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Registered number: 12535188










RICHARDSONS LEISURE (HOLDINGS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 3 NOVEMBER 2024

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
P J Richardson 
L J Richardson 
G Munford 




Registered number
12535188



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 (HOLDINGS) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11 - 12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 41


 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 3 NOVEMBER 2024

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

Business review
 
The group‘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 group in what was a 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 group:
Boat Licence regulation - the group must comply with boat safety regulation which is monitored by the Broads Authority. The directors ensure that the group 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 group'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 group 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 (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD 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

1,914,084
 

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 (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 3 NOVEMBER 2024

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

Results and dividends

The loss for the period, after taxation, amounted to £1,136,387 (2023 - loss £574,167).

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

Directors

The directors who served during the period were:

P J Richardson 
L J Richardson 
G Munford 

Financial instruments

The group'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 group 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 group finances its operations through a mixture of retained profits, bank and other borrowings. The group's exposure to interest rate fluctuations is a risk that the directors are prepared to accept.

Engagement with employees

The group 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 group considers the physically demanding nature of its work. The group is committed to equality of opportunity and to the elimination of discrimination in employment. The group 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 group has maintained throughout the year Directors‘ and officers' liability insurance for the benefit of the group, the directors and its officers. The group 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 (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 3 NOVEMBER 2024

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

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

Disclosure of information to auditors

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

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

Page 4

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD 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 (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARDSONS LEISURE (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Richardsons Leisure (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 3 November 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

Basis for opinion


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

Conclusions relating to going concern


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

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

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

Page 6

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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006
 

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

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

Matters on which we are required to report by exception
 

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

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

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

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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 7

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RICHARDSONS LEISURE (HOLDINGS) 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 Group financial statements.

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

The 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 group.
Due to the field in which the group 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 group'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.

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.
 
Page 8

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



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 (HOLDINGS) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 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)
(4,259,077)

Other operating income
 5 
405,260
386,474

Operating (loss)/profit
 6 
(437,345)
64,768

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

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

Loss before taxation
  
(1,329,431)
(644,675)

Tax on loss
 12 
193,044
70,508

Loss for the financial period
  
(1,136,387)
(574,167)

(Loss) for the period attributable to:
  

Owners of the parent company
  
(1,136,387)
(574,167)

  
(1,136,387)
(574,167)

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

The notes on pages 19 to 41 form part of these financial statements.

Page 10

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
REGISTERED NUMBER: 12535188

CONSOLIDATED BALANCE SHEET
AS AT 3 NOVEMBER 2024

3 November
5 November
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 16 
31,876,438
30,869,949

  
31,876,438
30,869,949

Current assets
  

Stocks
 18 
872,690
911,159

Debtors: amounts falling due after more than one year
 19 
79,000
94,800

Debtors: amounts falling due within one year
 19 
923,279
559,976

Cash at bank and in hand
 20 
101,543
84,114

  
1,976,512
1,650,049

Creditors: amounts falling due within one year
 21 
(16,604,082)
(12,923,475)

Net current liabilities
  
 
 
(14,627,570)
 
 
(11,273,426)

Total assets less current liabilities
  
17,248,868
19,596,523

Creditors: amounts falling due after more than one year
 22 
(4,042,220)
(4,804,444)

Provisions for liabilities
  

Deferred taxation
 24 
(2,104,149)
(2,297,193)

  
 
 
(2,104,149)
 
 
(2,297,193)

Net assets
  
11,102,499
12,494,886

Page 11

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
REGISTERED NUMBER: 12535188
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 3 NOVEMBER 2024

3 November
5 November
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 25 
15,001,667
15,001,667

Merger reserve
 26 
(13,923,020)
(13,923,020)

Profit and loss account
 26 
10,023,852
11,416,239

  
11,102,499
12,494,886


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 19 to 41 form part of these financial statements.

Page 12

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
REGISTERED NUMBER: 12535188

COMPANY BALANCE SHEET
AS AT 3 NOVEMBER 2024

3 November
5 November
2024
2023
Note
£
£

Fixed assets
  

Investments
 17 
15,542,220
15,304,444

  
15,542,220
15,304,444

Current assets
  

Debtors: amounts falling due within one year
 19 
1,667
1,667

  
1,667
1,667

Total assets less current liabilities
  
 
 
15,543,887
 
 
15,306,111

  

Creditors: amounts falling due after more than one year
 22 
(542,220)
(304,444)

  

Net assets
  
15,001,667
15,001,667


Capital and reserves
  

Called up share capital 
 25 
15,001,667
15,001,667

Profit for the period
  
256,000
256,000

Other changes in the profit and loss account

  

(256,000)
(256,000)

Profit and loss account carried forward
  
-
-

  
15,001,667
15,001,667


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 19 to 41 form part of these financial statements.

Page 13

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 3 NOVEMBER 2024


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

£
£
£
£


At 1 November 2022
15,001,667
(13,923,020)
12,246,406
13,325,053


Comprehensive income for the period

Loss for the period
-
-
(574,167)
(574,167)

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



At 6 November 2023
15,001,667
(13,923,020)
11,416,239
12,494,886


Comprehensive income for the period

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

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


At 3 November 2024
15,001,667
(13,923,020)
10,023,852
11,102,499


The notes on pages 19 to 41 form part of these financial statements.

Page 14

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 3 NOVEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2022
15,001,667
-
15,001,667


Comprehensive income for the period

Profit for the period
-
256,000
256,000

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



At 6 November 2023
15,001,667
-
15,001,667


Comprehensive income for the period

Profit for the period
-
256,000
256,000

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


At 3 November 2024
15,001,667
-
15,001,667


The notes on pages 19 to 41 form part of these financial statements.

Page 15

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

3 November
5 November
2024
2023
£
£

Cash flows from operating activities

Loss for the financial period
(1,136,387)
(574,167)

Adjustments for:

Depreciation of tangible assets
1,882,597
1,789,314

Loss on disposal of tangible assets
(156,942)
(404,730)

Employee share reserve charge
237,776
60,000

Interest paid
904,978
717,179

Interest received
(12,892)
(7,736)

Taxation charge
(193,044)
(70,508)

Decrease/(increase) in stocks
38,469
(80,203)

(Increase)/decrease in debtors
(342,413)
349,429

(Decrease) in creditors
(204,364)
(419,646)

Corporation tax (paid)
(5,090)
(162,955)

Net cash generated from operating activities

1,012,688
1,195,977


Cash flows from investing activities

Purchase of tangible fixed assets
(2,900,530)
(2,329,073)

Sale of tangible fixed assets
168,386
517,128

Interest received
12,892
7,736

Net cash from investing activities

(2,719,252)
(1,804,209)
Page 16

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 3 NOVEMBER 2024

3 November
5 November

2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(569,500)
(987,103)

Repayment of other loans
(250,000)
(249,000)

Repayment of/new finance leases
-
(10,548)

Loans due from/(repaid to) directors
66,000
997,147

Shares treated as debt - redeemed
(250,000)
-

Dividends paid
(256,000)
(256,000)

Interest paid
(904,978)
(717,179)

Net cash used in financing activities
(2,164,478)
(1,222,683)

Net (decrease) in cash and cash equivalents
(3,871,042)
(1,830,915)

Cash and cash equivalents at beginning of period
(137,213)
1,693,702

Cash and cash equivalents at the end of period
(4,008,255)
(137,213)


Cash and cash equivalents at the end of period comprise:

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

Bank overdrafts
(4,109,798)
(221,327)

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


The notes on pages 19 to 41 form part of these financial statements.

Page 17

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 3 NOVEMBER 2024





At 6 November 2023
Cash flows
Other non-cash changes
At 3 November 2024
£

£

£

£

Cash at bank and in hand

84,114

17,429

-

101,543

Bank overdrafts

(221,327)

(3,888,471)

-

(4,109,798)

Debt due after 1 year

(4,500,000)

250,000

750,000

(3,500,000)

Debt due within 1 year

(10,321,078)

753,500

(750,000)

(10,317,578)

Employee share liability

(304,444)

-

(237,776)

(542,220)


(15,262,735)
(2,867,542)
(237,776)
(18,368,053)

The notes on pages 19 to 41 form part of these financial statements.

Page 18

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

1.


General information

Richardsons Leisure (Holdings) 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 group management to exercise judgment in applying the group's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
In accordance with FRS102, the original acquisition was accounted for as a merger as there was the same controlling party, both before and after the acquisition, and that this control was not considered to be transitory. The consolidated accounts have therefore been prepared as if the group had always been in existence. In the consolidated statement of financial position the results of the parent company and subsidiaries were combined, with  a merger reserve created representing the difference between the investment value and the share capital and the share premium of the subsidiary.

 
2.3

Going concern

The directors have prepared forecasts for the future and acknowledge that the group's ability to continue to trade is dependent on the availability of external finance.
The external finance is provided by the group's bankers with who there is a good relationship and who continue to support the group.
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.

Page 19

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
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 group 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 group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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 group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 20

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the group as lessor

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

 
2.6

Operating leases: the group as lessee

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

 
2.7

Pensions

Defined contribution pension plan

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

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

 
2.8

Interest income

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

 
2.9

Borrowing costs

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

Page 21

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the period 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 and the group operate and generate income.

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

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

Page 22

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
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.

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, using the straight-line method.

Depreciation is provided 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 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.

Page 23

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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.

 
2.16

Debtors

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

 
2.17

Cash and cash equivalents

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

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

 
2.18

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.

Page 24

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

The group 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, loans to related parties and investments in ordinary shares.
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 Consolidated 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 group would receive for the asset if it were to be sold at the reporting date.

  
2.20

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.

  
2.21

Share based payments

For cash-settled share-based payment transactions, the group measures the goods or services acquired and the liability incurred at the fair value of the liability over the term of the agreement. Until the liability is settled, the group will remeasure the fair value of the liability at each reporting date and at the date of the settlement, with any changes in fair value recognised in profit and loss for the period. 
For cash-settled share-based payment transactions for which the goods or services is provided to the subsidiary company but the obligation is the parent company's, the parent company measures the fair value of the liability at each reporting date with an equivalent increase in investments in subsidiaries. The charge for the services is recognised in the consolidated profit or loss.

 
2.22

Dividends

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

Page 25

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

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 utilisation and the physical condition of the assets.
Employee 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 26

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 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


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the group's auditors for the audit of the consolidated, parent company and subsidiary company's financial statements
20,950
19,950

Page 27

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

8.


Employees

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


Group
3 November
Group
5 November
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 period 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 22 for further details.


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
250,732
242,103

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

252,434
243,870


During the period 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 group'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 28

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 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 29

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


Factors affecting tax charge for the year

The tax assessed for the year 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)
(644,675)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
(332,358)
(145,181)

Effects of:


Expenses not deductible for tax purposes
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)
(12,980)

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

Total tax charge for the 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


14.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the period was £256,000 (2023 - £256,000).

Page 30

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

15.


Intangible assets

Group







Goodwill

£



Cost


At 6 November 2023
857,831



At 3 November 2024

857,831



Amortisation


At 6 November 2023
857,831



At 3 November 2024

857,831



Net book value



At 3 November 2024
-



At 5 November 2023
-



Page 31

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

16.


Tangible fixed assets

Group








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 period 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 the 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 32

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

17.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 6 November 2023
22,804,444


Additions
237,776



At 3 November 2024

23,042,220



Impairment


At 6 November 2023
7,500,000



At 3 November 2024

7,500,000



Net book value



At 3 November 2024
15,542,220



At 5 November 2023
15,304,444


Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Richardsons Leisure Limited
Richardsons Boatyard, The Staithe, Stalham, Norfolk, NR12 9BX
Operation of leisure business
Ordinary
100%

The additions in the year represent the capital element of the liability due on the G shares. See note 22 for further details of this arrangement.

Page 33

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

18.


Stocks

Group
3 November
Group
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).


19.


Debtors

Group
3 November
Group
5 November
Company
3 November
Company
5 November
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
79,000
94,800
-
-

79,000
94,800
-
-


Group
3 November
Group
5 November
Company
3 November
Company
5 November
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
195,487
100,261
-
-

Amounts owed by group undertakings
-
-
1,667
1,667

Other debtors
103,241
97,393
-
-

Prepayments and accrued income
624,551
362,322
-
-

923,279
559,976
1,667
1,667


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

Page 34

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

20.


Cash and cash equivalents

Group
3 November
Group
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)



21.


Creditors: Amounts falling due within one year

Group
3 November
Group
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

Other taxation and social security
454,354
430,382

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

Accruals and deferred income
651,347
531,523

Share capital treated as debt
750,000
-

16,604,082
12,923,475


Disclosure of the terms and conditions attached to the non-equity shares is made in note 25.

The bank borrowings are secured by a debenture and fixed charges over the properties of the group. Hire purchase contracts were secured over specified assets.
Full details of the terms of the bank loans are given in note 23.

Page 35

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

22.


Creditors: Amounts falling due after more than one year

Group
3 November
Group
5 November
Company
3 November
Company
5 November
2024
2023
2024
2023
£
£
£
£

Employee share liability
542,220
304,444
542,220
304,444

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

4,042,220
4,804,444
542,220
304,444


Disclosure of the terms and conditions attached to the non-equity shares is made in note 25.

In November 2020 the company issued 1,666,666 G ordinary shares to two employees of Richardsons Leisure Limited. The terms of the shares provide the holders with a share of the proceeds on disposal of the company, or, if this has not occurred within nine years of issue, obligates the company to repurchase the shares, if the holders continue to be employees of the company and so demand it, or provides the company with the option to repurchase the shares should a demand not be received. The price to be paid is based on the value of the group over a predetermined hurdle.
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 is £542,220 
(2023 - £304,444).
The services are provided to the company's subsidiary company, Richardson's Leisure Limited, whilst the company is required to settle the obligation to repurchase the shares. As such, the charge of £237,776 is recognised as investment in subsidiary by the company and an expense in the consolidated accounts.



Page 36

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

23.


Loans


Analysis of the maturity of loans is given below:


Group
3 November
Group
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 group 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 37

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

24.


Deferred taxation


Group



2024


£






At beginning of year
2,297,193


Charged to profit or loss
(193,044)



At end of year
2,104,149

Company


2024





At beginning of year
-



At end of year
-

The provision for deferred taxation is made up as follows:

Group
3 November
Group
5 November
2024
2023
£
£

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

Tax losses carried forward
(706,925)
(353,474)

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

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 group.

Page 38

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

25.


Share capital

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

Allotted, called up and fully paid



15,000,000 (2023 - 15,000,000) Ordinary shares of £1.000 each
15,000,000
15,000,000
1,666,666 (2023 - 1,666,666) Ordinary G shares of £0.001 each
1,667
1,667

15,001,667

15,001,667

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 £1.000 each
4,250,000
4,500,000


The G shares entitle the holders to income at the discretion of the holders of the ordinary shares.
The preference shares classified as debt within the subsidiary company will issue a cumulative net cash dividend at the preference dividend rate. The shares are redeemable between 2024 and 2029.
During the year under review, the subsidiary company redeemed 250,000 redeemable preference shares at par.


26.


Reserves

Merger Reserve

The merger reserve represents the difference between the nominal value of shares issued and the nominal value of the shares received in exchange for those shares, and the other capital reserves of that company. The reserve was been reduced by the value attributable to Horning Pleasurecraft Limited on its subsequent demerger from the group.

Profit and loss account

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

Page 39

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

27.


Capital commitments




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


Group
3 November
Group
5 November
2024
2023
£
£

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

-
110,000


28.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group  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.


29.


Operating lease arrangements

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


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


Group
3 November
Group
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
Page 40

 
RICHARDSONS LEISURE (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 NOVEMBER 2024

30.


Related party transactions

At the balance sheet date, the group owed the directors a total of £2,164,078 (2023 - £2,098,078).
During the previous year the group purchased land owned by two of the Directors. The land was acquired for £1,100,000.
The group has taken advantage of the exemption available under Financial Report Standard 102 not to disclose the transactions between wholly owned members of a group.
During the year dividends of £256,000 
(2023 - £256,000) were paid to directors.
Remuneration paid to key management personnel for the group, including amounts charged to the profit and loss account regarding the G shares, totalled £750,552 
(2023 - £551,359).


31.


Controlling party

The group is controlled by the directors.

 
Page 41