REGISTERED NUMBER: 04198044 (England and Wales)

HARRISON LEISURE UK LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

Directors:

Mr W Harrison

Mr G Harrison

Mrs E Harrison

Mr G Harrison Jnr

Mr R Harrison

Secretary:

Mr G Harrison

Registered office:

Riverside Leisure Centre

Southport New Road

Banks

SOUTHPORT

PR9 8DF

Business address:

Harrison Leisure UK Limited

Unit 3B, Edward VII Quay

PRESTON

Lancashire

PR2 2YF

Registered number:

04198044 (England and Wales)

Auditors:

Xeinadin Audit Limited

Accountants and Statutory Auditors

Dalton House

9 Dalton Square

LANCASTER

LA1 1WD

Introduction

The directors present their Strategic Report for Harrison Leisure UK Limited for the year ended 31 December 2024.

Business review

The directors present a balanced and comprehensive review of the development and performance of the company during the year and the company's position at the year end.

2024 has been a challenging year for our industry showing an economic downturn. The directors and leadership team have had to be agile, adaptable, and responsive to the industry turning to innovative systems and processes to further the organisations future proofing and efficiencies.

We expect these challenges to continue and plan to respond by increasing connections inside and outside the business.

Principal risks and uncertainties

Management team continually monitor the key risks facing the company together with assessing the controls used for managing risks. The directors agree policies for managing the risks arising from the company's financial instruments. These are as follows:

Economic downturn

We operate in a sector which is affected by the economic climate; therefore, we operate a variety of different income streams in order to minimise the risk of a downturn affecting the whole company. After the last recession we started operating a hire fleet which has helped to improve monthly cash flows to help offset the risk of caravan sales declining. We also continue to develop new bases at our parks to help increase site fee income to offset the risk of more owners leaving the sites than anticipated. We have documented the impact on going concern throughout these financial statements.

Loss of key personnel

As we are a family business; we have a small number of key staff. Following our recruitment drive we have implemented a centralised Head Office Team which continues to help improve our internal structures, efficiencies, parks, and facilities, together with communications with all our stakeholders. We ensure that key personnel are rewarded appropriately to help improve financial performance of the company as well as keeping staff motivated to avoid staff leaving. We have incentive programmes in place for staff to receive financial reward for hitting financial targets and performance is reviewed weekly.

Financial Risks

The company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity, and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group.

Liquidity Risk

The directors believe that the company has sufficient funds available to support its activities in the future. Working capital facilities are provided through bank debt facilities and the Group continues to experience a good working relationship with its bankers. The Group generates significant money from operating activities and cash flows are monitored daily in order to ensure any potential difficulties can be managed. Cash flow forecasting is also produced to help with this process.

Financial key performance indicators

Management use a range of performance measures to monitor and manage the company. The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, being turnover, EBITDA, profitability before taxation and net assets.

2024

2023

£m

£m

Turnover

28.1

31.4

EBITDA

4.5

5.7

Profit/(loss) before tax

0.4

2.3

Net assets

16.1

16.2

On behalf of the board:

Mr W Harrison - Director

24 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Dividends

During the year the company declared dividends of £62,000 (2023 - £340,000).

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr W Harrison

Mr G Harrison

Mrs E Harrison

Other changes in directors holding office are as follows:

Mr G Harrison Jnr and Mr R Harrison were appointed as directors after 31 December 2024 but prior to the date of this report.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

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

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mr W Harrison - Director

24 September 2025

Opinion

We have audited the financial statements of Harrison Leisure UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

-	the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

- enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.

- audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

- analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.

- detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.

- financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 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.

Tim Preece FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Accountants and Statutory Auditors

Dalton House

9 Dalton Square

LANCASTER

LA1 1WD

24 September 2025

Turnover

28,090,030

31,355,802

Cost of sales

11,467,664

16,027,060

Gross profit

16,622,366

15,328,742

Administrative expenses

14,289,992

12,147,650

2,332,374

3,181,092

Other operating income

3

299,689

893,176

Operating profit

5

2,632,063

4,074,268

Interest receivable and similar income

7

11,003

12,656

2,643,066

4,086,924

Interest payable and similar expenses

8

2,274,941

1,749,699

Profit before taxation

368,125

2,337,225

Tax on profit

9

486,900

1,001,145

(Loss)/profit for the financial year

(118,775

)

1,336,080

Retained earnings at beginning of year

16,232,599

15,236,519

Dividends

10

(62,000

)

(340,000

)

Retained earnings at end of year

16,051,824

16,232,599

Fixed assets

Intangible assets

11

2,310,511

2,747,071

Tangible assets

12

49,380,682

48,290,922

Investments

13

8,871,098

8,871,098

60,562,291

59,909,091

Current assets

Stocks

14

4,195,033

6,274,217

Debtors

15

8,626,144

7,256,664

Cash at bank

1,923,145

-

14,744,322

13,530,881

Creditors

Amounts falling due within one year

16

20,146,117

23,846,222

Net current liabilities

(5,401,795

)

(10,315,341

)

Total assets less current liabilities

55,160,496

49,593,750

Creditors

Amounts falling due after more than one year

17

(37,760,136

)

(32,262,448

)

Provisions for liabilities

21

(1,348,534

)

(1,098,701

)

Net assets

16,051,826

16,232,601

Capital and reserves

Called up share capital

22

2

2

Retained earnings

23

16,051,824

16,232,599

Shareholders' funds

16,051,826

16,232,601

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Mr W Harrison - Director

1.	Statutory information

Harrison Leisure UK 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

Significant judgements and estimates

When preparing the financial statements, the directors are required to make judgements, estimates and assumptions about the carrying value of assets, liabilities, income and expenses.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 Company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

No judgements have been made in applying the Company's accounting policies in the preparation of the financial statements, other than those involving estimation.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised over its estimated useful life of 10 years on a straight line basis.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2%-25% Straight line

Electrical and drainage

-

10%-33% Reducing balance

Plant and machinery

-

10%-33% Reducing balance and 5-50% Straight line

Fixtures and fittings

-

10%-33% Reducing balance and 5-50% Straight line

Motor vehicles

-

25% Reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Other operating income

2024

2023

£

£

Management charges receivable

299,689

893,176

4.	Employees and directors

2024

2023

£

£

Wages and salaries

5,140,346

4,665,398

Social security costs

496,523

434,737

Other pension costs

96,690

97,848

5,733,559

5,197,983

The average number of employees during the year was as follows:

2024

2023

Site

121

112

Office

49

78

170

190

The number of directors to whom retirement benefits were accruing under money purchase schemes was 3 (2023 - 3).

The aggregate directors' remuneration during the year was £266,540 (2023 - £57,760).

5.	Operating profit

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

2024

2023

£

£

Hire of plant and machinery

37,434

20,297

Other operating leases

55,697

25,228

Depreciation - owned assets

1,246,120

1,172,661

Loss/(profit) on disposal of fixed assets

27,806

(83,232

)

Goodwill amortisation

585,310

540,309

6.	Auditors' remuneration

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

43,894

14,800

7.

Interest receivable and similar income

2024

2023

£

£

Bank interest receivable

5,562

8,189

Other interest receivable

5,441

4,467

11,003

12,656

8.

Interest payable and similar expenses

2024

2023

£

£

Bank interest payable

51,286

177,037

Bank loan interest

2,217,896

1,562,658

Hire purchase

5,759

10,004

2,274,941

1,749,699

9.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

237,067

599,082

Deferred tax

249,833

402,063

Tax on profit

486,900

1,001,145

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

368,125

2,337,225

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

92,031

549,715

Effects of:

Expenses not deductible for tax purposes

317,368

68,848

Depreciation in excess of capital allowances

201,368

185,285

Utilisation of tax losses

(188,944

)

-

Adjustments to tax charge in respect of previous periods

51,507

200,378

Effects of UK tax rate changes

-

21,564

Tangible fixed asset difference in tax value

13,570

-

Benefit of UK super deduction

-

(24,645

)

Total tax charge

486,900

1,001,145

10.

Dividends

2024

2023

£

£

Ordinary A shares of 20p each

Interim

62,000

340,000

11.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2024

7,003,093

Additions

148,750

At 31 December 2024

7,151,843

Amortisation

At 1 January 2024

4,256,022

Amortisation for year

585,310

At 31 December 2024

4,841,332

Net book value

At 31 December 2024

2,310,511

At 31 December 2023

2,747,071

12.	Tangible fixed assets

Electrical

Freehold

and

Plant and

property

drainage

machinery

£

£

£

Cost

At 1 January 2024

47,090,584

646,267

7,579,297

Additions

1,183,821

-

2,080,649

Disposals

-

(760

)

(1,672,996

)

At 31 December 2024

48,274,405

645,507

7,986,950

Depreciation

At 1 January 2024

4,038,318

593,808

3,138,063

Charge for year

539,156

5,377

484,989

Eliminated on disposal

-

-

(138,671

)

At 31 December 2024

4,577,474

599,185

3,484,381

Net book value

At 31 December 2024

43,696,931

46,322

4,502,569

At 31 December 2023

43,052,266

52,459

4,441,234

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Cost

At 1 January 2024

460,104

764,841

56,541,093

Additions

440,176

434,443

4,139,089

Disposals

-

(353,191

)

(2,026,947

)

At 31 December 2024

900,280

846,093

58,653,235

Depreciation

At 1 January 2024

286,477

193,505

8,250,171

Charge for year

54,892

161,706

1,246,120

Eliminated on disposal

-

(85,067

)

(223,738

)

At 31 December 2024

341,369

270,144

9,272,553

Net book value

At 31 December 2024

558,911

575,949

49,380,682

At 31 December 2023

173,627

571,336

48,290,922

Included within freehold property is land of £20,526,525 (2023 - £20,526,525) that is not depreciated.

13.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 January 2024

and 31 December 2024

8,871,098

Net book value

At 31 December 2024

8,871,098

At 31 December 2023

8,871,098

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Riverside Leisure Centre Limited

Registered office: Southport New Road, Banks, Nr Southport Lancs, PR9 8DF

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00