REGISTERED NUMBER: SC045382 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 December 2024

for

Holt Leisure Parks Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

L J Burniston

C A Holt

S J Howden

G McDonagh

SECRETARY:

G McDonagh

REGISTERED OFFICE:

The Yacht Harbour

Inverkip

Greenock

Renfs

PA16 0AW

REGISTERED NUMBER:

SC045382 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The Statement of Comprehensive Income is set out on page 9 and shows turnover for the year of £2.8m

Marina income dropped marginally during the year. Costs have increased heavily with the scarcity of raw materials and lack of stock worldwide.

Customer satisfaction is a key indicator with the resultant retention and attraction of berth-holders, especially annual contracts. Satisfaction is monitored by monthly review of new customers and leavers noting to where and why they may have left, as well as through review of annual questionnaires, digital, social media, and other, informal feedback. According to industry body TYHA, Kip Marina was voted 2nd best Marina in the UK in 2023 and top in Scotland.

Going into 2025 there has been a slowing of growth in some areas due to the cost of living pressures; however; trading is still strong.

For operational reasons the company entered into a capital reduction demerger in 2024 splitting out Craobh Marina and Fairlie Quay into separate limited companies, Craobh Marina Limited and Fairlie Quay Marina Limited respectively.

The directors consider that the company is in a strong financial position and is well placed to meet any future challenges.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations expose it to a variety of risks. The principal risks and uncertainties are set out below.

Competitive Risks

The business is not reliant on any one major customer, considering rather that all our individual customers are major. We continue to be competitive and large boat customers appreciate our facilities over our competitors due to the availability of water space. The staff are all aware of customer choice and accordingly we strive to provide a premier service.

Legislative Risks

To the best of our knowledge and ability we comply with all current legislation and employ mentors and advisers as well as being members of industry groups and federations who assist in areas of particular expertise.

Liquidity Risks

The group strives to ensure sufficient working capital exists for the business's foreseeable future and planned capital investment.

Environmental concerns

The absolute goal of our environmental work is that our business processes should have the lowest possible impact on the environment. We are constantly striving to continuously improve our environmental standards. To achieve this we undertake a number of specific actions, e.g. in the following areas:

Energy saving: We are continuously analysing ways to reduce the energy we use on each of our sites;

Efficient Operation: We are always looking to improve our operations to make them environmentally friendly by utilising sustainable materials and more efficient in use of utilities and materials.

Waste products: We try and keep our waste to an absolute minimum in order to create a natural eco-cycle.

Recycling: We endeavour to be as economic as possible with materials and energy. For any waste, we have developed systems for sorting and recycling materials.

KEY PERFORMANCE INDICATORS

The directors have identified the following key performance indicators:

2024

2023

£'000

£'000

Turnover

2,835

5,749

Operating profit/(loss)

(496)

126

Profit/(loss) after tax

(4,281)

34

Net assets

4,490

9,468

Current assets as % of current liabilities

149%

183%

Average number of employees

43

56

ON BEHALF OF THE BOARD:

G McDonagh - Director

26 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

Ordinary dividends were paid amounting to £900,000. The directors do not recommend payment of a final dividend.

DIRECTORS

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

L J Burniston

C A Holt

S J Howden

G McDonagh

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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.

ON BEHALF OF THE BOARD:

G McDonagh - Director

26 September 2025

Opinion

We have audited the financial statements of Holt Leisure Parks Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

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 a Report of the Auditors 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:

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:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the to the group and parent company through discussions with

directors and other management, and from our wider knowledge and experience;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and the parent company, including the Companies Act 2006 and FRS 102.

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group and parent company's financial statements to material misstatement,

including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified

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

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

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

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims; and

- Requesting correspondence with HMRC and Companies House.

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 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 Report of the Auditors.

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 a Report of the Auditors 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.

Graham Cantlay (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

26 September 2025

TURNOVER

4

2,835,494

5,748,730

Cost of sales

843,556

2,849,597

GROSS PROFIT

1,991,938

2,899,133

Distribution costs

-

19,455

Administrative expenses

2,502,970

2,790,398

2,502,970

2,809,853

(511,032

)

89,280

Other operating income

15,025

37,551

OPERATING (LOSS)/PROFIT

6

(496,007

)

126,831

Loan write off

7

300,000

-

Demerger loan write off

7

(4,307,325

)

-

(4,503,332

)

126,831

Interest receivable and similar income

84,071

45,036

(4,419,261

)

171,867

Interest payable and similar expenses

8

-

3,834

(LOSS)/PROFIT BEFORE TAXATION

(4,419,261

)

168,033

Tax on (loss)/profit

9

(138,466

)

133,998

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(4,280,795

)

34,035

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(4,280,795

)

34,035

(Loss)/profit attributable to:

Owners of the parent

(4,283,210

)

134,149

Non-controlling interests

2,415

(100,114

)

(4,280,795

)

34,035

Total comprehensive (loss)/income attributable to:

Owners of the parent

(4,283,210

)

134,149

Non-controlling interests

2,415

(100,114

)

(4,280,795

)

34,035

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

4,024,659

7,711,387

Investments

14

-

-

4,024,659

7,711,387

CURRENT ASSETS

Stocks

15

255,100

409,131

Debtors

16

345,104

347,104

Cash at bank and in hand

1,748,217

4,095,175

2,348,421

4,851,410

CREDITORS

Amounts falling due within one year

17

1,575,983

2,648,961

NET CURRENT ASSETS

772,438

2,202,449

TOTAL ASSETS LESS CURRENT LIABILITIES

4,797,097

9,913,836

PROVISIONS FOR LIABILITIES

19

307,549

446,015

NET ASSETS

4,489,548

9,467,821

CAPITAL AND RESERVES

Called up share capital

20

40,000

40,000

Retained earnings

21

4,449,548

9,632,758

SHAREHOLDERS' FUNDS

4,489,548

9,672,758

NON-CONTROLLING INTERESTS

-

(204,937

)

TOTAL EQUITY

4,489,548

9,467,821

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

G McDonagh - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

3,973,484

7,602,452

Investments

14

77

67,073

3,973,561

7,669,525

CURRENT ASSETS

Stocks

15

255,100

409,131

Debtors

16

345,042

398,969

Cash at bank

1,744,780

4,090,403

2,344,922

4,898,503

CREDITORS

Amounts falling due within one year

17

1,521,539

2,387,183

NET CURRENT ASSETS

823,383

2,511,320

TOTAL ASSETS LESS CURRENT LIABILITIES

4,796,944

10,180,845

PROVISIONS FOR LIABILITIES

19

307,549

446,015

NET ASSETS

4,489,395

9,734,830

CAPITAL AND RESERVES

Called up share capital

20

40,000

40,000

Retained earnings

21

4,449,395

9,694,830

SHAREHOLDERS' FUNDS

4,489,395

9,734,830

Company's (loss)/profit for the financial year

(4,345,435

)

468,978

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

G McDonagh - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2023

40,000

10,357,569

10,397,569

(104,823

)

10,292,746

Changes in equity

Dividends

-

(858,960

)

(858,960

)

-

(858,960

)

Total comprehensive income

-

134,149

134,149

(100,114

)

34,035

Balance at 31 December 2023

40,000

9,632,758

9,672,758

(204,937

)

9,467,821

Changes in equity

Minority interest's investment

disposal

-

-

-

(66,784

)

(66,784

)

Dividends

-

(900,000

)

(900,000

)

-

(900,000

)

Total comprehensive loss

-

(4,283,210

)

(4,283,210

)

2,415

(4,280,795

)

40,000

4,449,548

4,489,548

(269,306

)

4,220,242

Acquisition of non-controlling interest

-

-

-

269,306

269,306

Balance at 31 December 2024

40,000

4,449,548

4,489,548

-

4,489,548

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

40,000

10,084,812

10,124,812

Changes in equity

Dividends

-

(858,960

)

(858,960

)

Total comprehensive income

-

468,978

468,978

Balance at 31 December 2023

40,000

9,694,830

9,734,830

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive loss

-

(4,345,435

)

(4,345,435

)

Balance at 31 December 2024

40,000

4,449,395

4,489,395

Cash flows from operating activities

Cash generated from operations

1

(4,925,587

)

1,230,121

Interest paid

-

(3,834

)

Loan write off

3,978,045

-

Tax paid

-

(15,794

)

Net cash from operating activities

(947,542

)

1,210,493

Cash flows from investing activities

Purchase of tangible fixed assets

(720,860

)

(1,075,009

)

Sale of tangible fixed assets

137,373

51,663

Interest received

84,071

45,036

Net cash from investing activities

(499,416

)

(978,310

)

Cash flows from financing activities

Equity dividends paid

(900,000

)

(858,960

)

Net cash from financing activities

(900,000

)

(858,960

)

Decrease in cash and cash equivalents

(2,346,958

)

(626,777

)

Cash and cash equivalents at beginning of year

2

4,095,175

4,721,952

Cash and cash equivalents at end of year

2

1,748,217

4,095,175

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(4,419,261

)

168,033

Depreciation charges

269,922

489,184

Profit on disposal of fixed assets

(137,327

)

(19,068

)

Impairment losses

269,306

-

Finance costs

-

3,834

Finance income

(84,071

)

(45,036

)

(4,101,431

)

596,947

Decrease in stocks

35,396

954,864

(Increase)/decrease in trade and other debtors

(25,979

)

69,889

Decrease in trade and other creditors

(833,573

)

(391,579

)

Cash generated from operations

(4,925,587

)

1,230,121

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

1,748,217

4,095,175

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

4,095,175

4,721,952

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

4,095,175

(2,346,958

)

1,748,217

4,095,175

(2,346,958

)

1,748,217

Total

4,095,175

(2,346,958

)

1,748,217

1.	STATUTORY INFORMATION

Holt Leisure Parks Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements incorporate those of Holt Leisure Parks Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 December 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.

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.

Turnover

Turnover represents amounts receivable for providing marine services, accommodation, berthing for yachts and amounts receivable for farmed halibut. Turnover is stated net of VAT and trade discounts.

Turnover for farmed halibut is recognised when halibut are dispatched to the customer. Turnover for other sales are recognised when the services have been rendered.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

Revenue from the provision of berthing services is recognised evenly over the berthing period.

Revenue from property development is recognised when the ownership of the property is transferred to the customer.

Goodwill

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