IRIS Accounts Production v24.1.0.578 03187414 Board of Directors 1.3.23 29.2.24 29.2.24 true false true true false false true false Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031874142023-02-28031874142024-02-29031874142023-03-012024-02-29031874142022-02-28031874142022-03-012023-02-28031874142023-02-2803187414ns15:EnglandWales2023-03-012024-02-2903187414ns14:PoundSterling2023-03-012024-02-2903187414ns10:Director12023-03-012024-02-2903187414ns10:CompanySecretary12023-03-012024-02-2903187414ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2903187414ns10:FRS1022023-03-012024-02-2903187414ns10:Audited2023-03-012024-02-2903187414ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2903187414ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-03-012024-02-2903187414ns10:FullAccounts2023-03-012024-02-2903187414ns10:OrdinaryShareClass12023-03-012024-02-2903187414ns10:Director22023-03-012024-02-2903187414ns10:Director32023-03-012024-02-2903187414ns10:Director42023-03-012024-02-2903187414ns10:Director52023-03-012024-02-2903187414ns10:Director62023-03-012024-02-2903187414ns10:Director72023-03-012024-02-2903187414ns10:RegisteredOffice2023-03-012024-02-2903187414ns5:CurrentFinancialInstruments2024-02-2903187414ns5:CurrentFinancialInstruments2023-02-2803187414ns5:Non-currentFinancialInstruments2024-02-2903187414ns5:Non-currentFinancialInstruments2023-02-2803187414ns5:ShareCapital2024-02-2903187414ns5:ShareCapital2023-02-2803187414ns5:RetainedEarningsAccumulatedLosses2024-02-2903187414ns5:RetainedEarningsAccumulatedLosses2023-02-2803187414ns5:ShareCapital2022-02-2803187414ns5:RetainedEarningsAccumulatedLosses2022-02-2803187414ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2803187414ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2903187414ns5:OwnedAssets2023-03-012024-02-2903187414ns5:OwnedAssets2022-03-012023-02-2803187414ns5:FurnitureFittings2023-02-2803187414ns5:ComputerEquipment2023-02-2803187414ns5:FurnitureFittings2023-03-012024-02-2903187414ns5:ComputerEquipment2023-03-012024-02-2903187414ns5:FurnitureFittings2024-02-2903187414ns5:ComputerEquipment2024-02-2903187414ns5:FurnitureFittings2023-02-2803187414ns5:ComputerEquipment2023-02-2803187414ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2903187414ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2803187414ns5:CurrentFinancialInstruments2023-03-012024-02-2903187414ns5:WithinOneYear2024-02-2903187414ns5:WithinOneYear2023-02-2803187414ns5:BetweenOneFiveYears2024-02-2903187414ns5:BetweenOneFiveYears2023-02-2803187414ns5:AllPeriods2024-02-2903187414ns5:AllPeriods2023-02-2803187414ns5:AcceleratedTaxDepreciationDeferredTax2024-02-2903187414ns5:AcceleratedTaxDepreciationDeferredTax2023-02-2803187414ns5:DeferredTaxation2023-03-012024-02-2903187414ns5:DeferredTaxation2024-02-2903187414ns10:OrdinaryShareClass12024-02-2903187414ns5:RetainedEarningsAccumulatedLosses2023-02-28
REGISTERED NUMBER: 03187414 (England and Wales)















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: P R Clay
J W B Duncan
M R M Foster
A H W V Murray
R I D Pilkington
G L Stephenson
C A L White





SECRETARY: H C Parker





REGISTERED OFFICE: 25 High Street
Hungerford
Berkshire
RG17 0NF





REGISTERED NUMBER: 03187414 (England and Wales)





AUDITORS: James Cowper Kreston Audit
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:





H C Parker - Secretary


18th July 2024

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.

P R Clay
J W B Duncan
M R M Foster
A H W V Murray
R I D Pilkington
G L Stephenson
C A L White

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:



H C Parker - Secretary


18th July 2024

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.




Darren O’Connor BSc (Hons), FCCA, ACA (Senior Statutory Auditor)
for and on behalf of James Cowper Kreston Audit
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

19th July 2024

Bailey Robinson Limited (Registered number: 03187414)

Statement of Comprehensive Income
for the Year Ended 29th February 2024

2024 2023
Notes £    £   

TURNOVER 6,461,871 7,328,101

Cost of sales 5,281,246 6,162,030
GROSS PROFIT 1,180,625 1,166,071

Administrative expenses 1,031,867 892,834
OPERATING PROFIT 4 148,758 273,237

Interest receivable and similar income 8,201 1,934
PROFIT BEFORE TAXATION 156,959 275,171

Tax on profit 5 33,142 (1,198 )
PROFIT FOR THE FINANCIAL YEAR 123,817 276,369

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

123,817

276,369

Bailey Robinson Limited (Registered number: 03187414)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 9,425 7,924

CURRENT ASSETS
Debtors: amounts falling due within one year 7 2,865,552 2,176,917
Debtors: amounts falling due after more than one
year

7

65,021

21,355
Cash in hand 853,437 796,404
3,784,010 2,994,676
CREDITORS
Amounts falling due within one year 8 3,462,199 2,725,738
NET CURRENT ASSETS 321,811 268,938
TOTAL ASSETS LESS CURRENT LIABILITIES 331,236 276,862

CREDITORS
Amounts falling due after more than one year 9 (67,880 ) (138,022 )

PROVISIONS FOR LIABILITIES 12 (699 ) -
NET ASSETS 262,657 138,840

CAPITAL AND RESERVES
Called up share capital 13 50,000 50,000
Retained earnings 14 212,657 88,840
SHAREHOLDERS' FUNDS 262,657 138,840

The financial statements were approved by the Board of Directors and authorised for issue on 18th July 2024 and were signed on its behalf by:





A H W V Murray - Director


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 50,000 (187,529 ) (137,529 )

Changes in equity
Total comprehensive income - 276,369 276,369
Balance at 28th February 2023 50,000 88,840 138,840

Changes in equity
Total comprehensive income - 123,817 123,817
Balance at 29th February 2024 50,000 212,657 262,657

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 1 171,227 95,599
Tax (paid) / received - 22,063
Net cash from operating activities 171,227 117,662

Cash flows from investing activities
Purchase of tangible fixed assets (5,728 ) (2,984 )
Interest received 8,201 1,934
Net cash from investing activities 2,473 (1,050 )

Cash flows from financing activities
Loan repayments in year (116,667 ) (175,000 )
Net cash from financing activities (116,667 ) (175,000 )

Increase/(decrease) in cash and cash equivalents 57,033 (58,388 )
Cash and cash equivalents at beginning of year 2 796,404 854,792

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 156,959 275,171
Depreciation charges 4,227 11,063
Finance income (8,201 ) (1,934 )
152,985 284,300
(Increase)/decrease in trade and other debtors (732,333 ) 210,036
Increase/(decrease) in trade and other creditors 750,575 (398,737 )
Cash generated from operations 171,227 95,599

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 57,033 853,437
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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 fittingsbetween 3 and 5 years
Computer equipmentbetween 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 625,946 589,719
Social security costs 66,867 63,608
Other pension costs 26,342 19,097
719,155 672,424

The average number of employees during the year was as follows:
2024 2023

Office and management 14 14

The directors are the key management personnel.

2024 2023
£    £   
Directors' remuneration 131,314 134,230
Directors' pension contributions to money purchase schemes 9,326 3,950

4. OPERATING PROFIT

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

2024 2023
£    £   
Rent - other operating leases 47,303 47,383
Depreciation - owned assets 4,227 11,063
Auditors' remuneration 11,915 9,808
Foreign exchange differences 4,414 (1,097 )

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 32,412 -

Deferred tax 730 (1,198 )
Tax on profit 33,142 (1,198 )

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 156,959 275,171
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%) 39,240 52,282

Effects of:
Expenses not deductible for tax purposes 726 331
Capital allowances in excess of depreciation (739 ) -
Depreciation in excess of capital allowances - 1,028
Utilisation of tax losses - (32,736 )
Movement in deferred tax 730 (1,198 )
Impact of marginal relief and rate change (673 ) -
Loss surrendered to/(from) group (6,142 ) (20,905 )
Total tax charge/(credit) 33,142 (1,198 )

6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st March 2023 138,773 145,711 284,484
Additions - 5,728 5,728
Disposals - (23,586 ) (23,586 )
At 29th February 2024 138,773 127,853 266,626
DEPRECIATION
At 1st March 2023 138,319 138,241 276,560
Charge for year 454 3,773 4,227
Eliminated on disposal - (23,586 ) (23,586 )
At 29th February 2024 138,773 118,428 257,201
NET BOOK VALUE
At 29th February 2024 - 9,425 9,425
At 28th February 2023 454 7,470 7,924

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 1,554,612 993,388
Amounts owed by group undertakings 9,230 275,832
Other debtors 16,500 14,438
Deferred tax asset - 31
VAT - 5,870
Deferred costs 1,275,158 876,801
Prepayments 10,052 10,557
2,865,552 2,176,917

Amounts falling due after more than one year:
Trade debtors 56,267 17,935
Deferred costs 8,754 3,420
65,021 21,355

Aggregate amounts 2,930,573 2,198,272

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 157,476 148,367
Amounts owed to group undertakings 7,712 -
Tax 32,412 -
Social security and other taxes 16,657 14,677
Other creditors 9,750 9,750
Accruals 90,839 87,605
Deferred income 3,121,112 2,423,523
Trading cost accruals 26,241 41,816
3,462,199 2,725,738

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) - 116,667
Deferred income 67,880 21,355
67,880 138,022

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 22,147 49,285
Between one and five years 1,612 23,758
23,759 73,043

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 699 -

Deferred
tax
£   
Provided during year 699
Balance at 29th February 2024 699

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000,000 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 88,840
Profit for the year 123,817
At 29th February 2024 212,657

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:

20242023
£   £   

United States dollars83,91455,550
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.