Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-032024-11-03The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £54,479 (2023 - £53,372). Contributions totalling £6,702 (2023 - £7,772) were payable to the fund at the balance sheet date and are included in creditors. 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.At the balance sheet, the company owed the directors a total of £2,164,078 (2023 - £2,098,078). During the prior year the company purchased land owned by two of the Directors. The land was acquired for £1,100,000. 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xbrli:pure

Registered number: 00685774










RICHARDSONS LEISURE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 3 NOVEMBER 2024

 
RICHARDSONS LEISURE LIMITED
 
 
COMPANY INFORMATION


Directors
P J Richardson 
L J Richardson 
G Munford 




Company secretary
P J Richardson



Registered number
00685774



Registered office
Richardsons Boatyard
The Staithe

Stalham

Norwich

Norfolk

NR12 9BX




Independent auditors
BW Audit Ltd
Chartered Accountants & Statutory Auditors

Berry & Warren

54 Thorpe Road

Norwich

NR1 1RY





 
RICHARDSONS LEISURE LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11 - 12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 33


 
RICHARDSONS LEISURE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 3 NOVEMBER 2024

Introduction
 
The board are pleased to present the company's strategic report for the year ended 3 November 2024.

Business review
 
The company‘s principal activity during the period was the operation of a leisure business including boating holidays, a family holiday park and family entertainment centres.
The directors were pleased with the results of the company in what was another challenging year for UK holiday, leisure and hospitality. Despite continued volatility in the economy, the directors believe the business is well placed to withstand the current economic environment. The impact of the current state of the economy has been mitigated by investment in the standard of accommodation.
The Board continues to manage the overall strategic plans for the existing outlets as well as looking for new opportunities. Looking forward into 2025 the focus will be on creating a day visitor attraction at Hemsby and building on our sole occupancy events.

Principal risks and uncertainties
 
In the course of normal business, the directors continually assess significant risks faced and take action to mitigate the potential impact.
The following risks, whilst not intended to be a comprehensive analysis, constitute the principal risks and uncertainties currently facing the company:
Boat Licence regulation - the company must comply with boat safety regulation which is monitored by the Broads Authority. The directors ensure that the company is fully compliant with the regulation, being assessed through the quality assured boatyard scheme.
Health & safety and food hygiene - the directors ensure that all reasonable standards of health & safety and food hygiene standards are met, including a process by which risks are identified in a timely manner and remedied accordingly. In addition, staff are appropriately trained and an outside assessor has been contracted for continual review processes and to ensure compliance.
Reputation risk - the directors recognise that in operating in a consumer-facing business, the company's business reputation can be damaged in a short timeframe. The directors therefore endeavour to ensure operational controls are continually monitored, and where necessary, improved to mitigate this risk.
Holiday trends - the company identifies and understands the domestic holiday trends which are especially evident in the boating and holiday park sector and are well placed to manage this fluctuation by trying to ensure the customer is a returning visitor.

Page 1

 
RICHARDSONS LEISURE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 3 NOVEMBER 2024

Financial key performance indicators
 
The directors consider the following KPl's as important to their business:

3 November
5 November
2024
2023
        £
        £
Gross profit %

32%

33%
 
Revenue

11,633,769

11,993,144
 
Adjusted EBITDA

1,683,028

1,930,885
 

Adjusted EBITDA excludes the growth share charge in the year.

Other key performance indicators
 
Customer experience scores are the key non-financial KPl that are monitored by the directors.
Hemsby Beach Holidays:
Google review score for the 2024 and 2023 years, an average score of 4.3 out of 5 was achieved. Tripadvisor scored 3.5 out of 5 for 2024 and 2023.
Boating Holidays:
Google review score for the 2024 year, an average score of 4.6 out of 5 was achieved (2023 - 4.7). Tripadvisor scored 4 out of 5 for 2024 and 2023.
Dayboats:
Tripadvisor 4.5 out of 5 score for 2024 and 2023.
Richardsons FEC:
Tripadvisor 4 out of 5 score for 2024 and 2023.


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



................................................
G Munford
Director

Date: 31 July 2025

Page 2

 
RICHARDSONS LEISURE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 3 NOVEMBER 2024

The directors present their report and the financial statements for the year ended 3 November 2024.

Results and dividends

The loss for the year, after taxation, amounted to £1,136,387 (2023 - loss £557,366).

Dividends of £256,000 (2023: £256,000) were declared and paid in the year.

Directors

The directors who served during the year were:

P J Richardson 
L J Richardson 
G Munford 

Financial instruments

The company's financial instruments comprise borrowings, cash and other liquid resources and various items such as trade debtors and creditors that arise directly from its operations.
The main risks arising from these financial instruments are liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous periods.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance. Primarily, this is achieved through bank overdrafts and loan finance.
Interest rate risk
The company finances its operations through a mixture of retained profits, bank and other borrowings. The company's exposure to interest rate fluctuations is a risk that the directors are prepared to accept.

Engagement with employees

The company has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting performance of the group. In selecting, training and promoting staff, the company considers the physically demanding nature of its work. The company is committed to equality of opportunity and to the elimination of discrimination in employment. The company aims to create and maintain a working environment, terms and conditions of employment and personnel and management practices which ensure that no individual receives less favourable treatment on the grounds of his or her race, religion, nationality, ethnic origin, age, disability, gender, sexual orientation or marital status. Employees who become disabled will be retained, where possible, and retrained, where necessary.

Qualifying third party indemnity provisions

The company has maintained throughout the year Directors‘ and officers' liability insurance for the benefit of the company, the directors and its officers. The company has entered into qualifying third party indemnity arrangements for the benefit of all its directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Page 3

 
RICHARDSONS LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 3 NOVEMBER 2024

Matters covered in the Strategic report

In accordance with section 414C (11) of the Companies Act 2006, information on exposure to risks and future developments is covered in the strategic report.

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

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

Disclosure of information to auditors

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

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

Page 4

 
RICHARDSONS LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 3 NOVEMBER 2024

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





................................................
G Munford
Director

Date: 31 July 2025

Page 5

 
RICHARDSONS LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARDSONS LEISURE LIMITED
 

Opinion


We have audited the financial statements of Richardsons Leisure Limited (the 'company') for the year ended 3 November 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 3 November 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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.

Page 6

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


Opinion on other matters prescribed by the Companies Act 2006
 

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

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

Matters on which we are required to report by exception
 

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

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

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

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 7

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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the management and those charged with governance of the company. 
Due to the field in which the company operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the company's ability to operate including health and safety, Broads Authority regulations, employment law and GDPR. 
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following: 
 
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations including issues with the Broads Authority, accidents in the workplace, potential litigation or claims and fraud;
Reviewing legal and professional fees for indicators of litigation;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the depreciation of tangible fixed assets;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.
 
Page 8

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



Due to 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.

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.




Joanne Fox BA FCA (Senior statutory auditor)
  
for and on behalf of
BW Audit Ltd
 
Chartered Accountants
Statutory Auditors
  
Berry & Warren
54 Thorpe Road
Norwich
NR1 1RY

7 August 2025
Page 9

 
RICHARDSONS LEISURE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 3 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,633,769
11,993,144

Cost of sales
  
(7,935,120)
(8,055,773)

Gross profit
  
3,698,649
3,937,371

Administrative expenses
  
(4,541,254)
(4,242,276)

Other operating income
 5 
405,260
386,474

Operating (loss)/profit
 6 
(437,345)
81,569

Interest receivable and similar income
 10 
12,892
7,736

Interest payable and similar expenses
 11 
(904,978)
(717,179)

Loss before tax
  
(1,329,431)
(627,874)

Tax on loss
 12 
193,044
70,508

Loss for the financial year
  
(1,136,387)
(557,366)

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

The notes on pages 14 to 33 form part of these financial statements.
Page 10

 
RICHARDSONS LEISURE LIMITED
REGISTERED NUMBER: 00685774

BALANCE SHEET
AS AT 3 NOVEMBER 2024

3 November
5 November
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
31,876,438
30,869,949

  
31,876,438
30,869,949

Current assets
  

Stocks
 16 
872,690
911,159

Debtors: amounts falling due after more than one year
 17 
79,000
94,800

Debtors: amounts falling due within one year
 17 
923,279
559,976

Cash at bank and in hand
 18 
101,543
84,114

  
1,976,512
1,650,049

Creditors: amounts falling due within one year
 19 
(16,605,753)
(12,925,146)

Net current liabilities
  
 
 
(14,629,241)
 
 
(11,275,097)

Total assets less current liabilities
  
17,247,197
19,594,852

Creditors: amounts falling due after more than one year
 20 
(3,500,000)
(4,500,000)

Provisions for liabilities
  

Deferred tax
 22 
(2,104,149)
(2,297,193)

  
 
 
(2,104,149)
 
 
(2,297,193)

Net assets
  
11,643,048
12,797,659

Page 11

 
RICHARDSONS LEISURE LIMITED
REGISTERED NUMBER: 00685774
    
BALANCE SHEET (CONTINUED)
AS AT 3 NOVEMBER 2024

3 November
5 November
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
886,002
886,002

Share premium account
 24 
190,977
190,977

Capital redemption reserve
 24 
500,001
1

Profit and loss account
 24 
10,066,068
11,720,679

  
11,643,048
12,797,659


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




................................................
G Munford
Director

Date: 31 July 2025

The notes on pages 14 to 33 form part of these financial statements.
Page 12

 
RICHARDSONS LEISURE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 3 NOVEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Employee share reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 November 2022
886,002
190,977
1
-
12,474,045
13,551,025


Comprehensive income for the period

Loss for the period
-
-
-
-
(557,366)
(557,366)

Dividends: Equity capital
-
-
-
-
(256,000)
(256,000)

Transfer from employee share reserve
-
-
-
(60,000)
60,000
-

Charge for the year
-
-
-
60,000
-
60,000



At 6 November 2023
886,002
190,977
1
-
11,720,679
12,797,659


Comprehensive income for the year

Loss for the year
-
-
-
-
(1,136,387)
(1,136,387)

Dividends: Equity capital
-
-
-
-
(256,000)
(256,000)

Redemption of preference shares
-
-
500,000
-
(500,000)
-

Transfer from employee share reserve
-
-
-
(237,776)
237,776
-

Charge for the year
-
-
-
237,776
-
237,776


At 3 November 2024
886,002
190,977
500,001
-
10,066,068
11,643,048


The notes on pages 14 to 33 form part of these financial statements.

Page 13

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

1.


General information

Richardsons Leisure Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The financial statements are presented in Sterling (£) and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Richardsons Leisure (Holdings)  Limited as at 3 November 2024 and these financial statements may be obtained from  Companies House at Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 14

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have prepared forecasts for the future and acknowledge that the company's ability to continue to trade is dependent on the availability of external finance.
The external finance is provided by the company's bankers with who there is a good relationship and who continue to support the company.
On the basis of the above and considering the current cash position at the date of signing the accounts, the directors believe it is appropriate to continue to prepare the financial statements on a going concern basis.

 
2.4

Revenue

Turnover is recognised on the date the holiday commences for boat hire and holiday park income, over the course of the year for mooring fees and on the date the goods or service is supplied for other income. For boat repair income, the income is recognised when the repair work has been completed.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

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

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the company as lessor

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

 
2.6

Operating leases: the company as lessee

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

 
2.7

Pensions

Defined contribution pension plan

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

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

 
2.8

Interest income

Interest income is recognised in the Statement of comprehensive income  using the effective interest method.

 
2.9

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 16

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

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 balance sheet date in the countries where the company operates and generates income.

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

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


 
2.11

Intangible assets

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 Statement of comprehensive income over its useful economic life, considered to be 10 years.

 
2.12

Tangible fixed assets

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

Page 17

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Freehold property
-
2-10% straight line
Landscaping
-
2% straight line
Caravans and lodges
-
5-10% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10-33% straight line
Site preparation and base costs
-
2% straight line
Hirecraft
-
3.33% straight line

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.

Equipment on boats is capitalised on the purchase of hirecraft but not depreciated as items are replaced as and when required.

  
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Stocks

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

 
2.15

Debtors

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

Page 18

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

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

 
2.17

Creditors

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

 
2.18

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

  
2.19

Preference shares

Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in profit or loss as interest expense.

  
2.20

Share based payments

For cash-settled share-based payment transactions for which the goods or services is provided to the company but the obligation is the parent company's, the parent company measures the fair value of the liability at each reporting date. The charge for the services is recognised in profit or loss with an equal amount charged to equity.

Page 19

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.21

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

The directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
The judgements, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilization and the physical condition of the assets.
Employees share reserve
The fair value of the liability to repurchase the shares has been estimated and is recognised on a straight-line basis over nine years to represent the rendering of services to which the payment relates. The fair value is reassessed annually and amended when necessary to reflect current estimate of the future settlement value of the transaction.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Boating holidays
4,495,577
4,913,746

Holiday park and Entertainment
6,426,941
6,223,178

Other boat related income
711,251
856,220

11,633,769
11,993,144


All turnover arose within the United Kingdom.

Page 20

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

5.


Other operating income

2024
2023
£
£

Other operating income
125
229

Net rents receivable
405,135
386,245

405,260
386,474



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
5,000
5,000

Share-based payment
237,776
60,000


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
20,950
19,950

Page 21

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
4,403,544
4,182,255

Social security costs
377,752
353,810

Cost of defined contribution scheme
54,479
53,372

4,835,775
4,589,437


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


        2024
        2023
            No.
            No.







Employees
177
180

In addition to wages and salaries costs noted above a further £237,776 (2023 - £60,000) has been incurred which represents the charge associated with growth shares - see note 24 for further details.


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
250,732
242,103

Company contributions to defined contribution pension schemes
1,702
1,767

252,434
243,870


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £213,697 (2023 - £204,237).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,347).

The highest paid director was accruing benefits under a long term incentive scheme in 2024 and 2023.

Page 22

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

10.


Interest receivable

2024
2023
£
£


Deposit account interest
12,892
7,736

12,892
7,736


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
792,478
604,679

Other loan interest payable
112,500
112,500

904,978
717,179


12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(8,272)


-
(8,272)


Total current tax
-
(8,272)

Deferred tax


Origination and reversal of timing differences
(188,337)
(73,098)

Adjustments in respect of previous periods
(4,707)
10,862

Total deferred tax
(193,044)
(62,236)


Tax on loss
(193,044)
(70,508)
Page 23

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.52%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,329,431)
(627,874)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
(332,358)
(141,397)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
99,253
39,890

Fixed asset differences
59,216
52,431

Adjustments to tax charge in respect of prior periods
(4,707)
2,590

Other differences leading to an increase (decrease) in the tax charge
(14,448)
(16,764)

Remeasurement of deferred tax for changes in tax rates
-
(7,258)

Total tax charge for the year/period
(193,044)
(70,508)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

3 November
5 November
2024
2023
£
£


Dividends paid on ordinary shares
256,000
256,000

256,000
256,000

Page 24

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

14.


Intangible assets






Goodwill

£



Cost


At 6 November 2023
790,831



At 3 November 2024

790,831



Amortisation


At 6 November 2023
790,831



At 3 November 2024

790,831



Net book value



At 3 November 2024
-



At 5 November 2023
-



Page 25

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

15.


Tangible fixed assets







Freehold property
Assets in the course of construction
Hirecraft & caravan
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 6 November 2023
17,600,451
220,754
20,101,817
329,646
7,697,189
45,949,857


Additions
850,614
607,468
132,020
-
1,310,428
2,900,530


Disposals
-
-
(62,668)
-
(111,935)
(174,603)


Transfers between classes
-
(616,274)
616,274
-
-
-



At 3 November 2024

18,451,065
211,948
20,787,443
329,646
8,895,682
48,675,784



Depreciation


At 6 November 2023
2,301,022
-
7,159,011
247,394
5,372,481
15,079,908


Charge for the year on owned assets
295,487
-
1,004,405
37,300
545,405
1,882,597


Disposals
-
-
(55,642)
-
(107,517)
(163,159)



At 3 November 2024

2,596,509
-
8,107,774
284,694
5,810,369
16,799,346



Net book value



At 3 November 2024
15,854,556
211,948
12,679,669
44,952
3,085,313
31,876,438



At 5 November 2023
15,299,429
220,754
12,942,806
82,252
2,324,708
30,869,949

Included in cost of land and buildings is freehold land of £3,970,294 (2023 - £3,970,294) which is not depreciated.
Included above are assets held for use in operating leases with a cost of £20,787,443 
(2023 - £20,101,817) and accumulated depreciation of £8,107,774 (2023 - £7,159,011).

Page 26

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

16.


Stocks

3 November
5 November
2024
2023
£
£

Raw materials and consumables
555,734
619,203

Finished goods and goods for resale
316,956
291,956

872,690
911,159


The difference between purchase price or production cost of stocks and their replacement cost is not material.
Stock is stated after a provision of £65,009 
(2023 - £65,009).


17.


Debtors

3 November
5 November
2024
2023
£
£

Due after more than one year

Other debtors
79,000
94,800

79,000
94,800


3 November
5 November
2024
2023
£
£

Due within one year

Trade debtors
195,487
100,261

Other debtors
103,241
97,393

Prepayments and accrued income
624,551
362,322

923,279
559,976


A total impairment loss of £32,041 (2023 - £32,041) has been recognised against trade debtors.

Page 27

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

18.


Cash and cash equivalents

3 November
5 November
2024
2023
£
£

Cash at bank and in hand
101,543
84,114

Less: bank overdrafts
(4,109,798)
(221,327)

(4,008,255)
(137,213)



19.


Creditors: Amounts falling due within one year

3 November
5 November
2024
2023
£
£

Bank overdrafts
4,109,798
221,327

Bank loans
7,403,500
7,973,000

Other loans
-
250,000

Payments received on account
216,150
225,655

Trade creditors
661,287
1,012,895

Amounts owed to group undertakings
1,667
1,667

Other taxation and social security
454,354
430,382

Other creditors
2,357,646
2,278,693

Accruals and deferred income
651,351
531,527

Share capital treated as debt
750,000
-

16,605,753
12,925,146




The bank borrowings are secured by a debenture and fixed charges over the properties of the company. Hire purchase contracts were secured over specified assets.
Full details of the terms of the bank loans are given in note 21.

Page 28

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

20.


Creditors: Amounts falling due after more than one year

3 November
5 November
2024
2023
£
£

Share capital treated as debt
3,500,000
4,500,000

3,500,000
4,500,000


Full details of the terms of the bank loans are given in note 21.
Disclosure of the terms and conditions attached to the non-equity shares is made in note 24.


21.


Loans


Analysis of the maturity of loans is given below:


3 November
5 November
2024
2023
£
£

Amounts falling due within one year

Bank loans
7,403,500
7,973,000

Other loans
-
250,000




7,403,500
8,223,000


Bank loans are repayable by instalments. During the previous year the company agreed the refinancing and consolidation of their bank loan facilities with a new 5 year loan. Interest is chargeable at 2.2% above Base Rate.  
In line with FRS 102 the bank loan is being presented as due within one year. During the year, with the current economic environment and high interest rates, not all of the covenants were met although post year-end the bank have confirmed that the bank loan will not be recalled as a result of this. 
The loans will therefore be repaid as follows:
Due within 1 year: £569,500
1-2 years: £569,500
2-5 years: £6,264,500

Page 29

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

22.


Deferred taxation






2024


£






At beginning of year
2,297,193


Charged to profit or loss
(193,044)



At end of year
2,104,149

The provision for deferred taxation is made up as follows:

3 November
5 November
2024
2023
£
£


Accelerated capital allowances
2,827,946
2,667,638

Other timing differences
(16,872)
(16,971)

Losses and other deductions
(706,925)
(353,474)

2,104,149
2,297,193


The amount of the net decrease of deferred tax expected to occur next year is £204,094 (2023 - increase of £143,607) relating to timing differences on tangible fixed assets in the company offset by taxable losses.

Page 30

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

23.


Share capital

3 November
5 November
2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



886,002 (2023 - 886,002) ordinary shares of £1.00 each
886,002
886,002

3 November
5 November
2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



4,250,000 (2023 - 4,500,000) preference shares of £1.00 each
4,250,000
4,500,000


The preference shares will be paid a cumulative net cash dividend at the preference dividend rate. The shares are redeemable between 2024 and 2029.
During the year under review, the company redeemed 250,000 redeemable preference shares at par.

Page 31

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

24.


Reserves

Share premium account

The share premium account includes amounts shareholders paid for issued shares in excess of the par value of the share purchased.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve arising from the purchase or redemption of the company's own shares.

Employee share reserve

In November 2020 the parent company Richardsons Leisure (Holdings) Limited issued 1,666,666 G shares to two employees of Richardsons Leisure Limited. The G shares are included in share capital of Richardsons Leisure (Holdings) Limited. The terms of the shares provide the holders with a share of the proceeds on a disposal of the parent company. Or, if this has not occurred within nine years of issue, obligates the parent company to repurchase the shares, if the holders continue to be employees of the company and so demand it, or provides the parent company with the option to repurchase the shares should a demand not be received. The G shares can be repurchased by the parent company from the employees at a point in the future and the price to be paid is based on value of the group over a predetermined hurdle.
The services are provided to the company and charged to the profit and loss account as well as the employee share reserve.
The directors consider this to be a cash-settled share-based payment and that the company will receive a demand to repurchase the shares in nine years. The fair value of the liability to repurchase the shares has been estimated and is recognised on a straight-line basis over nine years, to represent rendering of services to which the payment relates. The recognised liability at 3 November 2024 of £542,220 
(2023 - £304,444) has been recognised by the parent company.
The transfer of the reserve to the profit and loss account has been made to recognise that the underlying services to which the charge relates have been provided.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


25.


Capital commitments


At 3 November 2024 the company had capital commitments as follows:

3 November
5 November
2024
2023
£
£


Contracted for but not provided in these financial statements
-
110,000

-
110,000

Page 32

 
RICHARDSONS LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 NOVEMBER 2024

26.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £54,479 (2023 - £53,372). Contributions totalling £6,702 (2023 - £7,772) were payable to the fund at the balance sheet date and are included in creditors.


27.


Operating lease arrangements

The company earns rental income by leasing its properties to tenants under non-cancellable operating leases.


At 3 November 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

3 November
5 November
2024
2023
£
£


Not later than 1 year
57,173
63,605

Later than 1 year and not later than 5 years
67,015
92,443

124,188
156,048


28.


Related party transactions

At the balance sheet, the company owed the directors a total of £2,164,078 (2023 - £2,098,078)
During the prior year the company purchased land owned by two of the Directors.  The land was acquired for £1,100,000.
The company has taken advantage of the exemption available under Financial Reporting Standard 102 not to disclose the transactions between wholly owned members of a group.


29.


Controlling party

The ultimate parent company is Richardsons Leisure (Holdings) Limited, a company incorporated in England. The group financial statements are publicly available from Register of Companies at Companies House, Crown Way, Cardiff, CF14 3UZ.

The group is controlled by the directors.
 
Page 33