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Registered number: 02865955










SALOP LEISURE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SALOP LEISURE LIMITED
 
 
COMPANY INFORMATION


Directors
A T Bywater 
D W Roberts 
M E Bebb 




Company secretary
M A Fras



Registered number
02865955



Registered office
Emstrey

Shrewsbury

Shropshire

SY5 6QS




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
SALOP LEISURE LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 7
Independent auditors' report
 
8 - 11
Statement of comprehensive income
 
12
Statement of financial position
 
13 - 14
Statement of changes in equity
 
15
Notes to the financial statements
 
16 - 35


 
SALOP LEISURE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
The Directors present the results of the Company for the year ended 31 December 2024.
The Directors are pleased with the results in what was another turbulent period due to increasing inflationary costs. We are mindful of the continuing uncertainty in the global and local political, economic and health environments. The leisure industry experienced a difficult trading period and despite this the Company continues to report steady profits and to display a strong balance sheet, increasing Net Current Assets to £8,489,810 and the Net Assets are in excess of £7 million. The Directors are grateful to their customers, trading partners, the applicable local Authorities, and to other stakeholders for their ongoing support.

Principal risks and uncertainties
 
The performance of the business and its exposure to risks and uncertainties is constantly monitored. The Directors are of the opinion that the principal risks facing the Company relate to the wider economic and health conditions, those conditions which influence demand and the ability to trade and continue to focus on customer satisfaction.
The Directors are mindful of health and safety regulatory compliance and all aspects of public liability are comprehensively covered by appropriate insurance.

Financial key performance indicators
 
The Company measures its financial performance and position by reference to key performance indicators. Financial performance is principally measured by reference to turnover and operating profit and the position of the Company by reference to net current assets and net assets. The Directors consider that the accounts provide an adequate analysis of the Company's performance in the year and its position at the year end in relation to these key performance indicators.

Other key performance indicators
 
The Company uses a suite of targeted non-financial key performance indicators to monitor and measure performance on a daily, weekly and monthly basis which covers the whole business operating spectrum reflecting the changing needs of the business.

Directors' statement of compliance with duty to promote the success of the Company
 
As the Board of Salop Leisure Ltd we have a legal responsibility under s172 of the Companies Act 2006 to act in a way we consider, in good faith, would be most likely to promote the Company's success for the benefit of its members as a whole, and to have regard to the long term effect of our decisions on the Company and its stakeholders. We continue to work closely with suppliers, trading partners and customers to ensure fairness and excellent customer satisfaction. This statement addresses the ways in which we as a board discharge this responsibility.
 
Page 1

 
SALOP LEISURE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Promoting the Company's success for its members 
Salop Leisure Holdings Ltd and its subsidiary companies started life as Salop Caravans in 1966. We moved from our original showroom at Meole Brace in Shrewsbury to a purpose built, brand new, state of the art caravan showroom at Emstrey, just outside Shrewsbury in 2006. In 1995, the Company expanded with the formation of Funnyflower Ltd which later changed its name to Bywater Leisure Parks Ltd and now owns and operates two caravan parks in Mid Wales.
We are proud of the ways in which, for over half a century, the Company has provided employment training and financial reward for its owners and employees.
Working with the top UK leisure manufacturers we are now the premier caravan, campervan, holiday home and motorhome dealer in the Midlands and Mid Wales.
Engagement with stakeholders
Our People
The Company is committed to being a responsible business. Our behaviour is aligned to the expectations of our people, clients, investors and society as a whole.
People are at the heart of our services, for our business to succeed we need to manage our people’s performance and develop and bring through talent while ensuring we operate as efficiently as possible.
Business Relationships 
Our strategy prioritises organic growth, driven by cross selling and up selling to existing customers and bringing new customers into the company. To achieve this, we need to develop and maintain strong customer relationships. We value all of our suppliers and have multi-year relationships with all our key suppliers.
We value all of our suppliers and have multi-year relationships with all our key suppliers.
Our Community 
The Company’s approach is to use our resources to create positive change for the people and communities with which we interact. Specific not for profit organisation / clubs including local charities benefit from the fund raising events organised throughout the year.


Future developments

The business continues to explore the possibility of developing further profit centres within the curtilage, however the ability to invest is significantly curtailed due to the Governments fiscal policies including the increased NI cost to the company.

Page 2

 
SALOP LEISURE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



................................................
D W Roberts
Director

Date: 2 April 2025

Page 3

 
SALOP LEISURE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £581,096 (2023 - £625,598).

Dividends of £nil were paid during the year (2023: £Nil).

Page 4

 
SALOP LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Directors

The Directors who served during the year were:

A T Bywater 
D W Roberts 
M E Bebb 

Future developments

An indication of the likely future developments in the Company's business is provided in the Strategic Report.

Financial instruments

Financial risk management
The Company's operations expose it to a variety of financial risks that include credit risk, liquidity risk and interest rate risk. The Company has in place a risk management program that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Credit risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. 
Liquidity risk
The Company actively maintains a mixture of long term and short term debt finance that is designed to ensure that it has sufficient available funds for operations and any planned expansions.
Interest rate cash flow risk 
The Company has interest bearing liabilities in the form of bank and financing facilities. Interest cash flows are monitored on a regular basis and interest rates are agreed at fixed rates where possible to ensure certainty of future cash flows.

Page 5

 
SALOP LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Greenhouse gas emissions, energy consumption and energy efficiency action

UK Greenhouse gas emissions and energy use data reported for the Salop Leisure Holdings Group for the period 1 January 2024 to 31 December 2024:

ole6d04.png

Quantification and reporting methodology
We have followed the March 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratios are total gross emissions in metric tonnes C02e per £m of sales revenue and is total gross emissions in metric tonnes C02e per employee, the recommended ratios for the Company.
 
Page 6

 
SALOP LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Measures taken to improve energy efficiency
We have installed CHP boilers, Solar PV panels, LED Lighting, Air Source Heat Pumps, water boreholes, and increased video conferencing technology for staff meetings, to reduce the need for travel between sites. Included within any building project undertaken is the planting of a number of trees to help offset our emissions. When company cars are replaced, we are replacing with hybrid models and have installed charging points for our staff and installed further points for customers.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
D W Roberts
Director

Date: 2 April 2025

Page 7

 
SALOP LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF SALOP LEISURE LIMITED
 

Opinion


We have audited the financial statements of Salop Leisure Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 8

 
SALOP LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF SALOP LEISURE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 is 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.


Page 9

 
SALOP LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF SALOP LEISURE LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 10

 
SALOP LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF SALOP LEISURE LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
9 April 2025
Page 11

 
SALOP LEISURE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
46,377,002
51,926,605

Cost of sales
  
(36,737,145)
(42,285,538)

Gross profit
  
9,639,857
9,641,067

Distribution costs
  
(6,439,974)
(6,390,336)

Administrative expenses
  
(2,603,112)
(2,606,128)

Other operating income
 5 
317,338
270,273

Operating profit
 6 
914,109
914,876

Interest receivable and similar income
 9 
-
16,216

Interest payable and similar expenses
 10 
(131,626)
(62,719)

Profit before tax
  
782,483
868,373

Tax on profit
 11 
(201,387)
(242,775)

Profit for the financial year
  
581,096
625,598

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 35 form part of these financial statements.

Page 12

 
SALOP LEISURE LIMITED
REGISTERED NUMBER: 02865955

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,109,457
2,150,343

Investments
 13 
1
1

  
2,109,458
2,150,344

Current assets
  

Stocks
 14 
16,101,176
19,046,138

Debtors: amounts falling due within one year
 15 
6,306,185
10,573,611

Cash at bank and in hand
 16 
1,580,858
10,633

  
23,988,219
29,630,382

Creditors: amounts falling due within one year
 17 
(15,499,209)
(22,177,342)

Net current assets
  
 
 
8,489,010
 
 
7,453,040

Total assets less current liabilities
  
10,598,468
9,603,384

Creditors: amounts falling due after more than one year
 18 
(1,705,631)
(1,354,228)

Provisions for liabilities
  

Deferred tax
 21 
(460,332)
(466,494)

Other provisions
 22 
(1,195,876)
(1,127,129)

  
 
 
(1,656,208)
 
 
(1,593,623)

Net assets
  
7,236,629
6,655,533

Page 13

 
SALOP LEISURE LIMITED
REGISTERED NUMBER: 02865955
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
1,180
1,180

Share premium account
 24 
670,016
670,016

Other reserves
 24 
165
165

Profit and loss account
 24 
6,565,268
5,984,172

  
7,236,629
6,655,533


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D W Roberts
Director

Date: 2 April 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 14

 
SALOP LEISURE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
1,180
670,016
165
5,358,574
6,029,935


Comprehensive income for the year

Profit for the year
-
-
-
625,598
625,598
Total comprehensive income for the year
-
-
-
625,598
625,598


At 1 January 2024
1,180
670,016
165
5,984,172
6,655,533


Comprehensive income for the year

Profit for the year
-
-
-
581,096
581,096
Total comprehensive income for the year
-
-
-
581,096
581,096


At 31 December 2024
1,180
670,016
165
6,565,268
7,236,629


The notes on pages 16 to 35 form part of these financial statements.

Page 15

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Salop Leisure Limited (02865955) is a private company, limited by shares, incorporated in England and Wales, domiciled in the UK and has its registered office and principal place of business at Emstrey, Shrewsbury, Shropshire, SY5 6QS. 
The principal activity of the Company is that of the sale of holiday homes and equipment, and associated leisure activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Salop Leisure Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House or the parent company's registered office which is located at Emstrey, Shrewsbury, Shropshire, SY5 6QS.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 16

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current facilities.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. 

 
2.5

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 17

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 18

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.12

Tangible fixed assets

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:

Plant and machinery
-
6.67% - 33%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods 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 profit or loss.

Page 19

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

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.

 
2.16

Cash and cash equivalents

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.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. 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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 20

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Page 21

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 22

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the relates actual results. In the opinion of the Directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Stock impairment provision
The Company provides a provision for slow moving and obsolete stock, which is calculated as a fixed percentage of stock that has not moved in the previous 9 months. The percentage applied varies depending on the class of unit, but is consistent for each individual unit in that class. The total provision for slow moving and obsolete stock at the balance sheet date is £1,203,097 (2023: £2,026,663).
Warranty provision
The Company provides a provision on estimated costs due on products sold during the period or in a prior financial year where the product is still under warranty. For these products, the Company has either entered into an uninsured warranty contract leading to a legal obligation or has a constructive obligation in relation to the warranty on these products. The provision is based on the number of warranted units sold. The total provision at balance sheet date is disclosed in note 22 of these accounts. 
Dilapidation provision
The Company provides a provision for costs to restore sites leased by the Company for which the lease agreements contain a legal obligation to restore the locations to their original state at the end of the lease period. The total provision at balance sheet date is disclosed in note 22 of these accounts. 

Page 23

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the Company's principal activity.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Legal claim income
136,398
-

Fees receivable
180,940
270,273

317,338
270,273



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Profit on sale of fixed assets
(166,507)
(43,025)

Other operating lease rentals
70,879
114,649


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
17,500
17,100

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 24

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,330,734
4,300,277

Social security costs
393,508
404,023

Cost of defined contribution scheme
100,743
108,842

4,824,985
4,813,142


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Distribution
162
177



Administration
19
21

181
198

Key management remuneration
Key management includes the senior management. The remuneration paid or payable to key management for employee services for the year was £667,633 (2023: £666,178).

Page 25

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
-
16,216

-
16,216


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
131,626
62,719

131,626
62,719


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
207,549
259,964


207,549
259,964


Total current tax
207,549
259,964

Deferred tax


Origination and reversal of timing differences
(6,162)
(17,189)

Total deferred tax
(6,162)
(17,189)


Tax on profit
201,387
242,775
Page 26

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
782,483
868,373


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
195,621
204,068

Effects of:


Expenses not deductible for tax purposes
8,392
17,934

Other timing differences leading to an increase (decrease) in taxation
(2,626)
28,534

Book profit on chargeable assets
-
(10,111)

Changes in provisions leading to an increase (decrease) in the tax charge
-
2,350

Total tax charge for the year
201,387
242,775


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2024
3,733,222
1,146,741
4,879,963


Additions
452,850
-
452,850


Disposals
(155,480)
(21,221)
(176,701)



At 31 December 2024

4,030,592
1,125,520
5,156,112



Depreciation


At 1 January 2024
2,027,894
701,726
2,729,620


Charge for the year on owned assets
293,998
196,763
490,761


Disposals
(148,700)
(25,026)
(173,726)



At 31 December 2024

2,173,192
873,463
3,046,655



Net book value



At 31 December 2024
1,857,400
252,057
2,109,457



At 31 December 2023
1,705,328
445,015
2,150,343

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
239,081
300,348

239,081
300,348

Page 28

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1



At 31 December 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Salop Caravans Limited (Dormant)
Salop Leisure Limited, Emstrey, Shrewsbury, Shropshire, SY5 6QS
Ordinary
100%


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
16,101,176
19,046,138

16,101,176
19,046,138


An impairment credit of £823,566 (2023: charge of £1,118,661) was recognised in cost of sales against stock during the period due to slow-moving and obsolete stock. 
 

Page 29

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

2024
2023
£
£


Trade debtors
5,653,686
9,985,766

Other debtors
212,957
73,133

Prepayments and accrued income
413,589
431,210

Tax recoverable
25,953
83,502

6,306,185
10,573,611



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,580,858
10,633

Less: bank overdrafts
-
(444,309)

1,580,858
(433,676)



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
444,309

Bank loans
213,470
200,000

Trade creditors
13,706,938
20,133,745

Obligations under finance lease and hire purchase contracts
126,285
56,418

Other creditors
116,712
16,660

Accruals and deferred income
1,335,804
1,326,210

15,499,209
22,177,342


Included within trade creditors are amounts totaling £10,487,149 (2023: £15,916,137) which are secured on the specific stock assets to which they relate.

Page 30

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
192,228
401,946

Net obligations under finance leases and hire purchase contracts
275,263
190,202

Amounts owed to group undertakings
1,238,140
762,080

1,705,631
1,354,228



19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
213,470
200,000


213,470
200,000

Amounts falling due 1-2 years

Bank loans
192,228
200,000


192,228
200,000

Amounts falling due 2-5 years

Bank loans
-
201,946


-
201,946


405,698
601,946


Page 31

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
126,285
56,418

Between 1-5 years
275,263
190,202

401,548
246,620

Obligations under hire purchase agreements were secured against the assets to which they relate.


21.


Deferred taxation




2024


£






At beginning of year
(466,494)


Charged to profit or loss
6,162



At end of year
(460,332)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
460,332
466,494

460,332
466,494

Page 32

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Provisions




Warranty provision
Dilapidation provision
Total

£
£
£





At 1 January 2024
450,629
676,500
1,127,129


Charged to profit or loss
413,708
-
413,708


Utilised in year
(344,961)
-
(344,961)



At 31 December 2024
519,376
676,500
1,195,876

Warranty provision
The provision relates to estimated costs due on products sold during the period or in a prior financial year where the product is still under warranty. For these products, the Company has either entered into an uninsured warranty contract leading to a legal obligation or has a constructive obligation in relation to the warranty on these products. The provision is based on the number of warranted units sold.
Dilapidation provision
The provision relates to the estimated dilapidation costs relating to sites leased by the Company for which the lease agreements contain a legal obligation to restore the locations to their original state at the end of the lease period.


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



113,500 (2023 - 113,500) Ordinary 'A' shares of £0.01 each
1,135
1,135
4,500 (2023 - 4,500) Ordinary 'B' share shares of £0.01 each
45
45

1,180

1,180


Page 33

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Reserves

Share premium account

The share premium account represents the amount by which shares have been issued in excess of their nominal value. 

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.


25.


Contingent liabilities

A contingent liability exists with the parent Company, Salop Leisure Holdings Limited whereby there is a unlimited inter company composite guarantee between Salop Leisure Holdings Limited, Salop Leisure Limited and Bywater Leisure Parks Limited.
The bank have secured the following security:
- A debenture charge over all fixed assets held by Salop Leisure Limited
- A Corporate Standard Guarantee by and between Salop Leisure Limited & the Secretary of State    for Business, Energy & Industry


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £100,743 (2023: £108,842).
There were amounts outstanding at the end of the period of £10,000 (2023: £10,000).


27.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.

Page 34

 
SALOP LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Related party transactions

As the Company is a wholly owned subsidiary of Salop Leisure Holdings Limited, the Company has taken advantage of the exemption contained in FRS102 and has therefore not disclosed transactions or balances with entities which form part of the group. The group consolidated financial statements of Salop Leisure Holdings Limited, the ultimate parent company, can be obtained from Companies House.
During the period the Company has traded with Salop Caravans (Sites) Limited, a Company which has common Directors, including sales in the period of £2,376,833 (2023: £3,368,327) and purchases of £116,923 (2023: £534,156). At the end of the period there was a creditor outstanding of £nil (2023: £nil).
During the period the Company has traded with Love 2 Build (Shrewsbury) Limited, a Company which has common Directors, including sales in the period of £7,227 (2023: £77,873). At the end of the period there was a creditor outstanding of £nil (2023: £nil).
During the year the Company has made sales to the Directors totaling £14,872 (2023: £37,309).


29.


Controlling party

The immediate and ultimate parent undertaking is Salop Leisure Holdings Limited, a company incorporated and registered in England and Wales with its registered office located at Emstrey, Shrewsbury, Shropshire, SY5 6QS. 
The Company is under the control of A T Bywater (Director), M E Bebb (Director) and D W Roberts (Director) by virtue of their interests in the controlling shares of Salop Leisure Holdings Limited.

 
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