REGISTERED NUMBER: 09952535 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 28th February 2025

for

RBR Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

J W B Duncan

D J Marshall

A H W V Murray

R I D Pilkington

G L Stephenson

C A L White

A C Bromfield

SECRETARY:

H C Parker

REGISTERED OFFICE:

25 High Street

Hungerford

Berkshire

RG17 0NF

REGISTERED NUMBER:

09952535 (England and Wales)

AUDITORS:

James Cowper Kreston Audit

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB

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

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 £249,529 (2024 - profit £178,137.) 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.

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 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.

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 1,050 guns during the year (2024 - 917 guns, 2023 - 892 guns). The sale of clothes and accessories continues to make a significant contribution to gun room revenue as does the website "Ian Coley Country".

PRINCIPAL RISKS AND UNCERTAINTIES

The business risks facing the Group are as follows:

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.

Package Tour Operator Liability

Some of the group's bookings are covered under the Package Travel and Linked Travel Arrangement Regulations 2018. In such cases our obligations to our customer start and finish at the departure point, most usually an airport. Any event, such as intemperate weather, industrial action or airline failure, political unrest or natural disasters impacts on our business. The Company, as the tour operator, is responsible for our bonded customers until they can be returned to their point of departure. The cost to the company was £nil (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%

Political Risk & Legislation

The current administration and the shift 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.

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:

H C Parker - Secretary

13th August 2025

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

DIVIDENDS

An interim dividend of £nil pence per share (2024 - £nil) was paid on the A Ordinary shares.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

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

D J Marshall

A H W V Murray

R I D Pilkington

G L Stephenson

C A L White

A C Bromfield

Other changes in directors holding office are as follows:

I J Coley MBE - resigned 3rd December 2024

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 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.

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

13th August 2025

Opinion

We have audited the financial statements of RBR Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28th February 2025 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 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 five, 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

13th August 2025

TURNOVER

25,232,065

22,643,153

Cost of sales

19,582,930

17,257,281

GROSS PROFIT

5,649,135

5,385,872

Administrative expenses

5,334,759

5,076,014

314,376

309,858

Other operating income

3

16,000

-

OPERATING PROFIT

5

330,376

309,858

Interest receivable and similar income

63,699

55,074

394,075

364,932

Interest payable and similar expenses

6

144,546

186,795

PROFIT BEFORE TAXATION

249,529

178,137

Tax on profit

7

177,018

49,701

PROFIT FOR THE FINANCIAL YEAR

72,511

128,436

Profit attributable to:

Owners of the parent

72,511

128,436

PROFIT FOR THE YEAR

72,511

128,436

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

72,511

(353,873

)

Total comprehensive income attributable to:

Owners of the parent

72,511

(353,873

)

FIXED ASSETS

Intangible assets

9

421,357

726,072

Tangible assets

10

3,685,432

3,794,199

Investments

11

-

-

4,106,789

4,520,271

CURRENT ASSETS

Stocks

12

2,371,001

2,263,936

Debtors: amounts falling due within one year

13

5,535,704

6,433,201

Debtors: amounts falling due after more than one year

13

266,219

157,947

Cash in hand

4,325,988

3,342,895

12,498,912

12,197,979

CREDITORS

Amounts falling due within one year

14

9,715,671

9,573,480

NET CURRENT ASSETS

2,783,241

2,624,499

TOTAL ASSETS LESS CURRENT LIABILITIES

6,890,030

7,144,770

CREDITORS

Amounts falling due after more than one year

15

(1,730,885

)

(2,076,912

)

PROVISIONS FOR LIABILITIES

18

(86,279

)

(67,503

)

NET ASSETS

5,072,866

5,000,355

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

83,561

Merger reserve

20

836,560

836,560

Retained earnings

20

810,275

737,764

SHAREHOLDERS' FUNDS

5,072,866

5,000,355

The financial statements were approved by the Board of Directors and authorised for issue on 13th August 2025 and were signed on its behalf by:

A H W V Murray - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

21,645

33,585

Investments

11

4,797,868

4,797,868

4,819,513

4,831,453

CURRENT ASSETS

Debtors: amounts falling due within one year

13

1,200,552

1,376,639

Cash in hand

185,682

190,475

1,386,234

1,567,114

CREDITORS

Amounts falling due within one year

14

699,020

536,406

NET CURRENT ASSETS

687,214

1,030,708

TOTAL ASSETS LESS CURRENT LIABILITIES

5,506,727

5,862,161

CREDITORS

Amounts falling due after more than one year

15

(1,492,968

)

(1,963,504

)

PROVISIONS FOR LIABILITIES

18

(4,487

)

(7,269

)

NET ASSETS

4,009,272

3,891,388

CAPITAL AND RESERVES

Called up share capital

19

112,776

112,776

Share premium

20

3,229,694

3,229,694

Retained earnings

20

666,802

548,918

SHAREHOLDERS' FUNDS

4,009,272

3,891,388

Company's profit for the financial year

117,884

6,814

The financial statements were approved by the Board of Directors and authorised for issue on 13th August 2025 and were signed on its behalf by:

A H W V Murray - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1st March 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

Changes in equity

Total comprehensive income

-

72,511

-

Balance at 28th February 2025

112,776

810,275

3,229,694

Revaluation

Merger

Total

reserve

reserve

equity

£

£

£

Balance at 1st March 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

Changes in equity

Total comprehensive income

-

-

72,511

Balance at 28th February 2025

83,561

836,560

5,072,866

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st March 2023

112,776

542,104

3,229,694

3,884,574

Changes in equity

Total comprehensive income

-

6,814

-

6,814

Balance at 29th February 2024

112,776

548,918

3,229,694

3,891,388

Changes in equity

Total comprehensive income

-

117,884

-

117,884

Balance at 28th February 2025

112,776

666,802

3,229,694

4,009,272

Cash flows from operating activities

Cash generated from operations

1

1,702,528

998,273

Interest paid

(144,546

)

(186,795

)

Tax (paid) / received

(37,416

)

7,775

Net cash from operating activities

1,520,566

819,253

Cash flows from investing activities

Purchase of tangible fixed assets

(151,634

)

(1,777,517

)

Sale of tangible fixed assets

21,000

47,694

Interest received

63,699

55,074

Net cash from investing activities

(66,935

)

(1,674,749

)

Cash flows from financing activities

New loans in year

-

1,650,000

Loan repayments in year

(292,637

)

(196,386

)

Loan repayment in year CBIL

-

(2,333,333

)

Redemption of preference shares

(177,901

)

(66,298

)

Net cash from financing activities

(470,538

)

(946,017

)

Increase/(decrease) in cash and cash equivalents

983,093

(1,801,513

)

Cash and cash equivalents at beginning of year

2

3,342,895

5,144,408

Cash and cash equivalents at end of year

2

4,325,988

3,342,895

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

2025

2024

£

£

Profit before taxation

249,529

178,137

Depreciation charges

555,715

552,444

Profit on disposal of fixed assets

(11,599

)

(33,364

)

Finance costs

144,546

186,795

Finance income

(63,699

)

(55,074

)

874,492

828,938

(Increase)/decrease in stocks

(107,065

)

108,930

Decrease/(increase) in trade and other debtors

789,225

(93,020

)

Increase in trade and other creditors

145,876

153,425

Cash generated from operations

1,702,528

998,273

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

4,325,988

3,342,895

Year ended 29th February 2024

29/2/24

1/3/23

£

£

Cash and cash equivalents

3,342,895

5,144,408

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

3,342,895

983,093

4,325,988

3,342,895

983,093

4,325,988

Debt

Debts falling due within 1 year

(470,538

)

2

(470,536

)

Debts falling due after 1 year

(1,963,504

)

470,536

(1,492,968

)

(2,434,042

)

470,538

(1,963,504

)

Total

908,853

1,453,631

2,362,484