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3T's Leisure Limited

Annual Report and Financial Statements
Year Ended 31 October 2024

Registration number: 03311570

 

3T's Leisure Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14 to 28

 

3T's Leisure Limited

Company Information

Directors

Mr D B Milsom

Mr A R Lerwill

Mr M J Taylor

Company secretary

Mr J Taylor

Registered office

The South West Caravan Centre
The Airfield
Winkleigh
Devon
EX19 8DW

Auditors

PKF Francis Clark
Statutory Auditor
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

 

3T's Leisure Limited

Strategic Report for the Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

Principal activity

The principal activity of the company is that of retailing and refurbishing caravans and operating caravan parks.

Fair review of the business

As we reflect on the past year, it’s clear that 2024 presented a mix of challenges and opportunities for our business. Despite economic headwinds, shifting consumer trends, and external pressures, we have navigated through these complexities with resilience and adaptability.

Interest rates remained high for most of the year, leading to a slowdown in both retail and hire fleet sales. A wetter-than-average winter also impacted momentum, with many holiday parks reporting a 15-25% decline in customers, partly due to the increased demand for foreign travel.

Compounding these challenges, the announcement of a general election created uncertainty, slowing the demand for holiday homes and leading to an overproduction from caravan manufacturers. Additionally, global economic difficulties, increased National Insurance Contributions (NIC), and a rise in the national minimum wage placed added strain on operational costs, impacting both our business and suppliers. As a result, retail prices could be subject to further increases, though only time will tell how these shifts influence consumer purchasing behaviour.

The decline in the letting market, coupled with a strategic need to reduce overheads, led to a noticeable increase in caravan owners selling their units on holiday parks. This influx of stock made new caravan sales more competitive, driving higher industry stock levels. However, we are encouraged by the steady decline in stock levels over the past six months, with early signs of market stabilisation and potential growth.

Encouragingly, despite broader economic uncertainty, interest in retail holiday home purchases remains strong, particularly among our primary customer base (aged 55-75). This demographic, being less impacted by inflation and interest rate fluctuations, continues to show confidence in holiday home investments. Moreover, ongoing global uncertainties and extreme weather conditions have reaffirmed the UK as a reliable and attractive holiday destination.

The used caravan sales market remains highly competitive, driven largely by increased stock availability. Despite this, our sales figures have remained steady. Higher wage costs and increased material prices associated with refurbishments have raised overheads, but our ability to retain strong margins, comparable to pre-pandemic seasons, has been a key success.

Looking ahead, we anticipate similar sales numbers for the new season. While increased competition may lead to price adjustments, demand remains robust, particularly among our established customer base, who continue to prioritize value-driven purchases.

Advance bookings for the upcoming season are slightly up compared to the previous year. While household budgets remain tight, booking patterns suggest a positive outlook, with peak dates performing strongly. Pricing flexibility will continue to be a focal point, allowing us to remain competitive while ensuring sustainable profitability.

 

3T's Leisure Limited

Strategic Report for the Year Ended 31 October 2024

Our strategy for the caravan hire fleet remains selective. We are investing in upgrades at parks showing growth potential while reducing fleet units in other locations to boost retail sales. The demand for high-end holiday experiences remains high, particularly in the premium sector, apartments, bungalows, cottages, and lodges, which validates our ongoing investment in both existing properties and future acquisitions where viable.

Recruiting skilled staff continues to be a challenge across the industry. However, we firmly believe that investing time in hiring the right people and providing quality training is essential for sustained business growth. Attracting and retaining the best talent remains a top priority as we continue to expand our market share and maintain high service standards.

Despite the many obstacles faced over the past year, we are encouraged by the resilience of our business and the industry as a whole. While global uncertainties persist, we are optimistic that the UK’s economic turbulence is easing, allowing for a more stable and predictable trading environment.

The balance sheet remains strong, and the Directors consider that the results are encouraging considering what has been another challenging year whilst there are still conflicts around the world and with the UK’s economic turbulence. we are gradually settling back to pre-pandemic trading, and we remain confident that our balance sheet for this year will continue to be positive.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Sales

£m

25

32

Gross profit margin

%

20

19

Profit before tax

£m

1

2

Net profit margin

%

2

5

Principal risks and uncertainties

Below are the principal risks that could impact the groups business model and future performance.

The directors are aware that the principal risks to the company relate to the wider economic uncertainties and may influence the demand for products and holidays.

Multiple interest rate rises and inclement weather can play a substantial role in depressing the market and inefficient production in the manufacturing process could have an impact on our product supply.

Inefficient production in the manufacturing process could have an impact on our product supply. However, over production of the product in the industry can have an equally damaging effect, leading to discounting of the stock and a reduction of our margins.

Approved and authorised by the Board on 3 July 2025 and signed on its behalf by:
 

.........................................
Mr M J Taylor
Director

 

3T's Leisure Limited

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr D B Milsom

Mrs S P Taylor (ceased 15 May 2024)

Mr A R Lerwill

Mr M J Taylor

Financial risk management objectives and policies

The main risks facing the company are set out below:

Price risk, credit risk, liquidity risk and cash flow risk

The company considers the major financial risks of the business to be linked to liquidity, cash flow and cyclical changes in the economy. The company mitigates these risks by carefully managing cash, stock and debt levels through forecasting and budgeting. The company also maintains close contact with its bank keeping them informed of developments and changes within the business. The experience of management enables the company to respond to changes in the economy and to adapt the company's strategy accordingly.

Trustee holdings
A discretionary trust owns 80% of the Ordinary shares in the company. Mr P Collings is one of the three trustees of this trust and is also a Partner of PKF Francis Clark, the company's auditor. Mr P Collings is neither a beneficiary of the trust or a responsible individual for the purposes of Audit Regulation and has no involvement in the audit of the company's accounts.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 3 July 2025 and signed on its behalf by:
 

.........................................
Mr M J Taylor
Director

 

3T's Leisure Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

3T's Leisure Limited

Independent Auditor's Report to the Members of 3T's Leisure Limited

Opinion

We have audited the financial statements of 3T's Leisure Limited (the 'company') for the year ended 31 October 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 October 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

3T's Leisure Limited

Independent Auditor's Report to the Members of 3T's Leisure Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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.

 

3T's Leisure Limited

Independent Auditor's Report to the Members of 3T's Leisure Limited

Auditor’s 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 auditor’s 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:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company.

We identified the principal risks of non-compliance with laws and regulations as relating to the laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls, and determined that the principal risks were related to fraudulent financial reporting.

We discussed with management how the compliance with these laws and regulations is monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.

We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

3T's Leisure Limited

Independent Auditor's Report to the Members of 3T's Leisure Limited

Use of our report

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

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

3 July 2025

 

3T's Leisure Limited

Profit and Loss Account

Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

3

24,712,760

32,415,647

Cost of sales

 

(19,724,868)

(26,344,512)

Gross profit

 

4,987,892

6,071,135

Administrative expenses

 

(3,757,063)

(3,502,796)

Operating profit

4

1,230,829

2,568,339

Other interest receivable and similar income

8,211

-

Interest payable and similar expenses

8

(543,863)

(367,930)

   

(535,652)

(367,930)

Profit before tax

 

695,177

2,200,409

Tax on profit

9

(220,750)

(545,561)

Profit for the financial year

 

474,427

1,654,848

The above results were derived from continuing operations.

 

3T's Leisure Limited

Statement of Comprehensive Income

Year Ended 31 October 2024

2024
£

2023
£

Profit for the year

474,427

1,654,848

Deferred tax movement on revalued fixed assets

24,378

24,378

Total comprehensive income for the year

498,805

1,679,226

 

3T's Leisure Limited

Balance Sheet

31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

50,090

9,000

Tangible assets

11

20,014,048

18,749,591

 

20,064,138

18,758,591

Current assets

 

Stocks

12

10,902,891

14,894,973

Debtors

13

7,604,180

8,976,660

Cash at bank and in hand

 

103,866

110,400

 

18,610,937

23,982,033

Creditors: Amounts falling due within one year

15

(15,417,717)

(17,409,463)

Net current assets

 

3,193,220

6,572,570

Total assets less current liabilities

 

23,257,358

25,331,161

Creditors: Amounts falling due after more than one year

15

(2,062,138)

(4,405,229)

Provisions for liabilities

18

(1,244,709)

(1,273,576)

Net assets

 

19,950,511

19,652,356

Capital and reserves

 

Called up share capital

19

10,000

10,000

Revaluation reserve

4,450,470

4,523,604

Other reserves

1,419,449

1,419,449

Profit and loss account

14,070,592

13,699,303

Total equity

 

19,950,511

19,652,356

Approved and authorised by the Board on 3 July 2025 and signed on its behalf by:
 

.........................................
Mr M J Taylor
Director

Company Registration Number: 03311570

 

3T's Leisure Limited

Statement of Changes in Equity

Year Ended 31 October 2024

Share capital
£

Revaluation reserve
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 November 2023

10,000

4,523,604

1,419,449

13,699,303

19,652,356

Profit for the year

-

-

-

474,427

474,427

Other comprehensive income

-

24,378

-

-

24,378

Total comprehensive income

-

24,378

-

474,427

498,805

Dividends

-

-

-

(200,650)

(200,650)

Transfers

-

(97,512)

-

97,512

-

At 31 October 2024

10,000

4,450,470

1,419,449

14,070,592

19,950,511

Share capital
£

Revaluation reserve
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 November 2022

10,000

4,596,738

1,419,449

12,196,114

18,222,301

Profit for the year

-

-

-

1,654,848

1,654,848

Other comprehensive income

-

24,378

-

-

24,378

Total comprehensive income

-

24,378

-

1,654,848

1,679,226

Dividends

-

-

-

(249,171)

(249,171)

Transfers

-

(97,512)

-

97,512

-

At 31 October 2023

10,000

4,523,604

1,419,449

13,699,303

19,652,356

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The South West Caravan Centre
The Airfield
Winkleigh
Devon
EX19 8DW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

FRS 102 grants a qualifying entity exemptions from the full requirements of FRS 102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity.

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its ultimate parent company, SBL Parks & Leisure Holdings Limited, includes the company’s cash flows in its own consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and SBL Parks & Leisure Holdings Limited.

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Judgements

The company obtains periodic independent valuations of its freehold property and caravan fleet asset classes to ensure that carrying value in the financial statements does not differ materially from fair value. The directors have judged that based on the latest valuation obtained the fair value of freehold property and the caravan fleet considered individually does not differ materially from the carrying value of these assets at year end.

Key sources of estimation uncertainty

The directors estimate the recovery of all amounts included in trade debtors and provide for a bad debt provision. This estimate is subject to increased uncertainty due to the long credit terms offered to customers. As at the year end the company has estimated that the potential bad debt provision is immaterial to the accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Freehold land and buildings are stated in the balance sheet at valuation. An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Not depreciated

Freehold and long leasehold buildings

2% straight line

Fixtures and fittings

10% reducing balance

Motor vehicles

25% reducing balance

Caravan fleet

10 - 15% reducing balance

Plant and machinery

10% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

20% straight line

Software

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 
 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

22,098,470

29,610,028

Rendering of services

2,614,290

2,805,619

24,712,760

32,415,647

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

23,477,285

30,130,491

Europe

1,235,475

2,285,156

24,712,760

32,415,647

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

435,795

424,660

Amortisation expense

7,899

3,000

Operating lease expense - property

30,000

32,400

Operating lease expense - plant and machinery

2,403

996

Operating lease expense - other

73,854

65,271

Profit on disposal of property, plant and equipment

-

(68,856)

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,660,546

1,667,846

Social security costs

170,054

177,793

Pension costs, defined contribution scheme

33,287

26,501

1,863,887

1,872,140

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Production

25

33

Administration and support

37

23

62

56

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

219,630

307,687

Contributions paid to money purchase schemes

2,096

2,836

221,726

310,523

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

100,116

162,687

Company contributions to money purchase pension schemes

935

1,994

7

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

16,128

13,000


 

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

490,756

325,747

Finance charges

53,107

42,183

543,863

367,930

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

225,239

430,434

Deferred taxation

Arising from origination and reversal of timing differences

(4,489)

115,127

Tax expense in the income statement

220,750

545,561

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 22.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

695,177

2,200,409

Corporation tax at standard rate

173,794

495,484

Effect of expense not deductible in determining taxable profit (tax loss)

46,956

38,772

Deferred tax expense relating to changes in tax rates or laws

-

11,431

Decrease from effect of tax incentives

-

(126)

Total tax charge

220,750

545,561

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Differences between accumulated depreciation and capital allowances

437,487

Deferred tax on revalued property, plant and equipment

807,221

1,244,708

2023

Liability
£

Differences between accumulated depreciation and capital allowances

441,976

Deferred tax on revalued property, plant and equipment

831,600

1,273,576

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Tax relating to items recognised in other comprehensive income or equity

2024
£

2023
£

Deferred tax related to items recognised as items of other comprehensive income

(24,378)

(24,378)

10

Intangible assets

Website
 £

Cost

At 1 November 2023

15,000

Additions

48,989

At 31 October 2024

63,989

Amortisation

At 1 November 2023

6,000

Amortisation charge

7,899

At 31 October 2024

13,899

Carrying amount

At 31 October 2024

50,090

At 31 October 2023

9,000

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

11

Tangible assets

Land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Caravan fleet
 £

Total
£

Cost or valuation

At 1 November 2023

18,142,106

1,312,460

456,044

169,650

1,839,699

21,919,959

Additions

1,662,721

25,560

7,288

-

4,683

1,700,252

At 31 October 2024

19,804,827

1,338,020

463,332

169,650

1,844,382

23,620,211

Depreciation

At 1 November 2023

901,715

803,344

300,237

123,345

1,041,727

3,170,368

Charge for the year

239,477

53,468

16,310

11,576

114,964

435,795

At 31 October 2024

1,141,192

856,812

316,547

134,921

1,156,691

3,606,163

Carrying amount

At 31 October 2024

18,663,635

481,208

146,785

34,729

687,691

20,014,048

At 31 October 2023

17,240,391

509,116

155,807

46,305

797,972

18,749,591

Included within the net book value of land and buildings above is £18,663,634 (2023 - £17,240,390) in respect of freehold land and buildings and £1 (2023 - £1) in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings and Caravan fleet was revalued on 2 March 2023 by an independent valuer.

The valuation was performed based on market value of the assets. Based on this valuation the fair value of the assets was found not to be materially different from the carrying value in the financial statements. Owing to the age of the assets it has not been possible to identify the carrying amount under the historical cost model.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Caravan fleet

87,947

103,467

   

Restriction on title and pledged as security

All fixed assets of the company with a carrying amount of £20,014,048 (2023 - £18,749,591) has been pledged as security for the bank loans and overdraft.

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

12

Stocks

2024
£

2023
£

Work in progress

81,157

63,738

Finished goods and goods for resale

10,821,734

14,831,235

10,902,891

14,894,973

The carrying amount of stocks pledged as security for liabilities amounted to £10,902,891 (2023 - £14,894,973).

13

Debtors

Note

2024
£

2023
£

Trade debtors

 

6,477,425

7,375,614

Amounts due from group undertakings

22

500,000

500,000

Other debtors

 

489,387

1,009,310

Prepayments

 

109,634

91,736

Income tax asset

9

27,734

-

 

7,604,180

8,976,660

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

17,590

20,605

Cash at bank

86,276

89,795

103,866

110,400

Bank overdrafts

(2,296,592)

(101,666)

Cash and cash equivalents in statement of cash flows

(2,192,726)

8,734

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

16

7,840,303

822,011

Trade creditors

 

7,104,882

16,081,229

Corporation tax

9

-

1,498

Social security and other taxes

 

119,376

32,137

Outstanding defined contribution pension costs

 

7,355

6,297

Other creditors

 

102,020

216,115

Accrued expenses

 

243,781

250,176

 

15,417,717

17,409,463

Due after one year

 

Loans and borrowings

16

2,062,138

4,405,229

16

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

4,126,133

Hire purchase contracts

228,352

279,096

Other borrowings

1,833,786

-

2,062,138

4,405,229

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,492,966

669,948

Bank overdrafts

2,296,592

101,666

Hire purchase contracts

50,745

50,397

7,840,303

822,011

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

-

1,426,580

-

-

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Bank loans and overdrafts

The bank loans are repayable by instalments with the final instalment scheduled to be paid within 2-20 years from the balance sheet date. Interest is chargeable on six of bank loans at 2.0% above the bank base rate. There is one bank loan at 3.75% above base rate and three of the loans range frrom 2.2% - 2.4% above base rate. The loans are secured by a First Legal Charge over the Freehold Property of the company and additional charges over all other assets of the company.

As at the year end, the company had a bank borrowings totaling £5,492,966 classified as repayable on demand due to breaching a covenant. Post year end, the bank waived the covenant breach and bank borrowings of £5,170,222 as at the balance sheet date were reclassified as non-current.

17

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

50,745

50,745

Later than one year and not later than five years

202,979

202,979

Later than five years

25,372

76,117

279,096

329,841

Operating leases

The total of future minimum non-cancellable lease payments is as follows:

2024
 £

2023
 £

Not later than one year

57,466

66,885

Later than one year and not later than five years

32,553

62,608

90,019

129,493

The amount of non-cancellable operating lease payments recognised as an expense during the year was £107,454 (2023 - £97,671).

18

Deferred tax and other provisions

Deferred tax
£

At 1 November 2023

1,273,576

Increase in existing provisions

(28,867)

At 31 October 2024

1,244,709

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

1,050

1,050

1,050

1,050

Ordinary C shares of £1 each

50

50

50

50

Ordinary D shares of £1 each

8,000

8,000

8,000

8,000

Ordinary E shares of £1 each

500

500

500

500

Ordinary F shares of £1 each

200

200

200

200

Ordinary G shares of £1 each

200

200

200

200

10,000

10,000

10,000

10,000

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
All ordinary shares have identical rights and rank pari passu. Dividends may be paid to the holders of one or more classes of shares to the exclusion of the other classes and at different rates.

20

Dividends

2024

2023

£

£

Interim dividend of £20.07 (2023 - £24.92) per ordinary share

200,650

249,171

 

 

21

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £33,287 (2023 - £26,501).

Contributions totalling £7,355 (2023 - £6,297) were payable to the scheme at the end of the year and are included in creditors.

22

Related party transactions

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with wholly owned members of the group.

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Director 1

Interest free, unsecured and repayable on demand

201,681

331,061

(366,761)

165,980

Director 2

Interest free, unsecured and repayable on demand

(811)

32,481

(31,000)

670

Director 3

Interest free, unsecured and repayable on demand

(1,000)

1,000

-

-

Director 4

Interest free, unsecured and repayable on demand

(1,000)

30,000

(3,000)

26,000

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Director 1

Interest free, unsecured and repayable on demand

39,264

557,188

(394,771)

201,681

Director 2

Interest free, unsecured and repayable on demand

(160)

63,949

(64,600)

(811)

Director 3

Interest free, unsecured and repayable on demand

28,000

2,000

(31,000)

(1,000)

Director 4

Interest free, unsecured and repayable on demand

(2,000)

2,000

(1,000)

(1,000)

 

3T's Leisure Limited

Notes to the Financial Statements

Year Ended 31 October 2024

Summary of transactions with other related parties

During the prior year the company entered into transactions with a director's SIPP. Transactions entered into, and trading balances outstanding at the year end, are shown below. Outstanding balances with entities are unsecured, interest free and cash settled. In prior year, the land was purchased from the SIPP so there is no longer any rent due, therefore, no amounts to disclose in 2024.
 

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of land

201,915

Leases

2,400

204,315

23

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is SBL Parks & Leisure Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr M J Taylor throughout the current year by virtue of shares held by the John and Sylvia Taylor Settlement Trust (in which he is the beneficiary) and his individual shareholding in the parent company.

The parent of the smallest and largest group in which these financial statements are consolidated is SBL Parks & Leisure Holdings Limited, incorporated in England and Wales.

The address of SBL Parks & Leisure Holdings Limited is:
South West Caravan Centre
The Airfield
Winkleigh
Devon
EX19 8DW