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REGISTERED NUMBER: 04196763 (England and Wales)


















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BOXWOOD LEISURE LIMITED

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)






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

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


BOXWOOD LEISURE 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: 04196763 (England and Wales)



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



BANKERS: Barclays Bank PLC
1 Churchill Place
London
E14 5HP

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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.

REVIEW OF BUSINESS
The profit for the year, after taxation, amounted to £1,016,108 (2023: £1,050,030).

The directors do not recommend payment of a dividend (2023: £Nil).

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 December 2035.

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 the accounts.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company has provided qualifying third party indemnity provisions in respect of the board of directors which were 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.

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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
BOXWOOD LEISURE LIMITED

Opinion
We have audited the financial statements of Boxwood Leisure Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, 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
BOXWOOD LEISURE 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
BOXWOOD LEISURE 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.

The audit engagement team identified the risk of management override of controls and the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed include, but were not limited to, testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant unusual transactions entered into outside the normal course of business.

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
BOXWOOD LEISURE 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

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

INCOME STATEMENT
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 4,808,120 4,679,138

Administrative expenses 2,613,584 2,330,504
OPERATING PROFIT 4 2,194,536 2,348,634

Interest receivable and similar income 6 496,614 522,025
Interest payable and similar expenses 7 (1,390,903 ) (1,482,750 )
PROFIT BEFORE TAXATION 1,300,247 1,387,909

Tax on profit 8 284,139 337,879
PROFIT FOR THE FINANCIAL YEAR 1,016,108 1,050,030

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,016,108 1,050,030


OTHER COMPREHENSIVE INCOME
Change in fair value of cash flow hedge 911,623 (360,495 )
Income tax relating to other comprehensive
income

(227,905

)

90,124
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

683,718

(270,371

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,699,826

779,659

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 15,070,915 16,240,151
Investments 10 3,545,024 3,545,024
18,615,939 19,785,175

CURRENT ASSETS
Debtors 11 8,544,438 8,044,476
Cash at bank 1,837,200 2,190,313
10,381,638 10,234,789
CREDITORS
Amounts falling due within one year 12 3,196,007 3,436,389
NET CURRENT ASSETS 7,185,631 6,798,400
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,801,570

26,583,575

CREDITORS
Amounts falling due after more than one
year

13

(22,385,347

)

(24,905,484

)

PROVISIONS FOR LIABILITIES 16 (38,306 ) -
NET ASSETS 3,377,917 1,678,091

CAPITAL AND RESERVES
Called up share capital 17 701,000 701,000
Cash flow hedge reserve 18 (652,790 ) (1,336,508 )
Profit and loss account 18 3,329,707 2,313,599
SHAREHOLDERS' FUNDS 3,377,917 1,678,091

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


BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

Called up Profit Cash flow
share and loss hedge Total
capital account reserve equity
£    £    £    £   
Balance at 1 January 2023 701,000 1,263,569 (1,066,137 ) 898,432

Changes in equity
Total comprehensive income - 1,050,030 (270,371 ) 779,659
Balance at 31 December 2023 701,000 2,313,599 (1,336,508 ) 1,678,091

Changes in equity
Total comprehensive income - 1,016,108 683,718 1,699,826
Balance at 31 December 2024 701,000 3,329,707 (652,790 ) 3,377,917

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

1. STATUTORY INFORMATION

Boxwood Leisure 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
The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below, and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland for smaller entities and the Companies Act 2006.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

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 to operate until the cessation of the contract on 31st December 2035.

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 futures, 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 the 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. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

i. the amount of revenue can be measured reliably;
ii. it is probable that the Company will receive the consideration due under the contract;
iii. the stage of completion of the contract at the end of the contract can be measured reliably; and
iv. the costs incurred and the costs to complete the contract can be reliably measured


BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

2. ACCOUNTING POLICIES - continued

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

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:


Buildings- Straight line over the remaining project life
Equipment- Straight line over the remaining project life
Start up costs- Straight line over the remaining project life

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of the financial instruments.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into.

A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentially unfavourable conditions. In addition, contracts which result in the entity delivering a variable number of its own equity instruments are financial liabilities. Shares containing such obligations are classified as financial liabilities.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Dividends and distributions relating to equity instruments are debited directly to reserves.

Financial instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial instruments that constitute a financing transaction are measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Finance costs are charged to the profit and loss over the term of the debt using the effective interest rate 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for the objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company holds derivative financial instruments in the form of interest rate swaps. Derivatives are initially recognised at fair value on the date derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss as appropriate, unless they are included in a hedging arrangement.

The company applies hedge accounting for transactions entered into to manage the risk variability in cash flows due to change in interest rates. Interest rate swaps are held to manage the exposure to variability in forecast interest payments on bank borrowings due to changes in LIBOR and are designated as cash flow hedges.

Changes in the fair values of derivatives designated cash flow hedges, and which are effective, are recognised directly in equity. Any ineffectiveness in the hedging relationship (being the excess of the cumulative change in fair value of the hedging instrument since inception of the hedge over the cumulative change in the fair value of the hedged item since inception of the hedge) is recognised in profit or loss.

The gain or loss recognised in other comprehensive income is reclassified to the profit and loss account when the hedge relationship ends. Hedge accounting is discontinued when the hedging instrument expires, no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised or the hedging instrument is terminated.


BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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.

Value of investments
Investments are measured at cost less accumulated impairment.

Finance costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using 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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account the relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. CRITICAL ACCOUNTING JUDGEMENTS & KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reflected in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

- Derivative financial instruments - the Company uses hedging instruments to reduce exposure to
interest rate movements. These instruments are remeasured to their fair value at each reporting date
with reference to third party valuations provided by the issuing party and relevant external information
in respect of the instrument. There is uncertainty in estimates of future interest rates, which can be
affected by global events. The full policy can be found within the financial instruments accounting
policy in note 2.

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 1,533,596 1,423,108

5. AUDITORS' REMUNERATION

Fees payable to the company's auditors for the audit of the company's annual financial statements totalled £4,635 (2023 - £4,288).

Fees payable to the company's auditor for corporate tax compliance services totalled £1,270 (2023 - £1,297).

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Bank interest receivable 71,211 96,622
Interest on preference shares 425,403 425,403
496,614 522,025

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,080,851 1,129,350
Other loan interest payable 39,883 39,883
Loans from group undertakings 270,169 313,517
1,390,903 1,482,750

8. 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 228,445 222,240
Adjustment re prior years - (41,568 )
Total current tax 228,445 180,672

Deferred tax 55,694 157,207
Tax on profit 284,139 337,879

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

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

8. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 1,300,247 1,387,909
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

325,062

326,436

Effects of:
Income not taxable for tax purposes (106,351 ) (100,055 )
Depreciation in excess of capital allowances 12,471 227,775
Utilisation of tax losses - (222,240 )
Capitalised expenditure allowable for tax - (9,676 )
Adjustment re prior year tax charge - (41,568 )
Deferred tax movement this year 59,608 147,077
Adjust tax charge in respect of previous periods - deferred tax - 10,130
Receipt for group relief (6,651 ) -
Total tax charge 284,139 337,879

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Change in fair value of cash flow hedge 911,623 (227,905 ) 683,718

2023
Gross Tax Net
£    £    £   
Change in fair value of cash flow hedge (360,495 ) 90,124 (270,371 )

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

9. TANGIBLE FIXED ASSETS
Start up
Buildings Equipment costs Totals
£    £    £    £   
COST
At 1 January 2024 32,402,471 2,374,795 2,416,410 37,193,676
Additions 138,815 225,545 - 364,360
At 31 December 2024 32,541,286 2,600,340 2,416,410 37,558,036
DEPRECIATION
At 1 January 2024 18,720,574 797,543 1,435,408 20,953,525
Charge for year 1,271,440 172,974 89,182 1,533,596
At 31 December 2024 19,992,014 970,517 1,524,590 22,487,121
NET BOOK VALUE
At 31 December 2024 12,549,272 1,629,823 891,820 15,070,915
At 31 December 2023 13,681,897 1,577,252 981,002 16,240,151

Finance costs are included in tangible fixed assets to the value of £746,950 (2023 - £812,857). Interest capitalised reflects the actual cost of borrowing to finance assets during the course of construction.

10. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Preference shares 3,545,024 3,545,024

As at 31st December 2024, the company owned £3,545,024 of 12% non-redeemable, cumulative preference shares in Leisureplan Project Finance Limited.

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 289,386 265,583
Amounts owed by group undertakings 7,781,442 7,019,149
Deferred tax asset - 245,294
Prepayments and accrued income 42,327 42,327
8,113,155 7,572,353

Amounts falling due after more than one year:
Prepayments and accrued income 431,283 472,123

Aggregate amounts 8,544,438 8,044,476

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 1,172,177 1,057,805
Subordinated loan (see note 14) 130,205 115,882
Trade creditors (11,998 ) 6,345
Amounts owed to group undertakings - 145,524
Tax 559,060 391,418
Social security and other taxes 193,471 211,431
Other creditors 211,307 196,127
Accruals and deferred income 941,785 1,311,857
3,196,007 3,436,389

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 15,858,423 17,030,600
Subordinated loan (see note 14) 1,717,744 1,732,067
Financial instruments 870,386 1,782,010
Accruals and deferred income 3,938,794 4,360,807
22,385,347 24,905,484

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 10,195,411 11,828,802
Subordinated loan 1,014,837 1,106,483
11,210,248 12,935,285

The bank loan is secured on the property and bears interest at a fixed rate of 5.88%. The bank loan will be repaid over a period to 2032.

The subordinated loan notes bear interest at 12% and are held by the company's parent company, Boxwood Holdings Limited.

Hedge accounting

The company applies hedge accounting to the interest rate swap held. The interest rate swap is held to manage the exposure to fluctuations in interest rates and is designated as a cash flow hedge.

The interest rate swap had a valuation at 31 December 2024 of £870,386 (2023: £1,782,010).
During 2024 a profit of £911,623 (2023: loss of £360,495) was recognised in other comprehensive income for changes in the fair value of the interest rate swap.

The fair value of the interest rate swap is based on a valuation based on the mark to market value and a pricing model and method of Sumitomo Mitsui Banking Corporation, with whom the swap is held.

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,172,177 1,057,805
Subordinated loan 130,205 115,882
1,302,382 1,173,687

Amounts falling due between one and two years:
Bank loans 1,256,446 1,172,177
Subordinated loan 146,299 130,205
1,402,745 1,302,382

Amounts falling due between two and five years:
Bank loans 4,406,566 4,029,621
Subordinated loan 556,608 495,379
4,963,174 4,525,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 10,195,411 11,828,802
Subordinated loan 1,014,837 1,106,483
11,210,248 12,935,285

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 17,030,600 18,088,405

16. PROVISIONS FOR LIABILITIES
2024
£   
Deferred tax
Accelerated capital allowances 1,793,325
Other timing differences (1,537,422 )
Deferred tax in respect of OCI (217,597 )
38,306

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 (245,294 )
Charge to Comprehensive Income 227,906
Charge to Profit & Loss 55,694
Balance at 31 December 2024 38,306

The deferred tax asset is made up as follows :


20232023
£   £   

Accelerated capital allowances(1,793,324)(1,793,324)
Short term timing differences217,596445,503
Losses and other deductions1,593,1161,593,116
17,388245,295

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
701,000 Ordinary shares £1 701,000 701,000

18. RESERVES
Profit Cash flow
and loss hedge
account reserve Totals
£    £    £   

At 1 January 2024 2,313,599 (1,336,508 ) 977,091
Profit for the year 1,016,108 - 1,016,108
Change in fair value of hedge - 911,624 911,624
Tax in respect of items of OCI - (227,906 ) (227,906 )
At 31 December 2024 3,329,707 (652,790 ) 2,676,917

Cash flow hedge reserve
Comprises the aggregate movements of the fair value of derivatives designated as cash flow hedges, which are effective, adjusted for deferred tax.

Profit and loss account
Includes all current and prior period profit and losses

19. RELATED PARTY DISCLOSURES

As a wholly owned subsidiary of Leisureplan Investments Limited, the company is exempt from the requirements to disclose details of transactions with other wholly owned subsidiaries of that company.

BOXWOOD LEISURE LIMITED (REGISTERED NUMBER: 04196763)

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

20. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Boxwood Holdings Limited which is owned by Leisureplan Investments Limited, both of which are incorporated in England and Wales.

Leisureplan Investments Limited has one shareholder, being Equitix Leisure Limited (who ultimate parent undertaking and controlling party is Equitix Fund I LP).

The largest group in which the results of the company is consolidated is Equitix Fund I LP. These financial statements are available upon request from 3rd Floor (South), Aldersgate Street, London EC1A 4HD.