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REGISTERED NUMBER: 05305444 (England and Wales)


















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LEISUREPLAN INVESTMENTS LIMITED

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


LEISUREPLAN INVESTMENTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: A N Duck
D A M Vermeer



REGISTERED OFFICE: The Stables
Duxbury Park
Duxbury Hall Road
Chorley
PR7 4AT



REGISTERED NUMBER: 05305444 (England and Wales)



AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Santander UK plc
298 Deansgate
Manchester
M3 4HH

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

REVIEW OF BUSINESS
The profit for the year, after taxation, amounted to £2,300 (2023: £5,174).

A dividend of £Nil (2023: £Nil) was paid during the year.

DIRECTORS
A N Duck has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

S G Blackmore - resigned 1 October 2024
D A M Vermeer - appointed 1 October 2024

GOING CONCERN
The financial statements have been prepared on a going concern basis because the Company and its subsidiary undertakings are continuing to operate in accordance with the financial model of the PFI contract. This indicates that the Company will continue as a going concern until the cessation of the contract on 31st August 2036.

On this basis and having considered the company's budget and cash flow forecasts, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements, and therefore adopt the going concern basis in preparing these accounts.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The Company has provided qualifying third party indemnity provisions in respect of the board of directors which was in force during the year and at the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2024


AUDITORS
The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A N Duck - Director


27 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISUREPLAN INVESTMENTS LIMITED

Opinion
We have audited the financial statements of Leisureplan Investments Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and 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 2024 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISUREPLAN INVESTMENTS 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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
LEISUREPLAN INVESTMENTS 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 those 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 those 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, and to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate testing 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 charges 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
framework that the company operates in and how the company is complying with that framework;
- enquired 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 instance of fraud;
- 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 that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance with may have a material impact on the financial statements which included reviewing financial disclosures, inspecting correspondence with local tax offices and evaluation advice received from external tax advisors.

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
LEISUREPLAN INVESTMENTS 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.




Jane Dennis BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

27 June 2025

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

INCOME STATEMENT
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 222,974 197,472

Administrative expenses 219,907 191,734
OPERATING PROFIT 3,067 5,738

Interest receivable and similar income 4 92,440 73,473
Interest payable and similar expenses 5 (92,440 ) (73,473 )
PROFIT BEFORE TAXATION 3,067 5,738

Tax on profit 6 767 564
PROFIT FOR THE FINANCIAL YEAR 2,300 5,174

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investments 7 7,946,305 7,987,916

CURRENT ASSETS
Debtors 8 46,081 191,825
Cash at bank 25,573 26,124
71,654 217,949
CREDITORS
Amounts falling due within one year 9 88,009 228,666
NET CURRENT LIABILITIES (16,355 ) (10,717 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,929,950

7,977,199

CREDITORS
Amounts falling due after more than one
year

10

490,914

540,463
NET ASSETS 7,439,036 7,436,736

CAPITAL AND RESERVES
Called up share capital 12 2,465,976 2,465,976
Share premium account 13 3,948,813 3,948,813
Profit and loss account 13 1,024,247 1,021,947
SHAREHOLDERS' FUNDS 7,439,036 7,436,736

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





A N Duck - Director


LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2024

Called up Profit Share
share and loss premium Total
capital account account equity
£    £    £    £   
Balance at 1 January 2023 2,465,976 1,016,773 3,948,813 7,431,562

Changes in equity
Profit for the year - 5,174 - 5,174
Total comprehensive income - 5,174 - 5,174
Balance at 31 December 2023 2,465,976 1,021,947 3,948,813 7,436,736

Changes in equity
Profit for the year - 2,300 - 2,300
Total comprehensive income - 2,300 - 2,300
Balance at 31 December 2024 2,465,976 1,024,247 3,948,813 7,439,036

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Leisureplan Investments 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company is the parent undertaking of a small group and as such is not required by Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The financial statements are prepared in sterling, which is the functional currency of the Company.

Going concern
The financial statements have been prepared on a going concern basis because the Company and its subsidiary undertakings are continuing to operate in accordance with the financial model of the PFI contract. This indicates that the Company will continue as a going concern until the cessation of the contract on 31st August 2036.

On this basis and having considered the company's budget and cash flow forecasts, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements, and therefore adopt the going concern basis in preparing these accounts.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue comprises income recognised by the company in respect of management services provided in the year.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

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

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

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


LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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 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.

Interest payable
Interest payable is charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Interest receivable
Interest receivable is recognised in the Income Statement using the effective interest method.

3. AUDITORS' REMUNERATION

Fees payable to the Company's auditor for the audit of the company's annual financial statements totalled £1,200 (2023: £1,325).

Fees payable to the Company's auditor for non-audit services, relating to corporate tax compliance, totalled £507 (2023: £677).

4. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Interest receivable 92,440 73,473

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 92,440 73,473

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

6. 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 767 1,350
Over provision re prior period - (786 )

Tax on profit 767 564

UK corporation tax has been charged at 25% (2023 - 23.52%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

2024 2023
£    £   
Profit before tax 3,067 5,738
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.527%)

767

1,350

Effects of:
Adjustments to tax charge in respect of previous periods - (786 )
Total tax charge 767 564

7. FIXED ASSET INVESTMENTS

2024 2023
£    £   
Investments in subsidiary
companies 7,408,327 7,408,327
Subordinated debt 537,978 579,589
7,946,305 7,987,916

Additional information is as follows:
Investments
in
subsidiary
companies
£   
COST
At 1 January 2024
and 31 December 2024 7,408,327
NET BOOK VALUE
At 31 December 2024 7,408,327
At 31 December 2023 7,408,327

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

7. FIXED ASSET INVESTMENTS - continued

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Opening balance 579,589 579,589
Repayment (41,611 ) -
537,978 579,589

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

Leisureplan Projects Limited
Registered office: England & Wales
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (4,566,292 ) (4,180,489 )
Loss for the year (385,803 ) (393,413 )

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 34,957 184,830
VAT 11,124 6,995
46,081 191,825

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Subordinated loan (see note 11) 47,064 39,126
Amounts owed to group undertakings 22,691 172,563
Tax 2,116 2,902
Other creditors 14,457 12,736
Accruals and deferred income 1,681 1,339
88,009 228,666

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Subordinated loan (see note 11) 490,914 540,463

Amounts falling due in more than five years:

Repayable by instalments
Subordinated loan 232,368 325,519

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Subordinated loan 47,064 39,126

Amounts falling due between one and two years:
Subordinated loan 53,230 44,254

Amounts falling due between two and five years:
Subordinated loan 205,316 170,690

Amounts falling due in more than five years:

Repayable by instalments
Subordinated loan 232,368 325,519

The subordinated loan consists of £579,589 (2023: £579,589) unsecured loan notes which bear interest at 12.7% and will be repaid over a period of 27 years from 2006.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,232,988 Ordinary P shares £1 1,232,988 1,232,988
1,232,988 Ordinary H shares £1 1,232,988 1,232,988
2,465,976 2,465,976

Both classes of share rank pari passu in all respects.

13. RESERVES

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares is deducted from share premium.

Profit & loss account

Includes all current and prior period retained profits and losses.

14. RELATED PARTY DISCLOSURES

Leisureplan Investments Limited is exempt from disclosing details of transactions with its 100% wholly owned subsidiaries.

Other related party transactions
Interest payable on subordinated loan notes accrued during the year to the shareholders was £92,440 (2023: £73,473). The interest balance outstanding at 31 December 2024 was £22,691 (2023: £172,563).

LEISUREPLAN INVESTMENTS LIMITED (REGISTERED NUMBER: 05305444)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

15. ULTIMATE CONTROLLING PARTY

The company has one shareholder, being Equitix Leisure Limited (whose ultimate parent undertaking and controlling party is Equitix Fund I LP), which is registered in England and Wales.

The largest group in which the results of the company are consolidated is Equitix Fund I LP. These financial statements are available on request from 3rd Floor (South), 200 Aldersgate Street, London EC1 4HD.