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Bikepark Holdings Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 30 September 2024






Bikepark Holdings Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M C Astley
K Pacey
R J Sorrell
T Spencer
S P Stephenson



REGISTERED OFFICE: Gethin Woodland Centre Abercanaid
Abercanaid
Merthyr Tydfil
CF48 1YZ



REGISTERED NUMBER: 10998024 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Andrew Miller, FCA



AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Bikepark Holdings Limited (Registered number: 10998024)

Group Strategic Report
for the Year Ended 30 September 2024


The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS & FUTURE DEVELOPMENTS
BikePark Holdings Limited is the holding company of Beic Parcio Cymru Limited. Beic Parcio Cymru trades as BikePark Wales and is one of the leading mountain bike resorts in the United Kingdom.

Beic Parcio Cymru has traded well during the year. Revenue was in line with the previous year at £5.64m and with good cost control we improved Gross Profit to £4.8m.

Wage inflation has continued to impact the business as the cost of living crisis continues although we continue to invest in our staff and average employee numbers rose again.

Net Assets increased by £100k to £3.2m at the year end.

During the period, we continued to invest in our site at Gethin Woods, in particular our trail infrastructure and our people to ensure we remain a leader in the sector and a very popular visitor attraction in Wales.

PRINCIPAL RISKS AND UNCERTAINTIES
Trading

Competition in the leisure and entertainment industry together with the influence of the weather and the impact of socio-economic environment on visitor numbers represent continuing risks for the Company.

Financial

The Company uses various financial instruments including loans and bank borrowings. The main purpose of these financial instruments is to raise finance for the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks which are described in more detail below.

The main risks arising from the Company's financial instruments are: liquidity risk, credit risk, general economic conditions and cashflow interest rate risk:

Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs including the management of working capital and repayment of loans.

Credit risk
The Group's principal financial assets are cash. The credit risk associated with cash is limited.

Interest rate risk
The Company finances its operations through a mixture of retained profits, investor loans and bank borrowings. The Company's exposure to interest rate fluctuations on its borrowings is managed with the use of both fixed and floating rate facilities.

Bikepark Holdings Limited (Registered number: 10998024)

Group Strategic Report
for the Year Ended 30 September 2024


Other economic risk
The nature of the Group's business is that it is exposed to the general economic conditions prevailing in the United Kingdom. The COVID 19 recovery, impact of the Ukraine War on goods and services, and the economic challenges of the cost of living crisis may have a negative impact on consumer discretionary spending and in turn on the Group's financial performance. To help manage and mitigate this, the Company is broadening and evolving its offer to attract new customers and ensure existing customers have reason to return to the park again and again.

Other principal risks

Health and Safety
A culture of safety first is engrained at all levels of the business and both staff and visitor safety is central to all decision making. We take pride in being a leader in bike park best practice and continual evaluation is key to our strategy.

Staff retention
The Company invests significantly in training and the welfare of its employees to help with staff retention. We do this through creating a positive working environment, investing in staff development and training, and paying competitive wage rates across all positions within the Company.

GOING CONCERN
The directors have assessed the current trading conditions and group liquidity and concluded that the company has adequate resources to continue to operate for at least the next twelve months from the date of signing of the accounts. The directors therefore have prepared the financial statements on a going concern basis.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider the following to be key performance indicators:-
2024 2023
- Revenue £5.64m £5.67m
- EBITDA £1.3m £1.3m
- Staff numbers 88 87

THIS REPORT WAS APPROVED BY THE BOARD:





T Spencer - Director


4 June 2025

Bikepark Holdings Limited (Registered number: 10998024)

Report of the Directors
for the Year Ended 30 September 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

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

M C Astley
K Pacey
R J Sorrell
T Spencer
S P Stephenson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Bikepark Holdings Limited (Registered number: 10998024)

Report of the Directors
for the Year Ended 30 September 2024


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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

THIS REPORT WAS APPROVED BY THE BOARD:





T Spencer - Director


4 June 2025

Report of the Independent Auditors to the Members of
Bikepark Holdings Limited


Opinion
We have audited the financial statements of Bikepark Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Profit & Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2024 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Report of the Independent Auditors to the Members of
Bikepark Holdings Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 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.

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 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.

Report of the Independent Auditors to the Members of
Bikepark Holdings 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risks of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

The laws and regulations that we determined were most significant to the group were the Companies Act, UK Corporate Tax Laws, UK Employment Laws, and Health and Safety Regulations.

We obtained an understanding of how the group is complying with those laws and regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of board minutes and review of legal and professional spend for the year.

We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates.

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
Bikepark Holdings Limited


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




Andrew Miller, FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited
Chartered Accountants
Statutory Auditor

4 June 2025

Bikepark Holdings Limited (Registered number: 10998024)

Consolidated Profit & Loss Account
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 5,635,439 5,674,440

Cost of sales (837,199 ) (958,939 )
GROSS PROFIT 4,798,240 4,715,501

Administrative expenses (4,069,483 ) (3,870,362 )
728,757 845,139

Other operating income 59,437 56,437
OPERATING PROFIT 3 788,194 901,576

Interest receivable & similar income 34,285 24,953
822,479 926,529

Interest payable and similar
expenses

4

(283,783

)

(296,585

)
PROFIT BEFORE TAXATION 538,696 629,944

Tax on profit 5 (171,819 ) (157,858 )
PROFIT FOR THE FINANCIAL YEAR 366,877 472,086

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

366,877

472,086

Profit attributable to:
Owners of the parent 366,877 472,086

Total comprehensive income attributable to:
Owners of the parent 366,877 472,086

Bikepark Holdings Limited (Registered number: 10998024)

Consolidated Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 3,723,561 3,380,696
Investments 9 - -
3,723,561 3,380,696

CURRENT ASSETS
Stocks 10 244,008 224,604
Debtors 11 162,262 138,731
Cash at bank and in hand 1,313,138 2,448,589
1,719,408 2,811,924
CREDITORS
Amounts falling due within one year 12 1,191,155 1,376,442
NET CURRENT ASSETS 528,253 1,435,482
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,251,814

4,816,178

CREDITORS
Amounts falling due after more than
one year

13

(4,259,243

)

(5,158,046

)

PROVISIONS FOR LIABILITIES 17 (355,000 ) (348,000 )

CAPITAL GRANTS 18 (144,874 ) (184,312 )
NET LIABILITIES (507,303 ) (874,180 )

CAPITAL AND RESERVES
Called up share capital 19 250,000 250,000
Retained earnings 20 (757,303 ) (1,124,180 )
SHAREHOLDERS' FUNDS (507,303 ) (874,180 )

Bikepark Holdings Limited (Registered number: 10998024)

Consolidated Balance Sheet - continued
30 September 2024


The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2025 and were signed on its behalf by:





T Spencer - Director


Bikepark Holdings Limited (Registered number: 10998024)

Company Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 - -
Investments 9 5,517,855 5,517,855
5,517,855 5,517,855

CURRENT ASSETS
Debtors 11 288,530 7,000
Cash at bank 432,237 1,351,672
720,767 1,358,672
CREDITORS
Amounts falling due within one year 12 167,495 174,276
NET CURRENT ASSETS 553,272 1,184,396
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,071,127

6,702,251

CREDITORS
Amounts falling due after more than
one year

13

4,259,243

5,158,046
NET ASSETS 1,811,884 1,544,205

CAPITAL AND RESERVES
Called up share capital 19 250,000 250,000
Retained earnings 20 1,561,884 1,294,205
SHAREHOLDERS' FUNDS 1,811,884 1,544,205

Company's profit for the financial
year

267,679

473,922

Bikepark Holdings Limited (Registered number: 10998024)

Company Balance Sheet - continued
30 September 2024


The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2025 and were signed on its behalf by:





T Spencer - Director


Bikepark Holdings Limited (Registered number: 10998024)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 250,000 (1,596,266 ) (1,346,266 )

Changes in equity
Total comprehensive income - 472,086 472,086
Balance at 30 September 2023 250,000 (1,124,180 ) (874,180 )

Changes in equity
Total comprehensive income - 366,877 366,877
Balance at 30 September 2024 250,000 (757,303 ) (507,303 )

Bikepark Holdings Limited (Registered number: 10998024)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 250,000 820,283 1,070,283

Changes in equity
Total comprehensive income - 473,922 473,922
Balance at 30 September 2023 250,000 1,294,205 1,544,205

Changes in equity
Total comprehensive income - 267,679 267,679
Balance at 30 September 2024 250,000 1,561,884 1,811,884

Bikepark Holdings Limited (Registered number: 10998024)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,160,231 1,480,864
Interest paid (283,783 ) (296,585 )
Tax paid (265,554 ) (129,438 )
Net cash from operating activities 610,894 1,054,841

Cash flows from investing activities
Purchase of tangible fixed assets (1,024,986 ) (326,306 )
Sale of tangible fixed assets 194,134 133,406
Interest received 34,285 24,953
Net cash from investing activities (796,567 ) (167,947 )

Cash flows from financing activities
Loan repayments in year (949,778 ) (492,673 )
Net cash from financing activities (949,778 ) (492,673 )

(Decrease)/increase in cash and cash equivalents (1,135,451 ) 394,221
Cash and cash equivalents at
beginning of year

2

2,448,589

2,054,368

Cash and cash equivalents at end
of year

2

1,313,138

2,448,589

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 538,696 629,944
Depreciation charges 513,726 479,125
Profit on disposal of fixed assets (29,051 ) (41,032 )
Finance costs 283,783 296,585
Finance income (34,285 ) (24,953 )
1,272,869 1,339,669
Increase in stocks (19,404 ) (15,316 )
Increase in trade and other debtors (23,531 ) (16,353 )
(Decrease)/increase in trade and other creditors (69,703 ) 172,864
Cash generated from operations 1,160,231 1,480,864

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 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 1,313,138 2,448,589
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 2,448,589 2,054,368


Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank and in hand 2,448,589 (1,135,451 ) 1,313,138
2,448,589 (1,135,451 ) 1,313,138
Debt
Debts falling due within 1 year (163,409 ) 50,975 (112,434 )
Debts falling due after 1 year (5,158,046 ) 898,803 (4,259,243 )
(5,321,455 ) 949,778 (4,371,677 )
Total (2,872,866 ) (185,673 ) (3,058,539 )

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024


1. 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.

Turnover
Turnover represents the value of services provided, net of vat and in relation to, the principal activity of the company, mountain bike park activities, under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Where deposits are received from customers in advance of services provided, or where revenue and sponsorship income is received in advance, the amounts are recorded as deferred income and included as part of creditors due within one year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition in December 2017, is being amortised over its new estimated useful life of two years (previously sixteen years).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Assets under construction - not provided
Plant and machinery - 20% straight line
Fixtures and fittings - 20% straight line
Mountain bikes & vehicles - 33% straight line
Office equipment - 33% straight line

The short leasehold assets are held at their most recent valuation. Given it's unique nature the directors consider valuation to be equal to the total historic cost of the asset gross of grants received, less depreciation in line with the policy noted above.

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


Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


1. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit & Loss Account, 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.

Pension costs
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,104,183 1,975,816
Social security costs 189,829 162,688
Other pension costs 57,465 52,542
2,351,477 2,191,046

The average number of employees during the year was as follows:
2024 2023

88 87

During the year, a total of key management personnel compensation of £467,337 was paid.

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


2. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 182,910 273,382
Directors' pension contributions to money purchase schemes 4,727 7,434

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

Money purchase schemes 2 3

3. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 517,039 483,511
Profit on disposal of fixed assets (29,051 ) (41,032 )
Audit fees 12,680 12,685
Auditors' remuneration for non audit work 3,240 3,550
Operating leases 91,798 98,446

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 18,695 31,469
Loan note interest 265,088 265,116
283,783 296,585

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 164,819 167,858

Deferred tax 7,000 (10,000 )
Tax on profit 171,819 157,858

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


5. TAXATION - continued

Reconciliation of total tax charge 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:

2024 2023
£    £   
Profit before tax 538,696 629,944
Profit multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 22.008 %)

134,674

138,638

Effects of:
Expenses not deductible for tax purposes 2,561 1,385
Income not taxable for tax purposes (22,122 ) (12,421 )
Depreciation in excess of capital allowances 46,641 62,833
Adjustments to tax charge in respect of previous periods 3,065 (22,577 )

Deferred tax 7,000 (10,000 )
Total tax charge 171,819 157,858

6. INDIVIDUAL PROFIT & LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit & Loss Account of the parent company is not presented as part of these financial statements.


7. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 2,873,937
AMORTISATION
At 1 October 2023
and 30 September 2024 2,873,937
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


8. TANGIBLE FIXED ASSETS

Group
Assets
Short under Plant and
leasehold construction machinery
£    £    £   
COST
At 1 October 2023 3,773,970 85,701 849,429
Additions 145,918 417,441 204,615
Disposals - - (153,484 )
Reclassification/transfer 297,225 (354,860 ) 51,397
At 30 September 2024 4,217,113 148,282 951,957
DEPRECIATION
At 1 October 2023 1,069,102 - 495,701
Charge for year 274,803 - 126,038
Eliminated on disposal - - (119,121 )
At 30 September 2024 1,343,905 - 502,618
NET BOOK VALUE
At 30 September 2024 2,873,208 148,282 449,339
At 30 September 2023 2,704,868 85,701 353,728

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


8. TANGIBLE FIXED ASSETS - continued

Group

Fixtures Mountain
and bikes & Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 159,662 256,216 22,592 5,147,570
Additions 15,864 225,553 15,595 1,024,986
Disposals (3,920 ) (214,862 ) (3,600 ) (375,866 )
Reclassification/transfer 3,579 - 2,660 1
At 30 September 2024 175,185 266,907 37,247 5,796,691
DEPRECIATION
At 1 October 2023 96,482 87,918 17,671 1,766,874
Charge for year 22,642 88,350 5,206 517,039
Eliminated on disposal (3,347 ) (84,715 ) (3,600 ) (210,783 )
At 30 September 2024 115,777 91,553 19,277 2,073,130
NET BOOK VALUE
At 30 September 2024 59,408 175,354 17,970 3,723,561
At 30 September 2023 63,180 168,298 4,921 3,380,696

9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 5,517,855
NET BOOK VALUE
At 30 September 2024 5,517,855
At 30 September 2023 5,517,855

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


9. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Beic Parcio Cymru Ltd
Registered office: Gethin Woodland Centre, Abercanaid, Merthyr Tydfil, Rhondda Cynon Taff, CF48 1YZ
Nature of business: Mountain bike park activities.
%
Class of shares: holding
£1 Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,198,667 3,099,470
Profit for the year 649,197 748,164


10. STOCKS

Group
2024 2023
£    £   
Stocks 244,008 224,604

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 102,741 23,526 - -
Amounts owed by group undertakings - - 288,530 7,000
Other debtors - 900 - -
Other debtors & prepayments 59,521 114,305 - -
162,262 138,731 288,530 7,000

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 14)
112,434

163,409

112,434

163,409
Trade creditors 182,208 215,977 - -
Corporation tax 89,700 190,435 - -
Social security and other taxes 53,738 44,769 - -
VAT 101,435 117,905 - -
Other creditors & accruals 651,640 643,947 55,061 10,867
1,191,155 1,376,442 167,495 174,276

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 14) - 101,345 - 101,345
Other loans (see note 14) 4,259,243 5,056,701 4,259,243 5,056,701
4,259,243 5,158,046 4,259,243 5,158,046

14. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 112,434 163,409 112,434 163,409
Amounts falling due between one and two years:
Bank loans - 1-2 years - 101,345 - 101,345
Other loans - 1-2 years 4,259,243 5,056,701 4,259,243 5,056,701
4,259,243 5,158,046 4,259,243 5,158,046

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


14. LOANS - continued

The bank loans are repayable by instalments with an applicable interest rate of 4.37%. The aggregate monthly payment is £14,251 and the remaining term on the loan is 6 months from the balance sheet date.

The other loans are not repayable by instalments and interest is accruing at a rate of 7%. The loan note holders have agreed that repayment will be at least 12 months from the sign off of these accounts, so the loan is classed as repayable between 1-2 years, however the expectation is that this will be deferred further and the funds left within the business.

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 31,262 35,103
Between one and five years 427,786 140,412
In more than five years 2,600,000 158,419
3,059,048 333,934

16. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 112,434 264,754 112,434 264,754
Loan notes 4,259,243 5,056,701 4,259,243 5,056,701
4,371,677 5,321,455 4,371,677 5,321,455

The bank loans and loan notes contain fixed and equitable charges over the company's assets.

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 355,000 348,000

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


17. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 October 2023 348,000
Charge to Profit & Loss Account during year 7,000
Balance at 30 September 2024 355,000

The deferred tax liability in relation tothe group was made up of
the following :-

2024 2023
£    £   
Accelerated capital allowances 174,526 148,014
Non-distributable reserve 179,474 199,986
355,000 348,000

18. CAPITAL GRANTS

Group
2024 2023
£    £   
Capital grants 144,874 184,312

The grants balance is being released in part over 60 months from October 2021 and 131 months from October 2023.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
25,000,000 Ordinary 0.01 250,000 250,000

Share Options

At the balance sheet date there were share options in place in relation to 1,315,790 A ordinary shares of £0.001 each and 189,393 ordinary shares of £0.01 each.

The option price for each share is £0.01 for the A ordinary shares and £0.0153 for the ordinary shares.

Bikepark Holdings Limited (Registered number: 10998024)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024


20. RESERVES

Group
Retained
earnings
£   

At 1 October 2023 (1,124,180 )
Profit for the year 366,877
At 30 September 2024 (757,303 )

Company
Retained
earnings
£   

At 1 October 2023 1,294,205
Profit for the year 267,679
At 30 September 2024 1,561,884