REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 29th February 2024 |
for |
Bailey Robinson Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 29th February 2024 |
for |
Bailey Robinson Limited |
Bailey Robinson Limited (Registered number: 03187414) |
Contents of the Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 6 |
Balance Sheet | 7 |
Statement of Changes in Equity | 8 |
Cash Flow Statement | 9 |
Notes to the Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
Bailey Robinson Limited |
Company Information |
for the Year Ended 29th February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
2 Communications Road |
Greenham Business Park |
Greenham |
Newbury |
Berkshire |
RG19 6AB |
Bailey Robinson Limited (Registered number: 03187414) |
Strategic Report |
for the Year Ended 29th February 2024 |
The directors present their strategic report for the year ended 29th February 2024. |
REVIEW OF BUSINESS |
Established in 1998, the company’s current portfolio includes over 60 destinations as featured in a number of programmes. The emphasis across all these programmes is on bespoke luxury touring and in creating memorable journeys for discerning travellers. |
During the year the company received 346 bookings (2023- 329) at an average booking value of £21,165 (2023- £20,962) |
The company generated a gross profit of £1,181k for the year to 29th February 2024 (2023 - £1,166k) at a gross margin of 18.27% (2023 - 15.91%) which represents an increase of 14.8% on the previous year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Package Tour Operator Liability |
Most of the company’s bookings are covered under the Package Travel and Linked Travel Arrangement Regulations 2018. In such cases our obligations to our customer start and finish at the departure point, most usually an airport. Any event, such as intemperate weather, industrial action or airline failure, political unrest or natural disasters impacts on our business. The Company, as the tour operator, is responsible for our bonded customers until they can be returned to their point of departure. The cost to the company was £nil (2023- £nil). |
Foreign Exchange Risk |
The company purchases much of its product in the foreign currencies listed in the table below. The high / low range has varied by as much as 11.74% over the course of the financial period. These sharp fluctuations can make product planning and pricing difficult although the company reviews its internal exchange rates on a weekly basis to ensure that it is both competitive in its pricing and is able to stand by the booking quotes that it has given. Once bookings are confirmed foreign exchange contracts are used to manage foreign exchange risk as soon as currency requirements are material enough to justify entering into such contracts. |
Currency | US Dollar | Euro | South African Rand |
Spot rate at 29th February 2024 | 1.2650 | 1.1688 | 24.2724 |
Period High | 1.1311 | 1.1758 | 24.5675 |
Period Low | 1.1837 | 1.1216 | 21.7174 |
High - Low Range | 0.1279 | 0.0542 | 2.8501 |
% of High / Low range against spot at 29th February 2024 |
10.11% |
4.64% |
11.74% |
. |
ON BEHALF OF THE BOARD: |
Bailey Robinson Limited (Registered number: 03187414) |
Report of the Directors |
for the Year Ended 29th February 2024 |
The directors present their report with the financial statements of the company for the year ended 29th February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of the provision of overseas travel. |
DIVIDENDS |
An ordinary dividend of £nil (2023 - £nil) was paid to to its ordinary shareholder during the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st March 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, James Cowper Kreston Audit, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Bailey Robinson Limited |
Opinion |
We have audited the financial statements of Bailey Robinson Limited (the 'company') for the year ended 29th February 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29th February 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Bailey Robinson Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. |
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves |
intentional concealment, forgery, collusion, omission or misrepresentation. |
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
2 Communications Road |
Greenham Business Park |
Greenham |
Newbury |
Berkshire |
RG19 6AB |
Bailey Robinson Limited (Registered number: 03187414) |
Statement of Comprehensive Income |
for the Year Ended 29th February 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Bailey Robinson Limited (Registered number: 03187414) |
Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 7 |
Debtors: amounts falling due after more than one year |
7 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bailey Robinson Limited (Registered number: 03187414) |
Statement of Changes in Equity |
for the Year Ended 29th February 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st March 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 28th February 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 29th February 2024 |
Bailey Robinson Limited (Registered number: 03187414) |
Cash Flow Statement |
for the Year Ended 29th February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax (paid) / received |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 854,792 |
Cash and cash equivalents at end of year | 2 | 853,437 | 796,404 |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Cash Flow Statement |
for the Year Ended 29th February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (8,201 | ) | (1,934 | ) |
152,985 | 284,300 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 29th February 2024 |
29/2/24 | 1/3/23 |
£ | £ |
Cash and cash equivalents | 853,437 | 796,404 |
Year ended 28th February 2023 |
28/2/23 | 1/3/22 |
£ | £ |
Cash and cash equivalents | 796,404 | 854,792 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/3/23 | Cash flow | At 29/2/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 796,404 | 57,033 | 853,437 |
796,404 | 853,437 |
Debt |
Debts falling due after 1 year | (116,667 | ) | 116,667 | - |
(116,667 | ) | 116,667 | - |
Total | 679,737 | 173,700 | 853,437 |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Financial Statements |
for the Year Ended 29th February 2024 |
1. | STATUTORY INFORMATION |
Bailey Robinson Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following have had the most significant effect on amounts recognised in the financial statements: |
a) Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values may vary depending on a number of factors. |
b) Bad debt provisions |
Provisions are estimated by the company in respect of specific debts based upon the age of the debt and knowledge of known issues. |
Revenue recognition |
Revenue is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
A significant amount of the Company's transactions relate to holidays which depart at a future date. In such cases the revenue relating to these transactions is recorded in deferred income and associated expenses recorded in deferred costs. Once the holiday has commenced the turnover and cost of sale is recognised by transferring the respective balances from deferred income and deferred costs. |
When sales revenue is recognised but the costs relating to the sale have yet to be completed the full cost of sale is recorded with any outstanding amount accounted for within trading cost accruals in the balance sheet. |
Interest income is recognised using the effective interest rate method. |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Fixtures and fittings and computer equipment |
Fixtures and fittings and computer equipment and are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation and Residual Values |
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. The estimated useful lives range as follows: |
Fixtures and fittings | between 3 and 5 years |
Computer equipment | between 3 and 5 years |
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. |
Subsequent additions |
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is disposed. |
Repairs and maintenance are charged to administrative expenses in the period in which they are incurred. |
Subsequent disposals |
Assets which, in the opinion of the management, have come to the end of their useful lives are disposed of. Gains and losses on disposed assets are entered in the income statement and shown in the operating profit/(loss) disclosure. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
The Company's functional and presentational currency is GBP. |
Transactions and balances |
Transactions denominated in foreign currencies are recorded at the rate ruling on the transaction date. |
Monetary items denominated in foreign currencies are translated at the rate of exchange ruling at the period end date. Non-monetary items measured as historical cost are translated using the exchange rate at the date of the transaction and non-monetary items valued at fair value are measured using the exchange rate when the fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the period end revaluation of monetary items are recognised in administrative expenses in the income statement and disclosed within the operating profit note. |
Hire purchase and leasing commitments |
Operating leases |
Payments made in respect of operating leases are charged to the profit and loss account on a straight line basic over the life of the lease. |
Pension costs and other post-retirement benefits |
The company provides a range of benefits to employees, including a private healthcare scheme, paid holiday arrangements, a defined contribution pension plan and an annual bonus arrangement. |
a) Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period that the service is received. |
b) Other monetary benefits |
Other monetary benefits are recognised as an expense as they are due and healthcare benefits are recognised as an expense which is amortised over the term of the policy and any deferred expenditure is included in prepayments in the balance sheet. |
c) Defined contribution pension plan |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension under which the company pays a fixed contribution into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense as they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
d) Bonus arrangements |
The company operates a discretionary bonus arrangement for employees. An expense is recognised in the income statement when the management of the company approve the payments under the scheme. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Cash |
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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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. |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Office and management |
The directors are the key management personnel. |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Rent - other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
5. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
5. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Movement in deferred tax | ( |
) |
Impact of marginal relief and rate change | ( |
) |
Loss surrendered to/(from) group | ( |
) | ( |
) |
Total tax charge/(credit) | 33,142 | (1,198 | ) |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
7. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset | - | 31 |
VAT |
Deferred costs |
Prepayments |
Amounts falling due after more than one year: |
Trade debtors |
Deferred costs |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals |
Deferred income |
Trading cost accruals | 26,241 | 41,816 |
Trade creditors include a balance of £22,710 (2023- £34,948) due to IATA. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 10) |
Deferred income |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due between two and five years: |
Bank no 2 loan 2-5 years | - | 116,667 |
RBR Group allocation of CBIL Loan |
NatWest provided the company's parent with a Coronavirus Business Interruption Loan "CBIL" in December 2020. £291,667 of this loan was transferred to this company by RBR Group. The company repaid £175,000 in February 2023 and the balance was settled in April 2023. The interest on the loan was paid by RBR Group and the full details of the facility are disclosed in the group financial statements.The balance on the CBIL loan was repaid by RBR Group in September 2023. |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Provided during year |
Balance at 29th February 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 50,000 | 50,000 |
Bailey Robinson Limited (Registered number: 03187414) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1st March 2023 |
Profit for the year |
At 29th February 2024 |
15. | PENSION COMMITMENTS |
The Company operates a defined contribution pension scheme. The assets of the scheme are held from separately to those of the Company in an independently administered fund. The charge for the year was £26,342 (2023 - £19,097). There were no amounts outstanding at the year end. |
16. | ULTIMATE PARENT COMPANY |
RBR Group Limited is regarded by the directors as being the company's ultimate parent company. |
The parent undertaking is Bailey Robinson Holdings Limited (registration number 07372928) which is a dormant company. The ultimate holding company is RBR Group Limited (registration number 09952535). Copies of the group consolidated accounts can be obtained from the Company Secretary at The Courtyard, 25 High Street, Hungerford, Berkshire RG17 0NF. |
17. | CONTINGENT LIABILITIES |
The company holds an ATOL Licence (number 4786) |
On the 3rd September 2013 at the request of ATOL, standard ATOL cross guarantees (CPG ATOL form 1301\2) were put in place between Bailey Robinson Ltd, its sister company Real Holidays Travel Agency Ltd, its parent Bailey Robinson Holdings Ltd and Roxton Bailey Robinson Ltd. This guarantee is the in the process of being extended to include its ultimate parent RBR Group Ltd, Ian Coley Sporting Limited and Fly Fisher Group Ltd. |
18. | OTHER FINANCIAL COMMITMENTS |
As at the 29th February 2024, there were contractual commitments to purchase the sterling value of the following currencies: |
2024 | 2023 |
£ | £ |
United States dollars | 83,914 | 55,550 |
New Zealand dollar | - | 15,147 |
The impact of revaluing the above contracts as at 29th February 2024 to market rates did not generate a material foreign exchange difference. |
19. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |