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Registered number: 02333231
Real Holidays Travel Agency Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 28 February 2026
RBR Group Limited
Real Holidays Travel Agency Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1—2
Directors' Report | 3—4
Independent Auditor's Report | 5—7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Statement of Cash Flows | 11
Notes to the Statement of Cash Flows | 12
Notes to the Financial Statements | 13—19

Page 1
Real Holidays Travel Agency Limited
Strategic Report
For The Year Ended 28 February 2026
Strategic Report
The directors present their strategic report for the year ended 28 February 2026.
Review of the Business
Real Holidays was founded, in 1989, with an aim to sell "real holidays" as championed by the "Campaign for Real Holidays", run by The Independent newspaper at that time. The focus of the campaign, and of Real Holidays, was to appeal to discerning travellers, promoting special interest holidays in unusual locations and characterful properties, away from traditional, mass market destinations. On the 7th November 2011 the company was acquired by Bailey Robinson Holdings Limited and the company still adheres to its original vision which is shared by its sister company Bailey Robinson Limited.
During the year the company received 455 bookings (2025 - 487) at an average booking value of £9,727 (2025 - £8,631). The company generated a gross profit of £730k for the year to 28th February 2026 (2025 - £654k) at a gross margin of 15.66% (2025 - 15.99%) which represents an increase of 11.6% on the previous year's gross margin.
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Real Holidays Travel Agency Limited
Strategic Report (continued)
For The Year Ended 28 February 2026
Principal Risks and Uncertainties
Package Tour Operator Liability
Most of the company’s bookings are covered under the Package Travel and Linked Travel Arrangement Regulations 2018. In such cases our obligations to our customer start and finish at the departure point, most usually an airport. Any event, such as intemperate weather, industrial action or airline failure, political unrest or natural disasters impacts on our business. The Company, as the tour operator, is responsible for our bonded customers until they can be returned to their point of departure. The conflict in the Middle East which commenced at the end of February resulted in potential liabilities arising under these regulations. The estimated cost to the company was £5,000 which has been accrued in Travel Deferred Costs (2025- £nil).
Foreign Exchange Risk
The company purchases much of its product in the foreign currencies listed in the table below. The high / low range has varied by as much as 18.57% over the course of the financial period. These sharp fluctuations can make product planning and pricing difficult although the company reviews its internal exchange rates on a weekly basis to ensure that it is both competitive in its pricing and is able to stand by the booking quotes that it has given. Once bookings are confirmed foreign exchange contracts are used to manage foreign exchange risk as soon as currency requirements are material enough to justify entering into such contracts.

Currency | US Dollar | Euro | South African Rand
Spot rate at 28th February 2026 | 1.3443 | 1.1386 | 21.4005
Period high | 1.3790 | 1.2112 | 25.3753
Period low | 1.2699 | 1.1314 | 21.4005
High/Low range | 0.1090 | 0.0798 | 3.9748
% of High/Low range against spot at 28th February 2026 | 8.12% | 6.44% | 18.57%

By order of the board

H C Parker Company Secretary
24th July 2026

Page 2
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Real Holidays Travel Agency Limited
Company No. 02333231
Directors' Report For The Year Ended 28 February 2026
Directors' Report
The directors present their report and the financial statements for the year ended 28 February 2026.
Principal Activity
The company's principal activity continues to be that of of a tour operator and travel agent.
Dividends
The value of dividends paid amounted to £50,000 (2025 - £NIL)
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:

G L Stephenson
M J Fisher
R I Pilkington
A H Murray

Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Real Holidays Travel Agency Limited
Directors' Report (continued)
For The Year Ended 28 February 2026
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors
The auditors, James Cowper Kreston Audit, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
By order of the board

H C Parker Company Secretary
24th July 2026

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Independent Auditor's Report
to the Members of
Real Holidays Travel Agency Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Real Holidays Travel Agency Limited for the year ended 28 February 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 28 February 2026 and of its profit/(loss) 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)
to the Members of
Real Holidays Travel Agency Limited
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 or 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 3—4, 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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 6
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Independent Auditor's Report (continued)
to the Members of
Real Holidays Travel Agency Limited
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 that 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), FCCA, ACA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit , Statutory Auditor
24th July 2026
James Cowper Kreston Audit 2 Communications Road Greenham Business Park Newbury Berkshire RG19 6AB

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Real Holidays Travel Agency Limited
Statement of Comprehensive Income
For The Year Ended 28 February 2026
Statement of Comprehensive Income

| 2026 |  | 2025
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER |  | 4,659,939 |  | 4,088,544
Cost of sales |  | (3,930,406 ) |  | (3,434,786 )
GROSS PROFIT |  | 729,533 |  | 653,758
Administrative expenses |  | (666,789 ) |  | (585,615 )
OPERATING PROFIT | 3 | 62,744 |  | 68,143
Other interest receivable and similar income | 8 | 11,492 |  | 13,644
PROFIT BEFORE TAXATION |  | 74,236 |  | 81,787
Tax on Profit | 9 | (1,716 ) |  | (20,653 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 72,520 |  | 61,134
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 72,520 |  | 61,134

The notes on pages 12 to 19 form part of these financial statements.
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Real Holidays Travel Agency Limited
Balance Sheet
As At 28 February 2026
Balance Sheet
Registered number: 02333231

| 2026 | 2025
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 10 |  | 1,923 |  | -
|  |  | 1,923 |  | -
CURRENT ASSETS
Debtors | 11 | 1,545,917 |  | 1,459,759 |
Cash at bank and in hand |  | 842,066 |  | 913,074 |
|  | 2,387,983 |  | 2,372,833 |
Creditors: Amounts Falling Due Within One Year | 12 | (1,885,846 ) |  | (1,877,257 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 502,137 |  | 495,576
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 504,060 |  | 495,576
Creditors: Amounts Falling Due After More Than One Year | 13 |  | - |  | (14,300 )
PROVISIONS FOR LIABILITIES
Deferred Taxation | 14 |  | (264 ) |  | -
NET ASSETS |  |  | 503,796 |  | 481,276
CAPITAL AND RESERVES
Called up share capital | 16 |  | 100,000 |  | 100,000
Profit and Loss Account |  |  | 403,796 |  | 381,276
SHAREHOLDERS' FUNDS |  |  | 503,796 |  | 481,276

On behalf of the board

A H Murray Director
24th July 2026

The notes on pages 12 to 19 form part of these financial statements.
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Real Holidays Travel Agency Limited
Statement of Changes in Equity
For The Year Ended 28 February 2026
Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 March 2024 | 100,000 | 320,142 | 420,142
Profit for the year and total comprehensive income | - | 61,134 | 61,134
As at 28 February 2025 and 1 March 2025 | 100,000 | 381,276 | 481,276
Profit for the year and total comprehensive income | - | 72,520 | 72,520
Dividends paid | - | (50,000) | (50,000)
As at 28 February 2026 | 100,000 | 403,796 | 503,796

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Real Holidays Travel Agency Limited
Statement of Cash Flows
For The Year Ended 28 February 2026
Statement of Cash Flows

| 2026 |  | 2025
| Notes | £ |  | £
Cash flows from operating activities
Net cash (used in)/generated from operations | 1 | (9,139 ) |  | 153,972
Tax paid |  | (20,592 ) |  | (1,090 )
Net cash (used in)/generated from operating activities |  | (29,731 ) |  | 152,882
Cash flows from investing activities
Purchase of tangible assets |  | (2,769 ) |  | -
Interest received |  | 11,492 |  | 13,644
Net cash generated from investing activities |  | 8,723 |  | 13,644
Cash flows from financing activities
Equity dividends paid |  | (50,000 ) |  | -
(Decrease)/increase in cash and cash equivalents |  | (71,008 ) |  | 166,526
Cash and cash equivalents at beginning of year | 2 | 913,074 |  | 746,548
Cash and cash equivalents at end of year | 2 | 842,066 |  | 913,074

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Real Holidays Travel Agency Limited
Notes to the Statement of Cash Flows
For The Year Ended 28 February 2026
Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 72,520 |  | 61,134
Adjustments for:
Tax on profit | 1,716 |  | 20,653
Interest income | (11,492 ) |  | (13,644 )
Depreciation of tangible assets | 846 |  | -
Movements in working capital:
Increase in trade and other debtors | (86,422 ) |  | (73,913 )
Increase in trade and other creditors | 13,693 |  | 159,742
Net cash (used in)/generated from operations | (9,139 ) |  | 153,972

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 842,066 |  | 913,074

3. Analysis of changes in net funds

| As at 1 March 2025 | Cash flows | As at 28 February 2026
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 913,074 | (71,008) | 842,066

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Real Holidays Travel Agency Limited
Notes to the Financial Statements
For The Year Ended 28 February 2026
Notes to the Financial Statements
1. General Information
Real Holidays Travel Agency Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02333231 . The registered office is The Courtyard, 25 High Street, Hungerford, Berkshire, RG17 0NF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Revenue recognition - Revenue is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
A significant amount of the Company's transactions relate to holidays which depart at a future date. In such cases the revenue relating to these transactions is recorded in deferred income and associated expenses recorded in deferred costs. Once the holiday has commenced the turnover and cost of sale is recognised by transferring the respective balances from deferred income and deferred costs.
When sales revenue is recognised but the costs relating to the sale have yet to be completed the full cost of sale is recorded with any outstanding amount accounted for within trading cost accruals in the balance sheet.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
a) Fixtures and fittings and computer equipment and are stated at cost less accumulated depreciation and accumulated impairment losses.
b) Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:

Fixtures & Fittings | between 3 and 5 years
Computer Equipment | between 3 and 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
c) Subsequent additions - the Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is disposed. Repairs and maintenance are charged to administrative expenses in the period in which they are incurred.
d) Subsequent disposals - assets which, in the opinion of the management, have come to the end of their useful lives are disposed of. Gains and losses on disposed assets are entered in the income statement and shown in the operating profit/(loss) disclosure.
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Real Holidays Travel Agency Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
a) Cash 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.
b) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
c) Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.5. Interest Receivable
Interest income is recognised in the Profit and Loss Account using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the net carrying amount of the financial asset or liability.
2.6. Interest Payable
Interest expenditure is recognised in the Profit and Loss Account using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the net carrying amount of the financial asset or liability.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Real Holidays Travel Agency Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
3. Operating Profit
The operating profit is stated after charging:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Bad debts | (10) |  | -
Research and Development Costs | 10,792 |  | 12,497
Operating lease rentals | 31,331 |  | 30,060
Exchange differences | 4,254 |  | (902 )
Depreciation of tangible fixed assets | 846 |  | -

4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 10,883 |  | 9,567

5. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 404,680 |  | 353,456
Social security costs | 53,599 |  | 36,646
Other pension costs | 45,334 |  | 41,718
| 503,613 |  | 431,820

6. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2026 |  | 2025
--- | --- | --- | ---
Office and administration | 7 |  | 7
| 7 |  | 7

7. Directors' remuneration

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Emoluments | 89,021 |  | 69,303
Company contributions to money purchase pension schemes | 8,684 |  | 6,927
| 97,705 |  | 76,230

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Real Holidays Travel Agency Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
8. Interest Receivable and Similar Income

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 11,492 |  | 13,644

9. Tax on Profit
The tax charge on the profit for the year was as follows:

| Tax Rate | 2026 |  | 2025
--- | --- | --- | --- | ---
| 2026 | 2025 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | 1,188 |  | 20,592
Prior period adjustment | - |  | 3
| 1,188 |  | 20,595
Deferred Tax
Deferred taxation | 528 |  | 58
Total tax charge for the period | 1,716 |  | 20,653

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Profit before tax | 74,236 |  | 81,787
Tax on profit at 25% (UK standard rate) | 18,559 |  | 20,447
Goodwill/depreciation not allowed for tax | 212 |  | -
Expenses not deductible for tax purposes | 172 |  | 203
Capital allowances | (693 ) |  | (58 )
Short term timing differences | 528 |  | 58
Prior period adjustment | - |  | 3
Difference in tax rates | (422 ) |  | -
Group relief | (16,640 ) |  | -
Total tax charge for the period | 1,716 |  | 20,653

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Real Holidays Travel Agency Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
10. Tangible Assets

| Computer Equipment
--- | ---
| £
Cost
As at 1 March 2025 | 30,103
Additions | 2,769
As at 28 February 2026 | 32,872
Depreciation
As at 1 March 2025 | 30,103
Provided during the period | 846
As at 28 February 2026 | 30,949
Net Book Value
As at 28 February 2026 | 1,923
As at 1 March 2025 | -

11. Debtors

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 853,316 |  | 886,692
Prepayments and accrued income | 22,766 |  | 23,255
Lease Deposits | 8,267 |  | 8,267
Travel Deferred Costs | 550,058 |  | 529,015
Deferred tax current asset | - |  | 264
Amounts owed by group undertakings | 111,510 |  | 826
| 1,545,917 |  | 1,448,319
Due after more than one year
Trade debtors | - |  | 11,440
| 1,545,917 |  | 1,459,759

12. Creditors: Amounts Falling Due Within One Year

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Trade creditors | 54,818 |  | 53,551
Corporation tax | 1,188 |  | 20,592
Other taxes and social security | 8,038 |  | 5,362
VAT | 654 |  | 1,516
Travel Cost Accrual | 504 |  | 737
Deferred Income | 1,721,170 |  | 1,762,053
Accruals | 39,076 |  | 33,446
Amounts owed to group undertakings | 60,398 |  | -
| 1,885,846 |  | 1,877,257

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Real Holidays Travel Agency Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
13. Creditors: Amounts Falling Due After More Than One Year

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Deferred Income >1 Year | - |  | 14,300

14. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Other timing differences | 264 |  | -

15. Provisions for Liabilities

| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 March 2025 | (264 ) | (264)
Reversals | 528 | 528
Balance at 28 February 2026 | 264 | 264

16. Share Capital

| 2026 |  | 2025
--- | --- | --- | ---
Allotted, called up but not fully paid | £ |  | £
100,000 Ordinary A shares of £ 1.00 each | 100,000 |  | 100,000

17. Foreign Currency Risk
As at the 28 February 2026, there were contractual commitments to purchase the sterling value of the following currencies:

| 2026 |  | 2025
| £ |  | £
United States dollars | 161,057 |  | 166,906
Euro | 77,149 |  | 112,978

The impact of revaluing the above contracts to market rates as at 28 February 2026 generated a foreign exchange loss of £2,567 (2025 - £NIL) which has been charged to the profit and loss account.
18. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Not later than one year | 13,229 |  | 30,528
Later than one year and not later than five years | - |  | 12,720
| 13,229 |  | 43,248

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Real Holidays Travel Agency Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2026
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.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £45,334 (2025: £41,718).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
20. Dividends

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
On equity shares:
Interim dividend paid | 50,000 |  | -

21. Reserves

| Profit and Loss Account
--- | ---
| £
As at 1 March 2025 | 381,276
Profit for the year and total comprehensive income | 72,520
Dividends paid | (50,000)
As at 28 February 2026 | 403,796

22. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
23. Controlling Parties
The company's immediate parent undertaking is Bailey Robinson Holdings Limited .
The ultimate parent undertaking is RBR Group Limited (incorporated in England & Wales). Its registered office is 25 High Street, Hungerford, RG17 0NF .
Copies of the group accounts may be obtained from the company's registered office.
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