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Registered number: 06146154










SALOP LEISURE HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SALOP LEISURE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
A T Bywater 
D W Roberts 
M E Bebb 




Company secretary
D W Roberts



Registered number
06146154



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 HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11 - 12
Company Statement of Financial Position
 
13 - 14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Notes to the Financial Statements
 
19 - 43


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

Business review
 
The Directors present the results of the Group 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 Group continues to report steady profits and to display a strong balance sheet, increasing Net Current Assets to £6,070,183 and the Net Assets are in excess of £23 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 Group 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 Group 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 Group by reference to net current assets and net assets. The Directors consider that the accounts provide an adequate analysis of the Group's performance in the year and its position at the year end in relation to these key performance indicators.

Other key performance indicators
 
The Group 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 Group
 
As the Board of Salop Leisure Holdings 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 Group'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 Group 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 HOLDINGS LIMITED
 

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

Promoting the Group'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 Group 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 Group 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.
Engaging with stakeholders 
Our People 
The Group 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 group. 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.
Our Community 
The Group’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 group.


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



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

Date: 2 April 2025

Page 2

 
SALOP LEISURE HOLDINGS 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 Group'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 £1,674,952 (2023 - £1,454,009).

A dividend of £400,000 (2023: £375,000) has been paid to the directors.

Directors

The Directors who served during the year were:

A T Bywater 
D W Roberts 
M E Bebb 

Page 3

 
SALOP LEISURE HOLDINGS 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 data use for the period 1 January 2024 to 31 December 2024:

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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 CO2e per £M Sales Revenue and is total gross emissions in metric tonnes CO2e per employee, the recommended ratios for the group.
 
Page 4

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

Measurements 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 and the Group'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 and the Group'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 5

 
SALOP LEISURE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALOP LEISURE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Salop Leisure Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
SALOP LEISURE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALOP LEISURE HOLDINGS 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group 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 the Group 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 and the Group 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 and Group'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 8

 
SALOP LEISURE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALOP LEISURE HOLDINGS 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 9

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

2024
2023
Note
£
£

  

Turnover
 4 
48,718,834
54,000,968

Cost of sales
  
(38,138,398)
(43,275,100)

Gross profit
  
10,580,436
10,725,868

Distribution costs
  
(4,268,914)
(4,205,180)

Administrative expenses
  
(4,538,759)
(4,761,890)

Other operating income
 5 
1,084,830
1,046,933

Operating profit
 6 
2,857,593
2,805,731

Interest receivable and similar income
 10 
5,454
16,216

Interest payable and similar expenses
 11 
(902,032)
(861,519)

Profit before taxation
  
1,961,015
1,960,428

Tax on profit
 12 
(286,063)
(506,419)

Profit for the financial year
  
1,674,952
1,454,009

  

  

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

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

The notes on pages 19 to 43 form part of these financial statements.

Page 10

 
SALOP LEISURE HOLDINGS LIMITED
REGISTERED NUMBER: 06146154

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
49,340
88,813

Tangible assets
 15 
31,625,843
31,698,876

  
31,675,183
31,787,689

Current assets
  

Stocks
 17 
16,761,121
20,069,434

Debtors: amounts falling due within one year
 18 
6,404,657
10,660,025

Cash at bank and in hand
 19 
1,596,857
13,054

  
24,762,635
30,742,513

Creditors: amounts falling due within one year
 20 
(18,692,452)
(27,824,943)

Net current assets
  
 
 
6,070,183
 
 
2,917,570

Total assets less current liabilities
  
37,745,366
34,705,259

Creditors: amounts falling due after more than one year
 21 
(9,827,020)
(7,993,732)

Provisions for liabilities
  

Deferred taxation
 24 
(3,964,570)
(4,101,450)

Other provisions
 25 
(519,376)
(450,629)

  
 
 
(4,483,946)
 
 
(4,552,079)

Net assets
  
23,434,400
22,159,448

Page 11

 
SALOP LEISURE HOLDINGS LIMITED
REGISTERED NUMBER: 06146154
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 26 
990
990

Revaluation reserve
 27 
3,903,072
3,903,072

Profit and loss account
 27 
19,530,338
18,255,386

  
23,434,400
22,159,448


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 19 to 43 form part of these financial statements.

Page 12

 
SALOP LEISURE HOLDINGS LIMITED
REGISTERED NUMBER: 06146154

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
20,572,475
20,576,090

Investments
 16 
10,144,230
10,144,230

  
30,716,705
30,720,320

Current assets
  

Debtors: amounts falling due after more than one year
 18 
1,238,140
762,080

Debtors: amounts falling due within one year
 18 
3,366
69,666

Cash at bank and in hand
 19 
14,141
-

  
1,255,647
831,746

Creditors: amounts falling due within one year
 20 
(2,768,627)
(5,428,285)

Net current liabilities
  
 
 
(1,512,980)
 
 
(4,596,539)

Total assets less current liabilities
  
29,203,725
26,123,781

  

Creditors: amounts falling due after more than one year
 21 
(9,359,529)
(7,401,584)

Provisions for liabilities
  

Deferred taxation
 24 
(1,975,954)
(2,115,507)

  
 
 
(1,975,954)
 
 
(2,115,507)

Net assets
  
17,868,242
16,606,690

Page 13

 
SALOP LEISURE HOLDINGS LIMITED
REGISTERED NUMBER: 06146154
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 26 
990
990

Revaluation reserve
 27 
2,303,989
2,303,989

Profit and loss account
 27 
15,563,263
14,301,711

  
17,868,242
16,606,690


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 19 to 43 form part of these financial statements.

Page 14

 
SALOP LEISURE HOLDINGS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
990
3,903,072
17,176,377
21,080,439


Comprehensive income for the year

Profit for the year
-
-
1,454,009
1,454,009
Total comprehensive income for the year
-
-
1,454,009
1,454,009


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(375,000)
(375,000)


Total transactions with owners
-
-
(375,000)
(375,000)



At 1 January 2024
990
3,903,072
18,255,386
22,159,448


Comprehensive income for the year

Profit for the year
-
-
1,674,952
1,674,952
Total comprehensive income for the year
-
-
1,674,952
1,674,952


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(400,000)
(400,000)


At 31 December 2024
990
3,903,072
19,530,338
23,434,400


The notes on pages 19 to 43 form part of these financial statements.

Page 15

 
SALOP LEISURE HOLDINGS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
990
2,303,989
13,452,432
15,757,411


Comprehensive income for the period

Profit for the year
-
-
1,224,279
1,224,279
Total comprehensive income for the year
-
-
1,224,279
1,224,279


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(375,000)
(375,000)


Total transactions with owners
-
-
(375,000)
(375,000)



At 1 January 2024
990
2,303,989
14,301,711
16,606,690


Comprehensive income for the year

Profit for the year
-
-
1,661,552
1,661,552
Total comprehensive income for the year
-
-
1,661,552
1,661,552


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(400,000)
(400,000)


At 31 December 2024
990
2,303,989
15,563,263
17,868,242


The notes on pages 19 to 43 form part of these financial statements.

Page 16

 
SALOP LEISURE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,674,952
1,454,009

Adjustments for:

Amortisation of intangible assets
39,473
39,473

Depreciation of tangible assets
649,924
773,440

Profit on disposal of tangible assets
(5,200)
(46,525)

Interest paid
902,032
861,519

Interest received
(5,454)
(16,216)

Taxation charge
286,063
506,419

Decrease/(increase) in stocks
3,308,313
(7,533,549)

Decrease/(increase) in debtors
4,320,974
(90,664)

(Decrease)/increase in creditors
(6,971,250)
4,927,882

Increase in provisions
68,747
16,004

Corporation tax (paid)
(233,340)
(820,289)

Net cash generated from operating activities

4,035,234
71,503


Cash flows from investing activities

Purchase of tangible fixed assets
(579,866)
(1,607,775)

Sale of tangible fixed assets
8,175
46,525

Interest received
5,454
16,216

Net cash from investing activities

(566,237)
(1,545,034)
Page 17

 
SALOP LEISURE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
900,000
750,000

Repayment of loans
(1,094,915)
(1,029,957)

Repayment of/new finance leases
154,928
246,620

Dividends paid
(400,000)
(375,000)

Interest paid
(902,032)
(861,519)

Net cash used in financing activities
(1,342,019)
(1,269,856)

Net increase/(decrease) in cash and cash equivalents
2,126,978
(2,743,387)

Cash and cash equivalents at beginning of year
(602,593)
2,140,794

Cash and cash equivalents at the end of year
1,524,385
(602,593)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,596,857
13,054

Bank overdrafts
(72,472)
(615,647)

1,524,385
(602,593)


The notes on pages 19 to 43 form part of these financial statements.

Page 18

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

1.


General information

Salop Leisure Holdings Limited (06146154) 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 Group is that of the sales of holiday homes and equipment. 

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.

 
2.3

Going concern

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

Page 19

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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.

 
2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Group 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.

Page 20

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

2.Accounting policies (continued)

 
2.7

Leased assets: the Group as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

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

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 21

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

2.Accounting policies (continued)

 
2.12

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 22

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

2.Accounting policies (continued)

 
2.14

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:

Freehold land and buildings
-
Not depreciated
Plant and machinery
-
25% - 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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.16

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.

Page 23

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

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

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.

 
2.20

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 24

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

2.Accounting policies (continued)

 
2.21

Financial instruments

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

The Group 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 Group's Statement of Financial Position when the Group 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 Group'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 25

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

2.Accounting policies (continued)


2.21
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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 26

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

2.Accounting policies (continued)


2.21
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.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


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 Group 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 value of assets and liabilities within the next financial year.
Stock impairment provision
The Group 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 class on the 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 Group provides a provision for estimated warranty costs on products sold during the period or in a prior financial year where the product is still under warranty. For these products, the Group has either entered into an uninsured warranty contract leading to a legal obligation or has a constructive obligation in relation to the warranty of these products. The provision is based on the number of warranted units sold and the estimated costs based on past experience. The total provision at balance sheet date is disclosed in note 25 of these accounts.

Page 27

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

4.


Turnover

The whole of the turnover is attributable to the Group's principal activity of the running of leisure parks and the sale of holiday homes and related equipment.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Service charges receivable
767,492
776,660

Insurance claims receivable
136,398
-

Fees receivable
180,940
270,273

1,084,830
1,046,933



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
70,879
114,649

(Profit) on sale of tangible assets
(171,707)
(46,525)


7.


Auditors' remuneration

During the year, the Group 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 consolidated and parent Company's financial statements
29,900
29,200

Fees payable to the Company's auditors and their associates in connection with the Group's pension scheme(s) in respect of:

All non-audit services not included above
7,400
7,300

Page 28

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

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
5,321,554
5,315,988
509,910
514,126

Social security costs
484,485
516,388
90,977
112,365

Cost of defined contribution scheme
110,474
124,842
9,731
16,000

5,916,513
5,957,218
610,618
642,491


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Distribution
187
206
-
-



Administration
23
24
3
3

210
230
3
3

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

Page 29

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
509,910
514,126

Group contributions to defined contribution pension schemes
9,731
16,000

519,641
530,126


During the year retirement benefits were accruing to 1 Director (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £242,930 (2023 - £243,500).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £9,731 (2023 - £6,000).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
5,454
16,216

5,454
16,216


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
708,570
565,973

Other loan interest payable
193,462
295,546

902,032
861,519

Page 30

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

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
422,943
423,466


422,943
423,466


Total current tax
422,943
423,466

Deferred tax


Origination and reversal of timing differences
(136,880)
82,953

Total deferred tax
(136,880)
82,953


Tax on profit
286,063
506,419

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
1,961,015
1,960,428


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
490,254
460,701

Effects of:


Non-tax deductible amortisation of goodwill and impairment
9,868
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,101
17,934

Short term timing difference leading to an increase (decrease) in taxation
(185,234)
40,269

Book profit on chargeable assets
(42,926)
(14,835)

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

Total tax charge for the year
286,063
506,419

Page 31

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

13.


Dividends

2024
2023
£
£


Amounts paid on ordinary share capital
400,000
375,000

400,000
375,000


14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2024
394,729



At 31 December 2024

394,729



Amortisation


At 1 January 2024
305,916


Charge for the year on owned assets
39,473



At 31 December 2024

345,389



Net book value



At 31 December 2024
49,340



At 31 December 2023
88,813



Page 32

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

15.


Tangible fixed assets

Group






Freehold land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2024
29,315,766
5,251,110
1,240,210
35,807,086


Additions
11,235
568,631
-
579,866


Disposals
-
(164,108)
(21,221)
(185,329)



At 31 December 2024

29,327,001
5,655,633
1,218,989
36,201,623



Depreciation


At 1 January 2024
-
3,334,535
773,675
4,108,210


Charge for the year on owned assets
-
438,619
211,305
649,924


Disposals
-
(157,328)
(25,026)
(182,354)



At 31 December 2024

-
3,615,826
959,954
4,575,780



Net book value



At 31 December 2024
29,327,001
2,039,807
259,035
31,625,843



At 31 December 2023
29,315,766
1,916,575
466,535
31,698,876

Page 33

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

           15.Tangible fixed assets (continued)

Freehold land and buildings are held at valuation and were valued on 25 April 2023 by Savills (UK) Limited, an independent firm of chartered surveyors, on an open market basis.
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
ole74d4.png
 

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 34

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

           15.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Total

£
£
£

Cost or valuation


At 1 January 2024
20,490,766
1,064,158
21,554,924


Additions
11,235
38,054
49,289



At 31 December 2024

20,502,001
1,102,212
21,604,213



Depreciation


At 1 January 2024
-
978,834
978,834


Charge for the year on owned assets
-
52,904
52,904



At 31 December 2024

-
1,031,738
1,031,738



Net book value



At 31 December 2024
20,502,001
70,474
20,572,475



At 31 December 2023
20,490,766
85,324
20,576,090

Freehold land and buildings are held at valuation and were valued on 25 April 2023 by Savills (UK) Limited, an independent firm of chartered surveyors, on an open market basis.
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
ole3932.png






Page 35

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

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
10,144,230



At 31 December 2024
10,144,230





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Salop Leisure Limited
Emstrey, Shrewsbury, Shropshire, SY5 6QS
-
Ordinary
-
100%
-
Bywater Leisure Park Limited
Emstrey, Shrewsbury, Shropshire, SY5 6QS
-
Ordinary
-
100%
-


17.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
16,761,121
20,069,434

16,761,121
20,069,434


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

Page 36

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

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Amounts owed by group undertakings
-
-
1,238,140
762,080

-
-
1,238,140
762,080


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
5,658,235
9,995,395
3,366
6,309

Other debtors
259,199
193,593
-
63,357

Prepayments and accrued income
461,270
471,037
-
-

Tax recoverable
25,953
-
-
-

6,404,657
10,660,025
3,366
69,666



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,596,857
13,054
14,141
-

Less: bank overdrafts
(72,472)
(615,647)
-
(563)

1,524,385
(602,593)
14,141
(563)


Page 37

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

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
72,472
615,647
-
563

Bank loans
2,012,137
4,348,667
1,798,667
4,148,667

Payments received on account
231,767
281,538
-
-

Trade creditors
13,812,980
20,243,767
900
3,202

Amounts owed to group undertakings
-
-
-
414,753

Corporation tax
255,209
-
246,793
61,071

Other taxation and social security
35,985
-
35,985
-

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

Other creditors
116,712
12,379
-
2,351

Accruals and deferred income
2,028,905
2,266,527
686,282
797,678

18,692,452
27,824,943
2,768,627
5,428,285


Page 38

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

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
6,941,567
4,799,952
6,749,339
4,398,006

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

Other creditors
2,610,190
3,003,578
2,610,190
3,003,578

9,827,020
7,993,732
9,359,529
7,401,584




22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
2,012,137
4,348,667
1,798,667
4,148,667


2,012,137
4,348,667
1,798,667
4,148,667

Amounts falling due 1-2 years

Bank loans
1,090,894
765,332
898,666
565,332


1,090,894
765,332
898,666
565,332

Amounts falling due 2-5 years

Bank loans
5,850,673
4,034,620
5,850,673
3,832,674


5,850,673
4,034,620
5,850,673
3,832,674


8,953,704
9,148,619
8,548,006
8,546,673


Page 39

 
SALOP LEISURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
22.Loans (continued)

The loans detailed below are secured against all the land and buildings owned by the Group. 
Obligations under finance leases and hire purchase agreements are secured on the assets to which they
relate. 
The Group bank loan is repayable over a period of 15 years at a rate of 1.7% and 1.4% over LIBOR. 
During 2020 the Group took out an additional bank loan of £1,000,000. After the initial 12 month period, the loan incurred interest at a rate of 2.75% above base rate and the principal of the loan falls due for repayment in 60 equal instalments. The Company has the option to settle the loan at any time without additional charge.
During 2022 the Group received an additional loan of £900,000. Interest is charged at 2.1% over the base rate and repayments are made quarterly, with the loan to be repaid in full in June 2027.
During 2023 the Group received a new loan of £750,000. Interest is charged at 2.1% over the base rate and repayments are made quarterly, with the loan to be repaid in full in June 2026.
During 2024 the Group received a new loan of £900,000. Interest is charged at 2.1% over the base rate and repayments are made quarterly, with the loan to be repaid in full in December 2025..
The bank loans and overdraft are secured over the following:
- A legal charge over showroom premises at Emstrey, Shrewsbury, Shropshire on the bank's    standard form;
- A legal charge over land on the South East Side of Atcham at Emstrey, Shrewsbury, Shropshire    on the bank's standard form;
- A legal charge over The Elms at Emstrey, Shrewsbury, Shropshire on the bank's standard form;
- A legal charge over Unit 3 Trewain Enterprise Park, Machynlleth, Powys on the bank's standard    form;
- A legal charge over the land Trewain Enterprise Park, Machynlleth, Powys on the bank's standard  form; and
- An unlimited inter company composite guarantee between Salop Leisure Holdings Limited, Salop   Leisure Limited and Bywater Leisure Parks Limited.

Page 40

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

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
126,285
56,418

Between 1-5 years
275,263
190,202

401,548
246,620


24.


Deferred taxation


Group



2024


£






At beginning of period
(4,101,450)


Charged to the profit or loss
136,880



At end of period
(3,964,570)

Company


2024


£






At beginning of period
(2,115,507)


Charged to the profit or loss
139,553



At end of period
(1,975,954)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(1,353,166)
(1,490,046)
(698,159)
(834,989)

On revalued properties
(2,611,404)
(2,611,404)
(1,277,795)
(1,280,518)

(3,964,570)
(4,101,450)
(1,975,954)
(2,115,507)

Page 41

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

25.


Provisions


Group



Warranty provision

£





At 1 January 2024
450,629


Charged to profit or loss
413,708


Utilised in year
(344,961)



At 31 December 2024
519,376


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



990 (2023 - 990) Ordinary shares of £1.00 each
990
990



27.


Reserves

Revaluation reserve

The revaluation reserve represents movements in the valuation of the Group's properties in excess of historic cost net of any deferred tax arising.

Profit and loss account

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

Page 42

 
SALOP LEISURE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
28.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

13,054

1,583,803

1,596,857

Bank overdrafts

(615,647)

543,175

(72,472)

Debt due after 1 year

(4,799,952)

4,607,724

(192,228)

Debt due within 1 year

(4,348,667)

(4,412,809)

(8,761,476)

Finance leases

(246,620)

(154,928)

(401,548)


(9,997,832)
2,166,965
(7,830,867)


29.


Pension commitments

The Group operates a number of defined contribution pension schemes. The assets are held separately from those of the Group in independently administered funds. The pension costs charge represents contributions payable to the funds and amounted to £110,474 (2023: £139,163). There were amounts outstanding at the end of the period of  £10,000 (2023: £10,000).


30.


Related party transactions

The Group in the year made the following related party transactions:
Salop Caravans (Sites) Limited, a Company which has common Directors, included 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).
Love 2 Build (Shrewsbury) Limited, a Company which has common Directors, included 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 Group has made sales to the Directors totalling £14,872 (2023: £37,309).
Included within other creditors are the Directors' loan accounts totalling £2,210,190 (2023: £3,003,578) owed to the Directors. Interest has been accrued on the balances at a rate of 9%. The Directors' loan accounts are unsecured.
The Company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.
 

31.


Controlling party

The Group is controlled by the Directors by virtue of their respective shareholdings.

 
Page 43