The Directors of Longleat Enterprises Limited (“Longleat” or “LEL”) present their Strategic Report for the year ended 31 December 2024.

Review of the business

LEL recorded a profit before taxation of £1.2m in 2024, despite bad weather leading to closed days, challenging commercial headwinds and above inflation cost base increases.

LEL continued to invest in the development and long-term success of Longleat and Cheddar’s infrastructure with £2.1m of fixed asset investment in 2024.

• The Festival of Light winter offering again proved a hit with our visitors enjoying a Journey Through Time themed event. The Santa train and Christmas grotto experience remain popular, as do Festive Tours of Longleat House. The whole event continued to receive excellent feedback.

• Longleat’s animal collection continued to delight and amaze visitors. The management of Longleat continued to look to enhance the visitor experience through 2024 and beyond. With great anticipation, in early 2025 it was confirmed that Hippos would be returning to Longleat in 2025. The Hippos will be housed in a new purpose-built Hippo House is being constructed.

• LEL continued to invest in the fabric of the Longleat experience with ongoing work. In early 2024 the African Painted Dogs attraction was opened in the African village. A new audio-visual experience in Cox’s Cave at Cheddar was also opened.

• We continue to invest heavily in safety in Longleat and Cheddar.

The Executive Chairman of Longleat Enterprises Limited, Ceawlin Bath, commented:

"2024 proved to be another successful year at both Longleat and Cheddar, demonstrating the ongoing appeal of our attractions. We remain committed to long term investment at both attractions and have invested substantially in our African Painted Dogs enclosure at Longleat and Yeo’s Journey at Cheddar, which is an immersive augmented reality experience in Cox’s cave; both exhibits opened during Easter 2024. We anticipate great interest in the reintroduction of Hippos at Longleat and we intend to announce further investment in due course.”

The business faces similar risks to any which rely on discretionary leisure spend and in addition , the responsibility for stewardship of national historic buildings and visitor, staff and animal welfare. The board assesses these risks on an ongoing basis and takes action to mitigate.

Credit risk

The business reviews credit risk on an ongoing basis to minimise risk.

Liquidity

The Board manages liquidity prudently with long term projections taking into account economic and trading conditions and maintains strong relationships with financial partners.

Interest rate risk

LEL ensures that, where possible, external financing has a fixed interest rate to protect against adverse fluctuations.

The Board reviews key performance indicators weekly and monthly in addition to daily reports on the visitor experience. These include visitor numbers, revenue, revenue per visitor, margin, profitability, visitor satisfaction score.

The Directors have carefully considered their duties under section 172. The business has invested in its human resources as well as the infrastructure and visitor components of the site itself in order to ensure that stability is maintained whilst creating opportunities for future growth. Certain constraints due to the historic nature of the site are always carefully considered so that Longleat maintains a strong reputation within the heritage management and local business community. The Directors are satisfied that all section 172 matters are given appropriate and effective consideration with the necessary structures, policies and processes in place to promote a successful company.

The directors present their annual report and financial statements for the year ended 31 December 2024.

The results for the year are set out on page 12.

The directors recommend that no dividend be paid for the year (2023: £nil).

The net after-tax profit for the year of £988,160 is to be transferred to reserves (2023: £2,036,457).

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

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

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 group continues and that the appropriate training is arranged. It is the policy of the group 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 staff councils and at meetings, matters likely to affect employees' interests.

Information on 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.

Saffery LLP have expressed their willingness to remain in office as auditor of the company.

Longleat Enterprises Limited (LEL) is committed to creating a culture of natural sustainability, and reducing the impact of its operations on the environment.

The Company’s operations are mostly undertaken on the Longleat Estate which retains within its historic landscape approximately 4,000 acres of forest and SSSI woodland, and around one million trees, weighing approximately 350,000 tonnes. These trees play a significant role in absorbing and locking-in carbon generated from the Company’s activities, whilst the forest soil is a valuable carbon pool.

Continued investment in various initiatives and external consultancy over the past financial year means that the Company is in a position to accurately measure its carbon footprint and identify key carbon emitters across its operations. LEL collects energy and (some) scope 3 carbon data, recording these using Sustainability Reporting Software.

There has been an ongoing drive over a number of years to recycle more waste and reduce paper and plastics use with disposal initiatives in F&B and Retail operations.

The Company is committed to improving on these gains and plans to place sustainability high on the business agenda. LEL is currently reviewing proposals on how best to achieve its corporate sustainability aims. The following are being reviewed in FY 2024:

• Encourage staff across all areas to promote green initiatives

• Review all design options for carbon efficiency savings in its property development plans

• Move to 100% renewable energy when reviewing electric procurement

• Roll out smart meters across all operations

• Update the motor fleet with electrical vehicles where practicably possible

These plans cover all aspects of sustainability, and will help to reduce carbon emissions directly from company operations as well as through supporting carbon reductions elsewhere. The Company aims to ensure that, beyond simply averting further damage to the environment, it is a business whose collective actions will contribute towards its repair.

Under the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, Longleat Enterprises Limited are mandated to disclose their UK energy use and associated greenhouse gas emissions. Specifically we are required to report, as a minimum, energy use and associated GHG emissions relating to natural gas, electricity and transport fuel, as well as an intensity ratio and a narrative on energy efficiency action taken over the year.

There is no prescribed reporting methodology under the legislation, although for effective emissions management and transparency it is important that robust and accepted methods are used. Longleat Enterprises Limited electricity data is taken from supplier invoices, and other energy sources are taken from accounting records. Longleat Enterprises Ltd has assessed greenhouse gas emissions using the ‘GHG Reporting Protocol – A Corporate Accounting and Reporting Standard’ and in accordance with the Defra’s ‘Environmental Reporting guidelines: including Streamlined Energy and Carbon Reporting requirements’.

The reporting scope in the table above includes the following in the organisational boundary, following an operational control approach:

• Longleat Enterprises Limited UK emissions

The reporting scope includes the following energy sources:

• Electricity used for Longleat Enterprises Ltd at Longleat Safari Park

• LPG used for catering and other services for Longleat Enterprises Ltd operations at Longleat Safari Park

• Gas oil used to heat Longleat Enterprises Ltd operations at Longleat Safari Park

• Woodchip used to heat Longleat Enterprises Ltd operations at Longleat Safari Park

• Transport fuel used for Longleat Enterprises Ltd under LEL operational control, which includes purchased fuel for site vehicles.

• Transport fuel used for Longleat Enterprises Ltd under LEL operational control, which includes business mileage in employee vehicles.

For some data sources, assumptions have been used where energy and carbon use cannot be calculated exactly from primary data – for example where fuel orders are recorded by cost rather than primary measurement units. These are recorded and any changes in source data and methodology in future years will be notified. All carbon emissions factors are taken from ‘UK Government GHG Conversion Factors for Company Reporting’ issued by Defra and BEIS, for the appropriate years.

The reporting scope covers energy used over the reporting period from 1 January 2024 – 31 December 2024, in line with the financial year. GHG emissions and energy use data for period 1 January 2024 to 31 December 2024.

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;

• 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 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management.

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 regularly work to foster strong relationships with their suppliers, customers and other stakeholders. The impact of this can be seen through the review of the business summarised in the Strategic Report.

We have audited the financial statements of Longleat Enterprises Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 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 Auditor's 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 included in the annual report, other than the financial statements and our auditor's report 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.

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 audittrue:

• •    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 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 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 are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, 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.

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 income statement has been prepared on the basis that all operations are continuing operations.

Longleat Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is Longleat Estate Office, Longleat, Warminster, Wiltshire, BA12 7NW.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

Atruet 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 continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue from retail sales is recognised at the date of sale, net of VAT. Revenue from annual passes is recognised over the period that the customer receives the benefit.

Rental income received under operating leases is recognised in the profit and loss account over the
term of the underlying lease.

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 credited or charged to profit or loss.

The directors have reviewed the assets held by Longleat Enterprises Limited and are of the opinion that the works of art and similar assets are not maintained principally for their contribution to knowledge and culture, but do further the commercial and enterprise of the company. For this reason they are accounted for as tangible fixed assets under section 17 of FRS 102.

Natural mazes are depreciated over 20 years from the date they are brought into use.

When land and buildings meet the definition of investment property they are reclassified at their fair value. Any gain or loss on revaluation, with the related tax movement, is treated in accordance with section 17 of FRS 102 and recognised in the statement of other comprehensive income.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit or loss.

Interests in subsidiaries and unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks are largely merchandise held at various retail outlets, both at Longleat Safari Park and Cheddar Caves, which are stated at the lower of cost and estimated selling price less costs to complete and sell. The value is derived using the weighted average method.

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. Bank overdrafts are shown within borrowings in current liabilities.

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 statement of financial position 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, 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.

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.

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 income statement 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.

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.

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

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.

The company applies the accruals model for grants receivable. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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.

In preparing these financial statements the directors have made the following significant judgements and estimates:

FRS 102 requires investment property to be valued at its fair value at each reporting date. Management acknowledge the uncertainty of the valuation as in the direct local area sales are less frequent than in normal areas making a determination of market value more difficult. Management usually use the prior year value and compares this to movements in house prices in the local area as a basis for the fair value where no external valuation has been made in the period.

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

During the year, the company received government grants of £76,459 (2023: £58,799) in relation to the Rural basic payment scheme.

All turnover is generated from UK activities.

During the year, the company incurred costs of £27,774 for the wetlands project. A further £27,658 relates to other projects no longer going ahead.

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

Their aggregate remuneration comprised:

The applicable tax rate has been updated in line with changes in UK legislation. 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:

The company has carried forward capital losses of £180,000 (2023: £180,000).

The most recent external valuation was undertaken in September 2022 by Savills UK which supported there being no material movement since the prior financial year end. The Directors carried out a further valuation as at 31 December 2024 and determined that there had been no material movement since the previous financial year.

If held at historical cost, the assets would be recognised at a cost value of £936,054 (2023: £936,054) and have a net book value totalling £452,558 (2023: £469,617).

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

Barclays Bank plc have a standard letter of set off in place for a bank overdraft facility that was not in use at the period end date.

The company have access to a loan facility of £5,250,000 with HSBC Bank Plc. The facility is secured over the assets of the company and it attracts an interest rate of 1.225% for non-utilisation.

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

The deferred tax balance is expected to reverse, however it is not possible to quantify the expected reversal due to the unknown timing of disposals in respect of certain fixed assets.

Finance Bill 2021 increased the rate of corporation tax from 19% to 25% as of 1 April 2023. As this is the substantively enacted rate at the year end, deferred tax has been recorded at 25%.

The ordinary shares rank pari passu and confer the right to vote, participate in dividends and other distributions upon a winding up.

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.

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:

The operating leases represent property rentals. The leases tend to be short term in nature ranging from a term of two months to two years. At the reporting end date the company had contracted with tenants for the following minimum lease payments:

The controlling parties are the trustees of Lord Bath's Longleat Settlement - Viscount Weymouth's Fund.

A Director, and close family members, are beneficiaries of various trusts which share the same controlling parties with the Group. During the year the group received income and recharges totalling £615,732 (2023: £1,568,525) and incurred costs totalling £2,925,219 (2023: £2,538,515). At the reporting date, amounts owed by these related trusts totalled £153,209 (owed to the related trusts 2023: £1,141,250).

During the year the company received income totalling £1,000 (2023: £1,000) from the Longleat Charitable Trust. The company also incurred expenses with this charity totalling £950 (2023: £950). At the year end the company was owed £42,981 by the Longleat Charitable Trust (2023: £33,277).