REGISTERED NUMBER: 03311102 (England and Wales)

NATURETREK LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

Mr D G H Mills

Mrs M C Mills

Mr T J H Mills

Mr O C H Mills

Mr A P Tucker

SECRETARY:

Mrs M C Mills

REGISTERED OFFICE:

Mingledown Barn

Wolf's Lane

Chawton

Hampshire

GU34 3HJ

REGISTERED NUMBER:

03311102 (England and Wales)

SENIOR STATUTORY AUDITOR:

James Flood FCA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

Naturetrek Limited is a tour operator specialising in expert-escorted birdwatching, natural history, and tailor-made holidays worldwide.

The results for the company show a pre-tax profit of £7,883,046 (2024: £7,526,215) for the year and a turnover of £29,513,762 (2024: £28,412,426). These figures, like those for 2023 and 2024, reflect a continuing post-pandemic bounce back, as well as a much-valued, loyal and trusting clientele.

At the balance sheet date the company had net assets of £31,095,071 (2024: £25,326,382).

PRINCIPAL RISKS AND UNCERTAINTIES

There are a number of risks associated with the type of business and the industry in which it trades. These relate to worldwide events, such as natural catastrophes, wars, pandemics and increases in terrorist activities. The performance of Sterling will additionally affect the results of the business from time to time.

KEY PERFORMANCE INDICATORS ("KPIS")

The directors consider turnover, gross margin, and forward bookings (deferred income) to be key performance indicators. An analysis of the KPIs for the current and prior year is set out below:

2025

2024

Variance

%

Turnover

£29,513,762

£28,412,426

£1,101,336

3.9%

Gross margin

33.3%

32.0%

1.3%

RESEARCH AND DEVELOPMENT

Each year new tours are researched and the company's programme is extended. New destinations and types of holidays are continually developed in order to retain the interest of customers, many of whom have travelled with Naturetrek previously. Also the tour leaders that the company engages are reviewed in order to ensure that their knowledge is appropriate, and new tour leaders are recruited as necessary.

FUTURE OUTLOOK

2025 was Naturetrek's most successful year of trading in the company's history.

Furthermore, at the date of writing this report, forward bookings for trips departing during 2026 are stronger than they have ever been.

The directors are therefore confident that the company will continue to trade successfully into the future.

FOCUS ON CARBON OFFSETTING AND NATURE RESTORATION AND CONSERVATION

In the light of a catastrophic worldwide decline in our planet's biodiversity during the 39 years in which Naturetrek has been trading, a climate change emergency (to which, as an operator of flight-inclusive overseas holidays, the company has been a contributor), and the UK Government's initiative to achieve net zero carbon emissions by 2050, it is the company's goal to offset both the current, and all historic carbon emissions generated by its clients' holidays and UK office headquarters, as well as to ensure that it operates as a 'nature net positive' business. To achieve this, the company will be continuing to invest, more actively than ever, in the acquisition of land to be managed by appropriate wildlife conservation organisations, for the purpose of both nature restoration and conservation, and of carbon offsetting through the planting of native woodland and both peatland and wetland restoration, etc. To date, a cloud forest reserve of 2,181 acres has been purchased in the Ecuadorian Andes through capital gifted to the World Land Trust and a 120-acre farm in Italy's Apennine Mountains was purchased by the company in December 2023, to be operated as a wildlife reserve by the Italian conservation charities Salviamo L'Orso (Save the Bear) and IntraMontes under an initial 30-year stewardship agreement.

Our latest purchase, completed in August 2025, is of the 3,609-acre Stuckindroin estate in Scotland, where we are investing in a carbon-offsetting and nature restoration project, our goal being to achieve the restoration of native Scottish rainforest and other nature-rich habitats across the estate over the next 200 years, from the summit of Ben Vorlich (at over 3,000 feet) down to the shores of Loch Lomond.

ON BEHALF OF THE BOARD:

Mr A P Tucker - Director

26 August 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of tour operator services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £138,350 (2024: £100,708).

RESEARCH AND DEVELOPMENT

Information in respect of the company's research and development activities has been included within the strategic report.

FUTURE DEVELOPMENTS

Information in respect of the company's future developments has been included within the strategic report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr D G H Mills

Mrs M C Mills

Mr T J H Mills

Mr O C H Mills

Mr A P Tucker

DONATIONS

Donations have been accrued in the year to be paid to the Naturetrek Foundation once it has been established as a charity.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr A P Tucker - Director

26 August 2026

Opinion

We have audited the financial statements of Naturetrek Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company

.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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 Report of the Auditors.

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 a Report of the Auditors 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.

James Flood FCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

26 August 2026

TURNOVER

29,513,762

28,412,426

Cost of sales

(19,699,066

)

(19,330,216

)

GROSS PROFIT

9,814,696

9,082,210

Administrative expenses

(3,197,951

)

(2,767,222

)

6,616,745

6,314,988

Other operating income

15,196

16,329

OPERATING PROFIT

4

6,631,941

6,331,317

Interest receivable and similar income

1,259,715

1,194,898

7,891,656

7,526,215

Interest payable and similar expenses

5

(8,610

)

-

PROFIT BEFORE TAXATION

7,883,046

7,526,215

Tax on profit

6

(1,976,007

)

(1,920,789

)

PROFIT FOR THE FINANCIAL YEAR

5,907,039

5,605,426

PROFIT FOR THE YEAR

5,907,039

5,605,426

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,907,039

5,605,426

FIXED ASSETS

Intangible assets

9

178,134

57,793

Tangible assets

10

3,444,979

243,264

3,623,113

301,057

CURRENT ASSETS

Stocks

11

8,635

21,704

Debtors: amounts falling due within one year

12

14,576,718

13,502,469

Debtors: amounts falling due after more than one year

12

2,584,635

2,183,173

Investments

13

31,743,218

28,797,766

Cash at bank and in hand

5,582,032

5,785,289

54,495,238

50,290,401

CREDITORS

Amounts falling due within one year

14

(24,110,050

)

(22,577,927

)

NET CURRENT ASSETS

30,385,188

27,712,474

TOTAL ASSETS LESS CURRENT LIABILITIES

34,008,301

28,013,531

CREDITORS

Amounts falling due after more than one year

15

(2,913,230

)

(2,665,960

)

PROVISIONS FOR LIABILITIES

17

-

(21,189

)

NET ASSETS

31,095,071

25,326,382

CAPITAL AND RESERVES

Called up share capital

18

30,200

30,200

Capital redemption reserve

19

(9,900

)

(9,900

)

Retained earnings

19

31,074,771

25,306,082

SHAREHOLDERS' FUNDS

31,095,071

25,326,382

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2026 and were signed on its behalf by:

Mr A P Tucker - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

30,300

19,801,364

-

19,831,664

Changes in equity

Issue of share capital

(100

)

-

-

(100

)

Dividends

-

(100,708

)

-

(100,708

)

Total comprehensive income

-

5,605,426

-

5,605,426

Company purchase of own shares

-

-

(9,900

)

(9,900

)

Balance at 31 December 2024

30,200

25,306,082

(9,900

)

25,326,382

Changes in equity

Dividends

-

(138,350

)

-

(138,350

)

Total comprehensive income

-

5,907,039

-

5,907,039

Balance at 31 December 2025

30,200

31,074,771

(9,900

)

31,095,071

Cash flows from operating activities

Cash generated from operations

1

7,016,977

8,163,242

Interest paid

(8,610

)

-

Tax paid

(1,920,972

)

(1,692,268

)

Net cash from operating activities

5,087,395

6,470,974

Cash flows from investing activities

Purchase of intangible fixed assets

(120,477

)

(57,657

)

Purchase of tangible fixed assets

(3,221,177

)

(11,471

)

Transfer to current asset investments

(2,945,452

)

(4,619,220

)

Interest received

1,259,715

1,194,898

Net cash from investing activities

(5,027,391

)

(3,493,450

)

Cash flows from financing activities

Amount introduced by directors

-

2,652

Amount withdrawn by directors

(124,911

)

-

Equity dividends paid

(138,350

)

(100,708

)

Company purchase of own shares

-

(10,000

)

Net cash from financing activities

(263,261

)

(108,056

)

(Decrease)/increase in cash and cash equivalents

(203,257

)

2,869,468

Cash and cash equivalents at beginning of year

2

5,785,289

2,915,821

Cash and cash equivalents at end of year

2

5,582,032

5,785,289

1.	RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

£

Operating profit

6,631,941

6,331,317

Depreciation charges

19,598

21,899

Loss on disposal of fixed assets

-

27,000

6,651,539

6,380,216

Decrease in stocks

13,069

7,414

Increase in trade and other debtors

(1,474,100

)

(1,721,064

)

Increase in trade and other creditors

1,826,469

3,496,676

Cash generated from operations

7,016,977

8,163,242

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

5,582,032

5,785,289

Year ended 31 December 2024

31.12.24

1.1.24

as restated

£

£

Cash and cash equivalents

5,785,289

2,915,821

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

5,785,289

(203,257

)

5,582,032

5,785,289

(203,257

)

5,582,032

Liquid resources

Current asset investments

28,797,766

2,945,452

31,743,218

28,797,766

2,945,452

31,743,218

Total

34,583,055

2,742,195

37,325,250

1.	STATUTORY INFORMATION

Naturetrek Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102").

The disclosure requirements of FRS102 have been applied other than where additional disclosure is required to show a true and far view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the aggregate amount of revenue receivable from inclusive tours and other services supplied to customers in the ordinary course of business, net of discounts.

Revenue is taken to the profit and loss account based on the date of departure.

Goodwill

Goodwill, which is presented within intangible fixed assets, represents the excess of the purchase price compared with the fair value of assets acquired and is capitalised. This balance has now been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development costs are being amortised over the estimated useful life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Conservation land & buildings

-

No depreciation on Freehold land

Improvements to property

-

Straight line over 10 years

Office equipment

-

Straight line over 5 years and Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Freehold property in relation to land is held at initial cost and is not depreciated.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Current asset investments

Current asset investments represent fixed-term interest-bearing deposits held with UK financial institutions. The investments are measured at amortised cost.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

1,758,258

1,628,161

Social security costs

227,090

165,159

Other pension costs

127,606

100,761

2,112,954

1,894,081

The average number of employees during the year was as follows:

2025

2024

as restated

Directors

5

5

Operations managers

9

8

Administration staff

30

32

44

45

2025

2024

as restated

£

£

Directors' remuneration

288,344

266,521

Directors' pension contributions to money purchase schemes

8,376

11,147

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2025

2024

as restated

£

£

Emoluments etc

162,258

154,151

Pension contributions to money purchase schemes

6,399

9,719