REGISTERED NUMBER: 07372928 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 28th February 2025

for

Bailey Robinson Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

J W B Duncan

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:

07372928 (England and Wales)

AUDITORS:

James Cowper Kreston Audit

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB

The group was formed in November 2011 and comprises two travel companies:

- Bailey Robinson Limited - a tour operator in Hungerford

- Real Holidays Travel Agency Limited - a tour operator and travel agency in London

The group's objective is to build a federation of businesses where the emphasis is on delivering the customer luxury holidays and memorable journeys through a network of well-travelled and experienced consultants.

REVIEW OF BUSINESS

During the year the Group received 766 bookings (2024 - 851) at an average booking value of £13,376 (2024 - £13,497)

The group generated a gross profit of £1,867k in the year to 28th February 2025 (2024 - £1,839k). The group continues to re-invest in its research & development and marketing programs which this period amounted to £113k (2024 - £62k).

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 impact 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 (2024- £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 10% 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 28th February 2025

1.2592

1.2108

23.3812

Period High

1.3413

1.2148

24.2288

Period Low

1.2152

1.1584

22.5068

High - Low Range

0.1261

0.0564

1.7220

% of High / Low range against spot at 28th February 2025

10.11%

4.66%

7.36%

ON BEHALF OF THE BOARD:

H C Parker - Secretary

25th July 2025

The directors present their report with the financial statements of the company and the group for the year ended 28th February 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review is the holding of companies that specialise in the provision of overseas travel.

DIVIDENDS

No dividends will be distributed for the year ended 28th February 2025 (2024 - £nil)

DIRECTORS

The directors shown below have held office during the whole of the period from 1st March 2024 to the date of this report.

J W B Duncan

A H W V Murray

R I D Pilkington

G L Stephenson

C A L White

Other changes in directors holding office are as follows:

P R Clay - resigned 3rd December 2024

M R M Foster - resigned 3rd December 2024

H N Mountain - resigned 3rd December 2024

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group'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

25th July 2025

Opinion

We have audited the financial statements of Bailey Robinson Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28th February 2025 which comprise the Consolidated Statement of 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 28th February 2025 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.

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 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.

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

25th July 2025

TURNOVER

10,587,333

10,530,965

Cost of sales

8,719,662

8,691,511

GROSS PROFIT

1,867,671

1,839,454

Administrative expenses

1,673,498

1,576,586

OPERATING PROFIT

4

194,173

262,868

Interest receivable and similar income

23,567

19,554

217,740

282,422

Interest payable and similar expenses

5

5

-

PROFIT BEFORE TAXATION

217,735

282,422

Tax on profit

6

58,020

33,366

PROFIT FOR THE FINANCIAL YEAR

159,715

249,056

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

159,715

249,056

Profit attributable to:

Owners of the parent

159,715

249,056

Total comprehensive income attributable to:

Owners of the parent

159,715

249,056

FIXED ASSETS

Intangible assets

8

7,277

19,763

Tangible assets

9

15,931

9,426

Investments

10

-

-

23,208

29,189

CURRENT ASSETS

Debtors: amounts falling due within one year

11

3,590,639

4,216,388

Debtors: amounts falling due after more than one year

11

199,311

91,130

Cash in hand

1,998,058

1,600,085

5,788,008

5,907,603

CREDITORS

Amounts falling due within one year

12

4,741,933

5,138,428

NET CURRENT ASSETS

1,046,075

769,175

TOTAL ASSETS LESS CURRENT LIABILITIES

1,069,283

798,364

CREDITORS

Amounts falling due after more than one year

13

(204,547

)

(95,325

)

PROVISIONS FOR LIABILITIES

15

(2,359

)

(377

)

NET ASSETS

862,377

702,662

CAPITAL AND RESERVES

Called up share capital

16

50,000

50,000

Share premium

17

836,560

836,560

Retained earnings

17

(24,183

)

(183,898

)

SHAREHOLDERS' FUNDS

862,377

702,662

The financial statements were approved by the Board of Directors and authorised for issue on 25th July 2025 and were signed on its behalf by:

A H W V Murray - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

1,242,174

1,242,174

1,242,174

1,242,174

CURRENT ASSETS

Cash in hand

100

100

NET CURRENT ASSETS

100

100

TOTAL ASSETS LESS CURRENT LIABILITIES

1,242,274

1,242,274

CAPITAL AND RESERVES

Called up share capital

16

50,000

50,000

Share premium

17

836,560

836,560

Retained earnings

17

355,714

355,714

SHAREHOLDERS' FUNDS

1,242,274

1,242,274

Company's profit for the financial year

-

-

The financial statements were approved by the Board of Directors and authorised for issue on 25th July 2025 and were signed on its behalf by:

A H W V Murray - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st March 2023

50,000

(432,954

)

836,560

453,606

Changes in equity

Total comprehensive income

-

249,056

-

249,056

Balance at 29th February 2024

50,000

(183,898

)

836,560

702,662

Changes in equity

Total comprehensive income

-

159,715

-

159,715

Balance at 28th February 2025

50,000

(24,183

)

836,560

862,377

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st March 2023

50,000

355,714

836,560

1,242,274

Changes in equity

Balance at 29th February 2024

50,000

355,714

836,560

1,242,274

Changes in equity

Balance at 28th February 2025

50,000

355,714

836,560

1,242,274

Cash flows from operating activities

Cash generated from operations

1

421,007

169,189

Interest paid

(5

)

-

Tax (paid) / received

(33,410

)

(5,895

)

Net cash from operating activities

387,592

163,294

Cash flows from investing activities

Purchase of tangible fixed assets

(13,186

)

(5,728

)

Interest received

23,567

19,554

Net cash from investing activities

10,381

13,826

Cash flows from financing activities

Loan repayments in year

-

(116,667

)

Net cash from financing activities

-

(116,667

)

Increase in cash and cash equivalents

397,973

60,453

Cash and cash equivalents at beginning of year

2

1,600,085

1,539,632

Cash and cash equivalents at end of year

2

1,998,058

1,600,085

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

217,735

282,422

Depreciation charges

19,166

21,128

Finance costs

5

-

Finance income

(23,567

)

(19,554

)

213,339

283,996

Decrease/(increase) in trade and other debtors

517,568

(925,812

)

(Decrease)/increase in trade and other creditors

(309,900

)

811,005

Cash generated from operations

421,007

169,189

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 28th February 2025

28/2/25

1/3/24

£

£

Cash and cash equivalents

1,998,058

1,600,085

Year ended 29th February 2024

29/2/24

1/3/23

£

£

Cash and cash equivalents

1,600,085

1,539,632

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/3/24

Cash flow

At 28/2/25

£

£

£

Net cash

Cash at bank and in hand

1,600,085

397,973

1,998,058

1,600,085

397,973

1,998,058

Total

1,600,085

397,973

1,998,058

1.	STATUTORY INFORMATION

Bailey Robinson Holdings 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 General 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.

Basis of consolidation

The financial statements consolidate the results of Bailey Robinson Holdings Limited and its two wholly owned subsidiary companies. Inter-company balances and transactions and any unrealised gains arising from inter-company transactions are eliminated in preparing the financial statements

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 Group'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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

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.

a) Fixtures and fittings and computer equipment

Fixtures and fittings and computer equipment and are stated at cost less accumulated depreciation and accumulated impairment losses.

b) Depreciation and Residual Values

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

Fixtures and fittings

between 3 and 5 years

Computer equipment

between 3 and 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

c) 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.

d) 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 Consolidated 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.

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 basis over the life of the lease.

Pension costs and other staff 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.

a) 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.

b) 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.

c) 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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,020,143

982,074

Social security costs

111,199

100,457

Other pension costs

97,365

46,208

1,228,707

1,128,739

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

2025

2024

Office and management

21

21

The directors are the key management personnel.

2025

2024

£

£

Directors' remuneration

136,427

131,314

Directors' pension contributions to money purchase schemes

9,793

9,326

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

4.	OPERATING PROFIT

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

2025

2024

£

£

Rent - other operating leases

68,955

74,653

Depreciation - owned assets

6,681

8,641

Goodwill amortisation

12,486

12,486

Auditors' remuneration

19,983

20,455

Foreign exchange differences

(3,891

)

6,919

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

5

-