Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 true Tour operator 2025-01-01 true false false 115 112 true false 01853736 2025-01-01 2025-12-31 01853736 2024-01-01 2024-12-31 01853736 2025-12-31 01853736 2024-12-31 01853736 2024-01-01 01853736 1 2025-01-01 2025-12-31 01853736 1 2024-01-01 2024-12-31 01853736 d:CompanySecretary1 2025-01-01 2025-12-31 01853736 d:Director1 2025-01-01 2025-12-31 01853736 d:Director2 2025-01-01 2025-12-31 01853736 d:Director3 2025-01-01 2025-12-31 01853736 d:Director4 2025-01-01 2025-12-31 01853736 d:Director5 2025-01-01 2025-12-31 01853736 d:Director6 2025-01-01 2025-12-31 01853736 d:RegisteredOffice 2025-01-01 2025-12-31 01853736 e:Buildings e:LongLeaseholdAssets 2025-01-01 2025-12-31 01853736 e:Buildings e:LongLeaseholdAssets 2025-12-31 01853736 e:Buildings e:LongLeaseholdAssets 2024-12-31 01853736 e:LandBuildings 2025-12-31 01853736 e:LandBuildings 2024-12-31 01853736 e:MotorVehicles 2025-01-01 2025-12-31 01853736 e:MotorVehicles 2025-12-31 01853736 e:MotorVehicles 2024-12-31 01853736 e:MotorVehicles e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 01853736 e:FurnitureFittings 2025-01-01 2025-12-31 01853736 e:FurnitureFittings 2025-12-31 01853736 e:FurnitureFittings 2024-12-31 01853736 e:FurnitureFittings e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 01853736 e:ComputerEquipment 2025-01-01 2025-12-31 01853736 e:ComputerEquipment 2025-12-31 01853736 e:ComputerEquipment 2024-12-31 01853736 e:ComputerEquipment e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 01853736 e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 01853736 e:Goodwill 2025-12-31 01853736 e:Goodwill 2024-12-31 01853736 e:ComputerSoftware 2025-12-31 01853736 e:ComputerSoftware 2024-12-31 01853736 e:FreeholdInvestmentProperty 2025-01-01 2025-12-31 01853736 e:FreeholdInvestmentProperty 2025-12-31 01853736 e:FreeholdInvestmentProperty 2024-12-31 01853736 e:CurrentFinancialInstruments 2025-12-31 01853736 e:CurrentFinancialInstruments 2024-12-31 01853736 e:CurrentFinancialInstruments 6 2025-12-31 01853736 e:CurrentFinancialInstruments 6 2024-12-31 01853736 e:Non-currentFinancialInstruments 2025-12-31 01853736 e:Non-currentFinancialInstruments 2024-12-31 01853736 e:CurrentFinancialInstruments e:WithinOneYear 2025-12-31 01853736 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 01853736 e:Non-currentFinancialInstruments e:AfterOneYear 2025-12-31 01853736 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 01853736 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2025-12-31 01853736 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 01853736 e:ReportableOperatingSegment1 2025-01-01 2025-12-31 01853736 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 01853736 e:UKTax 2025-01-01 2025-12-31 01853736 e:UKTax 2024-01-01 2024-12-31 01853736 e:ShareCapital 2025-01-01 2025-12-31 01853736 e:ShareCapital 2025-12-31 01853736 e:ShareCapital 2024-01-01 2024-12-31 01853736 e:ShareCapital 2024-12-31 01853736 e:ShareCapital 2024-01-01 01853736 e:RevaluationReserve 2025-01-01 2025-12-31 01853736 e:RevaluationReserve 2025-12-31 01853736 e:RevaluationReserve 2024-01-01 2024-12-31 01853736 e:RevaluationReserve 2024-12-31 01853736 e:RevaluationReserve 2024-01-01 01853736 e:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 01853736 e:RetainedEarningsAccumulatedLosses 2025-12-31 01853736 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01853736 e:RetainedEarningsAccumulatedLosses 2024-12-31 01853736 e:RetainedEarningsAccumulatedLosses 2024-01-01 01853736 e:AcceleratedTaxDepreciationDeferredTax 2025-12-31 01853736 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01853736 d:OrdinaryShareClass1 2025-01-01 2025-12-31 01853736 d:OrdinaryShareClass1 2025-12-31 01853736 d:OrdinaryShareClass1 2024-12-31 01853736 d:FRS102 2025-01-01 2025-12-31 01853736 d:Audited 2025-01-01 2025-12-31 01853736 d:FullAccounts 2025-01-01 2025-12-31 01853736 d:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 01853736 e:WithinOneYear 2025-12-31 01853736 e:WithinOneYear 2024-12-31 01853736 e:BetweenOneFiveYears 2025-12-31 01853736 e:BetweenOneFiveYears 2024-12-31 01853736 e:Goodwill e:ExternallyAcquiredIntangibleAssets 2025-01-01 2025-12-31 01853736 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2025-01-01 2025-12-31 01853736 2 2025-01-01 2025-12-31 01853736 5 2025-01-01 2025-12-31 01853736 6 2025-01-01 2025-12-31 01853736 e:ExternallyAcquiredIntangibleAssets 2025-01-01 2025-12-31 01853736 e:Goodwill e:OwnedIntangibleAssets 2025-01-01 2025-12-31 01853736 e:ComputerSoftware e:OwnedIntangibleAssets 2025-01-01 2025-12-31 01853736 f:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01853736 RAYBURN TOURS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
RAYBURN TOURS LIMITED COMPANY INFORMATION
Directors | B Boyden
| J T Boyden
| J Boyden
| K Boyden
| L G James
| K Wigley
Company secretary | B Boyden
Registered number | 01853736
Registered office | Rayburn House
| 37 Brunel Parkway
| Pride Park
| Derby
| Derbyshire
| DE24 8HR
Independent auditors | Xeinadin Audit Limited
| Chartered Accountants & Statutory Auditors
| Level 5a
| Maple House
| 149 Tottenham Court Road
| London
| W1T 7NF
RAYBURN TOURS LIMITED CONTENTS
| Page
Strategic report | 1 - 4
Directors' report | 5 - 6
Independent auditors' report | 7 - 10
Statement of comprehensive income | 11
Statement of financial position | 12 - 13
Statement of changes in equity | 14 - 15
Notes to the financial statements | 16 - 34
RAYBURN TOURS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their annual report for the year ended 31st December 2025.
Business review and principal activity
Rayburn Tours Ltd has continued to strengthen its position as a leading provider of educational, concert, and sports tours, delivering high quality travel experiences for schools, music ensembles, and sports teams. The business has operated within a dynamic travel environment during 2025, navigating ongoing industry challenges while maintaining its strong reputation for reliability and service excellence. For the financial year ending 31 December 2025, the Company has maintained a solid performance, supported by sustained demand for educational travel, strong forward bookings, and continued focus on operational delivery. The Company has demonstrated resilience in responding to external pressures, including supplier instability and wider market uncertainties, while continuing to deliver tours successfully and maintain customer confidence. The Company has continued to focus on disciplined pricing strategies and cost management, with an emphasis on protecting gross margins in an increasingly competitive and cost?sensitive market. Improvements in financial oversight and operational planning have supported more consistent performance across tour programmes. A key focus during the year has been strengthening operational resilience. The business has successfully managed disruption within the travel supply chain, particularly in the aviation sector, ensuring continuity of service and minimising the impact on customers. This reflects the strength of the Company’s supplier relationships and its proactive approach to risk management. Looking ahead, Rayburn Tours remains committed to enhancing its product offering, expanding its market reach, and improving operational efficiency through investment in systems and technology. With a strong underlying business model and clear strategic direction, the Company is well positioned for continued sustainable growth. The Company continues to foster strong customer loyalty through high service standards and a clear focus on delivering value led travel experiences. Customer satisfaction remains a key priority, supported by ongoing investment in service delivery and product quality. The Directors continue to take account of the impact of the Company’s operations on the community and the environment. Progress continues in areas such as sustainability, carbon awareness, and charitable engagement. The Directors and Management Team operate the business in a responsible manner, maintaining high standards of business conduct and governance, consistent with expectations for a company operating within the educational travel sector. Page 1
RAYBURN TOURS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Financial Performance ∙Revenue Performance: Revenue levels remained robust during the year, supported by strong booking volumes and consistent demand for group travel. ∙Gross Profit Margin: The Company has continued to focus on margin discipline through improved pricing strategies and close management of supplier costs. ∙Cost Management: Ongoing attention has been given to managing supplier cost increases, particularly within transport and accommodation. ∙Currency Impact: The Company remains exposed to foreign currency movements, with gains and losses arising on future payments recognised within the financial statements. ∙Property and Other Income: Changes in rental income streams during the year reflect movements in property-related activity and utilisation. ∙Financing Costs: Interest costs continue to be monitored carefully, with attention given to the structure and cost of borrowing. The Company has continued to maintain a controlled cash position, supporting operational requirements while managing seasonal fluctuations in income and expenditure. Key Achievements in 2025 Operational Resilience Maintained: The Company successfully managed disruptions within the travel sector, ensuring the majority of tours operated as planned. Margin Discipline Strengthened: Continued focus on pricing and cost control has supported the protection of profitability. Systems and Reporting Improvements: Progress has been made in strengthening financial systems and reporting processes, improving visibility and control. Customer Delivery and Satisfaction: The Company has continued to deliver high levels of customer service, reinforcing its reputation in the education travel market. Page 2
RAYBURN TOURS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The Directors consider the following to be the principal risks and uncertainties facing the Company: Economic volatility Ongoing economic uncertainty within the UK and internationally may impact customer demand and cost structures. The Directors continue to monitor forward bookings and maintain a cautious but confident outlook. Market Risk The market remains competitive, with new entrants and pricing pressures. The Company mitigates this through strong customer service, differentiated product offerings, and established supplier relationships. Supplier and Operational Risk The business is exposed to disruption within the global travel supply chain, particularly within the aviation sector. This risk is mitigated through proactive supplier management and contingency planning. Currency Risk The Company remains exposed to foreign exchange movements. This is managed through regular monitoring and the use of hedging and pricing strategies to protect both the business and its customers. Customer safeguarding and contractual obligations The Company continues to operate in compliance with the requirements of regulatory bodies including the CAA, ABTA, ABTOT, the School Travel Forum, and the Council for Learning Outside the Classroom. Financial Regulation The Company continues to comply with all relevant regulatory requirements, including ATOL and bonding arrangements, ensuring protection for customers and maintaining industry accreditation.
Financial key performance indicators
The Directors continue to consider that the major KPIs used to monitor and review the financial performance of the business are turnover and gross profit margin. These are as follows: ∙Turnover: £28,829,349 (2024: £24,960,834) ∙Gross profit margin: 24.7% (2024: 22.4%) These KPIs are supported by detailed internal reporting, enabling close monitoring of sales performance, operational efficiency, and margin by tour.
Other key performance indicators
Operational and administrative costs are closely monitored, enabling timely response to cost pressures and market changes. The Company continues to invest in staff training and development, recognising that people are central to delivering high quality travel experiences. Ongoing commitment to training and professional development supports performance across all areas of the business. Page 3
RAYBURN TOURS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
................................................ L G James Director
Date: 30 June 2026
Page 4
RAYBURN TOURS LIMITED 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' 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,374,247 (2024 - £563,925). The directors have recommended a dividend amounting to £nil (2024: £nil).
Directors
The directors who served during the year were:
B Boyden
J T Boyden
J Boyden
K Boyden
L G James
K Wigley
Page 5
RAYBURN TOURS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Future developments
Looking ahead, Rayburn Tours Ltd remains focused on sustainable growth through continued digital transformation, expansion into new markets, and strengthening long-term partnerships with schools, music, and sports organisations. The company will also continue to invest in its systems and infrastructure while maintaining a strong financial position through careful cost and cash management. The directors are confident in the company’s ability to navigate future challenges and capitalise on new opportunities, continuing to deliver high-quality travel experiences.
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 30 June 2026 and signed on its behalf.
................................................ L G James Director
Page 6
RAYBURN TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED
Opinion
We have audited the financial statements of Rayburn Tours Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. Page 7
RAYBURN TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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 5, 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. Page 8
RAYBURN TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED (CONTINUED)
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 an Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Reviewing minutes of meetings of those charged with governance; ∙Performing audit work over the risk of 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 bias; ∙Enquiry of management and those charged with governance to identify and instances of non-compliance with laws and regulations. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequence of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's licence to operate. We identified the following areas as those most likely to have such an effect: ATOL and ABTOT compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. 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. 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 Auditors' Report. Page 9
RAYBURN TOURS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TOURS LIMITED (CONTINUED)
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 Auditors' 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. Silpy Kedia ACA (Senior statutory auditor) for and on behalf of Xeinadin Audit Limited Chartered Accountants & Statutory Auditors Level 5a Maple House 149 Tottenham Court Road London W1T 7NF 30 June 2026 Page 10
RAYBURN TOURS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 28,829,349 | 24,960,834
Cost of sales |  | (21,716,104) | (19,364,660)
Gross profit |  | 7,113,245 | 5,596,174
Administrative expenses |  | (5,529,594) | (5,090,393)
Other operating income | 5 | 62,065 | 91,540
Fair value movements |  | (71,685) | (29,565)
Operating profit | 6 | 1,574,031 | 567,756
Amounts written off investments |  | (4,544) | -
Interest receivable and similar income | 10 | 285,879 | 216,541
Interest payable and similar expenses | 11 | (45,350) | (37,480)
Profit before tax |  | 1,810,016 | 746,817
Tax on profit | 12 | (435,769) | (182,892)
Profit for the financial year |  | 1,374,247 | 563,925
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 16 to 34 form part of these financial statements.
Page 11
RAYBURN TOURS LIMITED REGISTERED NUMBER: 01853736 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 70,879 |  | 28,754
Tangible assets | 14 |  | 1,121,288 |  | 1,181,544
Investments | 15 |  | - |  | 4,544
Investment property | 16 |  | 1,084,053 |  | 1,037,313
|  |  | 2,276,220 |  | 2,252,155
Current assets |  |  |  |  |
Stocks | 17 | 16,171 |  | 7,986 |
Debtors: amounts falling due within one year | 18 | 7,310,499 |  | 6,765,152 |
Cash at bank and in hand | 19 | 10,331,043 |  | 8,730,800 |
|  | 17,657,713 |  | 15,503,938 |
Creditors: amounts falling due within one year | 20 | (15,673,050) |  | (14,454,354) |
Net current assets |  |  | 1,984,663 |  | 1,049,584
Total assets less current liabilities |  |  | 4,260,883 |  | 3,301,739
Creditors: amounts falling due after more than one year | 21 |  | (1,505,247) |  | (1,928,568)
Provisions for liabilities |  |  |  |  |
Deferred tax | 23 | (8,218) |  | - |
|  |  | (8,218) |  | -
Net assets |  |  | 2,747,418 |  | 1,373,171
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 50,000 |  | 50,000
Revaluation reserve | 25 |  | 433,017 |  | 433,017
Profit and loss account | 25 |  | 2,264,401 |  | 890,154
|  |  | 2,747,418 |  | 1,373,171
Page 12
RAYBURN TOURS LIMITED REGISTERED NUMBER: 01853736 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ L G James
Director
Date: 30 June 2026
The notes on pages 16 to 34 form part of these financial statements. Page 13
RAYBURN TOURS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Investment Property Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2025 | 50,000 | 433,017 | 890,154 | 1,373,171
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,374,247 | 1,374,247
Total comprehensive income for the year | - | - | 1,374,247 | 1,374,247
Total transactions with owners | - | - | - | -
At 31 December 2025 | 50,000 | 433,017 | 2,264,401 | 2,747,418
| The notes on pages 16 to 34 form part of these financial statements.
Page 14
RAYBURN TOURS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Investment Property Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 50,000 | 433,017 | 326,229 | 809,246
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 563,925 | 563,925
Total comprehensive income for the year | - | - | 563,925 | 563,925
Total transactions with owners | - | - | - | -
At 31 December 2024 | 50,000 | 433,017 | 890,154 | 1,373,171
| The notes on pages 16 to 34 form part of these financial statements.
Page 15
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Rayburn Tours Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered address of the company is Rayburn House, 37 Brunel Parkway, Pride Park, Derby, Derbyshire, DE24 8HR. The principal activity continues to be that of a tour operator. 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 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Rayburn Travel Group Limited as at 31 December 2025 and these financial statements may be obtained from the Company Secretary at Rayburn House Brunel Parkway, Pride Park, Derby, United Kingdom, DE24 8HR. Page 16
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue comprises of the deposit element and balance in respect of inclusive tours and other services supplied to customers in the ordinary course in business. Revenue is taken to the profit and loss account based on the date of departure.
| 2.5 | Advanced payments and receipts
Balances received relating to bookings that depart after the balance sheet date are treated as advance receipts and are seperately disclosed under accruals and deferred income. Payments made to suppliers relating to bookings that depart after the balance sheet date are treated as advance payments and are seperately disclosed under prepayments and accrued income.
| 2.6 | 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.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 17
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | 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 reporting 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 reporting 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 reporting date. Page 18
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straightline basis to the Statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.13 | 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, method detailed below. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 2% | Straight line per annum
|  |  |  | Motor vehicles | - | 25% | Reducing balance per annum
|  |  |  | Fixtures and fittings | - | 15% | Reducing balance per annum
|  |  |  | Computer equipment | - | 33% | Reducing balance per annum
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 19
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.15 | Investment property
Investment property is carried at fair value determined annually by directors judgement and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.16 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.17 | 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 reporting 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.
| 2.18 | 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.
| 2.19 | 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. Page 20
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.20 | 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.
| 2.21 | 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.
| 2.22 | Financial instruments
The Company 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. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Page 21
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below; (i) Useful economic lives of tangible assets and intangible assets: The annual depreciation charge of tangible and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (ii) Valuation of investment properties (freehold properties): The Company measures investment properties at fair value at each reporting date. In determining fair value, the directors consider market conditions and comparable market evidence, including rental yields, location and condition of the properties. The valuation therefore involves significant judgement and estimates, and changes in market assumptions may impact the carrying value of the properties. (iii) Valuation of leasehold properties: The Company shows leasehold properties at their fair value. The directors assess the market conditions affecting such properties when assessing the fair value at each period end. (iv) Derivatives - Forward Currency Contracts: The directors measure forward currency contracts at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumption used in valuing the forward contracts is the market to market value.
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Tours | 28,829,349 | 24,960,834
|  | 28,829,349 | 24,960,834
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 1,714 | 2,192
| Net rents receivable | 60,351 | 89,348
|  | 62,065 | 91,540
Page 22
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (960,200) | (1,055,039)
| Other operating lease rentals | 54,977 | 33,191
| Amortisation expense | 22,561 | 14,513
| Depreciation expense | 91,020 | 107,678
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 25,500 | 25,500
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 4,208,524 | 4,352,202
| Social security costs | 561,737 | 385,007
| Cost of defined contribution scheme | 201,303 | 154,260
|  | 4,971,564 | 4,891,469
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 6 | 6
|  | Staff | 109 | 106
|  |  | 115 | 112
Page 23
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 752,876 | 590,895
| Company contributions to defined contribution pension schemes | 4,768 | 64,566
|  | 757,644 | 655,461
| During the year retirement benefits were accruing to 2 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £253,431 (2024 - £180,473).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £30,000).
| The total accrued pension provision of the highest paid director at 31 December 2025 amounted to £NIL (2024 - £NIL).
| Key management includes the directors. The compensation paid or payable to key management personnel of the company for employee services carried out during the year amounted to £752,876 (2024: £590,895).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 285,879 | 216,541
|  | 285,879 | 216,541
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 19,714 | 37,335
| Other loan interest payable | 25,636 | 145
|  | 45,350 | 37,480
Page 24
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 422,401 | 205,571
| Adjustments in respect of previous periods | (69) | (20,574)
|  | 422,332 | 184,997
| Total current tax | 422,332 | 184,997
| Deferred tax |  |
| Origination and reversal of timing differences | 13,437 | (2,105)
| Total deferred tax | 13,437 | (2,105)
| Tax on profit | 435,769 | 182,892
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,810,016 | 746,817
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 452,504 | 186,704
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 19,846 | 7,750
| Fixed asset differences | 7,929 | 9,012
| Adjustments to tax charge in respect of prior periods | (69) | (20,574)
| Group relief | (44,441) | -
| Total tax charge for the year | 435,769 | 182,892
| There were no factors that may affect future tax charges.
Page 25
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Intangible assets
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 346,953 | 289,169 | 636,122
| Additions | 64,686 | - | 64,686
| At 31 December 2025 | 411,639 | 289,169 | 700,808
| Amortisation |  |  |
| At 1 January 2025 | 318,199 | 289,169 | 607,368
| Charge for the year on owned assets | 22,561 | - | 22,561
| At 31 December 2025 | 340,760 | 289,169 | 629,929
| Net book value |  |  |
| At 31 December 2025 | 70,879 | - | 70,879
| At 31 December 2024 | 28,754 | - | 28,754
Page 26
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
|  | Long-term leasehold property | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 1,221,510 | 197,610 | 681,841 | 443,709 | 2,544,670
| Additions | - | 38,955 | 4,845 | 20,390 | 64,190
| Disposals | - | (57,980) | - | (4,166) | (62,146)
| At 31 December 2025 | 1,221,510 | 178,585 | 686,686 | 459,933 | 2,546,714
| Depreciation |  |  |  |  |
| At 1 January 2025 | 273,270 | 91,651 | 664,908 | 333,297 | 1,363,126
| Charge for the year on owned assets | 30,717 | 20,902 | 12,157 | 28,371 | 92,147
| Disposals | - | (28,389) | - | (1,458) | (29,847)
| At 31 December 2025 | 303,987 | 84,164 | 677,065 | 360,210 | 1,425,426
| Net book value |  |  |  |  |
| At 31 December 2025 | 917,523 | 94,421 | 9,621 | 99,723 | 1,121,288
| At 31 December 2024 | 948,240 | 105,959 | 16,933 | 110,412 | 1,181,544
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Long leasehold | 917,523 | 948,240
|  | 917,523 | 948,240
Page 27
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 4,544
| At 31 December 2025 | 4,544
| Impairment |
| Charge for the period | 4,544
| At 31 December 2025 | 4,544
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | 4,544
| The company owns 100% of the ordinary shares of Rayburn Tours Transport Services Limited with registered office at Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR. The investment was impaired during the year.
Page 28
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 1,037,313
| Additions at cost | 46,740
| At 31 December 2025 | 1,084,053
| Investment properties are stated at fair value at the reporting date. The fair values have been determined by the directors with reference to market evidence, including comparable market transactions and rental yield information for similar properties. The investment property portfolio comprises three freehold properties located in Derby. The directors review the valuations at each reporting date and are satisfied that the carrying value reflects fair value at 31 December 2025.
17. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Stocks | 16,171 | 7,986
|  | 16,171 | 7,986
Page 29
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 120,138 | 159,977
| Amounts owed by group undertakings | 2,411,351 | 2,306,638
| Other debtors | 107,435 | 92,954
| Prepayments and accrued income | 4,671,575 | 4,200,364
| Deferred taxation | - | 5,219
|  | 7,310,499 | 6,765,152
| Included within prepayments and accrued income are advance payments to suppliers for future travel amounting to £4,149,201 (2024: £3,768,838).
19. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 10,331,043 | 8,730,800
|  | 10,331,043 | 8,730,800
20. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 183,333 | 200,000
| Trade creditors | 162,772 | 198,178
| Amounts owed to group undertakings | 812,532 | 781,361
| Corporation tax | 319,333 | 205,571
| Other taxation and social security | 112,271 | 103,700
| Other creditors | 195,688 | 59,922
| Accruals and deferred income | 13,785,871 | 12,876,057
| Financial instruments | 101,250 | 29,565
|  | 15,673,050 | 14,454,354
| Included within accruals and deferred income are advanced receipts from customers for future travel amounting to £13,204,678 (2024: £12,177,937).
Page 30
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 183,333
| Other creditors | 428,510 | 688,805
| Accruals and deferred income | 1,076,737 | 1,056,430
|  | 1,505,247 | 1,928,568
| Accruals and deferred income represent advanced receipts from customers for future travel for tours departing post 1st January 2027.
22. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 183,333 | 200,000
|  | 183,333 | 200,000
| Amounts falling due 1-2 years |  |
| Bank loans | - | 183,333
|  | - | 183,333
|  | 183,333 | 383,333
| The company secured a loan of £1,000,000 through a Coronavirus Business Interruption Scheme. The loan is guaranteed by the UK government. The existing bank loans are secured by a fixed and floating charge over the properties of the company, held by Lloyds Bank plc. The bank loan is repayable over equal monthly instalments commencing between November 2020, and interest is charged at 2.37% above base rate, payable monthly.
Page 31
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 5,219
| Charged to profit or loss | (13,437)
| At end of year | (8,218)
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (8,218) | 5,219
|  | (8,218) | 5,219
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,000 (2024 - 50,000) Ordinary shares of £1.00 each | 50,000 | 50,000
| The company's Ordinary shares carry full voting, dividend and capital distribution rights (including on winding up) and do not confer any rights of redemption.
25. | Reserves
Revaluation reserve The revaluation reserve represents the surplus on the revaluation of investment property net of deferred tax. Profit and loss account Includes all current and prior period retained profit and losses. Page 32
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
26. | Contingent liabilities
The Company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA'). As at 31 December 2025, there were outstanding contingent liabilities given by the Company in the normal course of business to Travel & General Insurance Company Plc in respect of ATOL bonds amounting to £2,316,622 (2024: £NIL). During the year, the Company was a member of the Association of British Travel Agents Limited ('ABTA'). As at 31 December 2025, there were no outstanding contingent liabilities given by the Company in the normal course of business to Travel & General Insurance Company Plc in respect of ABTA bonds. During the year, the Company was a member of the Association of Bonded Travel Organisers Trust Limited ('ABTOT'). As at 31 December 2025, there were contingent liabilities given by the Company in the normal course of business to Travel & General Insurance Company Plc in respect of ABTOT bonds amounting to £1,798,360 (2024: £1,826,032).
27. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £201,303 (2024: £154,260). Contributions totalling £20,644 (2024: £nil) were payable to the fund at the balance sheet date and included within other creditors.
28. | 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 | 43,489 | 45,540
| Later than 1 year and not later than 5 years | 23,025 | 62,399
|  | 66,514 | 107,939
29. | Forward contracts
The Company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2025, the outstanding contracts all mature within 11 months of the year end. The Company is committed to buying foreign currencies and paying a fixed sterling amount of £8,020,368.. The company has revalued these contracts at the year end rate resulting in an unrealised loss of £101,250. Page 33
RAYBURN TOURS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
30. | Related party transactions
| During the year the Company had a loan account with the director, J Boyden. Advances totalled £463,852 and credits totalled £203,557. At the year end, J Boyden was owed £428,510 (2024: 688,805) from the Company. During the year the Company had a loan account with the director, K Boyden. Advances totalled £520 and credits totalled £868. At the year end, K Boyden owed the Company £520 (2024: £868). During the year the Company had a loan account with the director, J T Boyden. Advances totalled £1,956 and credits totalled £5,874.At the year end, J T Boyden owed the Company £1,940 (2024: £5,858). J Boyden and B Boyden, directors of Rayburn Tours Limited, are trustees of Rayburn Tours Pension scheme. During the year, rent was paid to the pension scheme amounting to £40,000 (2024: £40,000). J Boyden and B Boyden, directors of Rayburn Tours Limited, have a fixed and floating charge over the present and future assets of the company. The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
31. | Controlling party
The immediate parent undertaking is Rayburn Tours Holdings Limited. The ultimate parent company is Rayburn Travel Group Limited. The largest group to consolidate these financial statements is Rayburn Travel Group Limited. Copies of the consolidated financial statements can be obtained from the Company Secretary at Rayburn House Brunel Parkway, Pride Park, Derby, United Kingdom, DE24 8HR.
Page 34