Company registration number 09700577 (England and Wales)
HERONSWOOD HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
HERONSWOOD HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr R W Mancey
Mrs S J Mancey
Mr J W Mancey
Mr L J Mancey
(Appointed 1 August 2024)
Company number
09700577
Registered office
Paultons Park
Ower
Romsey
Hampshire
United Kingdom
SO51 6AL
Auditor
Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
HERONSWOOD HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 9
Independent auditor's report
10 - 12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 36
HERONSWOOD HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the period ended 30 November 2024.

Review of the business

The 2023/24 season commenced with the Park opening for its “Celebration of Christmas” event as planned on Saturday 2nd December 2023 running to the same format as prior years.

In line with the Park’s strategy to continually invest in its attractions and infrastructure two new attractions opened to guests during the 2023/24 season, namely a new Ring-Tailed Lemurs exhibit and a new Junior Log Flume, Splash Lagoon, both of which were very well received by guests. In addition, the Park opened a new, heavily re-furbished restaurant named Grande Central which has enabled us to serve an ever-expanding selection of quality food options. These complemented the opening of a new 3-storey office block in 2023 and a Junior Roller Coaster, Farmyard Flyer, in 2022.

The Park was again proud of the accreditations it received during the year. This ranged from its best ever score of 97% in the VisitEngland Visitor Attraction Quality Assurance Scheme (VAQAS) during the annual audit that took place in July 2024. In addition the Park received four Gold Awards in the UK Theme Park Awards for Large Attractions, namely Best Theme Park for Toddlers, Best Customer Service, Best Theme Park for Families and Best New Food Outlet for the opening of Grande Central. These continue to complement the continuing industry leading ratings the Park receives from guests on platforms such as TripAdvisor, Google Reviews and Trustpilot.

As in prior years the 2023/24 season had its challenges which range from extended periods of wet and/or windy weather at key trading periods, certainly in the earlier part of the season which is frustrating as this is the variable that no business has control over. Continuing pressures on domestic disposable income, increased opportunity for families to holiday abroad along with increasing cost pressures putting trading margins under threat, were recurring themes throughout the year. However, despite this, visitor numbers increased slightly over the prior year, which had a positive impact on turnover.

The reduction and procurement of energy remained a key focus during 2023/24. Supply agreements and usage are under continual scrutiny and the Park is actively moving ahead with its project to significantly increase the amount of self-generated electricity for its own consumption. A project has commenced that will see this increasing from circa. 7% of the Park’s total usage to approximately 35%. The new Solar installations will come on-line in February/March 2025.

The Park has continued to maintain its focus on constantly monitoring and managing its input costs for all the main product areas which will continue as cost pressures become ever more acute.

Despite the continuing issues and challenges the business had to deal with during the 2023/24 season the group remains in a strong financial position with closing assets reported as £115,684,798.

The Park will continue its strategy to continually invest in new attractions. This will see the opening of Ghostly Manor in May 2025, an immersive Dark Ride adventure and the first of its kind in the UK, which continues to add to the depth and breadth of attractions that the Park is able to offer its guests. As part of this project Show Street is being completely reimagined as are the surrounding areas to complement the new attraction.

From an infrastructural perspective there is continued investment in the IT network and software to digitise as many processes as possible to drive efficiencies. The Park’s staff room facilities are also being significantly extended and upgraded to allow for a dedicated area to be available serving fresh hot and cold food throughout the day.

Despite the challenges the Park continued to take the experiences of the previous seasons and built on these to its advantage to provide what the Directors feel was a credible financial performance and which places the business in a strong position to move forward into the forthcoming year with confidence.

HERONSWOOD HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 2 -
Description of Principal Risks and Uncertainties

The Directors are continually reviewing and identifying key business risks and uncertainties and have processes in place to ensure these risks are managed appropriately. The key risks are identified as follows:

Weather:
As was the case last season, the weather, as with any predominantly outdoor attraction, remains the variable that can have the greatest impact on the performance of the business which the Park has no control over.

General Economic Climate:
This still provides the area of greatest uncertainty and risk to the performance of the business. Continuing pressures on the “cost of living” having a negative effect on household budgets and the money that may be allocated to family days out. Inflation rising at a faster rate than wage increases will likely further exaggerate this situation. The abiding hope is that a day out with the family in a high-quality environment will not be affected to the same degree, but this will be dependent on a myriad of economic variables.

Pressures on margins and overall profitability will come from the continued increases in the costs of employing staff which is only going to be exaggerated with the Government announcements of the +1.2% increase in the Employer National Insurance rate plus the reduction in the secondary Class 1 threshold from £9,100 per year to £5,000 per year. The increases in the National Minimum Wage, especially for the younger age groups, which will be effective from April 2025, is also a concern. Only so much of this can be absorbed or covered by increased operational efficiencies.

Global unrest in Eastern Europe, the Middle East and potentially other areas aligned with changes in governments in America and other European territories only adds to the uncertainty that can have a detrimental effect on the global economy, supply chains and crucially, confidence.

These remain complex issues which the Directors are constantly monitoring, reviewing and taking whatever action is deemed necessary to offset the effect of these variables, the majority of which are outside the direct control of the business. Through these actions the objective is to reduce any negative financial impact on the business as much as is possible.

Competition:
The directors recognise the Park continues to operate in a very competitive market with many attractions, whether they are operating on a national or local level, all competing for guests. We will continue with our mission to provide guests with a unique and value for money family experience, in a safe and quality environment. In addition, we will continually look to find and implement unique differentiators to “widen the gap” between Paultons and other attractions in the eyes of our guests.

Health and Safety:
The safety of both our guests and staff remains at the forefront of the daily operation of the Park. We continue to ensure that all staff are fully trained in all aspects of their work and carry out regular management audits. We have rigorous safety systems in place for all rides and attractions with an ongoing cycle of ride maintenance and checks on a daily/weekly/monthly and annual basis. The Park’s Health and Safety Management systems are continually monitored and reviewed internally and by independent external support.

Key Performance Indicators

Given the relatively straightforward nature and structure of the business, the directors are of the opinion that analysis using KPI’s is not necessary for an understanding of the development, performance or position of the business.

HERONSWOOD HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 3 -
Section 172(1) statement

The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

 

- the likely consequences of any decisions in the long term;

 

- the interests of the group's employees;

 

- the need to foster the group's business relationship with suppliers, customers, and the environment;

 

- the impact of the group's operations on the community and the environment;

 

- the desirability of the group maintain reputation for high standards of business conduct; and

 

- the need to act fairly as between members of the group.

 

The directors of the group have sought to balance the needs of its members with the s.172 matters throughout the year, for example in the policies and practices which run through the group, ensuring that the group's reputation for high standards of conduct are maintained and in our engagement with our employees.

Employee Involvement:
We recognise that our team’s commitment and the continual investment in the development of their skills is paramount to our ongoing success. The business therefore continually invests in both training and development to ensure the teams are able to gain continual improvement and keep ahead of trends and best practice in the many diverse areas the Park operates in. As the business continues to update its equipment and procedures it is critical that all staff receive the pre-requisite training to ensure these are operated correctly to gain maximum advantage both to the efficiency of the business but for the benefit of the individual employee.

The business runs a Staff Forum which is chaired by the Head of Human Resources and each department is represented at the meeting. Due to the structure of the business, it is straightforward for the Directors and Senior Management teams to communicate with all members of staff to keep them updated on any particular matter and various online communication methods are in use within the group to disseminate information quickly and effectively.

Sustainability:
This is becoming ever more important and the Park is actively working on and developing its “Paultons Promise” which covers the Environment we work and live in, our Local Community and the Wellbeing of both our guests and staff.

Engagement with Suppliers:

Paultons Park is proud of its supply base which is now extensive and supplies a wide variety of goods and services to the business. The business recognises the importance of a reactive and flexible supply base and as such has some very long-standing relationships with a large number of suppliers. A large proportion of the specialist supply base that supports the Park’s infrastructure and supplies fresh produce to the Food and Beverage Department is local to the Park.

 

The business prides itself on these relationships and recognises the importance of providing prompt settlement and being straightforward to deal with.

HERONSWOOD HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 4 -

On behalf of the board

Mrs S J Mancey
Director
25 March 2025
HERONSWOOD HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 5 -

The directors present their annual report and financial statements for the period ended 30 November 2024.

Principal activities

The principal activity of the group continued to be that of operating a Family Theme Park. The company itself is a holding company.

Results and dividends

The results for the period are set out on page 13.

Ordinary dividends were paid amounting to £1,100,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr R W Mancey
Mrs S J Mancey
Mr J W Mancey
Mr L J Mancey
(Appointed 1 August 2024)
Qualifying third party indemnity provisions

The group has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

Financial risk management objectives and policies

The group finances its operations through a mixture of retained profits and where necessary to fund expansion or capital expenditure programmes, through external borrowings. The management's objectives are to maximise returns on surplus funds, minimise the group's exposure to fluctuating interest rates when seeking new borrowings and match the repayment schedule of any external borrowings or overdrafts with the expected cash flows from the group's trading activities.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

During the period, the policy of providing employees with information about the group has continued through regular meetings and consultation held between management and employees. This facilitates a free flow of information and ideas on matters of concern to the employees and allows the views and concerns of the employees to be taken into account when decisions are being made which are likely to affect their interests. Additionally, this encourages the involvement of employees in the group's performance and achieves a common awareness on the part of all employees of the financial and economic factors affecting the performance of the group.

HERONSWOOD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 6 -
Key relationships

The business recognises the importance of key relationships it has with its wide and varied customer and supply base. It is important that our guests feel secure and safe with any visit to the Park. The supply base is also of critical importance to the success of the business and the directors recognise the need for mutual support.

 

Outside the supply of goods and materials, the Park works with a large number of ancillary companies who support a wide range of the Park's activities which are again critical to the success and resilience of the Park's infrastructure. These range from specialists in IT, engineering, website design, refrigeration, kitchen equipment, CCTV, grounds works etc. many of whom have worked with the Park for a considerable period of time and very much complement the Park's own staff.

 

The directors are very aware of the above and that the ability to provide first class, safe, and value for money visits for guests and maintain a flexible, reactive and reliable supply base is critical to the long term sustained success of the business.

Auditor

Fiander Tovell Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Streamlined energy and carbon reporting


Environmental Strategy

Paultons Park continues its appreciation and understanding of its ongoing responsibility to the local and global environment. The Park remains committed to striving for a continuous improvement in managing all environmental issues. This includes the responsible management and monitoring of energy use with the objective of reducing the level of consumption.

Core Strategies the Park adopts to minimise its energy use and reduce its impact on the environment are: -

During 2024 the program of internal ‘sub monitoring’ of individual areas/rides within the Park continued as part of the management control of energy usage. This again led to some operational adjustments where we were able to improve and reduce energy usage whilst ensuring there was no impact upon staff or public visitor experience.

HERONSWOOD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 7 -

Energy Usage & Energy efficiency improvements:

During late 2024 the Park has pushed forward with the large-scale Solar PV installations which will be operational in February/March 2025. These installations are located on 11 existing roof spaces along with large, covered canopy structures in two of our main car parking areas. These installations add to the arrays installed previously. Once the new installations are complete this will give the Park approximately 600 KWP of roof top Solar PV Generation.

We continue to be committed to the Energy Saving Opportunity Scheme (ESOS). This scheme involves an in-depth independent audit being completed on the ‘whole site’ energy consumption. The audit for Phase 3 was completed in October 2023 and continues to give us excellent benchmarking benefits and other possible options for Energy Efficiency savings. The ESOS Action Plan for 2024/25 was completed in November 2024.

During the analysis of our Energy Consumption data, it was found that Electricity and LPG account for just under 97% of the total energy consumption of the business. The table below details electricity usage for a full trading year based on the financial year 2023/24.

The Park site itself is not connected to the mains gas network so Food & Beverage cooking processes & general heating in offices and buildings is via Low Pressure Gas (LPG).

The only other energy consumed by the business is fuel “for the purposes of transport”. As the Park is essentially a single site there is minimal fuel consumed for this purpose. This has been analysed and included in the Environmental Performance figures further below.

Month

2023/24

Kwh

Trading Days

Solar Generation (kwh)

Purchased Electricity (kwH)

December

164,240

14

3,307.94

160,932

January

136,436

0

6,039.22

130,397

February

172,960

13

7,738.64

165,221

March

205,512

22

15,029.96

190,482

April

240,528

30

23,850.62

216,677

May

249,205

31

29,619.72

219,585

June

227,340

30

27,916.22

199,424

July

240,300

31

24,597.47

215,703

August

287,790

31

21,512.12

266,278

September

235,940

28

10,543.60

225,396

October

238,986

25

6,397.68

232,589

November

197,177

11

2,798.72

194,378

ANNUAL

2,596,414

266

179,351.91

2,417,062

 

HERONSWOOD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 8 -

Energy Usage & Energy efficiency improvements (continued)

Environmental Performance, as of 30 November 2024, the energy usage and carbon emissions for the Park were as follows:

 

 

Original

Measurement

2024 (DEC 2023 – NOV 2024)

Conversion Factor

2024 kg CO₂e

Gas (LPG)

Litres

89,251

1.55713

138,975

Business Travel: Passenger, Delivery Vehicles, onsite transport (in company owned vehicles)

Calculation based on miles/ vehicle size - (Large Car)

Diesel

Litres

24,975

0.33362

8,332

Petrol

Litres

4,621

0.43158

1,994

Total Scope 1

 

118,847

 

149,301

Purchased Electricity

Kwh

2,417,061

0.20705

500,452

Total Scope 2

 

2,417,061

 

500,452

Water Supply

Cubic Metres

50,383

0.33885

17,072

Total Scope 3

 

50,383

 

17,072

Total

 

2,586,291

 

666,825

Total Gross tCO₂e

 

 

 

666.82

Annual Group Turnover

(£) 36,916,884

 

 

Intensity Ratio:

£'s of Turnover Generated per Kg of CO₂e

 

(£) 55.36

 

 

Summary:

The Board of Directors recognises the importance of the environment as a whole and the critical requirement of minimising the impact that the business may have on it in the short, medium and long term as far as is possible. A strategy of continual improvement has been put into place in an attempt to minimise the usage of all the various energy streams, whilst also continuing to recognise the requirements of the business itself.

HERONSWOOD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 9 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Strategic report

The grouptrue has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of a review of the business and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the group is aware of that information.

On behalf of the board
Mrs S J Mancey
Director
25 March 2025
HERONSWOOD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HERONSWOOD HOLDINGS LIMITED
- 10 -
Opinion

We have audited the financial statements of Heronswood Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 November 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 and 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.

Other information

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

Opinions on other matters prescribed by the Companies Act 2006

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

HERONSWOOD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HERONSWOOD HOLDINGS LIMITED
- 11 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

HERONSWOOD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HERONSWOOD HOLDINGS LIMITED
- 12 -
Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Jay FCA FCCA
Senior Statutory Auditor
For and on behalf of Fiander Tovell Limited
25 March 2025
Chartered Accountants
Statutory Auditor
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
HERONSWOOD HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 13 -
Period
Period
ended
ended
30 November
3 December
2024
2023
Notes
£
£
Turnover
3
36,916,884
34,748,888
Cost of sales
(15,452,790)
(14,658,531)
Gross profit
21,464,094
20,090,357
Administrative expenses
(14,859,849)
(13,325,792)
Other operating income
2,324,856
2,153,852
Operating profit
4
8,929,101
8,918,417
Share of results of associates
5,420
(3,308)
Interest receivable and similar income
8
1,177,522
672,193
Interest payable and similar expenses
9
(3,724)
(5,466)
Profit before taxation
10,108,319
9,581,836
Tax on profit
10
(2,596,279)
(2,284,713)
Profit for the financial period
7,512,040
7,297,123
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
HERONSWOOD HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 14 -
30 November 2024
3 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
77,559,433
74,871,229
Investment properties
13
14,797,431
14,797,431
Investments
14
537,112
531,692
92,893,976
90,200,352
Current assets
Stocks
17
566,886
612,434
Debtors
18
10,192,135
6,222,959
Investments
19
16,339,359
12,371,840
Cash at bank and in hand
13,999,932
18,123,311
41,098,312
37,330,544
Creditors: amounts falling due within one year
20
(4,363,571)
(5,403,406)
Net current assets
36,734,741
31,927,138
Total assets less current liabilities
129,628,717
122,127,490
Provisions for liabilities
Deferred tax liability
21
13,943,919
12,854,732
(13,943,919)
(12,854,732)
Net assets
115,684,798
109,272,758
Capital and reserves
Called up share capital
23
100,000
100,000
Revaluation reserve
24
39,474,646
39,474,646
Merger reserve
125,000
125,000
Profit and loss reserves
75,985,152
69,573,112
Total equity
115,684,798
109,272,758
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
25 March 2025
Mr R W Mancey
Director
HERONSWOOD HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 15 -
30 November 2024
3 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
55,457,145
55,799,274
Investment property
13
14,797,431
14,797,431
Investments
14
635,000
635,000
70,889,576
71,231,705
Current assets
Debtors
18
10,989,487
5,313,027
Investments
19
16,339,359
12,371,840
Cash at bank and in hand
12,829,199
17,063,213
40,158,045
34,748,080
Creditors: amounts falling due within one year
20
(417,788)
(2,886,954)
Net current assets
39,740,257
31,861,126
Total assets less current liabilities
110,629,833
103,092,831
Provisions for liabilities
Deferred tax liability
21
10,583,571
10,590,577
(10,583,571)
(10,590,577)
Net assets
100,046,262
92,502,254
Capital and reserves
Called up share capital
23
100,000
100,000
Profit and loss reserves
99,946,262
92,402,254
Total equity
100,046,262
92,502,254

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £8,644,008 (2023 - £8,934,460 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
25 March 2025
Mr R W Mancey
Director
Company registration number 09700577 (England and Wales)
HERONSWOOD HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 16 -
Share capital
Revaluation reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 28 November 2022
100,000
39,474,646
125,000
63,275,989
102,975,635
Period ended 3 December 2023:
Profit and total comprehensive income
-
-
-
7,297,123
7,297,123
Issue of share capital
23
20,000
-
-
-
20,000
Dividends
11
-
-
-
(1,000,000)
(1,000,000)
Other movements
(20,000)
-
-
-
(20,000)
Balance at 3 December 2023
100,000
39,474,646
125,000
69,573,112
109,272,758
Period ended 30 November 2024:
Profit and total comprehensive income
-
-
-
7,512,040
7,512,040
Issue of share capital
23
30,000
-
-
-
30,000
Dividends
11
-
-
-
(1,100,000)
(1,100,000)
Other movements
(30,000)
-
-
-
(30,000)
Balance at 30 November 2024
100,000
39,474,646
125,000
75,985,152
115,684,798
HERONSWOOD HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 November 2022
100,000
84,467,793
84,567,793
Period ended 3 December 2023:
Profit and total comprehensive income for the period
-
8,934,461
8,934,461
Issue of share capital
23
20,000
-
20,000
Dividends
11
-
(1,000,000)
(1,000,000)
Other movements
(20,000)
-
(20,000)
Balance at 3 December 2023
100,000
92,402,254
92,502,254
Period ended 30 November 2024:
Profit and total comprehensive income
-
8,644,008
8,644,008
Issue of share capital
23
30,000
-
30,000
Dividends
11
-
(1,100,000)
(1,100,000)
Other movements
(30,000)
-
(30,000)
Balance at 30 November 2024
100,000
99,946,262
100,046,262
HERONSWOOD HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 18 -
30 November 2024
3 December 2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
9,040,578
13,129,149
Interest paid
(3,724)
(5,466)
Income taxes paid
(2,482,139)
(1,970,252)
Net cash inflow from operating activities
6,554,715
11,153,431
Investing activities
Purchase of tangible fixed assets
(6,575,248)
(4,617,438)
Proceeds on disposal of tangible fixed assets
47,051
2,500
Purchase of investment property
-
(3,752,231)
Purchase of associates
-
(535,000)
Purchase of investments
(3,967,519)
(298,159)
Interest received
917,622
421,026
Net cash used in investing activities
(9,578,094)
(8,779,302)
Financing activities
Dividends paid to equity shareholders
(1,100,000)
(1,000,000)
Net cash used in financing activities
(1,100,000)
(1,000,000)
Net (decrease)/increase in cash and cash equivalents
(4,123,379)
1,374,129
Cash and cash equivalents at beginning of period
18,123,311
16,749,182
Cash and cash equivalents at end of period
13,999,932
18,123,311
HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 19 -
1
Accounting policies
Company information

Heronswood Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Paultons Park, Ower, Romsey, Hampshire, United Kingdom, SO51 6AL.

 

The group consists of Heronswood Holdings Limited and its subsidiary Paultons Park Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Heronswood Holdings Limited together with its subsidiary.

 

All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 20 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Reporting period

The group previously operated and reported on a 52 or 53 week financial year ending on the closest Sunday to 30 November. In the current year the directors made the decision that the current and subsequent reporting periods will end on 30 November. Accordingly the current information represents the period from 4 December 2023 to 30 November 2024. The comparative information represents the period from 28 November 2022 to 3 December 2023.

1.5
Turnover

The turnover shown in the statement of comprehensive income represents amounts receivable from admissions, retail, and catering sales during the period, excluding Value Added Tax. Revenue from sales of annual season tickets is deferred and recognised over the period that the tickets relate to, in proportion to the number of days the Park is open during the year. Revenue for admissions is recognised at date of entry, any admission tickets brought in advance are deferred into the period to which they relate. Retail and catering revenue is recognised when the goods or services are supplied.

Interest income

Interest income is accrued on a time apportioned basis by reference to the principal outstanding at the effective rate of interest.

 

Rental income

Rental income on assets leased under operational leases is recognised on a straight line basis over the lease term and is presented within other operating income.

 

Dividend income

Dividend income from investments in subsidiaries is recognised when the company's right to receive payment is established.

1.6
Assets under the course of construction
Assets under the course of construction are recognised at cost, being purchase price. No depreciation is charged on assets under the course of construction.
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 21 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line
Plant, fixtures, fittings, tools and equipment
10% straight line and 33% straight line
Motor vehicles
25% straight line

Freehold land is not depreciated.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Subsidiaries - In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

Heronswood Holdings Limited has elected to adopt the cost model.

Associates - Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in associates entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.11
Stocks

Stocks are valued at the lower of cost, being purchase price, and net realisable value, after making allowance for obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Intercompany lease agreement

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee or to the lessee where the company is the lessor. Management have had to make judgements with regard to the level of rent to charge on the intercompany lease. They have sought advice from a local commercial property consultant to arrive at the market rate.

Fair value of investment properties

Investment properties included in within the financial statements are carried at fair value. The directors arrange valuations of the investment properties by professional valuers in order to attain a representative fair value at the period end. The directors consider this to be an appropriate basis of valuation given the skills and expertise of the professional valuers. In the current period, no valuation was carried out as the directors determined that there had not been a significant change in the value of the properties. This is inherently judgemental.

Useful lives for fixed 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 directors have reviewed the tangible assets and have concluded that asset lives and residual values are appropriate.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Operating as a theme park
36,916,884
34,748,888
2024
2023
£
£
Other significant revenue
Other operating income
1,318,738
1,239,013
Rental income
1,004,523
913,315
Other income
1,595
1,524
2,324,856
2,153,852

All income is derived from UK operations.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
3
Turnover and other revenue
(Continued)
- 26 -

Other operating income relates mainly to commission received and other miscellaneous revenue streams.

4
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange losses
85,502
1,439
Depreciation of owned tangible fixed assets
3,866,964
3,854,362
(Profit)/loss on disposal of tangible fixed assets
(26,971)
317,498
Operating lease charges
35,000
36,210

Exchange differences recognised in profit or loss during the period, except for those arising on financial instruments measured at fair value through profit or loss, amounted to a loss of £85,502 (2023 - £1,439).

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,500
4,410
Audit of the financial statements of the company's subsidiaries
24,500
23,650
29,000
28,060
For other services
Audit-related assurance services
8,330
10,285
Taxation compliance services
7,400
6,645
15,730
16,930
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Park staff
707
649
-
-
Administrative staff
24
24
-
-
Directors
5
4
3
3
Total
736
677
3
3
HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
6
Employees
(Continued)
- 27 -
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,949,430
10,119,936
-
0
-
0
Social security costs
828,612
754,095
-
-
Pension costs
383,011
360,567
-
0
-
0
12,161,053
11,234,598
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
184,821
116,606
Company pension contributions to defined contribution schemes
7,601
4,411
192,422
121,017

As total directors' remuneration was less than £200,000 in the current period, no disclosure is provided for that period.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,150,286
672,193
Other interest income
27,236
-
Total income
1,177,522
672,193
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
43
-
Other interest
3,681
5,466
Total finance costs
3,724
5,466
HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 28 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,507,092
2,162,716
Adjustments in respect of prior periods
-
0
93
Total current tax
1,507,092
2,162,809
Deferred tax
Origination and reversal of timing differences
1,088,851
114,413
Adjustment in respect of prior periods
336
7,491
Total deferred tax
1,089,187
121,904
Total tax charge
2,596,279
2,284,713

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
10,108,319
9,581,836
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
2,527,080
2,204,780
Tax effect of expenses that are not deductible in determining taxable profit
4,554
8,535
Adjustments in respect of prior years
-
0
93
Depreciation on assets not qualifying for tax allowances
65,664
59,238
Other permanent differences
(1,355)
9,957
Deferred tax adjustments in respect of prior years
336
7,491
Capital allowance - super deduction
-
0
(5,381)
Taxation charge
2,596,279
2,284,713

As of 1 April 2023, the corporation tax rate increased from 19% to 25%. The effective corporation tax rate for the period was 25% (2023: 23.01%).

 

The deferred tax has been assessed at 25% (2023: 25%) as of the reporting date.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 29 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,100,000
1,000,000
12
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant, fixtures, fittings, tools and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 4 December 2023
58,097,360
2,102,977
48,163,737
829,675
109,193,749
Additions
-
0
6,323,191
111,911
140,146
6,575,248
Disposals
-
0
(2,593)
(349,535)
(89,220)
(441,348)
Transfers
-
0
(2,438,084)
2,438,084
-
0
-
0
At 30 November 2024
58,097,360
5,985,491
50,364,197
880,601
115,327,649
Depreciation and impairment
At 4 December 2023
2,309,677
-
0
31,263,998
748,845
34,322,520
Depreciation charged in the period
355,522
-
0
3,453,414
58,028
3,866,964
Eliminated in respect of disposals
-
0
-
0
(332,048)
(89,220)
(421,268)
At 30 November 2024
2,665,199
-
0
34,385,364
717,653
37,768,216
Carrying amount
At 30 November 2024
55,432,161
5,985,491
15,978,833
162,948
77,559,433
At 3 December 2023
55,787,683
2,102,977
16,899,739
80,830
74,871,229
HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
12
Tangible fixed assets
(Continued)
- 30 -
Company
Freehold land and buildings
Plant, fixtures, fittings, tools and equipment
Total
£
£
£
Cost or valuation
At 4 December 2023
57,249,312
14,641
57,263,953
Additions
-
0
15,376
15,376
At 30 November 2024
57,249,312
30,017
57,279,329
Depreciation and impairment
At 4 December 2023
1,461,629
3,050
1,464,679
Depreciation charged in the period
355,522
1,983
357,505
At 30 November 2024
1,817,151
5,033
1,822,184
Carrying amount
At 30 November 2024
55,432,161
24,984
55,457,145
At 3 December 2023
55,787,683
11,591
55,799,274

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
11,521,025
11,521,025
Accumulated depreciation
(2,655,689)
(2,300,167)
Carrying value
8,865,336
9,220,858
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 4 December 2023 and 30 November 2024
14,797,431
14,797,431

During the year the company purchased investment property for £nil (2023: £3,752,231). The directors have decided not to conduct an external valuation as at 30 November 2024, as they have determined that there has been no significant change in the value of the properties since purchase dates.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 31 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100,000
100,000
Investments in associates
16
537,112
531,692
535,000
535,000
537,112
531,692
635,000
635,000
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Paultons Park Limited
Paultons Park, Ower, Romsey, Hampshire, United Kingdom, SO51 6AL
Ordinary
100.00
16
Associates

Details of associates at 30 November 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Encompass Surveys Limited
Yarmouth House 1300 Parkway, Whiteley, Fareham, Hampshire, England, PO15 7AX
Ordinary
33
-
Siteline Limited
Yarmouth House 1300 Parkway, Whiteley, Fareham, England, PO15 7AX
Ordinary
0
33

On 31 March 2024, Encompass Surveys Limited acquired 100% of Siteline Limited. The financial statements reflect an adjustment for the share of the profit or loss for the period, which has been disclosed separately in the statement of comprehensive income. This adjustment incorporates the group position of Encompass Surveys Limited and its subsidiary, Siteline Limited.

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
566,886
612,434
-
0
-
0

During the year an impairment gain on finished goods of £14,025 (2023: £5,460) was recognised within cost of sales. No earlier stock write downs have been reversed during the current period.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 32 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
66,797
73,455
37,717
35,230
Corporation tax recoverable
187,758
-
0
47,544
-
0
Amounts owed by group undertakings
-
-
2,229,113
-
Amounts owed by undertakings in which the company has a participating interest
625,000
-
625,000
-
Other debtors
8,016,996
5,258,737
8,011,067
5,251,427
Prepayments and accrued income
1,295,584
890,767
39,046
26,370
10,192,135
6,222,959
10,989,487
5,313,027
19
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
16,339,359
12,371,840
16,339,359
12,371,840
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,171,507
681,213
819
335
Amounts owed to group undertakings
-
0
-
0
-
0
2,000,000
Corporation tax payable
-
0
787,289
-
0
440,894
Other taxation and social security
841,041
1,521,350
26,911
42,151
Deferred income
1,483,440
1,329,587
304,208
315,522
Other creditors
79,839
78,755
78,705
77,413
Accruals
787,744
1,005,212
7,145
10,639
4,363,571
5,403,406
417,788
2,886,954
HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 33 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
3,434,369
2,345,182
Revaluations
10,509,550
10,509,550
13,943,919
12,854,732
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
74,021
81,027
Revaluations
10,509,550
10,509,550
10,583,571
10,590,577
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 4 December 2023
12,854,732
10,590,577
Charge/(credit) to profit or loss
1,089,187
(7,006)
Liability at 30 November 2024
13,943,919
10,583,571

The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
383,011
360,567

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the period end no amounts were outstanding (2023: £nil).

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 34 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50,000
80,000
50,000
80,000
Ordinary B shares of £1 each
25,000
20,000
25,000
20,000
Ordinary C shares of £1 each
25,000
-
25,000
-
100,000
100,000
100,000
100,000

All classes of shares hold the same rights.

Each share has full rights in the company with respect to voting, dividends and distributions.

24
Reserves

Revaluation reserve

Group

The cumulative revaluation gains and losses in respect of land and buildings, except revaluation gains and losses recognised in profit or loss. This reserve is not distributable.

 

Profit and loss reserves

Group

Cumulative profit and loss net of distributions to owners.

 

Company

Cumulative profit and loss net of distributions to owners.

 

Merger reserve

Group

Where the conditions of a group reconstruction meet the criteria of paragraphs 19.29 - 19.32 of FRS102, the consolidated financial statements are prepared using merger accounting. The merger reserve represents the difference between the nominal value of the new shares issued by the parent company for the acquisition of shares of the subsidiary and the subsidiary's own share capital. This is an undistributable reserve.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
39,692
40,832
-
-
Between two and five years
77,500
115,596
-
-
117,192
156,428
-
-
HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
25
Operating lease commitments
(Continued)
- 35 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
879,485
937,936
3,004,485
3,062,936
Between two and five years
2,459,792
2,805,001
10,501,459
10,971,668
In over five years
1,786,514
2,015,962
5,453,181
7,682,629
5,125,791
5,758,899
18,959,125
21,717,233
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
8,656,699
2,245,775
-
-
27
Related party transactions

During the period rent and buildings insurance amounting to £35,686 (2023: £35,373) was paid to Paultons Properties Limited. During the period the group made sales to Paultons Properties Limited of £6,274 (2023: £8,356) in relation to maintenance works. At the period end amounts of £7,500,000 (2023: £5,000,000) were owed from Paultons Properties Limited to Heronswood Holdings Limited, this loan is interest free and repayable on demand. Paultons Properties Limited is a limited company in which Mr R W Mancey, Mrs S J Mancey, Mr J W Mancey and Mr L J Mancey, are also directors of the company.

 

During the period expenses totalling £2,560 (2023: £13,093) were paid to Go New Forest CIC. Go New Forest CIC is a not-for-profit Community Interest Company of which Mr S J Lorton, a director of the company, is a director.

 

During the period the group paid for survey services totalling £27,464 (2023: £8,749), to Encompass Surveys Limited. This is a company which J W Mancey and S J Lorton are directors of and Heronswood Holdings Limited is a 33.3% shareholder. At the period end amounts of £625,000 (2023: £nil) were owed by Encompass Surverys Limited, interest receivable of £7,743 (2023: £nil) has been recognised in respect of this loan.

 

There were no amounts outstanding at the period end for any of the transactions above, with exception of the loan balances owed at the period end.

 

All transactions were carried out in the ordinary course of business.

HERONSWOOD HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 36 -
28
Controlling party

Heronswood Holdings Limited was owned 40% by Mr R W Mancey, 40% by Mrs S J Mancey and 20% by Mr J W Mancey.

 

From the 7th August 2024 shares were transferred to Mr J W Mancey and Mr L J Mancey, from Mr R W Mancey and Mrs S J Mancey.

 

Heronswood Holdings Limited is now owned 25% by Mr R W Mancey, 25% by Mrs S J Mancey, 25% by Mr J W Mancey and 25% by Mr L J Mancey. There is no one single identifiable controlling party.

29
Directors' transactions

Dividends totalling £1,100,000 (2023: £1,000,000) were paid in the period in respect of shares held by the company's directors.

30
Cash generated from group operations
2024
2023
£
£
Profit for the period after tax
7,512,040
7,297,123
Adjustments for:
Share of results of associates and joint ventures
(5,420)
3,308
Taxation charged
2,596,279
2,284,713
Finance costs
3,724
5,466
Investment income
(1,177,522)
(672,193)
(Gain)/loss on disposal of tangible fixed assets
(26,971)
317,498
Depreciation and impairment of tangible fixed assets
3,866,964
3,854,362
Movements in working capital:
Decrease in stocks
45,548
16,926
Increase in debtors
(3,521,518)
(175,989)
(Decrease)/increase in creditors
(406,399)
44,739
Increase in deferred income
153,853
153,196
Cash generated from operations
9,040,578
13,129,149
31
Analysis of changes in net funds - group
4 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
18,123,311
(4,123,379)
13,999,932
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