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Registered number: 07430273 RED SAVANNAH LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
RED SAVANNAH LTD COMPANY INFORMATION
Directors | Viscount H Garmoyle
| G Morgan-Grenville
| Sir W Russell
| N J Westwood
| I J Mackinnon
| S M Gordon (appointed 9 December 2025)
Registered number | 07430273
Registered office | Eagle Tower
| Montpellier Drive
| Cheltenham
| Gloucestershire
| GL50 1TA
Independent auditor | James Cowper Kreston Audit
| Chartered Accountants and Statutory Auditor
| Apex
| Forbury Road
| Reading
| Berkshire
| RG1 1AX
RED SAVANNAH LTD CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditor's Report | 4 - 6
Statement of Comprehensive Income | 7
Balance Sheet | 8
Statement of Changes in Equity | 9
Statement of Cash Flows | 10
Analysis of Net Debt | 11
Notes to the Financial Statements | 12 - 22
RED SAVANNAH LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their strategic report for the year ended 31 December 2025.
Business review
Following a strong performance last year, 2025 also proved successful, generating Sales of £16.04m (2024: £15.62m). During the year there were also a small number of commissionable sales and viewed on a TTV (Total Transaction Value) basis, gross sales equated to £16.65m. Bookings taken during the year were £16.45m. Forward bookings going into 2026 were £8.10m, an uplift of 9% over forward bookings going into 2025. Effective Treasury management delivered the highest level of interest income in the company’s history. Margins remained strong and Profit Before Tax was £1.0m. NPS scores remained exceptionally high at an average of 9.2 at year end. In addition, Google Reviews were also implemented – currently running at 4.8. The company maintained strict control of costs and overheads ended the year (£46k) under budget.
Principal risks and uncertainties
The Directors are responsible for monitoring & managing risks stemming from geo-political and macro-economic events, as well as all business-related risk including liquidity, safety, environmental, regulatory and foreign exchange. The company holds an ATOL Licence (No.10454) and is not required to undertake any bonding or special reporting arrangements. Non-licensable financial failure insurance was provided through ABTOT. All foreign exchange risk is managed carefully via a mixture of internal exchange (converting USD receipts to Euros), spot purchases, limited hedging and forward contracts. The directors have many years of experience in managing exchange risk. As the company has no borrowings, there is no internal risk from interest rates. All holidays sold are paid in advance and there are no credit lines with any client (trade or consumer). Majority of treasury deposits are made with reputable banks with A+ to A- ratings (Fitch Solutions), with some smaller amounts (within FCS Compensation Scheme limit) deposited with B- banks.
Financial key performance indicators
The company produces detailed monthly management accounts and all key performance indicators are monitored both against budget and STLY. The principle KPIs monitored are as follows: Gross Revenue: £16,040,676 (2024: £15,617,023) Profit before Tax: £1,000,306 (2024: £1,056,669) Cash Reserves: £5,967,466 (2024: £5,617,173) This report was approved by the board and signed on its behalf.
G Morgan-Grenville Director
Date: 30 July 2026
Page 1
RED SAVANNAH LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors
The directors who served during the year were:
Viscount H Garmoyle
G Morgan-Grenville
Sir W Russell
N J Westwood
I J Mackinnon
S M Gordon (appointed 9 December 2025)
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company during the period was that of luxury tour operator services.
Results and dividends
The profit for the year, after taxation, amounted to £748,514 (2024 - £788,423). A dividend of £0.32p per share was paid to investors (2024: £0.3068p). Page 2
RED SAVANNAH LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
G Morgan-Grenville Director
Date: 30 July 2026
Page 3
RED SAVANNAH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RED SAVANNAH LTD
Opinion
We have audited the financial statements of Red Savannah Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 4
RED SAVANNAH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RED SAVANNAH LTD (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an Auditor's report 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. 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. Page 5
RED SAVANNAH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RED SAVANNAH LTD (CONTINUED) Auditor's responsibilities for the audit of the financial statements (continued) 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 non- compliance 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 Auditor's report.
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 an Auditor's Report 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) ACA FCCA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Apex Forbury Road Reading Berkshire RG1 8LS 30 July 2026 Page 6
RED SAVANNAH LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 16,040,676 | 15,617,023
Cost of sales |  | (11,814,350) | (11,607,723)
Gross profit |  | 4,226,326 | 4,009,300
Administrative expenses |  | (3,436,283) | (3,183,461)
Operating profit | 4 | 790,043 | 825,839
Interest receivable and similar income | 8 | 210,263 | 230,830
Profit before tax |  | 1,000,306 | 1,056,669
Tax on profit | 9 | (251,792) | (268,246)
Profit for the financial year |  | 748,514 | 788,423
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 22 form part of these financial statements.
Page 7
RED SAVANNAH LTD REGISTERED NUMBER: 07430273 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 177,838 |  | 241,986
|  |  | 177,838 |  | 241,986
Current assets |  |  |  |  |
Stocks | 12 | 17,412 |  | 13,452 |
Debtors: amounts falling due within one year | 13 | 2,202,765 |  | 2,312,425 |
Cash at bank and in hand | 14 | 5,967,466 |  | 5,617,173 |
|  | 8,187,643 |  | 7,943,050 |
Creditors: amounts falling due within one year | 15 | (4,760,163) |  | (4,808,738) |
Net current assets |  |  | 3,427,480 |  | 3,134,312
Total assets less current liabilities |  |  | 3,605,318 |  | 3,376,298
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 | (19,102) |  | (31,169) |
|  |  | (19,102) |  | (31,169)
Net assets |  |  | 3,586,216 |  | 3,345,129
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 1,631 |  | 1,631
Share premium account |  |  | 563,454 |  | 563,454
Profit and loss account |  |  | 3,021,131 |  | 2,780,044
|  |  | 3,586,216 |  | 3,345,129
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G Morgan-Grenville
Director
Date: 30 July 2026
The notes on pages 12 to 22 form part of these financial statements. Page 8
RED SAVANNAH LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2025 | 1,631 | 563,454 | 2,780,044 | 3,345,129
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 748,514 | 748,514
Total comprehensive income for the year | - | - | 748,514 | 748,514
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (507,427) | (507,427)
Total transactions with owners | - | - | (507,427) | (507,427)
At 31 December 2025 | 1,631 | 563,454 | 3,021,131 | 3,586,216
| The notes on pages 12 to 22 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 1,582 | 514,055 | 2,462,947 | 2,978,584
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 788,423 | 788,423
Total comprehensive income for the year | - | - | 788,423 | 788,423
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (471,326) | (471,326)
Shares issued during the year | 49 | 49,399 | - | 49,448
Total transactions with owners | 49 | 49,399 | (471,326) | (421,878)
At 31 December 2024 | 1,631 | 563,454 | 2,780,044 | 3,345,129
| The notes on pages 12 to 22 form part of these financial statements.
Page 9
RED SAVANNAH LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 748,514 | 788,423
Adjustments for: |  |
Depreciation of tangible assets | 79,462 | 63,347
Loss on disposal of tangible assets | (56) | 3,888
Interest received | (210,263) | (230,830)
Taxation charge | 251,792 | 268,246
(Increase)/decrease in stocks | (3,960) | 5,194
Decrease/(increase) in debtors | 109,672 | (353,383)
(Decrease)/increase in creditors | (54,216) | 558,567
Corporation tax (paid) | (258,230) | (269,188)
Net cash generated from operating activities | 662,715 | 834,264
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (15,483) | (171,328)
Sale of tangible fixed assets | 225 | -
Interest received | 210,263 | 230,830
Net cash from investing activities | 195,005 | 59,502
Cash flows from financing activities |  |
Issue of ordinary shares | - | 49,448
Dividends paid | (507,427) | (471,326)
Net cash used in financing activities | (507,427) | (421,878)
Net increase in cash and cash equivalents | 350,293 | 471,888
Cash and cash equivalents at beginning of year | 5,617,173 | 5,145,285
Cash and cash equivalents at the end of year | 5,967,466 | 5,617,173
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 5,967,466 | 5,617,173
| 5,967,466 | 5,617,173
The notes on pages 12 to 22 form part of these financial statements.
Page 10
RED SAVANNAH LTD FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 5,617,173 | 350,293 | 5,967,466
| 5,617,173 | 350,293 | 5,967,466
The notes on pages 12 to 22 form part of these financial statements.
Page 11
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Red Savannah Ltd is a private company limited by share capital and incorporated in England and Wales. The principal activity of the company is that of luxury tour operator services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover represents revenue receivable for the provision of travel services during the financial period, net of value added tax. Revenue is recognised on the date of holiday departure and related costs of the holiday are charged to the Statement of Comprehensive Income on the same basis.
| 2.3 | 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. 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. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | over the life of the lease
|  |  |  | Fixtures and fittings | - | 10% straight line
|  |  |  | Office equipment | - | 20% straight line
|  |  |  | Computer equipment | - | 12.5% - 25% straight line
|  |  |  | Website | - | 25% - 33% straight line
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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 12
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.5 | 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.
| 2.6 | Cash and 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.7 | 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 ordinary shares.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 13
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 14
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation charge | 79,462 | 63,347
| Other operating lease rentals | 93,736 | 78,903
5. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 10,400 | 9,950
| Fees payable to the Company's auditor in respect of: |  |
| Taxation compliance services | 1,750 | 1,675
| All assurance services not included above | 1,500 | 2,290
| All non-audit services not included above | 1,575 | 3,060
| Total | 15,225 | 16,975
Page 15
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,916,756 | 1,848,178
| Social security costs | 242,385 | 214,992
| Cost of defined contribution scheme | 170,012 | 156,974
|  | 2,329,153 | 2,220,144
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 34 | 33
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 631,945 | 612,936
| Company contributions to defined contribution pension schemes | 45,400 | 50,768
|  | 677,345 | 663,704
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £299,881 (2024 - £294,216).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,929 (2024 - £23,436).
| Viscount H Garmoyle and W Russell received £35,000 (2024: £30,000) and £30,000 (2025: £25,000) respectively, relating to consultancy work carried out during the year. Key management personnel are deemed to be the directors, with remuneration disclosed above.
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 210,263 | 230,830
|  | 210,263 | 230,830
Page 16
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 263,859 | 258,230
|  | 263,859 | 258,230
| Total current tax | 263,859 | 258,230
| Deferred tax |  |
| Origination and reversal of timing differences | (12,067) | 10,016
| Total deferred tax | (12,067) | 10,016
|  | 251,792 | 268,246
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,000,306 | 1,056,669
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 250,077 | 264,167
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,395 | 3,666
| Capital allowances for year in excess of depreciation | (680) | 413
| Total tax charge for the year | 251,792 | 268,246
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 17
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividend paid | 507,427 | 471,326
|  | 507,427 | 471,326
11. | Tangible fixed assets
|  | Leasehold improvements | Fixtures and fittings | Office equipment | Computer equipment | Website | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 81,257 | 69,665 | 13,305 | 219,500 | 274,830 | 658,557
| Additions | - | - | 233 | 10,880 | 4,370 | 15,483
| Disposals | - | - | (225) | - | - | (225)
| At 31 December 2025 | 81,257 | 69,665 | 13,313 | 230,380 | 279,200 | 673,815
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | 18,057 | 8,023 | 8,756 | 147,329 | 234,406 | 416,571
| Charge for the year | 27,086 | 6,869 | 1,302 | 25,256 | 18,949 | 79,462
| Disposals | - | - | (56) | - | - | (56)
| At 31 December 2025 | 45,143 | 14,892 | 10,002 | 172,585 | 253,355 | 495,977
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 36,114 | 54,773 | 3,311 | 57,795 | 25,845 | 177,838
| At 31 December 2024 | 63,200 | 61,642 | 4,549 | 72,171 | 40,424 | 241,986
Page 18
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 17,412 | 13,452
|  | 17,412 | 13,452
Page 19
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 62,121 | 39,156
| Prepayments and accrued income | 2,140,644 | 2,273,269
|  | 2,202,765 | 2,312,425
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 5,967,466 | 5,617,173
|  | 5,967,466 | 5,617,173
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 48,003 | 116,578
| Corporation tax | 263,859 | 258,230
| Other taxation and social security | 255,667 | 269,368
| Other creditors | 15,895 | 16,469
| Accruals and deferred income | 4,176,739 | 4,148,093
|  | 4,760,163 | 4,808,738
16. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 5,967,466 | 5,617,173
| Financial assets measured at fair value through profit or loss comprise cash at bank.
Page 20
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (31,169)
| Charged to profit or loss | 12,067
| At end of year | (19,102)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (22,234) | (34,428)
| Short term timing difference | 3,132 | 3,259
|  | (19,102) | (31,169)
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,631,365 (2024 - 1,631,365) Ordinary shares of £0.001 each | 1,631 | 1,631
19. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £170,012 (2024: £156,974). Contributions totaling £12,529 (2024: £13,038) were payable to the fund at the balance sheet date and are included in creditors.
20. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 95,373 | 95,350
| Later than 1 year and not later than 5 years | 9,634 | 107,542
|  | 105,007 | 202,892
Page 21
RED SAVANNAH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Controlling party
In the opinion of the directors, the company is not controlled by any one person.
Page 22