ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 10530850

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

COMPANY INFORMATION

Directors	B Boyden
	J T Boyden
	J Boyden
	K Boyden


Company secretary	J Squires


Registered number	10530850


Registered office	Rayburn House
	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 TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

CONTENTS

	Page
Group strategic report	1 - 4
Directors' report	5 - 6
Independent auditors' report	7 - 10
Consolidated statement of comprehensive income	11 - 12
Consolidated statement of financial position	12 - 13
Company statement of financial position	14
Consolidated statement of changes in equity	15 - 16
Company statement of changes in equity	17 - 18
Consolidated statement of cash flows	19 - 20
Consolidated analysis of net debt	21
Notes to the financial statements	22 - 45

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The Directors present their annual report for the year ended 31st December 2025.

On 26 January 2026, the company changed its registered name from RTFH Limited to Rayburn Travel Group Limited.

Business review and principal activity

The Group has 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 Group has maintained a solid performance, supported by sustained demand for educational travel, strong forward bookings, and continued focus on operational delivery. The Group 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 Group 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 Group'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 Group is well positioned for continued sustainable growth.

The Group 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 Group’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 TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

GROUP 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 Group 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 Group 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 Group 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 Group 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 Group has continued to deliver high levels of customer service, reinforcing its reputation in the education travel market.

Page 2

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

GROUP 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 Group:

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 Groupy 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 Group 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 Group 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 Group 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 KPI's used to monitor and review the financial performance of the business are turnover and gross profit margin.

These are as follows:

∙Turnover: £30,918,383 (2024: £26,870,144)

∙Gross profit margin: 24.9% (2024: 22.8%)

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 Group 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 TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board and signed on its behalf.

................................................

J Boyden

Director

Date: 30 July 2026

Page 4

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £1,032,018 (2024 - £289,661).

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

Future developments

Looking ahead, the Group 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 Group 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.

Page 5

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

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 and the Group'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 and the Group's auditors are aware of that information.

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 July 2026 and signed on its behalf.

................................................

J Boyden

Director

Page 6

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

Opinion

We have audited the financial statements of Rayburn Travel Group Limited (Formerly RTFH Limited) (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the , the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 7

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 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.

Page 8

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED) (CONTINUED)

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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 Group 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 Group 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 Group'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 Group'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.

Page 9

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED) (CONTINUED)

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.

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 July 2026

Page 10

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
	£	£


Turnover	4	30,918,383	26,870,144
Cost of sales		(23,206,304)	(20,738,646)
Gross profit		7,712,079	6,131,498
Administrative expenses		(6,308,796)	(5,794,177)
Other operating income	5	62,065	91,540
Fair value movements		(71,685)	(29,565)
Operating profit	6	1,393,663	399,296
Interest receivable and similar income	10	285,879	216,541
Interest payable and similar expenses	11	(168,835)	(86,616)
Profit before taxation		1,510,707	529,221
Tax on profit	12	(478,689)	(239,560)
Profit for the financial year		1,032,018	289,661

Profit for the year attributable to:
Owners of the parent Company	1,032,018	289,661
	1,032,018	289,661

Total comprehensive income for the year attributable to:
Owners of the parent Company	1,032,018	289,661
	1,032,018	289,661

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 22 to 45 form part of these financial statements.

Page 11

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		3,486,146		3,649,166
Tangible assets	15		1,151,732		1,217,279
Investment property	17		1,084,053		1,037,313
			5,721,931		5,903,758
Current assets
Stocks	18	32,857		16,535
Debtors	19	5,145,819		4,771,381
Cash at bank and in hand	20	10,572,870		9,000,614
		15,751,546		13,788,530
Creditors: amounts falling due within one year	21	(16,174,096)		(14,501,664)
Net current liabilities			(422,550)		(713,134)
Total assets less current liabilities			5,299,381		5,190,624
Creditors: amounts falling due after more than one year	22		(2,004,562)		(2,950,579)
Provisions for liabilities
Deferred taxation	26	(22,756)		-
			(22,756)		-

Net assets			3,272,063		2,240,045

Capital and reserves
Called up share capital	27	4,000	4,000
Capital contribution reserve	28	6,661	411,650
Merger reserve	28	2,396,000	2,396,000
Profit and loss account	28	865,402	(571,605)
Equity attributable to owners of the parent Company		3,272,063	2,240,045
		3,272,063	2,240,045

Page 12

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

REGISTERED NUMBER: 10530850

CONSOLIDATED 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:

................................................

J Boyden

Director

Date: 30 July 2026

Page 13

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

REGISTERED NUMBER: 10530850

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	16		6,000,000		6,000,000
			6,000,000		6,000,000

Creditors: amounts falling due within one year	21	(582,267)		-
Net current (liabilities)/assets			(582,267)		-
Total assets less current liabilities			5,417,733		6,000,000

Creditors: amounts falling due after more than one year	22		(499,315)		(965,281)

Net assets			4,918,418		5,034,719

Capital and reserves
Called up share capital	27	4,000	4,000
Capital contribution reserve	28	6,661	411,650
Merger reserve	28	2,396,000	2,396,000
Profit and loss account	28	2,511,757	2,223,069
		4,918,418	5,034,719

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

J Boyden

Director

Date: 30 July 2026

The notes on pages 22 to 45 form part of these financial statements.

Page 14

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital contribution reserve	Merger reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2025	4,000	411,650	2,396,000	(571,605)	2,240,045
Comprehensive income for the year
Profit for the year	-	-	-	1,032,018	1,032,018
Total comprehensive income for the year	-	-	-	1,032,018	1,032,018
Transfer to profit & loss account	-	(404,989)	-	404,989	-
At 31 December 2025	4,000	6,661	2,396,000	865,402	3,272,063

The notes on pages 22 to 45 form part of these financial statements.

Page 15

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital contribution reserve	Merger reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	4,000	411,650	2,396,000	(861,266)	1,950,384
Comprehensive income for the year
Profit for the year	-	-	-	289,661	289,661
Total comprehensive income for the year	-	-	-	289,661	289,661
At 31 December 2024	4,000	411,650	2,396,000	(571,605)	2,240,045

The notes on pages 22 to 45 form part of these financial statements.

Page 16

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital contribution reserve	Merger reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2025	4,000	411,650	2,396,000	2,223,069	5,034,719
Comprehensive income for the year
Loss for the year	-	-	-	(116,301)	(116,301)
Total comprehensive income for the year	-	-	-	(116,301)	(116,301)
Transfer to profit & loss account	-	(404,989)	-	404,989	-
At 31 December 2025	4,000	6,661	2,396,000	2,511,757	4,918,418

The notes on pages 22 to 45 form part of these financial statements.

Page 17

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital contribution reserve	Merger reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	4,000	411,650	2,396,000	2,258,191	5,069,841
Comprehensive income for the year
Loss for the year	-	-	-	(35,122)	(35,122)
Total transactions with owners	-	-	-	-	-
At 31 December 2024	4,000	411,650	2,396,000	2,223,069	5,034,719

The notes on pages 22 to 45 form part of these financial statements.

Page 18

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,032,018	289,661
Adjustments for:
Amortisation of intangible assets	295,697	294,672
Depreciation of tangible assets	99,353	116,292
Loss on disposal of tangible assets	2,443	-
Interest paid	168,835	86,616
Interest received	(285,879)	(216,541)
Taxation charge	478,689	239,560
(Increase)/decrease in stocks	(16,322)	6,385
(Increase) in debtors	(408,039)	(893,653)
Increase in creditors	834,774	2,283,032
Net fair value losses recognised in P&L	71,685	29,565
Corporation tax (paid)/received	(308,571)	-
Net cash generated from operating activities	1,964,683	2,235,589
Cash flows from investing activities
Purchase of intangible fixed assets	(132,677)	(25,416)
Purchase of tangible fixed assets	(66,104)	(59,415)
Sale of tangible fixed assets	29,856	-
Purchase of investment properties	(46,740)	-
Interest received	285,879	216,541
HP interest paid	(358)	(359)
Net cash from investing activities	69,856	131,351
Cash flows from financing activities
Repayment of loans	(287,778)	(321,108)
Repayment of/new finance leases	(6,028)	(6,028)
Interest paid	(168,477)	(86,257)
Net cash used in financing activities	(462,283)	(413,393)
Net increase in cash and cash equivalents	1,572,256	1,953,547
Cash and cash equivalents at beginning of year	9,000,614	7,047,067
Cash and cash equivalents at the end of year	10,572,870	9,000,614

Cash and cash equivalents at the end of year comprise:

Page 19

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£

Cash at bank and in hand	10,572,870	9,000,614

Page 20

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	Other non-cash changes	At 31 December 2025
£	£	£	£

Cash at bank and in hand	9,000,614	1,572,256	-	10,572,870
Debt due after 1 year	(234,537)	-	234,537	-
Debt due within 1 year	(287,778)	287,778	(234,537)	(234,537)
Finance leases	(11,554)	6,028	-	(5,526)
	8,466,745	1,866,062	-	10,332,807

The notes on pages 22 to 45 form part of these financial statements.

Page 21

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Rayburn Travel Group Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.

On 26 January 2026, the company changed its registered name from RTFH Limited to Rayburn Travel Group Limited. This change does not affect the legal status of the company, which continues as the same legal entity.

The registered address of the company is Rayburn House, Brunel Parkway, Pride Park, Derby, United Kingdom, 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Section 479A subsidiary companies audit exemption

The following entities are exempt from audit of individual entity financial statements for the financial year ended 31 December 2025 by virtue of Section 479a of the Companies Act 2006 relating to subsidiary entities:

∙Rayburn Tours Transport Services Limited.

Page 22

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Exemptions for qualifying entities under FRS 102

Rayburn Travel Group Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of Rayburn Travel Group Limited.

2.4

Foreign currency translation

Functional and presentation currency

The Group'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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 23

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for the provision of goods and services throughout the year, net of returns, discounts and rebates allowed by the Group and value added taxes.

The Group recognises revenue when (a) a tour departs; (b) the significant risks and rewards of ownership have been transferred to the buyer; (c) the Group retains no continuing involvement or control over the services; (d) the amount of revenue can be measured reliably; (e) it is probable that future economic benefits will flow to the entity and (f) when the specific criteria relating to each of the Group's sales channels have been met.

Deposits received at the period end relating to tours commencing after the period end are deferred and are included within deferred income. Where tours depart after the year end but where payments have been made in advance to suppliers are included within prepayments.

2.6

Operating leases: the Group 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.

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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 24

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 25

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH 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 the Group's share 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 straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

The directors have determined that the useful economic life of goodwill is 20 years due to the long-term nature of customer relationships, established supplier networks and the enduring value of the brand.

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, methods detailed below .

Depreciation is provided on the following basis:

Long-term leasehold property	-	2 - 4% straight line
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	15 - 40% reducing balance
Computer equipment	-	33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 26

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Investment property

Investment property is carried at fair value determined annually by the directors and where required by external valuers. Where they are valued by the directors, the valuation is 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.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.16

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.

2.17

Loan notes

Loan notes, which are basic financial instruments, are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Adjustments for present value are recognised within the capital contribution reserve. Subsequently, they are measured at amortised cost using the effective interest method. Notional interest is recognised within the Income Statement when it is charged and subsequently transferred to the capital contribution reserve. Loan notes that are receivable within one year are not discounted.

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 27

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH 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 Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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 Consolidated 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 28

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH 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 Group 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 Group 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 Group 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.

(v) Impairment of goodwill:
Annually, the Group considers whether goodwill is impaired. When indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

Tours	30,918,383	26,870,144
	30,918,383	26,870,144

All turnover arose within the United Kingdom.

Page 29

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Other operating income
		2025	2024
		£	£

Other operating income	1,714	2,192
Net rents receivable	60,351	89,348
	62,065	91,540

Exchange differences	(960,200)	(1,055,039)
Other operating lease rentals	54,977	33,191
Amortisation expense	295,697	294,672
Depreciation expense	99,352	116,292

	Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	26,000	25,500
	Non-audit fees	7,000	4,500

Page 30

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	4,537,074	4,627,172
Social security costs	591,015	413,140
Cost of defined contribution scheme	208,890	159,712
	5,336,979	5,200,024

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	4	4
Staff	119	115

	123	119

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	757,644	655,461
	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 Group'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).

Page 31

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Interest receivable
		2025	2024
		£	£

	Bank interest receivable	285,879	216,541
		285,879	216,541

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	26,540	50,990
Other interest payable	25,636	145
Finance costs- loan notes	116,301	35,122
Finance leases and hire purchase contracts	358	359
	168,835	86,616

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	56,357	54,563
Total deferred tax	56,357	54,563


	Taxation on profit on ordinary activities	478,689	239,560

Page 32

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

1,510,707

529,221

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	377,677	132,305
Effects of:
Expenses not deductible for tax purposes	30,956	7,750
Fixed asset differences	8,679	9,012
Adjustments to tax charge in respect of prior periods	(69)	(20,574)
Movement in deferred tax not recognised	-	34,097
Other differences leading to an increase (decrease) in the tax charge	61,446	76,970
Total tax charge for the year	478,689	239,560

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was £116,301 (2024 - loss £35,122).

Page 33

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Intangible assets
	Group

	Development expenditure	Computer software	Goodwill	Total
	£	£	£	£
Cost
At 1 January 2025	-	468,900	5,533,643	6,002,543
Additions	67,991	64,686	-	132,677
At 31 December 2025	67,991	533,586	5,533,643	6,135,220
Amortisation
At 1 January 2025	-	439,666	1,913,711	2,353,377
Charge for the year on owned assets	-	23,041	272,656	295,697
At 31 December 2025	-	462,707	2,186,367	2,649,074
Net book value
At 31 December 2025	67,991	70,879	3,347,276	3,486,146
At 31 December 2024	-	29,234	3,619,932	3,649,166

Page 34

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Tangible fixed assets
	Group

	Land and buildings	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2025	1,226,510	223,561	993,657	443,709	2,887,437
Additions	-	38,955	6,759	20,390	66,104
Disposals	-	(57,980)	-	(4,166)	(62,146)
At 31 December 2025	1,226,510	204,536	1,000,416	459,933	2,891,395
Depreciation
At 1 January 2025	278,270	102,578	956,013	333,297	1,670,158
Charge for the year on owned assets	30,717	24,251	16,013	28,371	99,352
Disposals	-	(28,389)	-	(1,458)	(29,847)
At 31 December 2025	308,987	98,440	972,026	360,210	1,739,663
Net book value
At 31 December 2025	917,523	106,096	28,390	99,723	1,151,732
At 31 December 2024	948,240	120,983	37,644	110,412	1,217,279

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 35

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Motor vehicles	11,675	15,024
	11,675	15,024

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	6,000,000
	At 31 December 2025	6,000,000

Direct subsidiary undertaking
The following was a direct subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Rayburn Tours (Holdings) Limited

Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

Rayburn Tours (Holdings) Limited

54,491

Page 36

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Rayburn Tours Limited	Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR	Ordinary	100%
Rayburn Tours Transport Services Limited	Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR	Ordinary	100%
Venture Abroad Limited	Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR	Ordinary	100%
Sports Tours Limited	Rayburn House, 37 Brunel Parkway, Derby, DE24 8HR	Ordinary	100%

The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Rayburn Tours Limited	2,747,418	1,374,247
Rayburn Tours Transport Services Limited	27,321	(358)
Venture Abroad Limited	2	-
Sports Tours Limited	796,603	137,983

Page 37

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Investment property
	Group

		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.

18.	Stocks
		Group	Group
		2025	2024
		£	£

Stocks	32,857	16,535
	32,857	16,535

Page 38

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.

Debtors

		Group	Group
		2025	2024
		£	£



Trade debtors	121,888	162,740
Other debtors	134,349	118,782
Prepayments and accrued income	4,889,582	4,456,258
Deferred taxation	-	33,601
	5,145,819	4,771,381

Included within prepayments and accrued income are advance payments to suppliers for future travel amounting to £4,334,929 (2024: £3,983,264).

20.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	10,572,870	9,000,614
	10,572,870	9,000,614

Page 39

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	234,537	287,778	-	-
Trade creditors	186,889	225,751	-	-
Amounts owed to group undertakings	-	-	80,645	-
Corporation tax	319,333	205,571	-	-
Other taxation and social security	120,882	112,460	-	-
Obligations under finance lease and hire purchase contracts	5,526	6,028	-	-
Other creditors	721,923	87,204	501,622	-
Accruals and deferred income	14,483,756	13,547,307	-	-
Financial instruments	101,250	29,565	-	-
	16,174,096	14,501,664	582,267	-

Included within accruals and deferred income are advanced receipts from customers for future travel amounting to £13,859,675 (2024: £12,794,584).

Page 40

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	-	234,537	-	-
Net obligations under finance leases and hire purchase contracts	-	5,526	-	-
Other creditors	927,825	1,654,086	499,315	965,281
Accruals and deferred income	1,076,737	1,056,430	-	-
	2,004,562	2,950,579	499,315	965,281

Accruals and deferred income represent advanced receipts from customers for future travel for tours departing post 1st January 2027.

The following liabilities were secured:
	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£


Bank loans	234,537	522,315	-	-
Loan notes	1,001,406	965,281	1,001,406	965,281
	1,235,943	1,487,596	1,001,406	965,281

Details of security provided:

The Group has secured loans of £1,395,000 through the Coronavirus Business Interruption Scheme. The loan is guaranteed by the UK government.

The other bank loans are secured by a fixed and floating charge over the properties of Rayburn Tours Limited.

The bank loans are repayable over equal monthly instalments and interest is charged at 2.17% and 2.37% above base rate, payable monthly.

The loan notes are secured by a fixed and floating charge over all present and future assets of Rayburn Tours (Holdings) Limited and Rayburn Tours Limited.

The loan notes totalling £1,001,406 represent the amortised cost as at 31 December 2025. The cash value of the loan notes as at 31 December 2025 is £1,008,067.

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RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	234,537	287,778
	234,537	287,778
Amounts falling due 1-2 years
Bank loans	-	234,537
	-	234,537


	234,537	522,315

24.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	5,526	6,028
Between 1-5 years	-	5,526
	5,526	11,554

25.	Forward contract

The group 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 group is committed to buying foreign currencies and paying a fixed sterling amount of £8,020,368.

The group has revalued these contracts at the year end rate resulting in an unrealised loss of £101,250.

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RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.	Deferred taxation
	Group

		2025
		£

	At beginning of year	33,601
	Charged to profit or loss	(56,357)
	At end of year	(22,756)

Company

		2025
	At end of year	-

The deferred taxation balance is made up as follows:
	Group	Group
	2025	2024
	£	£

Fixed asset differences	(22,927)	8,127
Tax losses carried forward	-	25,343
Short term timing difference	171	131
	(22,756)	33,601

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RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,000 (2024 - 1,000) Ordinary A shares of £1.00 each	1,000	1,000
1,000 (2024 - 1,000) Ordinary B shares of £1.00 each	1,000	1,000
500 (2024 - 500) Ordinary C shares of £1.00 each	500	500
500 (2024 - 500) Ordinary D shares of £1.00 each	500	500
1,000 (2024 - 1,000) Ordinary E shares of £1.00 each	1,000	1,000

	4,000	4,000

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.

28.

Reserves

Capital contribution reserve

The capital contribution reserve represents the unamortised discount arising on the initial recognition of interest-free shareholder loan notes at fair value.

Merger Reserve

The company has merger reserve of £2,396,000 (2024: £2,396,000).

Profit and loss account

Includes all current and prior period retained profit and losses.

29.	Contingent liabilities

Group companies currently hold 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 Group 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 Group in the normal course of business to Travel & General Insurance Company Plc in respect of ABTA bonds.

During the year, the Group 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 Group in the normal course of business to Travel & General Insurance Company Plc in respect of ABTOT bonds amounting to £2,376,344 (2024: £2,400,282).

Page 44

RAYBURN TRAVEL GROUP LIMITED (FORMERLY RTFH LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

30.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted £208,890 (2024: £159,712). Contributions totalling £22,516 (2024: £nil) were payable to the fund at the balance sheet date and included within other creditors.

31.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		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

32.

Related party transactions

The Company has taken advantage of 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.

Transactions between Group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year the Group 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 Group.

During the year the Group had a loan account with the director, K Boyden. Advances totalled £520 and credits totalled £868.At the year end, K Boyden owed the Group £520 (2024: £868).

Directors of the ultimate parent company have a fixed and floating charge over the present and future assets of the ultimate parent company, which is secured over the assets of this company.

During the year the Group 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 Group £1,940 (202: £5,858).

J Boyden and B Boyden, directors, are trustees of Rayburn Tours Pension scheme. During the year, rent was paid to the pension scheme amounting to £40,000 (2024: £40,000).

33.	Controlling party

There is no ultimate controlling party, as no one shareholder has a majority stake over voting rights.

Page 45