The director presents the strategic report for the year ended 31 December 2024.

The principal activity of the company and group continued to be that of caravan sales and the running of holiday parks.

Henson Leisure Holdings is a Group of holiday parks and holiday home trading companies. For the last decade, Henson has been welcoming owners and holiday makers to the coastline of West Wales, providing opportunities for short breaks or longer term holiday home ownership options at the Group's growing portfolio of holiday parks.

In recent years, the UK caravan market has enjoyed exceptional growth, with domestic tourism booming as more families chose to holiday closer to home. This created a surge in demand for both van sales and similar leisure accommodation. However as international travel has reopened and customer behaviour shifted towards pre pandemic patters, the market has inevitably cooled.

Reflecting these wider industry trends, 2024 has been a more challenging year for the Group, with turnover falling by £8.2 million (39.2%) compared to the prior year. While this represents a significant change in trading levels, the business has responded proactively. Through careful cost control, efficiency improvements and a focus on sustainable operations, profitability has remained resilient. Gross profit margins have increased to 40% (2023: 28%), underlying the strength of our business model despite the market downturn.

Looking ahead, the Group remains confident in its long term prospects. The demand for high quality holiday homes in South and West Wales continues to be supported by the region's enduring appeal as a tourist destination. By strengthening partnerships with lead manufacturers and enhancing customer experiences we are well placed to take full advantage of future opportunities as the market stabilises and returns to more consistent levels of demand.

Results for the year

            2024     2023

Revenue        £12,834,995    £21,124,901
Gross profit        £5,261,720    £6,056,621
GPM %            40%        28%
Profit before tax        £1,411,339    £2,664,407

As with many businesses in the leisure and tourism sector, the caravan and holiday home industry is influenced by a range of external factors which create both risk and uncertainties for future performance.

A key area of risk is the general economic environment. Sales of holiday homes are discretionary, and therefore closely tied to levels of consumer confidence, disposal income and access to affordable finance. Rising interest rates, inflationary pressures, or broader economic downturns can reduce affordability and lead to lower demand. In response to changing economic conditions, the business has implemented robust controls maintaining flexibility in its operating model to adapt quickly to variations in the market.

Supply chain and cost environment
Caravan manufacturing depends on the availability of stock. Supply chain distribution, increased material costs, or production delays can affect both the availability of stock and profitability of sales. Broughton works closely with its key manufacturing partners to secure reliable stock availability while maintaining a balance of inventory levels to manage fluctuations in demand.

Price risk
Competition within the sector remains strong with several established dealers and manufacturers operating across overlapping markets. This creates potential for pricing pressure and margin erosion, particularly if consumer demand weakens. To mitigate this, the Group focuses on service quality, after sales support, and long term relationships with many returning customers.

Credit risk
Many customers choose to purchase holiday homes using finance agreements, and rising interest rates or tighter lending criteria could reduce affordability and restrict demand. In addition, shifts in market demand can affect residual value of pre owned stock impacting trade in activity and associated profitability. The Group maintains strong relationships with finance providers and regularly reviews customers affordability, ensuring appropriate products to remain available to meet a broad range of customer needs.

Climate legislation risk

The potential impact of climate change and the associated future legislation on our business is a concern. We are proactively investing in the future and exploring ways to adapt to the changing landscape.

Manufacture's are under pressure to deliver holiday homes that meet higher standards of energy efficiency, insulation, and sustainability. Consumer expectations are also evolving with sustainability becoming a key consideration for many buyers. Businesses that fail to adapt risk losing relevance or market share. Therefore, Broughton is proactively working with manufacturers to promote energy efficient and sustainable models that comply with evolving regulatory requirements. By supporting holiday park operators with stock that meets new standards and by aligning with customer expectations around sustainability, Broughton is positioning itself to benefit from long term shifts in consumer behaviour and government policy.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 December 2024.

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £150,000. The director does not recommend payment of a further dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

The auditors, Redwood Wales Limited, will be proposed for re appointment at the forthcoming Annual General Meeting.

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cashflow of the business and have considered the facilities that are in place at the date of signing the report

The Group meets its day to day working capital requirements from its cash reserves. At the date of singing the report sales continued to meet budgeted levels. With no indication at the current time this position will change, the Group's forecasts and projections show that the Group will be able to operate within those facilities. 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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Henson Leisure Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 2024 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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

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

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain an understanding of the legal frameworks that the company operate in, focusing on those laws and regulations that have a direct effect on the Financial Statements or that have a fundamental effect on operations of the company. The key laws and regulations we consider in this context include the UK Companies Act and relevant tax legislation.

Audit procedures performed by the engagement team to respond to the risk of irregularities and non compliance with laws and regulations, including fraud, include the following:

• discussions with management to enquire of any known instances of non compliance with laws and regulations including fraud;

• discussions with management in respect of any actual or potential litigation claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• testing the appropriateness of journal entries and other adjustments to address the risk of fraud through management override of controls;

• review of the financial statement disclosures and testing to support documentation to assess compliance with reliant laws and regulations; and

• evaluating the business rationale of any significant transitions that are unusual or outside the normal course of business.

There are inherent limitations with our audit procedures which means we are less likely to become aware of instances of non compliance with laws and regulations that are closely related to events and transactions reflected in the financial statements. The risk of not detecting material misstatements due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example , forger or intentional misrepresentation, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

The 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 tan the company and the company's body, for our audit work, for this report, or for the opinions we have formed.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,298,544 (2023 - £1,599,552 profit).

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Henson Leisure Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/o Saundersfoot Bay Leisure Ltd, Broadfield Hill, Saundersfoot, UK, SA69 9DG.

The group consists of Henson Leisure Holdings Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

Reduced disclosure exemptions
The company is a qualifying entity for the purposes of FRS102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 4 'Statement of Financial Positions': Reconciliation of the opening and closing number of shares;

• Section 7 ' Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 'Basic Financial Instruments'; and Section 12 'Other Financial Instrument Issues': Interest income/expenses and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changed recognised in profit or loss and in other comprehensive income;

• Section 33 'Related Party Disclosures': Compensation for key management personnel.

The consolidated group financial statements consist of the financial statements of the parent company Henson Leisure Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The financial statements have been prepared on the going concern basis which assumes that the Group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flow of the business and have considered the facilities that are in place at the date of signing the report.

The Group meets its day to day working capital requirements from its cash reserves. At the date of signing the report sales continued to meet budgeted levels. With no indication at the current time the position will change, the Group's forecasts and projections show that the Group will be able to operate within those facilities. At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue on operational existence for the foreseeable future. Thus the directs continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is fifteen years.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The annual depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See below for the useful economic lives for each class of assets.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 31 December 2024 are as follows:

Under s479A of the Companies Act 2006. the following subsidiaries are exempt from the requirements of the Act relating to the audit of individual accounts. Henson Leisure Group has guaranteed the liabilities of:

Henson Holiday Homes Limited (Registration: 12389256)
Henson Leisure Group Limited (Registration: 12671921)
Park Leisure UK Limited (Registration: 06742585)
Saundersfoot Bay Leisure Limited (Registration: 09732693)
Saundersfoot Bay Leisure Park Limited (Registration: 0111329)
Trefach Limited (Registration: 05974024)
Pendine Leisure Park Ltd (Registration: 13560882)
Wood Park Leisure Limited (Registration: 11908268)
Waters Edge Leisure Park Limited (Registration: 12272381)
Trefach Holdings Limited (Registration: 08855018)
Saltern Leisure Park Limited (Registration: 130683272)
HLG2 Ltd (Registration: 15657969)

Bank loans are secured by a fixed and floating charge over the assets of the Group by HSBC Bank PLC.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

The movement in the deferred tax provision during the year relates to advanced capital allowances timing difference.

The comparative figures have been restated to correct an error in the classification of fixed assets. Fixed assets were previously overstated by £64,462, resulting in profit for the year being overstated by the same amount.