Bailey Robinson Holdings Limited

	Page
Strategic Report	1—2
Directors' Report	3
Independent Auditor's Report	4—6
Consolidated Statement of Income and Retained Earnings	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Cash Flows	10
Notes to the Consolidated Statement of Cash Flows	11
Notes to the Financial Statements	12—22

The directors present their strategic report for the year ended 28 February 2026.

Principal Activity

The group's principal activity continues to be that of the holding of companies that specialise in the provision of overseas travel.

On the 1st March 2025 the fishing business was transferred out of Roxton Bailey Robinson Limited into Roxtons Fishing Limited which became a subsidiary of Bailey Robinson Holdings Limited. As a result all ATOL bonded travel businesses will consolidated within this single group entity.

The group was formed in November 2011 and comprises

- Bailey Robinson Limited - a tour operator in Hungerford - acquired 2011

- Real Holidays Travel Agency Limited - a tour operator and travel agency in London - acquired 2011

- Roxtons Fishing Limited - a tour operator specialising in overseas fishing holidays - transferred 2025

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

Review of the Business

During the year the Group received the following bookings tabulated below:

	Bookings		Average Booking Value
	2026	2025	2026	2025
Bailey Robinson Limited	274	279	£24,950	£21,857
Real Holidays Travel Agency Limited	729	767	£15,514	£13,503
Roxtons Fishing Limited	181	207 *	£10,843	£10,980 *

*reported in Roxton Bailey Robinson Limited

The Group generated a gross profit as follows:

	Gross Margin		Gross Margin %
	2026	2025	2026	2025
Bailey Robinson Limited	1,062,541	1,213,914	17.55%	18.68%
Real Holidays Travel Agency Limited	729,533	653,758	15.66%	15.99%
Roxtons Fishing Limited	339,594	465,481*	17.27%	20.14%*

*reported in Roxton Bailey Robinson Limited

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Bailey Robinson Holdings 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 in February 2026 and restriction of flights into Venezuela November 2025 resulted in potential liabilities arising under these regulations. The cost to the group was £72k (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	0.1091	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

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Bailey Robinson Holdings Limited

Company No. 07372928

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.

Directors

The directors who held office during the year were as follows:

G L Stephenson

R I Pilkington

A H Murray

J W Duncan

C A White

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 the group and of the profit or loss of the group 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

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 and group'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 and group'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

Bailey Robinson Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Bailey Robinson Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 28 February 2026 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated 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 group's and of the parent company's affairs as at 28 February 2026 and of the group's 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 group and parent 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 group and parent company'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

Bailey Robinson Holdings Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records 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, 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 group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

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Independent Auditor's Report (continued)

to the Members of

Bailey Robinson Holdings 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

RG19 6AB

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Bailey Robinson Holdings Limited

Consolidated Statement of Income and Retained Earnings

For The Year Ended 28 February 2026

Consolidated Statement of Income and Retained Earnings

		2026	2025
	Notes	£	£
TURNOVER		12,681,581	10,587,333
Cost of sales		(10,549,913 )	(8,719,662 )

GROSS PROFIT		2,131,668	1,867,671

Administrative expenses		(2,185,134 )	(1,673,498 )

OPERATING (LOSS)/PROFIT	3	(53,466 )	194,173
Other interest receivable and similar income	8	18,772	23,567
Interest payable and similar charges	9	-	(5 )

(LOSS)/PROFIT BEFORE TAXATION		(34,694 )	217,735
Tax on (Loss)/profit	10	(388 )	(58,020 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(35,082 )	159,715
RETAINED EARNINGS
As at 1 March 2025		(24,183 )	(183,898 )
Dividends paid		(100,000)	-
As at 28 February 2026		(159,265 )	(24,183 )

The notes on pages 11 to 22 form part of these financial statements.

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Bailey Robinson Holdings Limited

Consolidated Balance Sheet

As At 28 February 2026

Consolidated Balance Sheet

Registered number: 07372928

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	11		-		7,277
Tangible Assets	12		11,562		15,931

			11,562		23,208
CURRENT ASSETS
Debtors	14	6,548,692		3,789,950
Cash at bank and in hand		1,837,858		1,998,058

		8,386,550		5,788,008
Creditors: Amounts Falling Due Within One Year	15	(7,560,883 )		(4,741,933 )

NET CURRENT ASSETS (LIABILITIES)			825,667		1,046,075

TOTAL ASSETS LESS CURRENT LIABILITIES			837,229		1,069,283

Creditors: Amounts Falling Due After More Than One Year	16		(108,375 )		(204,547 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(1,559 )		(2,359 )

NET ASSETS			727,295		862,377

CAPITAL AND RESERVES
Called up share capital	19		50,000		50,000
Share premium account			836,560		836,560
Profit and Loss Account			(159,265 )		(24,183 )

SHAREHOLDERS' FUNDS			727,295		862,377

On behalf of the board

A H Murray

Director

24th July 2026

The notes on pages 11 to 22 form part of these financial statements.

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Bailey Robinson Holdings Limited

Company Balance Sheet

As At 28 February 2026

Company Balance Sheet

Registered number: 07372928

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Investments	13		1,272,174		1,242,174

			1,272,174		1,242,174
CURRENT ASSETS
Cash at bank and in hand		100		100

		100		100
Creditors: Amounts Falling Due Within One Year	15	(30,000 )		-

NET CURRENT ASSETS (LIABILITIES)			(29,900 )		100

TOTAL ASSETS LESS CURRENT LIABILITIES			1,242,274		1,242,274

NET ASSETS			1,242,274		1,242,274

CAPITAL AND RESERVES
Called up share capital	19		50,000		50,000
Share premium account			836,560		836,560
Profit and Loss Account			355,714		355,714

SHAREHOLDERS' FUNDS			1,242,274		1,242,274

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 100,000 (2025 -£NIL)

On behalf of the board

A H Murray

Director

24th July 2026

The notes on pages 11 to 22 form part of these financial statements.

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Bailey Robinson Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 28 February 2026

Consolidated Statement of Cash Flows

		2026	2025
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(20,077 )	421,007
Interest paid		-	(5 )
Tax paid		(56,126 )	(33,410 )

Net cash (used in)/generated from operating activities		(76,203 )	387,592

Cash flows from investing activities
Purchase of tangible assets		(2,769 )	(13,186 )
Interest received		18,772	23,567

Net cash generated from investing activities		16,003	10,381

Cash flows from financing activities
Equity dividends paid		(100,000 )	-



(Decrease)/increase in cash and cash equivalents		(160,200 )	397,973
Cash and cash equivalents at beginning of year	2	1,998,058	1,600,085

Cash and cash equivalents at end of year	2	1,837,858	1,998,058

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Bailey Robinson Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 28 February 2026

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash (used in)/generated from operations

	2026	2025
	£	£
(Loss)/profit for the financial year	(35,082 )	159,715
Adjustments for:
Tax on (loss)/profit	388	58,020
Interest expense	-	5
Interest income	(18,772 )	(23,567 )
Amortisation of intangible assets	7,277	12,486
Depreciation of tangible assets	7,138	6,681
Movements in working capital:
(Increase)/decrease in trade and other debtors	(2,758,742 )	517,568
Increase/(decrease) in trade and other creditors	2,777,716	(309,901 )

Net cash (used in)/generated from operations	(20,077 )	421,007

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	1,837,858	1,998,058

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	1,998,058	(160,200)	1,837,858

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Bailey Robinson Holdings Limited

Notes to the Financial Statements

For The Year Ended 28 February 2026

Notes to the Financial Statements

1. General Information

Bailey Robinson Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07372928 . 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. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 28 February 2026.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

2.4. Turnover

Revenue is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

A significant amount of the Group's transactions relate to holidays which depart at a future date. In such cases the revenue relating to hese 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.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.6. 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 are stated at cost less accumulated depreciation and accumulated impairment losses.

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

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

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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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

2.7. Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

a) Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

b) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

c) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8. 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.

2.9. 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.

2.10. 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.

2.11. 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 group'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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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

3. Operating (Loss)/profit

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

	2026	2025
	£	£
Bad debts	(10)	-
Research and Development Costs	34,387	36,663
Operating lease rentals	64,331	68,955
Exchange differences	18,601	(3,891 )
Depreciation of tangible fixed assets	7,138	6,681
Amortisation of intangible fixed assets	7,277	12,486

4. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2026	2025
	£	£
Audit Services
Audit of the company's financial statements	27,667	19,983

5. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2026	2025
	£	£
Wages and salaries	1,331,944	1,020,143
Social security costs	177,632	111,199
Other pension costs	122,534	97,365

	1,632,110	1,228,707

6. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2026	2025
Office and administration	24	21

	24	21

Company

Average number of employees during the year was: NIL (2025: NIL)

Page 15

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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

7. Directors' remuneration

	2026	2025
	£	£
Emoluments	258,480	136,427
Company contributions to money purchase pension schemes	20,208	9,793

	278,688	146,220

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

	2026		2025
Money purchase pension schemes	2		1

Information regarding the highest paid director was as follows:

	2026	2025
	£	£
Emoluments	107,976	102,298
Company contributions to money purchase pension schemes	9,135	6,828

	117,111	109,126

8. Interest Receivable and Similar Income

	2026	2025
	£	£
Bank interest receivable	18,772	23,567

9. Interest Payable and Similar Charges

	2026	2025
	£	£
Other finance charges	-	5

Page 16

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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

10. Tax on Profit

The tax charge on the (loss)/profit for the year was as follows:

	Tax Rate		2026	2025
	2026	2025	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	1,188	56,126
Prior period adjustment			-	(88 )

			1,188	56,038
Deferred Tax
Deferred taxation			(800 )	1,982


Total tax charge for the period			388	58,020

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

	2026	2025
	£	£
Profit before tax	(34,694)	217,735

Tax on profit at 25% (UK standard rate)	(8,674 )	54,434
Goodwill/depreciation not allowed for tax	3,604	4,792
Expenses not deductible for tax purposes	1,771	553
Capital allowances	(937 )	(3,653 )
Short term timing differences	(800 )	1,982
Prior period adjustment	-	(88 )
Difference in tax rates	(422 )	-
Group relief	5,846	-

Total tax charge for the period	388	58,020

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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

11. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 March 2025	154,381

As at 28 February 2026	154,381

Amortisation
As at 1 March 2025	147,104
Provided during the period	7,277

As at 28 February 2026	154,381

Net Book Value
As at 28 February 2026	-

As at 1 March 2025	7,277

Company

The company had no intangible fixed assets as at 28 February 2026 or 28 February 2025.

12. Tangible Assets

Group

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 March 2025	145,269	164,646	309,915
Additions	-	2,769	2,769

As at 28 February 2026	145,269	167,415	312,684

Depreciation
As at 1 March 2025	138,881	155,103	293,984
Provided during the period	1,299	5,839	7,138

As at 28 February 2026	140,180	160,942	301,122

Net Book Value
As at 28 February 2026	5,089	6,473	11,562

As at 1 March 2025	6,388	9,543	15,931

Company

The company had no tangible fixed assets as at 28 February 2026 or 28 February 2025.

Page 18

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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

13. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 March 2025	1,242,174
Additions	30,000

As at 28 February 2026	1,272,174

Provision
As at 1 March 2025	-

As at 28 February 2026	-

Net Book Value
As at 28 February 2026	1,272,174

As at 1 March 2025	1,242,174

Subsidiaries

Details of the group's subsidiaries as at 28 February 2026 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Bailey Robinson Ltd	UK	Ordinary	100.00%	-
Real Holidays Travel Agency Ltd	UK	Ordinary	100.00%	-
Roxtons Fishing Ltd	UK	Ordinary	100.00%	-
Fly Fisher Group Ltd (dormant)	UK	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Bailey Robinson Ltd	309,320	(14,404 )
Real Holidays Travel Agency Ltd	503,796	72,520
Roxtons Fishing Ltd	(55,922 )	(85,922 )
Fly Fisher Group Ltd (dormant)	100	-

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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

14. Debtors

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Due within one year
Trade debtors	2,946,556	1,908,831	-	-
Prepayments and accrued income	69,687	87,450	-	-
Lease Deposits	18,180	23,302	-	-
Travel Deferred Costs	2,707,866	1,561,365	-	-
VAT	4,875	8,878	-	-
Amounts owed by group undertakings	711,262	813	-	-

	6,458,426	3,590,639	-	-
Due after more than one year
Trade debtors	87,281	107,634	-	-
Travel Deferred Costs >1yr	2,985	91,677	-	-

	90,266	199,311	-	-

	6,548,692	3,789,950	-	-

15. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2026	2025	2026	2025
	£	£	£	£
Trade creditors	345,556	209,384	-	-
Corporation tax	1,188	56,126	-	-
Other taxes and social security	29,620	22,612	-	-
Other creditors	25,601	5,599	-	-
Trading Cost Accrual	354,608	35,937	-	-
Deferred Income	6,641,914	4,282,687	-	-
Accruals	141,007	129,024	-	-
Amounts owed to group undertakings	21,389	564	30,000	-

	7,560,883	4,741,933	30,000	-

16. Creditors: Amounts Falling Due After More Than One Year

	Group
	2026	2025
	£	£
Deferred Income >1 Year	108,375	204,547

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2026	2025
	£	£
Other timing differences	1,559	2,359

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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

18. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 March 2025	2,359	2,359
Utilised	(800 )	(800)

Balance at 28 February 2026	1,559	1,559

19. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	50,000	50,000

20. 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 dollar	545,306	262,712
Euro	77,149	83,467

The impact of revaluing the above contracts to market rates as at 28 February 2026 generated a net foreign exchange loss of £7,401 (2025 - NIL) which has been charged to the profit and loss account.

21. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2026	2025
	£	£
Not later than one year	46,329	65,140
Later than one year and not later than five years	132,000	144,720
Later than five years	112,750	145,750

	291,079	355,610

22. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £122,534 (2025: £97,365).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

23. Dividends

	2026	2025
	£	£
On equity shares:
Interim dividend paid	100,000	-

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Bailey Robinson Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

24. Reserves

	Share Premium	Profit and Loss Account
	£	£
As at 1 March 2025	836,560	(24,183 )
Loss for the year and total comprehensive income	-	(35,082 )

Dividends paid	-	(100,000)
Arising on shares issued during the period	-	-

As at 28 February 2026	836,560	(159,265 )

25. Related Party Disclosures

The group 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.

26. Controlling Parties

The company's immediate parent undertaking is RBR Group Limited (incorporated in England & Wales). Its registered office is The Courtyard, 25 High Street, Hungerford, RG17 0NF .

Copies of the group accounts may be obtained from the company's registered office.

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