REGISTERED NUMBER: 12531978 (England and Wales)

HARRISON LEISURE GROUP LIMITED

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Consolidated Statement of Income and Retained Earnings

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Cash Flows

12

Notes to the Consolidated Statement of Cash Flows

13

Notes to the Consolidated Financial Statements

15

Directors:

Mr W Harrison

Mr R Harrison

Mr G Harrison Jnr

Mr G Harrison

Mrs E Harrison

Registered office:

Riverside Leisure Centre

Southport New Road

Banks Nr Southport

SOUTHPORT

PR9 8DF

Business address:

Harrison Leisure UK Limited

Unit 3B, Edward VII Quay

PRESTON

Lancashire

PR2 2YF

Registered number:

12531978 (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 Group 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

30.8

35.1

EBITDA

5.1

7.9

Profit/ (loss) before tax

(0.7)

3.9

Net assets

25.7

26.9

On behalf of the board:

Mr W Harrison - Director

24 September 2025

The directors present their report with the financial statements of the company and the group 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 R Harrison

Mr G Harrison Jnr

Mr G Harrison

Mrs E Harrison

Statement of directors' responsibilities

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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.

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

30,829,904

35,088,941

Cost of sales

12,494,486

16,008,802

Gross profit

18,335,418

19,080,139

Administrative expenses

16,302,465

13,741,595

2,032,953

5,338,544

Other operating income

3

344,228

450,266

Operating profit

5

2,377,181

5,788,810

Interest receivable and similar income

7

12,543

18,313

2,389,724

5,807,123

Interest payable and similar expenses

8

3,077,345

1,877,931

(Loss)/profit before taxation

(687,621

)

3,929,192

Tax on (loss)/profit

9

563,154

1,397,134

(Loss)/profit for the financial year

(1,250,775

)

2,532,058

Retained earnings at beginning of year

22,466,544

20,274,486

Dividends

11

(62,000

)

(340,000

)

Retained earnings for the group at end of year

21,153,769

22,466,544

(Loss)/profit attributable to:

Owners of the parent

(1,250,775

)

2,532,058

Fixed assets

Intangible assets

12

7,229,337

8,398,654

Tangible assets

13

62,770,943

61,380,792

Investments

14

-

-

70,000,280

69,779,446

Current assets

Stocks

15

4,404,123

7,737,624

Debtors

16

6,879,234

6,211,159

Cash at bank and in hand

1,985,173

-

13,268,530

13,948,783

Creditors

Amounts falling due within one year

17

18,523,066

21,659,213

Net current liabilities

(5,254,536

)

(7,710,430

)

Total assets less current liabilities

64,745,744

62,069,016

Creditors

Amounts falling due after more than one year

18

(37,760,136

)

(34,062,448

)

Provisions for liabilities

22

(1,330,724

)

(1,038,909

)

Net assets

25,654,884

26,967,659

Capital and reserves

Called up share capital

23

4,501,115

4,501,115

Retained earnings

24

21,153,769

22,466,544

Shareholders' funds

25,654,884

26,967,659

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

Fixed assets

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

4,501,110

4,501,110

4,501,110

4,501,110

Current assets

Cash at bank

5

5

Net current assets

5

5

Total assets less current liabilities

4,501,115

4,501,115

Capital and reserves

Called up share capital

23

4,501,115

4,501,115

Shareholders' funds

4,501,115

4,501,115

Company's profit for the financial year

62,000

340,000

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

Cash flows from operating activities

Cash generated from operations

1

4,592,242

5,953,483

Interest paid

(3,071,586

)

(1,867,927

)

Interest element of hire purchase payments paid

(5,759

)

(10,004

)

Tax paid

(746,624

)

(771,676

)

Net cash from operating activities

768,273

3,303,876

Cash flows from investing activities

Purchase of intangible fixed assets

-

(5,130,083

)

Purchase of tangible fixed assets

(4,647,354

)

(11,863,321

)

Sale of tangible fixed assets

1,821,791

2,500,829

Interest received

12,543

18,313

Net cash from investing activities

(2,813,020

)

(14,474,262

)

Cash flows from financing activities

New loans in year

4,160,344

7,059,320

Capital repayments in year

(42,356

)

(78,134

)

Amount introduced by directors

106,349

194,961

Amount withdrawn by directors

(83,679

)

(309,038

)

Equity dividends paid

(62,000

)

(340,000

)

Net cash from financing activities

4,078,658

6,527,109

Increase/(decrease) in cash and cash equivalents

2,033,911

(4,643,277

)

Cash and cash equivalents at beginning of year

2

(48,738

)

4,594,539

Cash and cash equivalents at end of year

2

1,985,173

(48,738

)

1.	Reconciliation of (loss)/profit before taxation to cash generated from operations

2024

2023

£

£

(Loss)/profit before taxation

(687,621

)

3,929,192

Depreciation charges

2,573,821

1,912,404

Loss/(profit) on disposal of fixed assets

30,908

(83,232

)

Finance costs

3,077,345

1,877,931

Finance income

(12,543

)

(18,313

)

4,981,910

7,617,982

Decrease in stocks

3,333,501

1,336,710

Increase in trade and other debtors

(717,924

)

(2,107,648

)

Decrease in trade and other creditors

(3,005,245

)

(893,561

)

Cash generated from operations

4,592,242

5,953,483

2.	Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

1,985,173

-

Bank overdrafts

-

(48,738

)

1,985,173

(48,738

)

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

-

4,594,539

Bank overdrafts

(48,738

)

-

(48,738

)

4,594,539

3.	Analysis of changes in net debt

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

-

1,985,173

1,985,173

Bank overdrafts

(48,738

)

48,738

-

(48,738

)

2,033,911

1,985,173

Debt

Finance leases

(117,449

)

42,356

(75,093

)

Debts falling due within 1 year

(1,720,208

)

(462,656

)

(2,182,864

)

Debts falling due after 1 year

(34,062,448

)

(3,697,688

)

(37,760,136

)

(35,900,105

)

(4,117,988

)

(40,018,093

)

Total

(35,948,843

)

(2,084,077

)

(38,032,920

)

1.	Statutory information

Harrison Leisure Group 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 General 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.

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% Straight line and 2%-25% Straight line

Improvements to property

-

10%-33% Reducing balance

Plant and machinery

-

20% Straight line, 5% straight line, 10-50% s/line / 15-25% reducing bal, 10%-33% Reducing balance and 5-50% Straight line

Fixtures and fittings

-

20% Straight line, 20% Reducing balance, 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.

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 Consolidated 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	Other operating income

2024

2023

£

£

Other income

44,539

3,650

Management charges receivable

299,689

446,616

344,228

450,266

4.	Employees and directors

2024

2023

£

£

Wages and salaries

5,824,603

5,140,606

Social security costs

558,711

434,737

Other pension costs

104,657

97,848

6,487,971

5,673,191

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

2024

2023

Site

135

112

Office

61

78

196

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 £386,896 (2023 - £57,760).

5.	Operating profit

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

2024

2023

£

£

Hire of plant and machinery

42,637

24,043

Other operating leases

55,697

25,228

Depreciation - owned assets

1,404,504

1,266,095

Loss/(profit) on disposal of fixed assets

30,908

(83,232

)

Goodwill amortisation

1,169,317

646,309

6.	Auditors' remuneration

2024

2023

£

£

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

50,685

21,400

7.

Interest receivable and similar income

2024

2023

£

£

Bank interest receivable

7,102

13,498

Other interest receivable

5,441

4,815

12,543

18,313

8.

Interest payable and similar expenses

2024

2023

£

£

Bank interest payable

51,290

177,037

Bank loan interest

3,020,183

1,690,890

Other interest payable

113

-

Hire purchase

5,759

10,004

3,077,345

1,877,931