REGISTERED NUMBER: 06641459 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HORNSEA LEISURE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D R Allison

N Willson

SECRETARY:

N Willson

REGISTERED OFFICE:

Marton Hall

Church Lane

Sewerby

Bridlington

East Yorkshire

YO15 1DS

REGISTERED NUMBER:

06641459 (England and Wales)

INDEPENDENT AUDITORS:

Ryecroft Glenton

Chartered Accountants & Statutory

Auditors

32 Portland Terrace

Newcastle Upon Tyne

NE2 1QP

FIXED ASSETS

Intangible assets

4

725,000

825,000

Tangible assets

5

18,503,655

17,541,682

19,228,655

18,366,682

CURRENT ASSETS

Stocks

4,373,225

3,507,959

Debtors

6

1,209,180

1,005,864

Cash at bank and in hand

399,414

350,185

5,981,819

4,864,008

CREDITORS

Amounts falling due within one year

7

15,527,787

14,249,213

NET CURRENT LIABILITIES

(9,545,968

)

(9,385,205

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,682,687

8,981,477

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

9,682,587

8,981,377

SHAREHOLDERS' FUNDS

9,682,687

8,981,477

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:

D R Allison - Director

N Willson - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 £.

Going concern

The financial statements have been prepared on the going concern basis of accounting, which assumes that the company is able to continue operating as a going concern. The board have considered this assumption, in particular relating to the uncertainty in the UK economy and the ongoing war in the Ukraine and the resultant impact to the company's costs.

Having considered all relevant factors, the board are of the opinion that the going concern basis of accounting remains appropriate.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of goods and services provided by the company as part of the operation of the caravan parks, excluding value added tax.

Income regarding site fees and insurance is deferred and released over the term of chargeable period, with the deferred amount being recorded as a current liability.

Income regarding light and heat recharges and other sundry park income is accrued and released over the term of the chargeable period, with the accrued amount being recorded as a current asset.

Income regarding park services, caravans and other goods sold are recognised on a receipts basis.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of thirteen years.

At the time of the acquisition the directors of the company considered the life of the goodwill to be at least 13 years with information provided at that time.

Goodwill, acquired in 2022 is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land, buildings & site development

-

2% on cost, excluding land element

Site offices

-

10% on cost

Plant and machinery

-

33% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Hire fleet

-

15% on reducing balance

Fixed assets are depreciated in full in the year of acquisition.

Stocks

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

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and hire purchase.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of income and retained earnings over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company has implemented automatic enrolment into a workplace pension scheme in relation to all employees.

All contributions payable for the year are charged to the statement of income and retained earnings in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

1,209,900

AMORTISATION

At 1 January 2024

384,900

Charge for year

100,000

At 31 December 2024

484,900

NET BOOK VALUE

At 31 December 2024

725,000

At 31 December 2023

825,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

18,039,202

1,096,657

19,135,859

Additions

928,448

716,712

1,645,160

Disposals

-

(401,310

)

(401,310

)

At 31 December 2024

18,967,650

1,412,059

20,379,709

DEPRECIATION

At 1 January 2024

1,146,610

447,567

1,594,177

Charge for year

191,506

181,297

372,803

Eliminated on disposal

-

(90,926

)

(90,926

)

At 31 December 2024

1,338,116

537,938

1,876,054

NET BOOK VALUE

At 31 December 2024

17,629,534

874,121

18,503,655

At 31 December 2023

16,892,592

649,090

17,541,682

Included in cost or valuation of land and buildings is freehold land of £ 12,079,872 (2023 - £ 12,079,872 ) which is not depreciated.

A valuation was done in 2014 on transition to FRS 102 1A and is classed as deemed cost.

The net book value of tangible fixed assets includes £NIL (2023 - £ 8,192 ) in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

182,309

52,649

Amounts owed by group undertakings

809,486

780,133

Other debtors

217,385

173,082

1,209,180

1,005,864

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

641,579

402,112

Hire purchase contracts (see note 8)

-

3,260

Trade creditors

866,231

751,517

Amounts owed to group undertakings

12,270,495

11,407,647

Taxation and social security

405,319

224,824

Other creditors

1,344,163

1,459,853

15,527,787

14,249,213

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

-

3,260

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

37,000

37,000

Between one and five years

18,333

38,333

55,333

75,333

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

-

3,260

Hire purchase contracts are secured over the assets being financed.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Included within retained earnings are distributable reserves of £8,967,282 (2023: £8,266,072).

The profit and loss account includes a revaluation reserve totalling £715,305 (2023: £715,305) which relates to the company's land and buildings. The value of the land and buildings under historical cost accounting rules is £16,914,229 (2023: £16,177,287).

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Cameron (Senior Statutory Auditor)

for and on behalf of Ryecroft Glenton

13.	CONTINGENT LIABILITIES

The company's bankers hold a cross guarantee between the company and the other members of the group being Shorewood Leisure Group Limited, Shorewood Parks Limited, Marton Hall Leisure Limited, Witton Castle Country Park Limited and North Bay Leisure Limited.

It is the opinion of the directors that this guarantee will not crystallise and is therefore not provided in these financial statements.

14.	RELATED PARTY DISCLOSURES

The company's ultimate parent undertaking is Shorewood Leisure Group Limited a company incorporated in the United Kingdom. Group consolidated financial statements are available from the group and company's registered office, Marton Hall, Church Lane, Sewerby, Bridlington, YO15 1DS.