Plot hole: Just before Cowboy finally opens the bowling bag, the zipper is halfway up the right side. John was warned not to open the bag and was terrified by the potential consequences; he didn't open the bag at any point and certainly wouldn't have allowed it to remain partially open. (01:13:30)
Plot hole: Throughout the film we see several characters talk about how there's no Christmas spirit and how nobody believes in Santa anymore. If, in this universe at least, Santa does exist, it's almost impossible for people to think this. If the parents deliver the presents then how do they explain the excess gifts that Santa brings? We know that Michael is on the nice list because Santa shows him towards the end, so Michael must get presents from Santa. There is no way that Walter can't believe in Santa then because Michael gets gifts from him every year.
Suggested correction: Emily and Walter probably just thought each present Michael got from Santa was from the other parent. I'm not sure if Walter got him presents or not but you can see that Emily did as she's seen walking home with presents when she's on the phone with Walter.
That is highly unlikely. When my daughter was "believing in Santa" age, my wife and I always talked about what we were getting her, so we didn't duplicate. Plus that theory wouldn't work for single parents.
It is very likely because it's obvious Walter is not in the Christmas spirit like his wife and Michael are. Plus it's obvious Walter is not focused on his family at the beginning of the movie so it's safe to assume the original submission is correct.
Plot hole: At the end of the film, Trevor McDonald reads the news and says "the spy, who we cannot name for legal reasons..." Yet on screen, one of the newspapers that flashes up (I think it's The Times), has a headline congratulating Johnny English by name. He's not going to be a secret spy for long if they reveal that.
Plot hole: How come B-rad doesn't recognize the actors? They are from B-rad's dad's commercials but B-rad doesn't acknowledge it whatsoever.