having received notice in January 2026 for redemptions in July 2026 amounting to £32,000) and has therefore been classified as being due after more than one year at the current balance sheet date.

The initial term of the second bond expired in November 2020 and these are now on an annual redemption basis. The next redemption notification deadline is May 2026 for redemption in November 2026. Interest accrues at 7.5% per annum, and is payable every six months from the issue of the bond. Subsequent to the period end, and up to the redemption deadline in May 2026, the Group had received notice for redemptions totalling £111,000, as a result the majority of the bond has been rolled over and £111,000 has been classified, along with the £32,000 noted above, as due within one year (see note 22).

The Bonds are guaranteed by the Group.

Page 54

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

22.	Creditors: Amounts falling due after more than one year
		Group 31 March	Group 30 April	Company 31 March	Company 30 April
		2026	2025	2026	2025
		£	£	£	£

Other loans	3,766,000	4,021,000	-	-
Lease liabilities	346,340	-	346,340	-
Amounts owed to group undertakings	-	-	4,129,466	4,378,034
	4,112,340	4,021,000	4,475,806	4,378,034

Other loans above represent bonds issued to investors in prior periods. See note 21 for further details.

23.	Loans
	Analysis of the maturity of loans is given below:
		Group 31 March	Group 30 April
		2026	2025
		£	£

Other loans due within one year	143,000	126,000
Other loans due within 1-2 years	3,766,000	4,021,000
	3,909,000	4,147,000

24.	Lease liabilities
	Minimum lease payments under hire purchase fall due as follows:
		Group 31 March	Group 30 April	Company 31 March	Company 30 April
		2026	2025	2026	2025
		£	£	£	£

Current liabilities	346,339	-	346,339	-
Non-current liabilities	346,340	-	346,340	-
	692,679	-	692,679	-

Lease liabilities relate to the Group’s leased property recognised as a right-of-use asset in accordance with the Group’s accounting policy.

Page 55

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

25.	Deferred taxation
	Group

	2026	2025
	£	£

At beginning of year	(527,831)	(371,140)
Charged to profit or loss	(3,524)	(156,691)
Arising on business combinations	28,675	-
At end of year	(502,680)	(527,831)

Company

	2026	2025
	£	£

At beginning of year	(527,831)	(371,140)
Charged to profit or loss	(3,524)	(156,691)
At end of year	(531,355)	(527,831)

Group 31 March	Group 30 April	Company 31 March	Company 30 April
2026	2025	2026	2025
£	£	£	£

Accelerated capital allowances	(531,355)	(527,831)	(531,355)	(527,831)
Tax losses carried forward	28,675	-	-	-
	(502,680)	(527,831)	(531,355)	(527,831)

Page 56

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

Authorised

451,425,000 (2025 - 499,800,000) "A" Ordinary shares of £0.0010 each	451,425	499,800
40,000 (2025 - 50,000) "B" Non-Voting shares of £0.0010 each	40	50
0 (2025 - 125,000) "C" Ordinary shares of £0.0010 each	-	125
100,000 (2025 - 100,000) "D" Ordinary shares of £0.0010 each	100	100
48,510,000 (2025 - 0) Ordinary shares of £0.0010 each	48,510	-

	500,075	500,075

Allotted, called up and fully paid

0 (2025 - 48,375,000) "A" Ordinary shares of £0.0010 each	-	48,375
0 (2025 - 10,000) "B" Non-Voting shares of £0.0010 each	-	10
0 (2025 - 125,000) "C" Ordinary shares of £0.0010 each	-	125
48,510,000 (2025 - 0) Ordinary shares of £0.0010 each	48,510	-

	48,510	48,510

On 18 March 2026, following the acquisition of the Group by Sports Tours International Limited, the existing 48,375,000 A Ordinary shares of £0.001 each, 10,000 B Ordinary shares of £0.001 each, and 125,000 C Ordinary shares of £0.001 in the capital of the Company were reclassified as 48,510,000 ordinary shares of £0.001 each in the capital of the Company.

All shares rank pari passu in all respects except for 'D' ordinary shares which are not entitled to dividends and are not entitled to voting rights and 'B' ordinary shares which also do not carry any voting rights.

Page 57

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

27.

Reserves

Share premium account

This reserve represents the excess paid for share capital over and above the nominal value of the share capital.

Foreign exchange reserve

This reserve represents the accumulated differences arising on year end translation of equity components of overseas entities.

Other reserves

The cash flow hedging reserve, in accordance with the Group's accounting policies, relates to the effective portion of changes in the fair value of foreign exchange forward contract derivatives as they are recognised.

Profit and loss account

This reserve represents the accumulated gains and losses of the Group and Company since its inception, less any dividends paid.

Page 58

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

28.	Business combinations

On 31 August 2025, the Group acquired the remaining 50% share capital of Golfshake Limited.

Acquisition of Golfshake Limited
Recognised amounts of identifiable assets acquired and liabilities assumed
	Book value	Fair value adjustments	Fair value
	£	£	£

Fixed Assets
Tangible	2,231	-	2,231
Intangible	18,255	-	18,255
	20,486	-	20,486
Current Assets
Debtors	100,755	-	100,755
Cash at bank and in hand	10,866	-	10,866
Total Assets	132,107	-	132,107
Creditors
Due within one year	(85,068)	-	(85,068)
Total Identifiable net assets	47,039	-	47,039


	Goodwill	152,961
	Total purchase consideration	200,000

	Consideration
					£


	Existing 50% investment already held	100,000
	Cash	100,000
	Total purchase consideration	200,000

Page 59

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

28.Business combinations (continued)

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	100,000
		100,000
	Less: Cash and cash equivalents acquired	(10,866)
	Net cash outflow on acquisition	89,134

	The results of Golfshake Limited since acquisition are as follows:
				Current period since acquisition
				£

	Turnover	65,650
	(Loss) for the period since acquisition	(36,341)

29.	Contingent liabilities

At 31 March 2026 there were contingent liabilities outstanding in respect of counter indemnities and guarantees given by the company and the group, in the normal course of business to the Group's bond obligors in respect of ABTOT bonds amounting to £9,150,000 (30 April 2025 - £9,150,000).

30.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £274,301 (12 months to 30 April 2025 - £251,957). Contributions totalling £59,797 (30 April 2025 - £46,239) were payable to the fund at the statement of financial position date and are included in other creditors.

Page 60

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

31.	Commitments under operating leases
	At 31 March 2026 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group 31 March	Group 30 April	Company 31 March	Company 30 April
		2026	2025	2026	2025
		£	£	£	£

Not later than 1 year	91,026	262,954	-	172,992
Later than 1 year and not later than 5 years	7,586	89,962	-	-
	98,612	352,916	-	172,992

32.

Related party transactions

The Company has taken advantage of the exemption as provided by Financial Reporting Standard (FRS) 102 section 33 ‘Related Party Disclosures’ not to disclose transactions with fellow wholly owned group companies included within the Group financial statements.

In the period to 31 March 2026, the Company purchased consultancy services from Mr P Stanley, father of Mr A M Stanley amounting to £12,500 (12 month period to 30 April 2025 - £15,000). The transactions were undertaken under normal commercial terms.

At the period end the directors and their spouses held bonds totalling £56,000 (30 April 2025 - £56,000). The terms of the bonds are noted in note 21. The bonds accrue interest at a rate of 7.5% per annum payable on the anniversary of the issue of the bond. The total interest paid to these bond holders was £4,200 (30 April 2025 - £4,200), and the amount payable at the year end was £Nil (30 April 2025 - £Nil).

All directors and certain senior employees who have authority for planning, directing and controlling the activities of the Company are considered to be key management personnel. In this context the directors consider that this comprises the Group directors only.

During the period a dividend was paid to A M Stanley, G E S Proddow, S Hemsworth, and D S Grave totalling £157,302 (30 April 2025 - £193,262).

33.	Post balance sheet events

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

34.	Holding company

The Group's immediate parent is Sports Tours International Limited, a company registered in England and Wales. Copies of the financial statements of Sports Tours International Limited can be obtained from The Spectrum, 56-58 Benson Road, Birchwood, Warrington, Cheshire, WA3 7PQ.

The ultimate holding company is Momo Holdings Limited, an investment company controlled by the Done family.

Page 61

GOLFBREAKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 11 MONTH PERIOD ENDED 31 MARCH 2026

35.	Controlling party

The Group is considered to be under the control of the Done family.

36.	Cash flow hedges
	At 31 March 2026, the Group had 50 foreign exchange forward contracts that it designated as cash flow hedges of highly probable foreign currency payments to suppliers for firm commitments in future periods. These contracts are entered into to minimise the Group's exposure to foreign exchange risk, between the prices agreed when a customer booking is made and when the supplier is paid. The following table summarises the foreign currency cash flow hedging instruments in place as at 31 March 2026:
		31 March	31 March	30 April	30 April
		2026 Volume	2026 Fair Value	2025 Volume	2025 Fair Value
		Local Currency	(GBP)	(Local Currency	(GBP)

	Euros (EUR)	48,000,000	41,365,084	18,000,000	15,289,259
	United States Dollar (USD)	1,000,000	756,144	-	-

	Determination Period
					31 March
					2026
					£

	April - June 2026	15,241,158
	July - September 2026	9,501,826
	October - December 2026	11,299,940
	January 2027 - March 2027	6,078,304
		42,121,228

During the period, the Company recognised net gains of £85,048 (30 April 2025 - net gain of £147,016) on forward currency cash flow hedging instruments, all of which were found to be effective and were recognised through other comprehensive income into the cash flow hedging reserve.

Page 62