REGISTERED NUMBER: 00977880 (England and Wales)

Scottish African Safari Park Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

W A N Muir

J A H Muir

J F Muir

J Corse

B Aird

R G Cairns

SECRETARY:

J F Muir

REGISTERED OFFICE:

Magna House, 2nd Floor

18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP

REGISTERED NUMBER:

00977880 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kevin Cattanach

AUDITORS:

Whitelaw Wells

Statutory Auditor

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

Units 22/23

Thistles Shopping Centre

Stirling

FK8 2EA

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

In the year to 31 December 2024, the company achieved a turnover of £9,812,777 and a net after tax profit of £714,879. This compares to a turnover of £9,369,509 and a net after tax profit of £608,944 in the previous period.

The following Key Performance Indicators measure the performance of the business:

2024

2023

Gross Profit (%)

28%

26%

(Gross Profit/ Turnover)

Net Profit (%)

7%

6%

(Profit before tax/ Turnover)

Return on capital employed (%)

11%

8%

(Profit before tax/ Net Assets)

Current Ratio

1.51

2.30

(Current Assets/ Current liabilities)

PRINCIPAL RISKS AND UNCERTAINTIES

The company aims to minimise risk and uncertainties where possible. One of the main risks facing the business is continuing financial pressures, which is reducing visitors' discretionary income. To mitigate this, we must ensure that the proposition continues to offer good value for money. The visitor experience is consistently monitored to confirm that our guests feel we are providing a good value family day out. Prices are reviewed annually to balance the increasing direct costs of the park is facing. As one of Scotland's best-known family days out, we continually monitor risk throughout the business to ensure the safety and welfare of our guests, staff, and animals.

ON BEHALF OF THE BOARD:

J A H Muir - Director

26 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a safari park visitor attraction.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £268,320 (2023 - £258,000).

DIRECTORS

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

W A N Muir

J A H Muir

J F Muir

Other changes in directors holding office are as follows:

J Corse - appointed 11 November 2024

B Aird - appointed 11 November 2024

R G Cairns - appointed 11 November 2024

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the 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 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, Whitelaw Wells, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J A H Muir - Director

26 September 2025

Opinion

We have audited the financial statements of Scottish African Safari Park Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 profit 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 Directors' Responsibilities Statement set out on page three, 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 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error.

From enquiries of those charged with governance, it was determined that the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there is not high level collusion.

Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were reviewed; and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this regard was low.

We tested a sample of income and expenditure transactions designed to identify any irregularities as a result of simple mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was low.

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.

Kevin Cattanach (Senior Statutory Auditor)

for and on behalf of Whitelaw Wells

Statutory Auditor

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

26 September 2025

TURNOVER

3

9,812,777

9,369,509

Cost of sales

7,131,498

6,923,224

GROSS PROFIT

2,681,279

2,446,285

Administrative expenses

2,016,948

1,990,608

664,331

455,677

Other operating income

85,390

83,575

OPERATING PROFIT

5

749,721

539,252

Interest receivable and similar income

38,337

30,292

788,058

569,544

Interest payable and similar expenses

6

29,054

30,399

PROFIT BEFORE TAXATION

759,004

539,145

Tax on profit

7

44,125

(69,799

)

PROFIT FOR THE FINANCIAL YEAR

714,879

608,944

PROFIT FOR THE YEAR

714,879

608,944

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

714,879

608,944

FIXED ASSETS

Tangible assets

9

7,090,093

6,139,649

CURRENT ASSETS

Stocks

10

173,036

222,845

Debtors

11

146,242

66,881

Cash at bank and in hand

1,519,344

1,920,052

1,838,622

2,209,778

CREDITORS

Amounts falling due within one year

12

1,159,032

962,117

NET CURRENT ASSETS

679,590

1,247,661

TOTAL ASSETS LESS CURRENT LIABILITIES

7,769,683

7,387,310

CREDITORS

Amounts falling due after more than one year

13

(305,569

)

(364,152

)

PROVISIONS FOR LIABILITIES

18

(728,703

)

(734,306

)

NET ASSETS

6,735,411

6,288,852

CAPITAL AND RESERVES

Called up share capital

19

73,817

73,817

Retained earnings

20

6,661,594

6,215,035

SHAREHOLDERS' FUNDS

6,735,411

6,288,852

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:

J A H Muir - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

73,817

5,864,091

5,937,908

Changes in equity

Dividends

-

(258,000

)

(258,000

)

Total comprehensive income

-

608,944

608,944

Balance at 31 December 2023

73,817

6,215,035

6,288,852

Changes in equity

Dividends

-

(268,320

)

(268,320

)

Total comprehensive income

-

714,879

714,879

Balance at 31 December 2024

73,817

6,661,594

6,735,411

Cash flows from operating activities

Cash generated from operations

1

1,293,051

1,020,966

Interest paid

(29,054

)

(30,399

)

Tax paid

(8,142

)

40,816

Net cash from operating activities

1,255,855

1,031,383

Cash flows from investing activities

Purchase of tangible fixed assets

(1,402,453

)

(853,416

)

Sale of tangible fixed assets

35,443

42,114

Interest received

38,337

30,292

Net cash from investing activities

(1,328,673

)

(781,010

)

Cash flows from financing activities

Loan repayments in year

(58,583

)

(54,983

)

Amount introduced by directors

-

2,181

Amount withdrawn by directors

(987

)

-

Equity dividends paid

(268,320

)

(258,000

)

Net cash from financing activities

(327,890

)

(310,802

)

Decrease in cash and cash equivalents

(400,708

)

(60,429

)

Cash and cash equivalents at beginning of year

2

1,920,052

1,980,481

Cash and cash equivalents at end of year

2

1,519,344

1,920,052

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

759,004

539,145

Depreciation charges

421,658

438,921

Profit on disposal of fixed assets

(5,093

)

(28,090

)

Finance costs

29,054

30,399

Finance income

(38,337

)

(30,292

)

1,166,286

950,083

Decrease/(increase) in stocks

49,809

(11,266

)

(Increase)/decrease in trade and other debtors

(78,374

)

247,602

Increase/(decrease) in trade and other creditors

155,330

(165,453

)

Cash generated from operations

1,293,051

1,020,966

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,519,344

1,920,052

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,920,052

1,980,481

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

1,920,052

(400,708

)

1,519,344

1,920,052

(400,708

)

1,519,344

Debt

Debts falling due within 1 year

(55,000

)

-

(55,000

)

Debts falling due after 1 year

(364,152

)

58,583

(305,569

)

(419,152

)

58,583

(360,569

)

Total

1,500,900

(342,125

)

1,158,775

1.	STATUTORY INFORMATION

Scottish African Safari Park 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.

Turnover

Turnover represents income receivable in respect of admission charges, sales of souvenirs and guide books and the use of facilities within the Park, after deduction of value added tax.

Tangible fixed assets

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,

over the useful economic life of that asset as follows:

Infrastructure - Straight line over remainder of lease period

Plant and machinery - 15% reducing balance / 20% straight line

Motor vehicles - 25% reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or

residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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 instruments comprise financial assets and financial liabilities which are recognised when the company becomes a party to the contractual provisions of the instrument.Financial instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition.Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

Financial assets at cost comprise cash, trade debtors and other debtors. Financial liabilities comprise bank loans and overdrafts, hire purchase contracts, trade creditors, residents' funds, accruals and other creditors.

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.

Provision for liability

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Admission sales

5,923,622

5,470,292

Retail sales

863,440

922,335

Catering sales

2,304,254

2,207,407

Attraction and amusement sales

721,461

769,475

9,812,777

9,369,509

Turnover represents income receivable in respect of admission charges, sales of souvenirs and guide books and the use of facilities within the Park, after deduction of value added tax.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,872,812

3,705,098

Social security costs

295,128

268,108

Other pension costs

237,249

238,622

4,405,189

4,211,828

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

2024

2023

Admin

11

12

Park

125

123

Catering

78

78

Retail

12

19

226

232

The directors represent the key management personnel of the company.

2024

2023

£

£

Directors' remuneration

158,654

190,127

5.	OPERATING PROFIT

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

2024

2023

£

£

Hire of plant and machinery

57,914

52,715

Depreciation - owned assets

421,659

438,921

Profit on disposal of fixed assets

(5,093

)

(28,090

)

Auditors' remuneration

10,583

11,500

Auditors' remuneration for non audit work

5,417

6,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

29,054

30,399

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

99,039

57,453

relating to prior year

overprovision

(49,311

)

(119,900

)

Total current tax

49,728

(62,447

)

Deferred tax

(5,603

)

(7,352

)

Tax on profit

44,125

(69,799

)

UK corporation tax has been charged at 25% (2023 - 23.50%).