REGISTERED NUMBER: 09952535 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 29th February 2024 |
for |
RBR Group Limited |
REGISTERED NUMBER: 09952535 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 29th February 2024 |
for |
RBR Group Limited |
RBR Group Limited (Registered number: 09952535) |
Contents of the Consolidated Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
RBR Group 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 |
RBR Group Limited (Registered number: 09952535) |
Group Strategic Report |
for the Year Ended 29th February 2024 |
The directors present their strategic report of the company and the group for the year ended 29th February 2024. |
RBR Group Ltd is a trading group with companies that, over their 25 years of history, provide the very best leisure opportunities to its worldwide database of customers, from tailor-made holidays to outstanding field sports experiences around the globe. See www.rbrgroup.com. |
The results for the Group show a consolidated profit before taxation of £178,137 (2023 - profit £207,126.) The statement of comprehensive income for the year is set out on the following pages. |
The company's registered office is at 25 High Street, Hungerford, RG17 0NF. |
RBR Group Limited was incorporated in January 2016 and comprises 6 trading entities (2023 - 6 trading entities) and a dormant holding company brought together by a series of share for share exchanges and by acquisition. |
Roxton Bailey Robinson Limited (a sporting agency and tour operator based in Hungerford) and its dormant subsidiary Fly Fisher Group Limited (a sporting tour operator acquired in 2015) were acquired by the Group by a share for share exchange in March 2016. In December 2017 Roxton Bailey Robinson Limited incorporated an additional wholly owned subsidiary RBR Arden Limited in order to lease and operate a shoot in Yorkshire. In December 2021 another subsidiary RBR Badminton Shoot Limited was incorporated and it leases and operates a shoot in Gloucestershire. |
Bailey Robinson Holdings Limited (a dormant holding company) comprising Bailey Robinson Limited (a luxury travel tour operator based in Hungerford) and Real Holidays Travel Agency Limited (a luxury travel agency and tour operator based in London) was acquired by the Group by a share for share exchange in May 2016. |
Ian Coley Sporting Limited ICS Ltd (a sporting agency, sporting retailer, register firearms dealer and shooting school based near Cheltenham) was acquired by the Group in August 2016. |
The bases on which these entities have been consolidated is detailed in the accounting policies section of the financial statements. |
RBR Group Limited (Registered number: 09952535) |
Group Strategic Report |
for the Year Ended 29th February 2024 |
REVIEW OF BUSINESS |
Roxtons Bailey Robinson Limited is divided into two divisions Fishing and Shooting. |
The fishing division has unrivalled knowledge of every top class fishing destination in the world. Its team have managed lodges, operated rivers and opened up new destinations. The team continually travel to destinations that we recommend and constantly strive to find new and exciting product that we can add to our portfolio so that we always know where the discerning rod should be fishing from one month to the next. The Russian programme remains closed however a full programme was possible in Argentina, Iceland and some saltwater fishing destinations. |
The shooting division provides extensive access to the world's best shoots. The team have hosted, run and managed shoots across the UK and know precisely what venue will suit each client. They know the best hotels and private houses to stay in and they can provide a host of other services to ensure that the clients' have a day to remember. For those wishing to travel overseas the division has exclusive access to estates in other countries such as Spain and Argentina. The division was able to fulfil most of its bookings throughout the season however international incoming travellers stayed away rather than risk losing a booking due to ever changing incoming or outgoing quarantine rules. |
Bailey Robinson Limited is a luxury travel company that aspires to evoke the golden age of travel when people were treated as individuals and the world was waiting to be discovered. |
Real Holidays Travel Agency Limited was founded in Islington, North London in 1989 to create personalised experiences to all corners of the globe and is built on a foundation of long-standing relationships with both customers and local contacts around the world. |
Ian Coley Sporting Limited had early beginnings as a sporting retailer on Cheltenham High Street before moving to its current location West of Andoversford in Gloucestershire. Six-time Olympic coach, Ian is widely regarded as one of the world's top shots and the purpose built clay ground that he built is among the finest clay shooting establishments in the UK. With 24 stands set within mature woodland, it is ideal for individual practice or expert and friendly tuition ensuring the variety of shooting is perfect for beginners, aspiring Olympians or a corporate day out. The sporting agency provides bespoke shooting opportunities on some of the UK's most famous estates as well as further afield in Spain and Argentina. The re-development of the shooting school was completed in May 2023. The additional space houses an entertainment suite, a café and an extended retail section. The enlarged gun room displays one of the largest selections of quality new and second-hand guns in the UK with up to 1,000 guns on display at any one time. A key feature of the gun shop is the ability for customers to try out and have a gun fitted before they buy. The gun room sold 711 guns during the year (2023 - 779 guns, 2022 - 827 guns). The additional retail space in the gun room helped improve the sale of clothes and accessories which now make a material contribution to gun room revenue. The website "Ian Coley Country" launched in April 2022 continues to grow and now accounts for 18% of the accessories and 29% of the clothing total sales. |
RBR Group Limited (Registered number: 09952535) |
Group Strategic Report |
for the Year Ended 29th February 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The business risks facing the Group are as follows: |
Ukraine |
The conflict in Ukraine has is having a significant effect on our key salmon fishing programme in the Kola peninsular. It has been cancelled since 2020 due to the COVID pandemic and latterly the Russian conflict. The directors believe that the political and economic stand-off caused by the Ukraine crisis will have a long term impact on its ability to re-start the fishing programme. |
Safety |
In some Companies within the Group intemperate weather makes it unsafe for an event or holiday to proceed and it may have to be delayed or cancelled. The Group strives to ensure that safety it paramount and works with its suppliers and ground handlers to make it so. |
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% |
Political Risk & Legislation |
Some of the entities within the Group would be impacted by a change that would control the use of lead shot. In such cases alternatives would have to be used which in turn would restrict the type of guns through which they could be fired and would require the Group to make a detailed re-appraisal of its firearms stock valuation. Following the announcement in February 2020, that the industry should phase out lead loads for game and single use plastic over the next 5 years, the directors believe that there will be no material impact on its firearms stock value. |
A change in administration and the shifting of public opinion may lead to stricter regulations or licensing requirements. |
The Group continually monitors risks that may impact their sporting businesses and works with its suppliers to improve stewardship and land management practices; promote the socio-economic impacts, so that the sport can continue without legislative intervention. |
RBR Group Limited (Registered number: 09952535) |
Group Strategic Report |
for the Year Ended 29th February 2024 |
BUSINESS ENVIRONMENT |
The significant change in the GBP exchange rate has inevitably made many of the Group's products and services more expensive for our UK customers. This has been mitigated by our overseas customers and to a certain extent by the passion of our customers for field sports or the mere desire not to compromise on the quality over price of an overseas destination. Nonetheless the Group continues to rely on a growing global economy and stable local economic environment to ensure that its customers continue to invest in its products and services. |
ON BEHALF OF THE BOARD: |
RBR Group Limited (Registered number: 09952535) |
Report of the Directors |
for the Year Ended 29th February 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 29th February 2024. |
DIVIDENDS |
An interim dividend of £nil pence per share (2023 - £nil) was paid on the A Ordinary shares. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st March 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
RBR Group Limited (Registered number: 09952535) |
Report of the Directors |
for the Year Ended 29th February 2024 |
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 |
RBR Group Limited |
Opinion |
We have audited the financial statements of RBR Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29th February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 29th February 2024 and of the group's 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 group 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 group's and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 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. |
Report of the Independent Auditors to the Members of |
RBR Group Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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. |
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 |
RBR Group Limited (Registered number: 09952535) |
Consolidated Income Statement |
for the Year Ended 29th February 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 22,643,153 | 22,838,474 |
Cost of sales | 17,257,281 | 17,918,403 |
GROSS PROFIT | 5,385,872 | 4,920,071 |
Administrative expenses | 5,076,014 | 4,567,681 |
309,858 | 352,390 |
Other operating income | 3 | - | 5,333 |
OPERATING PROFIT | 5 | 309,858 | 357,723 |
Interest receivable and similar income | 55,074 | 22,257 |
364,932 | 379,980 |
Interest payable and similar expenses | 6 | 186,795 | 172,854 |
PROFIT BEFORE TAXATION | 178,137 | 207,126 |
Tax on profit | 7 | 49,701 | 8,234 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 128,436 | 198,892 |
RBR Group Limited (Registered number: 09952535) |
Consolidated Other Comprehensive Income |
for the Year Ended 29th February 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 128,436 | 198,892 |
OTHER COMPREHENSIVE INCOME |
Revaluation of tangible fixed assets | (576,065 | ) | - |
Income tax relating to other comprehensive income | 93,756 | - |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(482,309 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(353,873 |
) |
198,892 |
Total comprehensive income attributable to: |
Owners of the parent | (353,873 | ) | 198,892 |
RBR Group Limited (Registered number: 09952535) |
Consolidated Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 726,072 | 1,043,430 |
Tangible assets | 10 | 3,794,199 | 2,842,163 |
Investments | 11 | - | - |
4,520,271 | 3,885,593 |
CURRENT ASSETS |
Stocks | 12 | 2,263,936 | 2,372,866 |
Debtors: amounts falling due within one year | 13 | 6,433,201 | 6,341,463 |
Debtors: amounts falling due after more than one year |
13 |
157,947 |
170,267 |
Cash in hand | 3,342,895 | 5,144,408 |
12,197,979 | 14,029,004 |
CREDITORS |
Amounts falling due within one year | 14 | 9,573,480 | 9,782,731 |
NET CURRENT ASSETS | 2,624,499 | 4,246,273 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 7,144,770 | 8,131,866 |
CREDITORS |
Amounts falling due after more than one year | 15 | (2,076,912 | ) | (2,629,199 | ) |
PROVISIONS FOR LIABILITIES | 18 | (67,503 | ) | (148,439 | ) |
NET ASSETS | 5,000,355 | 5,354,228 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 112,776 | 112,776 |
Share premium | 20 | 3,229,694 | 3,229,694 |
Revaluation reserve | 20 | 83,561 | 554,415 |
Merger reserve | 20 | 836,560 | 836,560 |
Retained earnings | 20 | 737,764 | 620,783 |
SHAREHOLDERS' FUNDS | 5,000,355 | 5,354,228 |
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 |
RBR Group Limited (Registered number: 09952535) |
Company Balance Sheet |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 13 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 6,814 | (154,878 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
RBR Group Limited (Registered number: 09952535) |
Consolidated Statement of Changes in Equity |
for the Year Ended 29th February 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1st March 2022 | 112,776 | 421,891 | 3,229,694 |
Changes in equity |
Total comprehensive income | - | 198,892 | - |
Balance at 28th February 2023 | 112,776 | 620,783 | 3,229,694 |
Changes in equity |
Total comprehensive income | - | 116,981 | - |
Balance at 29th February 2024 | 112,776 | 737,764 | 3,229,694 |
Revaluation | Merger | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1st March 2022 | 554,415 | 836,560 | 5,155,336 |
Changes in equity |
Total comprehensive income | - | - | 198,892 |
Balance at 28th February 2023 | 554,415 | 836,560 | 5,354,228 |
Changes in equity |
Total comprehensive income | (470,854 | ) | - | (353,873 | ) |
Balance at 29th February 2024 | 83,561 | 836,560 | 5,000,355 |
RBR Group Limited (Registered number: 09952535) |
Company Statement of Changes in Equity |
for the Year Ended 29th February 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | 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 |
RBR Group Limited (Registered number: 09952535) |
Consolidated Cash Flow Statement |
for the Year Ended 29th February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 998,273 | (596,818 | ) |
Interest paid | (186,795 | ) | (172,854 | ) |
Tax (paid) / received | 7,775 | 160,856 |
Net cash from operating activities | 819,253 | (608,816 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,777,517 | ) | (594,026 | ) |
Sale of tangible fixed assets | 47,694 | 36,754 |
Interest received | 55,074 | 22,257 |
Net cash from investing activities | (1,674,749 | ) | (535,015 | ) |
Cash flows from financing activities |
New loans in year | 1,650,000 | - |
Loan repayments in year | (196,386 | ) | (127,636 | ) |
Loan repayment in year CBIL | (2,333,333 | ) | (1,050,001 | ) |
Redemption of preference shares | (66,298 | ) | - |
Net cash from financing activities | (946,017 | ) | (1,177,637 | ) |
Decrease in cash and cash equivalents | (1,801,513 | ) | (2,321,468 | ) |
Cash and cash equivalents at beginning of year | 2 | 5,144,408 | 7,465,876 |
Cash and cash equivalents at end of year | 2 | 3,342,895 | 5,144,408 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated 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 | 178,137 | 207,126 |
Depreciation charges | 552,444 | 572,950 |
Profit on disposal of fixed assets | (33,364 | ) | (25,771 | ) |
Finance costs | 186,795 | 172,854 |
Finance income | (55,074 | ) | (22,257 | ) |
828,938 | 904,902 |
Decrease/(increase) in stocks | 108,930 | (216,556 | ) |
Increase in trade and other debtors | (93,020 | ) | (395,723 | ) |
Increase/(decrease) in trade and other creditors | 153,425 | (889,441 | ) |
Cash generated from operations | 998,273 | (596,818 | ) |
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 | 3,342,895 | 5,144,408 |
Year ended 28th February 2023 |
28/2/23 | 1/3/22 |
£ | £ |
Cash and cash equivalents | 5,144,408 | 7,465,876 |
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 | 5,144,408 | (1,801,513 | ) | 3,342,895 |
5,144,408 | (1,801,513 | ) | 3,342,895 |
Debt |
Debts falling due within 1 year | (893,934 | ) | 423,396 | (470,538 | ) |
Debts falling due after 1 year | (2,486,125 | ) | 522,621 | (1,963,504 | ) |
(3,380,059 | ) | 946,017 | (2,434,042 | ) |
Total | 1,764,349 | (855,496 | ) | 908,853 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements |
for the Year Ended 29th February 2024 |
1. | STATUTORY INFORMATION |
RBR Group 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. |
Basis of consolidation and business combinations |
The RBR Group consolidated financial statements include the financial statements of the RBR Group Limited and all its subsidiary undertakings. The existing entities within the Group trade coterminously to the end of February each year. The following bases have been used to consolidate them. |
Roxton Bailey Robinson Limited - has been consolidated using the merger accounting principles. |
Bailey Robinson Limited - has been consolidated using the merger accounting principles. |
Real Holidays Travel Agency Limited - has been consolidated using the merger accounting principles taking into account its pre-acquisition reserves when it was acquired in 2011. |
Ian Coley Sporting Limited - has been consolidated using the acquisition accounting principles. |
RBR Arden Limited - has been consolidated using the merger accounting principles. |
RBR Badminton Limited - has been consolidated using the merger accounting principles. |
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply to the Group's accounting policies when preparing the consolidated financial statements |
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. |
Business combinations |
The bases of business combinations has been detailed above. |
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
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) Goodwill |
Goodwill is amortised over its useful life of not more than 10 years. Goodwill is assessed for impairment when there are indicators that the underlying acquisition is not performing as it was originally planned |
b) Investments |
Investments are stated at consideration paid plus directly attributable cost of acquisition. The performance of investments is reviewed and if there is evidence that their value is impaired adjustments are charged to the income statement. |
c) 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. |
d) 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. |
e) Stock provisions |
Provisions are estimated by the company in respect of specific stocks based upon the age of the stock and knowledge of known issues. |
Revenue recognition |
Turnover |
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 Group's transactions relate to events, holidays or goods which are delivered at a future date. In such cases the revenue relating to such transactions is recorded in deferred income and associated expenses are recorded in deferred costs. Once the date the event or holiday has commenced, or the goods have been despatched 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 |
Interest income is recognised using the effective interest rate method. |
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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
Goodwill |
Goodwill recognised represents the excess of fair value and directly attributable costs of the purchase consideration the fair values to the Group's interests in the identifiable net assets, liabilities and contingent liabilities acquired. |
Goodwill is amortised over its expected useful life. Where the Group is unable to make a reliable estimate of useful life, goodwill is amortised over a period not exceeding 10 years. Goodwill is assessed for impairment when there there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised where the reasons for the impairment no longer apply. |
The Group's goodwill is currently amortised at between 8 and 10 years. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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. |
Land and Buildings |
Freehold property comprises freehold land and is stated at cost plus revalued amounts less accumulated impairment losses. Freehold land is not depreciated. |
Improvements to property |
Improvements to property comprises improvements to the freehold land and buildings and is stated at cost plus revalued amounts less accumulated impairment losses. |
Office equipment, motor vehicles and computer equipment |
Fixtures and fittings, motor vehicles 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: |
Freehold land | nil |
Freehold buildings | between 30 and 100 years |
Improvements to property | between 8 and 30 years |
Fixtures and fittings | between 5 and 15 years |
Motor vehicles | 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. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stock comprises firearms, ammunition and other associated accessories. Stock is stated at the lower of cost and estimated selling price. Stock is recognised as an expense in the period in which the related revenue is recognised. |
Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price including taxes and duties, transport and handling directly attributable to bringing the inventory to its present location and condition. |
At the end of each reporting period stock is assessed for impairment. If an item of stock is found to be impaired, it is reduced to its selling price and an impairment charge is recognised as an additional cost of sale in the income statement. |
Financial instruments |
The Company only enters into basic financial instruments 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 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. |
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. |
Taxation |
Taxation for the period 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 period 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. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
The Group'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 statement of comprehensive income and disclosed within the operating profit note. |
Hire purchase and leasing commitments |
Operating leased assets |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to administrative expenses in the income statement. |
Employee 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. |
3. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received | - | 5,333 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,757,455 | 2,615,119 |
Social security costs | 276,825 | 269,618 |
Other pension costs | 132,442 | 94,514 |
3,166,722 | 2,979,251 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
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 | 621,470 | 644,367 |
Directors' pension contributions to money purchase schemes | 44,848 | 17,468 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 6 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 114,373 | 119,448 |
Pension contributions to money purchase schemes | 12,150 | 3,589 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Rent - other operating leases | 247,953 | 170,335 |
Depreciation - owned assets | 235,086 | 248,203 |
Profit on disposal of fixed assets | (33,364 | ) | (25,771 | ) |
Goodwill amortisation | 317,358 | 323,679 |
Patents and licences amortisation | - | 1,068 |
Auditors' remuneration | 50,705 | 40,336 |
Foreign exchange differences | 8,534 | (8,548 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 158,724 | 142,854 |
Preference share interest | 28,071 | 30,000 |
186,795 | 172,854 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 36,881 | 5,895 |
Deferred tax | 12,820 | 2,339 |
Tax on profit | 49,701 | 8,234 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 178,137 | 207,126 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
44,534 |
39,354 |
Effects of: |
Expenses not deductible for tax purposes | 4,759 | 2,935 |
Capital allowances in excess of depreciation | (64,298 | ) | (74,751 | ) |
Movement in deferred tax | 12,820 | 2,339 |
Goodwill not deductible for tax purposes | 76,196 | 57,896 |
Loss carried forward | - | 16,951 |
Losses utilised | (23,396 | ) | (36,490 | ) |
Impact of marginal relief and rate change | (914 | ) | - |
Total tax charge | 49,701 | 8,234 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of tangible fixed assets | (576,065 | ) | 93,756 | (482,309 | ) |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of tangible fixed assets |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1st March 2023 |
and 29th February 2024 | 3,249,016 | 20,268 | 3,269,284 |
AMORTISATION |
At 1st March 2023 | 2,205,586 | 20,268 | 2,225,854 |
Amortisation for year | 317,358 | - | 317,358 |
At 29th February 2024 | 2,522,944 | 20,268 | 2,543,212 |
NET BOOK VALUE |
At 29th February 2024 | 726,072 | - | 726,072 |
At 28th February 2023 | 1,043,430 | - | 1,043,430 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Short | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st March 2023 | 1,582,614 | 15,273 | 1,138,867 | 430,308 |
Additions | - | - | 1,473,914 | 55,349 |
Disposals | - | - | - | (6,962 | ) |
Revaluations | (434,251 | ) | - | (141,814 | ) | - |
At 29th February 2024 | 1,148,363 | 15,273 | 2,470,967 | 478,695 |
DEPRECIATION |
At 1st March 2023 | 40,479 | 15,273 | 232,175 | 219,965 |
Charge for year | 4,814 | - | 41,862 | 100,536 |
Eliminated on disposal | - | - | - | (6,962 | ) |
At 29th February 2024 | 45,293 | 15,273 | 274,037 | 313,539 |
NET BOOK VALUE |
At 29th February 2024 | 1,103,070 | - | 2,196,930 | 165,156 |
At 28th February 2023 | 1,542,135 | - | 906,692 | 210,343 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st March 2023 | 883,640 | 86,391 | 604,695 | 4,741,788 |
Additions | 198,577 | - | 49,677 | 1,777,517 |
Disposals | (98,111 | ) | (16,425 | ) | (161,211 | ) | (282,709 | ) |
Revaluations | - | - | - | (576,065 | ) |
At 29th February 2024 | 984,106 | 69,966 | 493,161 | 5,660,531 |
DEPRECIATION |
At 1st March 2023 | 752,695 | 86,391 | 552,647 | 1,899,625 |
Charge for year | 55,739 | - | 32,135 | 235,086 |
Eliminated on disposal | (83,781 | ) | (16,425 | ) | (161,211 | ) | (268,379 | ) |
At 29th February 2024 | 724,653 | 69,966 | 423,571 | 1,866,332 |
NET BOOK VALUE |
At 29th February 2024 | 259,453 | - | 69,590 | 3,794,199 |
At 28th February 2023 | 130,945 | - | 52,048 | 2,842,163 |
Included in cost or valuation of land and buildings is freehold land of £729,368 (2023 - £1,148,998) which is not depreciated. |
Cost or valuation at 29th February 2024 is represented by: |
Improvements |
Freehold | Short | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
Valuation in 2024 | (434,251 | ) | - | (141,814 | ) | - |
Valuation in 2022 | 33,509 | - | 150,108 | - |
Valuation in 2018 | 126,600 | - | 171,550 | - |
Valuation in 2017 | 64,041 | - | - | - |
Valuation in 2015 | 206,136 | - | 72,196 | - |
Cost | 1,152,328 | 15,273 | 2,218,927 | 478,695 |
1,148,363 | 15,273 | 2,470,967 | 478,695 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2024 | - | - | - | (576,065 | ) |
Valuation in 2022 | - | - | - | 183,617 |
Valuation in 2018 | - | - | - | 298,150 |
Valuation in 2017 | - | - | - | 64,041 |
Valuation in 2015 | - | - | - | 278,332 |
Cost | 984,106 | 69,966 | 493,161 | 5,412,456 |
984,106 | 69,966 | 493,161 | 5,660,531 |
The directors believe that there has been no material change in valuation between the 28th February 2022 and the balance sheet date. |
Company |
Computer |
equipment |
£ |
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 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st March 2023 |
and 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The company acquired the share in Roxton Bailey Robinson Limited on the 9th March 2016 under a share for share exchange arrangement. |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Fly Fisher Group limited is a wholly owned subsidiary of Roxton Bailey Robinson Limited RBR. Its business was transferred into RBR on the 28th February 2019 and its remaining assets were hived up in 2020. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
The company acquired the shares in Bailey Robinson Holdings Limited on 3rd May 2016 under a share for share exchange arrangement. |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Bailey Robinson Limited is a wholly owned subsidiary of Bailey Robinson Holdings Limited. |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Real Holidays Travel Agency Limited is a wholly owned subsidiary of Bailey Robinson Holdings Limited. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
RBR Arden Shoot Limited is a wholly owned subsidiary of Roxton Bailey Robinson Limited. |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
RBR Badminton Shoot Limited is a wholly owned subsidiary of Roxton Bailey Robinson Limited. |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Finished goods | 2,263,936 | 2,372,866 |
13. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,278,527 | 2,792,059 |
Amounts owed by group undertakings | - | - |
Other debtors | 200,680 | 194,294 |
Tax | - | 13,602 |
VAT | - | 33,276 |
Deferred costs | 2,872,598 | 2,280,106 |
Prepayments | 81,396 | 127,363 |
Asset under construction | - | 900,763 |
6,433,201 | 6,341,463 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
13. | DEBTORS - continued |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due after more than one year: |
Trade debtors | 90,810 | 78,152 |
S455 tax paid | 50,258 | 49,669 | - | - |
Deferred costs | 16,879 | 42,446 |
157,947 | 170,267 |
Aggregate amounts | 6,591,148 | 6,511,730 |
Asset under construction comprises the building costs paid and accrued to date on the redevelopment of the shop and school as specified in the quantity surveyors monthly valuations. Integral features of £164k are included within additions under improvements to property together with £16k of additions included within fixtures and fittings. The building work was completed in May 2023 and has been capitalised and re-valued this year. |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 292,636 | 827,636 |
Preference shares (see note 16) | 177,902 | 66,298 |
Trade creditors | 915,657 | 1,403,850 |
Amounts owed to group undertakings | - | - |
Tax | 37,470 | 6,416 |
Social security and other taxes | 64,697 | 60,120 |
VAT | 5,191 | - | - | 3,445 |
Other creditors | 20,683 | 15,751 |
Accruals | 463,397 | 740,497 |
Deferred income | 7,062,055 | 6,181,977 |
Trading cost accruals | 533,792 | 480,186 | - | - |
9,573,480 | 9,782,731 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 1,607,704 | 1,952,423 |
Preference shares (see note 16) | 355,800 | 533,702 |
Deferred income | 113,408 | 143,074 |
2,076,912 | 2,629,199 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on demand: |
Bank loan | 127,636 | 127,636 |
Bank no 2 loan | 165,000 | 700,000 | 165,000 | 700,000 |
Preference shares | 177,902 | 66,298 | 177,902 | 66,298 |
470,538 | 893,934 |
Amounts falling due between one and two years: |
Bank loan - 1-2 years | 127,636 | 127,636 |
Bank no 2 loan 1-2 years | 165,000 | 700,000 | 165,000 | 700,000 |
Preference shares | 177,901 | 177,901 | 177,901 | 177,901 |
470,537 | 1,005,537 |
Amounts falling due between two and five years: |
Bank loan - 2-5 years | 63,818 | 191,454 |
Bank no 2 loan 2-5 years | 495,000 | 933,333 | 495,000 | 933,333 |
Preference shares | 177,899 | 355,801 | 177,899 | 355,801 |
736,717 | 1,480,588 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank no 2 loan more 5 yr | 756,250 | - | 756,250 | - |
Bank loans |
NatWest provided the company with a loan to assist with the purchase of the acquisition of Ian Coley Sporting Limited. The bank loan is secured on the properties held within the group and all other group associated assets. The bank loan carries an interest of 2.25% over base rate and is repayable over 5 years in equal instalments commencing 8th August 2016. Interest in charged monthly in arrears. |
Bank CBIL loan |
NatWest provided the company with a £3.5m Coronavirus Business Interruption Loan "CBIL" in December 2020. The loan was repaid in full in September 2023. |
Bank no 2 loan to fund new property |
In September 2023 the bank advanced £1.65m to fund the building re-development at the Ian Coley Sporting site near Cheltenham. The loan carries interest at 2% over base rate and is repayable over 10 years with a 5 year review. Interest is charged monthly in arrears. |
Preference shares |
The preference shares were issued to fund the purchase of Ian Coley Sporting Limited. They carry a coupon of 5% and are repayable over 5 equal instalments commencing 8th August 2022. Interest accrues annually and is paid on the 28th February each year. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 235,909 | 351,677 |
Between one and five years | 621,744 | 1,126,883 |
In more than five years | 145,833 | 757,166 |
1,003,486 | 2,235,726 |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 63,005 | 50,186 |
Tax losses carried forward | - | (16,988 | ) |
Revaluation of tangible assets | 4,498 | 115,241 | - | - |
67,503 | 148,439 | 7,269 | 3,539 |
Group |
Deferred |
tax |
£ |
Balance at 1st March 2023 | 148,439 |
Charge to Income Statement during year | 12,820 |
Impact of revaluation | (93,756 | ) |
Balance at 29th February 2024 | 67,503 |
Company |
Deferred |
tax |
£ |
Balance at 1st March 2023 |
Provided during year |
Balance at 29th February 2024 |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £0.01 | 112,623 | 112,623 |
C Ordinary | £0.01 | 153 | 153 |
112,776 | 112,776 |
20. | RESERVES |
Group |
Retained | Share | Revaluation | Merger |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1st March 2023 | 620,783 | 3,229,694 | 554,415 | 836,560 | 5,241,452 |
Profit for the year | 128,436 | 128,436 |
Transfer to/(from) reserves | (11,455 | ) | - | 11,455 | - | - |
Revaluation of tangible fixed |
assets | - | - | (482,309 | ) | - | (482,309 | ) |
At 29th February 2024 | 737,764 | 3,229,694 | 83,561 | 836,560 | 4,887,579 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st March 2023 | 3,771,798 |
Profit for the year |
At 29th February 2024 | 3,778,612 |
21. | 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 £132,442 (2023 - £94,514). There were no amounts outstanding at the year end. |
22. | CONTINGENT LIABILITIES |
The following undertakings are ATOL registered: |
Company | ATOL Number |
Roxton Bailey Robinson Limited | 10353 |
Bailey Robinson Limited | 4786 |
Real Holidays Travel Agency Limited | 4607 |
On 16th February 2016 at the request of ATOL, a standard ATOL cross guarantees were put in place between the above companies. On the 2nd June 2017 the guarantee was extended to include RBR Group Limited and Ian Coley Sporting Limited. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
23. | OTHER FINANCIAL COMMITMENTS |
As at the 29th February 2024, there were contractual commitments to purchase the sterling value of the following currencies: |
2024 | 2023 |
£ | £ |
US dollars | 210,782 | 154,008 |
Euro | 83,467 | 6,116 |
Canadian dollars | - | 83,884 |
The impact of revaluing the above contracts as at 29th February 2024 to market rates generated a foreign exchange gain of £2,382 which has been provided in the accounts. |
RBR Group Limited (Registered number: 09952535) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
24. | DIRECTORS' INTERESTS IN TRANSACTIONS |
During the year the company purchased good and services from the following directors: |
2024 | 2023 |
J Duncan | 118,060 | 16,124 |
Dunley Interim Management (a company controlled by A Murray) | 1,546 | 1,113 |
G Stephenson | 189,684 | 226,022 |
The amounts due to (due from) the above directors at the period end: |
2024 | 2023 |
G Stephenson | 6,000 | - |
J Duncan | 6,105 | - |
During the year the following directors received goods and services on normal commercial terms |
2024 | 2022 |
P Clay | - | 59,200 |
J Duncan | 13,100 | 13,260 |
R Pilkington | 13,150 | 10,414 |
A Bromfield | 385 | - |
G Stephenson | 130,883 | 81,312 |
C White | 2,656 | 5,539 |
A Murray | 8,950 | 20,308 |
H Mountain | 54,469 | - |
The amounts due from or (due to) directors at 29th February 2024 are shown below |
2024 | 2023 |
A Murray | 6,670 | - |
R Pilkington | 3,058 | (2,097 | ) |
G Stephenson | 12,260 | 74 |
J Duncan | 4,100 | 12,510 |
The balances above were settled on or before the date of departure or receipt of goods. |
On the 25th June 2010 the Group advanced £136,800 to J Duncan, C White, A Bromfield and one other to permit them to purchase shares in the Group subsidiary companies. These shares were exchanged for RBR Group shares in March and May 2016 under the share for share exchange when the RBR Group was formed. The balance outstanding on these loans on 29th February 2024 was £97,111 (2023 - £97,111). |
On the 19th April 2018 the Group advanced £75,600 to P Rippin secured over his RBR Group shares. The balance outstanding on this loan on 29th February 2024 was £79,811 (2023 - £78,068). |