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REGISTERED NUMBER: 10528028 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEISURE RESORTS LIMITED

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16


LEISURE RESORTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G M Molloy
E J Bristow
G F Gidman
M G Jones





REGISTERED OFFICE: Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ





REGISTERED NUMBER: 10528028 (England and Wales)





AUDITORS: Lloyd Dowson Audit Limited
Chartered Accountants
& Statutory Auditors
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is that of operating holiday leisure parks, under the 'Leisure Resorts' brand, offering luxury holiday homes for sale or short term holiday letting, in a variety of locations across the North of England.

REVIEW OF BUSINESS
In early 2023, the company completed on the sale of two holiday parks, the proceeds of which were used to significantly reduce bank debt and to provide capital for investment in the company's remaining holiday parks.

For the year ended 31 December 2023, the company reports a profit before tax of £238,694 (2022: loss of £223,635). However, due to a tax charge on the disposal of holiday parks, the company reports a loss for the year of £853,916 (2022: £72,753).

As at 31 December 2023 the company has a surplus on shareholders funds of £1,829,698 (2022: £2,683,614).

The company continued its capital development programme during 2023, investing over £2 million to expand and further enhance facilities on its holiday parks.

KEY PERFORMANCE INDICATORS
The company operates luxury holiday home parks with a combination of customer ownership and holiday hire units. The key performance indicators (KPI's) used by management are as follows:

- Revenue £17,222,794 (2022: £25,204,108)
- Gross margin (gross profit as a percentage of turnover) 48.7% (2022: 44.8%)
- EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation £443,278 (2022: £2,845,389)

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in the leisure industry and seeks to attract customers for UK holiday stays, and to invest in private holiday homes. Both of these areas represent discretionary expenditure by consumers and as such the company is exposed to the impacts of changing economic conditions, in particular by the recent increases in energy, fuel, interest rates, general cost of living and high inflation. These factors all play a part in subduing demand for the industry's offering. The company strives to differentiate itself from competitors by offering an extremely high standard of facilities at its holiday parks in order to maintain and improve performance.

The company is subject to a number of trading and operational risks including employment responsibilities, public and staff health & safety risk together with legal compliance obligations and competitive pressures. The company mitigates these risks by ensuring that good industry practice is always followed, and by maintaining adequate insurance cover where necessary.

The company also faces risk from competitors throughout the UK. The board constantly monitors the actions of competitors in order to be able to react quickly to changing conditions when necessary.

The directors continually monitor all business risks and have implemented a strategy for continuous improvement.


LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE DEVELOPMENTS
The company will continue to improve the facilities available to existing and new customers in order to maintain the exclusive Leisure Resorts brand and grow the business.

ON BEHALF OF THE BOARD:





G M Molloy - Director


30 August 2024

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

G M Molloy
E J Bristow
G F Gidman
M G Jones

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, bank loans, directors loans, trade creditors and trade debtors. The main purpose of these instruments are to ensure sufficient funds are available to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price or currency risk. The company's approach to managing other risks applicable to the financial instruments is detailed below.

Bank loans and loans from directors are obtained to finance capital expenditure planned by the company. Before a capital project is committed to and funds borrowed, each such project is carefully planned using the board's industry knowledge and experience, and a full risk assessment conducted alongside financial forecasting covering a range of possible scenarios.

Trade debtor balances are constantly monitored to ensure that payment is made in line with agreed terms.

Trade creditor liquidity risk is managed by agreeing payment terms with suppliers in advance of ordering goods and services, and ensuring that payments are made in line with those agreed terms to foster good relationships with suppliers and strengthening those relationships.The company aims to match outgoing payments to suppliers with expected income for the business, therefore ensuring sufficient funds are available to meet liabilities as they fall due.

ENGAGEMENT WITH EMPLOYEES
The company's policy is to keep employees informed on matters relevant to them through regular meetings and briefings.

The company ensures that its employees possess the tools and training they need to flourish in their individual roles. The directors recognise the contribution staff members make on a daily basis and encourage them to strive to achieve their full potential.

DISABLED PERSONS
It is the company's policy to give full and fair consideration to applications for employment received from disabled persons, having regard to their particular aptitudes and abilities.

The company is committed to providing equal opportunities of employment, training, career development and promotion of disabled existing and potential employees, including employees who may become disabled whilst employed by the company.


LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

AUDITORS
The auditors, Lloyd Dowson Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G M Molloy - Director


30 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISURE RESORTS LIMITED

Opinion
We have audited the financial statements of Leisure Resorts Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISURE RESORTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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 five, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISURE RESORTS LIMITED


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 the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks
that the company operates in, including whether the company is complying with those legal and regulatory
frameworks;
- inquired of management, and those charged with governance, about their own identification and assessment of
the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and
- discussed matters about non-compliance with laws and regulations and how fraud might occur including
assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Companies Act 2006 and UK tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with relevant tax authorities and evaluating advice received from third party advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, data protection and employment law. We performed audit procedures to inquire of management whether the company is in compliance with these laws. This work included evaluating correspondence with third party consultants.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to:

- testing material journal entries throughout the year and evaluating their business rationale;
- reviewing key controls and account reconciliations;
- testing material bank transactions for business rationale; and
- on a sample basis, reviewing authorisation procedures of business expenditure, including review of supporting
documentation.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISURE RESORTS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters 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.




Rebecca Sygrove, FCCA (Senior Statutory Auditor)
for and on behalf of Lloyd Dowson Audit Limited
Chartered Accountants
& Statutory Auditors
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

30 August 2024

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

REVENUE 17,222,794 25,204,108

Cost of sales 8,842,960 13,921,469
GROSS PROFIT 8,379,834 11,282,639

Administrative expenses 7,503,169 10,720,678
876,665 561,961

Other operating income - 26,000
OPERATING PROFIT 4 876,665 587,961

Interest receivable and similar income 46,371 -
923,036 587,961

Interest payable and similar expenses 5 684,342 811,596
PROFIT/(LOSS) BEFORE TAXATION 238,694 (223,635 )

Tax on profit/(loss) 6 1,092,610 (150,882 )
LOSS FOR THE FINANCIAL YEAR (853,916 ) (72,753 )

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 361,414 750,664
Property, plant and equipment 8 32,457,723 48,862,180
Investments 9 300 300
32,819,437 49,613,144

CURRENT ASSETS
Inventories 10 1,670,838 1,768,757
Debtors 11 724,334 2,067,878
Cash at bank and in hand 4,584,816 9,445
6,979,988 3,846,080
CREDITORS
Amounts falling due within one year 12 4,117,234 7,596,846
NET CURRENT ASSETS/(LIABILITIES) 2,862,754 (3,750,766 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,682,191

45,862,378

CREDITORS
Amounts falling due after more than one
year

13

(32,212,130

)

(42,631,011

)

PROVISIONS FOR LIABILITIES 17 (1,640,363 ) (547,753 )
NET ASSETS 1,829,698 2,683,614

CAPITAL AND RESERVES
Called up share capital 18 1,124 1,124
Share premium 19 87,502 87,502
Other reserves 19 26,193 3,983
Retained earnings 19 1,714,879 2,591,005
SHAREHOLDERS' FUNDS 1,829,698 2,683,614

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





G M Molloy - Director


LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 January 2022 1,124 2,667,356 87,502 385 2,756,367

Changes in equity
Total comprehensive income - (76,351 ) - 3,598 (72,753 )
Balance at 31 December 2022 1,124 2,591,005 87,502 3,983 2,683,614

Changes in equity
Total comprehensive income - (876,126 ) - 22,210 (853,916 )
Balance at 31 December 2023 1,124 1,714,879 87,502 26,193 1,829,698

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,411,108 2,688,940
Interest paid (733,017 ) (2,919,190 )
Interest element of hire purchase payments
paid

(12,618

)

(7,819

)
Finance costs paid (40,082 ) -
Net cash from operating activities 625,391 (238,069 )

Cash flows from investing activities
Purchase of intangible fixed assets (10,000 ) -
Purchase of tangible fixed assets (1,957,119 ) (6,758,444 )
Sale of intangible fixed assets 1 -
Sale of tangible fixed assets 18,537,096 171,258
Interest received 46,371 -
Net cash from investing activities 16,616,349 (6,587,186 )

Cash flows from financing activities
New loans in year 7,000,000 -
Loan repayments in year (16,841,166 ) (1,448,719 )
Capital repayments in year (184,108 ) 43,296
Amount introduced by directors - 1,617,948
Amount withdrawn by directors (1,929,876 ) -
Net cash from financing activities (11,955,150 ) 212,525

Increase/(decrease) in cash and cash equivalents 5,286,590 (6,612,730 )
Cash and cash equivalents at beginning of
year

2

(701,774

)

5,910,956

Cash and cash equivalents at end of year 2 4,584,816 (701,774 )

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit/(loss) before taxation 238,694 (223,635 )
Depreciation charges 2,107,591 2,256,213
(Profit)/loss on disposal of fixed assets (2,540,978 ) 1,216
Hire fleet transferred from fixed assets 755,830 485,854
Finance costs 684,342 811,596
Finance income (46,371 ) -
1,199,108 3,331,244
Decrease/(increase) in inventories 97,919 (112,666 )
Decrease in trade and other debtors 1,343,526 1,292,264
Decrease in trade and other creditors (1,229,445 ) (1,821,902 )
Cash generated from operations 1,411,108 2,688,940

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,584,816 9,445
Bank overdrafts - (711,219 )
4,584,816 (701,774 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 9,445 5,910,956
Bank overdrafts (711,219 ) -
(701,774 ) 5,910,956


LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank
and in hand 9,445 4,575,371 4,584,816
Bank overdrafts (711,219 ) 711,219 -
(701,774 ) 5,286,590 4,584,816
Debt
Finance leases (246,748 ) 184,108 (98,714 ) (161,354 )
Debts falling due
within 1 year (1,498,300 ) 1,400,779 - (97,521 )
Debts falling due
after 1 year (15,233,331 ) 8,440,405 - (6,792,926 )
(16,978,379 ) 10,025,292 (98,714 ) (7,051,801 )
Total (17,680,153 ) 15,311,882 (98,714 ) (2,466,985 )

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Leisure Resorts 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on the going concern basis of accounting, which assumes that the company is able to continue operating as a going concern.

The company is financed principally by long term loans from the controlling shareholder and Chief Executive Officer, G M Molloy. The company is reliant on this continued financial support and G M Molloy has confirmed that support will continue.

Preparation of consolidated financial statements
The financial statements contain information about Leisure Resorts Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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.

Critical accounting judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful 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. Inventory provisioning

The company purchases holiday homes both from manufacturers and second-hand from private individuals. It is necessary to consider the recoverability of the cost of this inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature, age and condition of the inventory, as well as applying assumptions around anticipated saleability of holiday homes.

Revenue
Revenue represents net invoiced sale of goods and services, excluding value added tax.

Revenue relating to site fees and insurance is deferred and released over the term of the chargeable period, with the deferred amount being recorded as a current liability.

Intangible fixed assets
Goodwill, being amounts paid in connection with the acquisition of businesses in 2017 and 2021, is being amortised evenly over its estimated useful life of ten years.

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost, excluding land element
Plant and machinery - 15% on reducing balance
Hire fleet - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Inventories
Inventories 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 Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 4,926,451 5,704,256
Social security costs 270,887 405,120
Other pension costs 42,816 62,958
5,240,154 6,172,334

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 4 5
Park and administration staff 194 213
198 218

Company Share Option Plan (CSOP)
On 22 November 2021, the company awarded share options to 9 key employees enabling them to purchase up to an aggregate of 87 ordinary £1 shares in the company for a fixed price of £413.66 per share. These options are only exercisable in the event of a sale of the company within a 10 year period from the date of the award. If one of these employees leaves the business, their options will lapse. During the year to 31 December 2023, options over 57 shares lapsed due to employees leaving the company, leaving options over 30 shares still in place for 3 key employees.

31.12.23 31.12.22
£    £   
Directors' remuneration 411,606 494,225

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:
31.12.23 31.12.22
£    £   
Emoluments etc 116,873 127,043

4. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Depreciation - owned assets 2,020,529 1,999,810
Depreciation - assets on hire purchase contracts 12,812 113,403
(Profit)/loss on disposal of fixed assets (2,540,978 ) 1,216
Goodwill amortisation 74,250 142,999
Auditors' remuneration 23,500 22,000
Auditors' remuneration for non audit work 22,278 32,826
Government grants - (26,000 )

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 631,642 733,929
Other interest - 27,468
Hire purchase 12,618 7,819
Finance transaction costs 40,082 42,380
684,342 811,596

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Deferred tax 1,092,610 (150,882 )
Tax on profit/(loss) 1,092,610 (150,882 )

UK corporation tax has been charged at 23.52% (2022 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit/(loss) before tax 238,694 (223,635 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

56,143

(42,491

)

Effects of:
Expenses not deductible for tax purposes - 4,181
Capital allowances in excess of depreciation (264,181 ) (119,750 )
Adjustment for tax losses utilised/carried forward - 158,060
Deferred tax charge/(credit) 1,092,610 (150,882 )
Adjustment for gains on property disposals 208,038 -
Total tax charge/(credit) 1,092,610 (150,882 )

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 January 2023 1,429,994 - 1,429,994
Additions - 10,000 10,000
Disposals (750,000 ) - (750,000 )
At 31 December 2023 679,994 10,000 689,994
AMORTISATION
At 1 January 2023 679,330 - 679,330
Amortisation for year 74,250 - 74,250
Eliminated on disposal (425,000 ) - (425,000 )
At 31 December 2023 328,580 - 328,580
NET BOOK VALUE
At 31 December 2023 351,414 10,000 361,414
At 31 December 2022 750,664 - 750,664

8. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and Hire
property machinery fleet
£    £    £   
COST
At 1 January 2023 38,395,056 3,000,697 15,061,251
Additions 1,224,733 150,119 643,877
Disposals (16,006,815 ) (593,787 ) (787,739 )
At 31 December 2023 23,612,974 2,557,029 14,917,389
DEPRECIATION
At 1 January 2023 1,186,920 1,091,005 5,604,386
Charge for year 282,389 245,264 1,450,476
Eliminated on disposal (504,273 ) (303,541 ) (190,184 )
At 31 December 2023 965,036 1,032,728 6,864,678
NET BOOK VALUE
At 31 December 2023 22,647,938 1,524,301 8,052,711
At 31 December 2022 37,208,136 1,909,692 9,456,865

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 262,428 309,754 57,029,186
Additions 23,513 13,591 2,055,833
Disposals (40,137 ) (36,582 ) (17,465,060 )
At 31 December 2023 245,804 286,763 41,619,959
DEPRECIATION
At 1 January 2023 150,243 134,452 8,167,006
Charge for year 30,842 24,370 2,033,341
Eliminated on disposal (21,407 ) (18,706 ) (1,038,111 )
At 31 December 2023 159,678 140,116 9,162,236
NET BOOK VALUE
At 31 December 2023 86,126 146,647 32,457,723
At 31 December 2022 112,185 175,302 48,862,180

Included in cost of land and buildings is freehold land of £ 9,750,000 (2022 - £ 20,250,000 ) which is not depreciated.

The net book value of property, plant and equipment includes £ 233,400 (2022 - £ 471,778 ) in respect of assets held under hire purchase contracts.

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 300
NET BOOK VALUE
At 31 December 2023 300
At 31 December 2022 300

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Parkfoot Holiday Homes Limited
Registered office: Medina House, 2 Station Avenue, Bridlington, YO16 4LZ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 300 300

10. INVENTORIES
31.12.23 31.12.22
£    £   
Goods for resale 1,670,838 1,768,757

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 70,186 860,820
Other debtors 19,733 79,889
VAT - 229,356
Called up share capital not paid 87,626 87,626
Prepayments 546,789 810,187
724,334 2,067,878

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 14) 97,521 2,209,519
Hire purchase contracts (see note 15) 98,411 135,205
Trade creditors 2,133,292 2,321,192
Amounts owed to group undertakings 300 300
Social security and other taxes 189,705 236,190
VAT 58,768 -
Deposits and deferred income 278,190 930,223
Accrued expenses 1,261,047 1,764,217
4,117,234 7,596,846

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 14) 6,792,926 15,233,331
Hire purchase contracts (see note 15) 62,943 111,543
Directors' loan accounts 25,356,261 27,286,137
32,212,130 42,631,011

14. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 711,219
Bank loans 97,521 1,498,300
97,521 2,209,519

Amounts falling due between one and two years:
Bank loans - 1-2 years 477,273 13,266,668

Amounts falling due between two and five years:
Bank loans - 2-5 years 6,315,653 1,966,663

The above amounts represent two loans from National Westminster Bank plc due to the company refinancing during the year. One of the loans is due to be repaid in quarterly installments starting from December 2024. Interest is charged at between 2.75% and 2.96% above bank base rates, with transaction costs being netted off against the loans.

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 107,394 146,301
Between one and five years 65,961 116,818
173,355 263,119

Finance charges repayable:
Within one year 8,983 11,096
Between one and five years 3,018 5,275
12,001 16,371

Net obligations repayable:
Within one year 98,411 135,205
Between one and five years 62,943 111,543
161,354 246,748

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 26,806 71,066
Between one and five years 10,137 36,944
36,943 108,010

16. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft - 711,219
Bank loans 6,890,447 16,731,631
Hire purchase contracts 161,354 246,748
7,051,801 17,689,598

Bank loans are secured by a debenture creating a fixed and floating charge over all of the company's assets, and first legal charges over individual freehold properties owned by the company.

The obligations under hire purchase agreements are secured against the assets to which they relate.

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

17. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 1,025,059 784,795
Tax losses carried forward (237,042 ) (237,042 )
Rollover relief on disposals 852,346 -
1,640,363 547,753

Deferred
tax
£   
Balance at 1 January 2023 547,753
Charge to Statement of Comprehensive Income during year 1,092,610
Balance at 31 December 2023 1,640,363

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

Allotted and issued:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
124 Ordinary 'nil paid' shares £1 124 124

19. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 January 2023 2,591,005 87,502 3,983 2,682,490
Deficit for the year (853,916 ) - - (853,916 )
Share options reserve transfer (22,210 ) - 22,210 -
At 31 December 2023 1,714,879 87,502 26,193 1,828,574

20. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 568,838 913,588

21. RELATED PARTY DISCLOSURES

The controlling shareholder and Chief Executive Officer of the company, G M Molloy, has historically loaned funds to the company to establish the business and invest in capital expenditure projects. As at 31 December 2023 the total balance on the loan owed to G M Molloy was £25,356,261 (2022: £27,286,137).

LEISURE RESORTS LIMITED (REGISTERED NUMBER: 10528028)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

22. ULTIMATE CONTROLLING PARTY

The controlling party is G M Molloy.