The directors present the strategic report for the year ended 30 September 2024.

The directors consider that the results for the period reflect the economic environment and are continuing to strive to improve performance.

Despite a small decrease in turnover, the company has seen record levels of holiday sales, with the public increasingly opting to holiday in the UK. 2024 has seen the turnover for hire fleet increase by 14.5% with year to date showing an additional increase of 19%. The directors are confident that caravan sales will increase in the future once the economy stabilises.

The directors have paid particular attention to cost savings throughout the year. One being in relation to payroll savings. Employees are working more efficiently and across different departments to ensure they are fully utilised. This has resulted in a reduction in wages costs for the year despite 2 pay rises and an increase in staff numbers. Another area of focus is stock control. This has been more closely monitored this year, resulting in a significant reduction in cost of purchases in the year.

• Closure of the Parks and other social distancing restrictions imposed by the Government.

Although this is highly unlikely to re-occur the company were able to continue to operate in the past and would implement plans should such an event seem likely.

• Competition from businesses of a similar nature or new entrants into this sector.

This is managed by reviewing and price checking our competitors both locally and nationally.

• The impact of a recession on the holidays and leisure market.

Recession impact is monitored primarily through bookings as this gives an early indication of trends a year in advance.

• Cost increases in relation to utilities.

All utilities are managed by a third-party specialist, who advise on the best deals available thus mitigating any risks associated with cost increases in this area.

• Manufacturing and supply chain issues in relation to new van purchases.

We are forward ordering more vans to ensure a position in the manufacturers build timetable.

• Cost increases in relation to minimum (national / living) wage.

We monitor wage costs regularly and anticipate future living wage increases, by building them into budgets, so we are not faced by big unexpected increases. With our aim to being to pay above the national living wage.

The group has developed a programme of continual maintenance and improvement for all sites, to ensure performance of the sites can be maintained or improved. Compliance with new legislation is also key to performance.

The strategic plan for the group is to increase occupied pitches. This will be achieved from developing the new land of 164 acres, including planning permission for 495 lodge pitches, over a 10 year period. The first 16 pitches will be completed by the end of 2025 ready for the 2026 season.

The company considers its main financial performance indicators to be the number of returning and new customers, reflected in the number of pitches occupied.

Number of pitches occupied:

2024    1,725

2023    1,740

2022    1,662

The number of caravans sold each year is also key to the company's performance.

Although 2024 saw a small decline in caravan sales, this was countered by an increase in holiday visitors increasing the hire fleet income. The directors are confident caravan sales will return to previous levels in future years as the economy improves.

The company's main non-financial key performance indicator is that of customer satisfaction and employee engagement. Customer satisfaction is monitored in a number of ways.

• The company uses a national customer satisfaction survey to generate a Net Promotor Score, which is a nationally recognised industry score.

• The company also uses internal caravan owners reviews, which are monitored and actioned.

• Secret shoppers who stay on the holiday parks and report back on a number of areas.

• The visit England star rating which is assessed annually.

Employee engagement is monitored by the use of anonymous staff engagement questionnaires.

This statement by the board describes how the responsibilities under s172(1)(a) to (f) of the Companies Act 2006 have been approached in the financial period ending 30 September 2023.

The directors consider that they have acted in good faith to promote the success of the company on behalf of the stakeholders, in relation to matters set out in s172 of the Act.

The stakeholders of the business include the employees, customers and suppliers of the business.

The directors monitor and review strategic objectives against long term growth plans and regular reviews at departmental and board level are held across the business in the key areas. These areas being, Financial performance, Operations, Human Resources and Risks and Opportunities.

The fundamental principle in the governance of Partingtons Holiday Centres Limited and all associates is the clear, fair and trusting approach to all interactions with employees, customers and suppliers, This is reflected in the length of service of employees and management teams and the longevity of the relationships with our customers and suppliers.

The company’s employees, customers and suppliers are critical to the success of the business and so it is recognised that engagement is an important aspect in those relationships.

The directors recognise and understand that it is important to keep employees informed of all matters concerning them and does this in a number of ways including newsletters, meetings, verbal and written communications. The company is currently developing an app to improve communication with both team members and customers. The views and interests of employees are considered in consultation with them through working groups or forums, which evolve over time to meet the needs of all parties. The policy of the company is to consult and discuss with employees any issues that arise in accordance with relevant procedures or legislation.

The company has an equal opportunities policy and is committed to the principles within the policy in respect of all stakeholders.

The company has built, and continues to grow, the business on a reputation for delivering excellent customer service. The company, through the senior management and employees, strives continuously to improve in every aspect of the services it provides, for the mutual benefit of all stakeholders.

Employees are fairly rewarded irrespective of age, with young employees not being discriminated against due to their age, receiving the same rate of pay as more mature team members.

The company takes part in a nationally recognised customer satisfaction scheme and receives an NPS (Net Promotor score) annually to recognise this. In 2024 the company's NPS was 73.47, only a fraction below a world class score of 75. In addition it has also joined the Sunflower scheme to support customers with hidden disabilities. This includes providing accessible changing rooms, accessible parking spaces and toilets and level access across their parks. With lanyards available at park receptions.

The company is keen to promote and support the local area, and is a proud sponsor of the local Children's hospice, Brian House. In addition the company supports local youth organisations with donations and support throughout the year.

The directors have overall responsibility for delivering the company’s strategy and values and for ensuring high standards of governance. The primary aim of the directors is to promote the long term sustainable success of the company to generate benefit for the stakeholders. Throughout the next financial year, the directors will continue to review, improve and challenge the engagement with all stakeholders.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 September 2024.

The principal activity of the company during the year was the operation of holiday parks and ancillary leisure facilities.

The results for the year are set out on page 13.

Ordinary dividends were paid amounting to £60,000. The directors do not recommend payment of a further dividend.

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

The company's operations expose it to a variety of financial risks which include the effects of changes in debt market prices, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and, as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

The majority of business relationships are local, with many being established over decades. This is a fundamental factor for the company when making supply decisions.

The auditor, Xeinadin Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

We have followed the GHG Protocol Corporate Accounting and Reporting Standard and March 2019 Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance. Calculations are made using the 2024 UK Government’s Conversion Factors for Company Reporting. The energy efficiency narrative methodology has been created based on energy management best practice.

2024 Government conversion factors for company reporting of greenhouse gas emissions have been used and can be found here:

https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting

Gas (Scope 1)

Actual meter reads from supplier invoices have been used to calculate metered units for conversion to consumption (kWh) in the reporting period. Where actual reads do not match the accounting start and end, actual reads from the closest billed dates have been used. Where required, consumption (kWh) has been pro-rated to the accounting period. UK government conversion factors have been used to convert kWh to tCO2e.

Vehicle fuel (Scope 1)

Litres of petrol and diesel purchased in the reporting period were totalled from accounts records and split by fuel type. UK government conversion factors were used to convert litres of diesel and petrol into kWh and tCO2e.

Propane (Scope 1)

Propane quantities (litres) purchased in the reporting period were totalled from accounts records. UK government conversion factors were used to convert litres into kWh and tCO2e.

Kerosene (Scope 1)

Kerosene quantities (litres) purchased in the reporting period were totalled from accounts records. UK government conversion factors were used to convert litres into kWh and tCO2e.

Biomass Wood Pallets (Scope 1)

Tonnes of Biomass woodchip purchased in the reporting period were calculated from accounts records. They were converted to kWh and tCO2e with UK government conversion factors.

Electricity (Scope 2)

Half hourly consumption data and actual meter readings from supplier invoices were used to calculate consumption in kWh. Where reads do not match the accounting period start and end, readings from the closest dates have been used to pro-rata consumption. UK government conversion factors were used to convert kWh into tCO2e.

Grey fleet (Scope 3)

For employee mileage claims, as vehicles sizes and fuel types are not known, calculations have been made using UK government conversion factors for an “Average” car and “Unknown” fuel type for conversion of mileage into kWh and into tCO2e.

As in previous years, the metric used is £ million turnover. This is considered as being most representative of the size of the organisation. The resulting intensity ratio, tCO2e per £ million turnover, reflects changes in operations and energy consumption over time.

We have taken several measures to improve our energy efficiency and reduce our emissions, including:

• Implementation of new energy monitoring software, allowing us to more closely monitor our energy use as both a cost and as consumption. This enables us to more easily track energy use and investigate unusual consumption more quickly.

• We have installed trackers on all our company fleet vehicles, allowing us to encourage safer driving and more efficient use of vehicles. This drives down fuel use and therefore our emissions.

• We are moving our company fleet away from fossil fuel ICE vehicles to more efficient hybrid and full electric vehicles. In addition to our existing low emission vehicles, we have recently purchased two hybrid and one fully electric vehicle.

• For our ongoing site developments and refurbishments, energy efficiency is now a key component in the decision making process, which should give future benefits for the decisions we make now.

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 company’s auditor 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 company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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.

We have audited the financial statements of Partingtons Holiday Centres Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 30 September 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 Auditor 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 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 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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 directors' 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, 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.

As explained more fully in the directors' responsibilities statement, 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 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 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.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. This includes legislation that affects the running of the company such as the Companies Act.

• Looking for evidence of management override of controls, including testing journal entries and other adjustments made by management;

• Reviewing the Financial Conduct Authority website for any indication of complaints or non-compliance.

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

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Partingtons Holiday Centres Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chapel Court, 204 Fleetwood Road North, Thornton-Cleveleys, FY5 4BJ.

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.

This company is a qualifying entity for the purposes of FRS 102, 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:

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

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

The company is a wholly owned subsidiary of The Partington Group Limited. The ultimate parent undertaking is Partington (Holdings) Limited, a company incorporated in England and Wales. The results of Partingtons Holiday Centres Limited are included in the consolidated financial statements of Partington (Holdings) Limited which are available from Chapel Court, 204 Fleetwood Road North, Thornton-Cleveleys, FY5 4BJ.

The current cost of living crisis could impact the company if holiday sales fall. However bookings are strong and the company has produced future cash flow forecasts which indicate sufficient funds are in place to meet all liabilities as they are projected to fall due for payment over the next twelve months from the signing date, leading them to the conclusion that there are no material uncertainties over adopting the going concern basis at the time of signing the financial statements of the company.true

At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors feel it appropriate 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.

Revenue from the sale of caravans 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.

Revenue from services provided on the holiday parks is recognised on completion of the service.

Site fees are invoiced in advance and recognised over the period to which they relate.

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

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 credited or charged to profit or loss.

Included in Fixtures, Fittings and Equipment are Hire Vans which are not depreciated. Hire vans are only available to hire for 2 years before they transferred to stock and sold as a second hand van. The directors believe the vans do not diminish in value during these 2 years.

No profit or loss on disposal will be recognised on hire vans since these are transferred to stock and proceeds recognised in turnover.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

All of the company's financial assets are basic financial instruments.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

All of the company's financial liabilities are basic financial instruments.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 company’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 when the company has 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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 leases asset are consumed.

In the application of the company’s accounting policies, the directors are 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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stocks are valued at the lower cost and net realisable value. New realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and stock loss trends.

An analysis of the company's turnover is as follows:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

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

Their aggregate remuneration comprised:

The actual (credit)/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:

Included in Fixtures, Fitting and Equipment are Hire vans of £2,788,330 (2023: £2,602,539) which are not depreciated.

Of the Hire vans, £2,740,718 (2023: £2,597,706) were held under finance arrangements.

Included in Trade Creditors is £1,284,189 (2023: £2,707,652) which is secured on the assets to which it relates.

Other loans relate to asset finance agreements and are secured on the assets to which they relate.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax liability set out above is not expected to materially reverse in the medium term. As a consequence deferred tax has been provided for at a rate of 25% as this has been substantively enacted at the balance sheet date.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company has entered into a set off agreement in the favour of HSBC Bank Plc, with Partington (Holdings) Limited, The Partington Group Limited, Greenfield Caravan Park Limited and Ribble Estates (Clifton) Limited.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties are interest free and repayable on demand.

These loans are unsecured.

The company has taken advantage of the exemption permitted under Section 33 'Related Party Disclosures' paragraph 33.1A from disclosing transactions with the parent company and other 100% fellow subsidiary companies.

The parent company is Partington Group Limited, a company incorporated in England and Wales. The registered office address is: Chapel Court, 204 Fleetwood Road North, Thornton-Cleveleys, FY5 4BJ

The ultimate parent company is Partington (Holdings) Limited. There is no individual ultimate controlling party.

Consolidated financial statements are available on Companies House Cardiff.