REGISTERED NUMBER: 02791662 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024

FOR

VECTIS VENTURES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTOR:

A W Dabell

SECRETARY:

Mrs P Wright

REGISTERED OFFICE:

Blackgang Chine

The Sawmill

Blackgang, Chale,

Isle Of Wight

PO38 2HN

REGISTERED NUMBER:

02791662 (England and Wales)

INDEPENDENT AUDITORS:

Bright Brown Limited

Chartered Accountants

Statutory Auditor

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

FIXED ASSETS

Tangible assets

5

1,251,566

1,533,634

CURRENT ASSETS

Stocks

37,758

106,333

Debtors

6

885,514

1,470,394

Cash at bank and in hand

1,253,629

813,838

2,176,901

2,390,565

CREDITORS

Amounts falling due within one year

7

1,636,452

1,928,486

NET CURRENT ASSETS

540,449

462,079

TOTAL ASSETS LESS CURRENT LIABILITIES

1,792,015

1,995,713

CREDITORS

Amounts falling due after more than one year

8

(371,292

)

(481,183

)

PROVISIONS FOR LIABILITIES

(10,303

)

(85,203

)

NET ASSETS

1,410,420

1,429,327

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

1,410,410

1,429,317

SHAREHOLDERS' FUNDS

1,410,420

1,429,327

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 director and authorised for issue on 25 September 2025 and were signed by:

A W Dabell - Director

1.	STATUTORY INFORMATION

Vectis Ventures 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The director has made an assessment in preparing these financial statements as to whether the company remains a going concern.

During 2024, the Robin Hill site has been sold and the funds have been used to repay the company borrowings and the remaining debts have been refinanced from Funding Circle to Lloyds after the year end.

A Dabell, director and owner of the Group has also introduced funds totalling £850,000 in order to provide working capital during 2023 which has enabled the company to continue to meet its debts and provide working capital to allow the Group to continue and this loan remains in place at the year end.

The sale has allowed the director to focus on the remaining park, Blackgang Chine which the director believes is a profitable and viable business.

With the sale and debt restructuring above, the director has produced revised cash flow forecasts for the Group, which together with an agreed overdraft facility from Lloyds of £250,000 demonstrate that there are sufficient cash resources available to the Group and Parent Company to ensure they can meet their financial obligations as they fall due for the foreseeable future, this being the period covering at least twelve months from the date of approval of these financial statements. For these reasons, they continue to adopt the going concern basis of accounting in preparing the financial statements.

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 amounts receivable for admissions, shop sales, catering and event income, net of VAT. Turnover from annual passes is recognised over the period that the ticket relates to, in proportion to the number of days the Park is open during the year. Turnover from admissions and events are recognised on the date of entry, with any tickets bought in advance, deferred into the year to which they related.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Catering turnover is recognised when the goods or services are supplied.

Tangible fixed assets

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

Plant and machinery etc

-

Straight line over 10 years and Straight line over 6 - 7 years

Assets acquired under finance leases are depreciated are depreciated over the lease term unless the estimated useful life is considered to be shorter than the lease term.

Assets in construction are recognised at cost incurred in the period and no depreciation has been charged during construction.

Stocks

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

Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.

Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2023 - 121 ) .

4.	AUDITORS' REMUNERATION

2024

2023

£

£

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

13,875

11,000

Auditors' remuneration for non audit work

3,500

3,000

5.	TANGIBLE FIXED ASSETS

Assets

Plant and

under

machinery

construction

etc

Totals

£

£

£

COST

At 31 December 2023

307,853

3,080,165

3,388,018

Additions

-

135,796

135,796

Disposals

(176,762

)

(81,069

)

(257,831

)

At 30 December 2024

131,091

3,134,892

3,265,983

DEPRECIATION

At 31 December 2023

-

1,854,384

1,854,384

Charge for year

-

231,647

231,647

Eliminated on disposal

-

(71,614

)

(71,614

)

At 30 December 2024

-

2,014,417

2,014,417

NET BOOK VALUE

At 30 December 2024

131,091

1,120,475

1,251,566

At 30 December 2023

307,853

1,225,781

1,533,634

The net book value of assets held under finance lease or hire purchase contracts included above are £106,133 (2023: £144,402) in respect of Plant and machinery assets.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

5,864

39,950

Amounts owed by group undertakings

664,808

982,893

Other debtors

214,842

447,551

885,514

1,470,394

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts and finance leases

35,429

39,734

Trade creditors

158,166

420,170

Taxation and social security

56,251

28,308

Other creditors

1,386,606

1,440,274

1,636,452

1,928,486

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts and finance leases

59,655

94,371

Other creditors

311,637

386,812

371,292

481,183

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

712

9,256

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

The Report of the Auditors was unqualified.

David Stevens ACA (Senior Statutory Auditor)

for and on behalf of Bright Brown Limited

10.	OTHER FINANCIAL COMMITMENTS

At the year end the company has minimum operating lease commitments of £13,722 (2023: £28,175) which are split between due in one year of £11,633 and over one year of £2,089.

11.	RELATED PARTY DISCLOSURES

Remuneration of key management personnel

In addition to the directors' remuneration, salaries and related costs of key management personnel amounted to £5,218 (2023: £72,244).

Amounts owed by related parties

No guarantees have been given or received.

During the year a loan was owed to a director, at the year end there was a balance due to the director of £1,210,289 (2023: £1,213,436).

12.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Vectis Holdings Limited, a company registered in England and Wales.

The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2024 have been drawn up, is that headed by Vectis Holdings Limited. Copies of the Group accounts are available from Companies House.

The ultimate controlling party is A W Dabell, by virtue of their shareholding and directorship in the ultimate parent undertaking.