REGISTERED NUMBER: 01264191 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

M. B. GOODWIN (SKIPSEA) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M B Goodwin

S M Goodwin

M R Goodwin

SECRETARY:

M B Goodwin

REGISTERED OFFICE:

The Office

Springfield Farm Caravan Park

Atwick Road

Hornsea

East Yorkshire

HU18 1EJ

REGISTERED NUMBER:

01264191 (England and Wales)

AUDITORS:

Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

BANKERS:

Barclays Bank Plc

Hull Corporate Banking Centre

Hull

East Yorkshire

HU1 1RN

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

REVIEW OF BUSINESS

The principal activities of the group in the year under review was that of caravan park operators, contract millers, haulier and farming operations. In addition, the group holds a significant number of investment properties.

The group sold one of its caravan parks during the year, which has allowed the repayment of all bank debt.

They are also pleased to report a further gain on the pension scheme obligations of £196,000, (2023 : £299,000) in respect of the defined benefit scheme operated by subsidiary, Maizecor Foods Limited. As described in note 11, this company went into Administration after the year end.

The group has continued to invest in fixed assets and investment properties, which the directors hope will provide additional benefits to the group in future years.

The key financial highlights are featured below:

Year End

31.12.24

31.12.23

31.12.22

£

£

£

Turnover

12,230,929

13,822,223

12,386,181

Profit before taxation, excl gains and revaluations

770,398

1,507,378

1,523,661

Net assets

60,490,417

35,651,763

32,762,795

PRINCIPAL RISKS AND UNCERTAINTIES

The farming sector which the group operates within, can be influenced by other external factors including the weather and fluctuations in grain prices. The group monitors the spot grain rate to ensure it achieves the desired selling price.

Post year end the group ceased its milling operations when subsidiary, Maizecor Foods Limited was placed into Administration.

The group however, continues to undertake grain haulage for this sector.

The group continues to receive rental property income from its investment properties portfolio and due to the profile of its tenants, expects this to continue.

For the above reasons, the board considers that the group is a going concern and have continued to prepare the financial statements on that basis.

FUTURE DEVELOPMENTS

The group intends to maintain it's high standards in servicing the caravan sector. The directors are also keen to expand their portfolio of investment properties and agricultural land which will continue to be farmed by the group as well as delivering a high quality haulage service.

FINANCIAL INSTRUMENTS

The groups principal financial instruments comprise bank balances, bank loans, hire purchase, trade creditors and trade debtors. The main purpose of these instruments is to raise funds to finance the groups operations.

Due to the nature of the financial instruments used by the group there is no exposure to price or currency risk. The groups approach to managing other risks applicable to the financial instruments is detailed below.

Trade debtors are managed through credit and cash flow risk by assessing the credit offered to customers and the regular monitoring of amounts outstanding at a given time.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet liabilities as they fall due.

The groups bank accounts are monitored to ensure the group has sufficient funds to meet their current commitments, making use of overdraft facilities, where appropriate.

Bank loans were used to finance agricultural land and investment properties, where necessary.

Hire purchase is used to finance high value plant and machinery, haulage and motor vehicles.

ON BEHALF OF THE BOARD:

M B Goodwin - Secretary

30 September 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

M B Goodwin

S M Goodwin

M R Goodwin

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with Section 414C (11) of the Companies Act 2006, the company has chosen to report details concerning financial instruments and future developments within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M B Goodwin - Secretary

30 September 2025

Opinion

We have audited the financial statements of M. B. Goodwin (Skipsea) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw your attention to the investment property valuations which have been carried out by the directors and the comments of the directors in note 12 to the financial statements. Due to the property portfolio held and the current uncertainty in the global and UK markets there may be a material variance on the fair value of these properties, should they be sold on the open market. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company and it's group operates in, including whether the company and it's group is complying with those legal and regulatory frameworks;

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

-

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Companies Act 2006 and UK tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with relevant tax authorities and evaluating advice received from third party advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, data protection and employment law. We performed audit procedures to inquire of management whether the company and it's group is in compliance with these laws. This work included evaluating correspondence with third party consultants.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to;

-

testing material journal entries throughout the year and evaluating their business rationale;

-

reviewing key controls and account reconciliations;

-

testing material bank transactions for business rationale;

-

on a sample basis, reviewing authorisation procedures of business expenditure, including review of supporting documentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Rebecca Sygrove, FCCA (Senior Statutory Auditor)

for and on behalf of Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

30 September 2025

TURNOVER

12,230,929

13,822,223

Cost of sales

6,664,030

8,033,659

GROSS PROFIT

5,566,899

5,788,564

Distribution costs

9,392

7,821

Administrative expenses

(22,414,071

)

4,054,298

(22,404,679

)

4,062,119

27,971,578

1,726,445

Other operating income

1,740,459

4,051,928

OPERATING PROFIT

4

29,712,037

5,778,373

Income from fixed asset investments

2,559

4,627

Interest receivable and similar income

119,457

880

122,016

5,507

29,834,053

5,783,880

Interest payable and similar expenses

5

816,853

1,030,924

Other finance costs

23

38,000

56,000

854,853

1,086,924

PROFIT BEFORE TAXATION

28,979,200

4,696,956

Tax on profit

6

4,336,546

1,187,838

PROFIT FOR THE FINANCIAL YEAR

24,642,654

3,509,118

OTHER COMPREHENSIVE INCOME

Pension actuarial gains/losses

196,000

299,000

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

196,000

299,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

24,838,654

3,808,118

Profit attributable to:

Owners of the parent

24,642,654

3,509,118

Total comprehensive income attributable to:

Owners of the parent

24,838,654

3,808,118

FIXED ASSETS

Intangible assets

9

-

1

Tangible assets

10

9,723,727

13,383,759

Investments

11

146,738

132,997

Investment property

12

42,382,987

41,884,200

52,253,452

55,400,957

CURRENT ASSETS

Stocks

13

746,011

1,204,483

Debtors

14

1,353,161

2,669,852

Cash at bank and in hand

17,956,123

1,111,505

20,055,295

4,985,840

CREDITORS

Amounts falling due within one year

15

4,666,084

8,493,378

NET CURRENT ASSETS/(LIABILITIES)

15,389,211

(3,507,538

)

TOTAL ASSETS LESS CURRENT LIABILITIES

67,642,663

51,893,419

CREDITORS

Amounts falling due after more than one year

16

(12,123

)

(10,080,211

)

PROVISIONS FOR LIABILITIES

20

(6,557,123

)

(5,214,445

)

PENSION LIABILITY

23

(583,000

)

(947,000

)

NET ASSETS

60,490,417

35,651,763

CAPITAL AND RESERVES

Called up share capital

21

450

450

Non distributable reserve

22

17,637,687

17,450,328

Retained earnings

22

42,852,280

18,200,985

SHAREHOLDERS' FUNDS

60,490,417

35,651,763

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

M B Goodwin - Director

S M Goodwin - Director

FIXED ASSETS

Intangible assets

9

-

1

Tangible assets

10

5,998,477

6,800,168

Investments

11

206,467

200,227

Investment property

12

42,382,987

41,884,200

48,587,931

48,884,596

CURRENT ASSETS

Stocks

13

167,724

504,053

Debtors

14

410,720

941,602

Cash at bank

16,685,328

161,307

17,263,772

1,606,962

CREDITORS

Amounts falling due within one year

15

19,210,956

9,320,687

NET CURRENT LIABILITIES

(1,947,184

)

(7,713,725

)

TOTAL ASSETS LESS CURRENT LIABILITIES

46,640,747

41,170,871

CREDITORS

Amounts falling due after more than one year

16

-

(10,061,375

)

PROVISIONS FOR LIABILITIES

20

(4,932,652

)

(4,512,468

)

NET ASSETS

41,708,095

26,597,028

CAPITAL AND RESERVES

Called up share capital

21

450

450

Non distributable reserve

22

17,637,687

17,450,328

Retained earnings

22

24,069,958

9,146,250

SHAREHOLDERS' FUNDS

41,708,095

26,597,028

Company's profit for the financial year

15,111,067

2,452,729

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

M B Goodwin - Director

S M Goodwin - Director

Called up

Non

share

Retained

distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

450

17,626,959

15,135,386

32,762,795

Changes in equity

Dividends

-

(919,150

)

-

(919,150

)

Total comprehensive income

-

1,493,176

2,314,942

3,808,118

Balance at 31 December 2023

450

18,200,985

17,450,328

35,651,763

Changes in equity

Total comprehensive income

-

24,651,295

187,359

24,838,654

Balance at 31 December 2024

450

42,852,280

17,637,687

60,490,417

Called up

Non

share

Retained

distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

450

9,927,613

15,135,386

25,063,449

Changes in equity

Dividends

-

(919,150

)

-

(919,150

)

Total comprehensive income

-

137,787

2,314,942

2,452,729

Balance at 31 December 2023

450

9,146,250

17,450,328

26,597,028

Changes in equity

Total comprehensive income

-

14,923,708

187,359

15,111,067

Balance at 31 December 2024

450

24,069,958

17,637,687

41,708,095

Cash flows from operating activities

Cash generated from operations

1

1,333,345

3,185,150

Interest paid

(894,813

)

(977,760

)

Interest element of hire purchase payments paid

(12,596

)

(6,077

)

Dividends reinvested

-

(6,905

)

Tax paid

(542,975

)

(340,336

)

Taxation refund

7,327

-

Net cash from operating activities

(109,712

)

1,854,072

Cash flows from investing activities

Purchase of tangible fixed assets

(685,945

)

(1,253,513

)

Purchase of investment property

(549,331

)

(290,856

)

Sale of intangible fixed assets

13,100,000

-

Sale of tangible fixed assets

18,095,511

288,882

Sale of investment property

1,373,367

-

Interest received

119,457

880

Dividends received

2,559

4,627

Net cash from investing activities

31,455,618

(1,249,980

)

Cash flows from financing activities

New loans in year

-

11,075,000

Loan repayments in year

(11,277,125

)

(12,091,063

)

HP repayments in year

(327,709

)

(300,786

)

Amount introduced by directors

-

30,823

Amount withdrawn by directors

(283,924

)

-

Other loan advances/repayments

-

700,000

Equity dividends paid

-

(919,150

)

Net cash from financing activities

(11,888,758

)

(1,505,176

)

Increase/(decrease) in cash and cash equivalents

19,457,148

(901,084

)

Cash and cash equivalents at beginning of year

2

(1,501,025

)

(599,941

)

Cash and cash equivalents at end of year

2

17,956,123

(1,501,025

)

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

31.12.24

31.12.23

£

£

Profit before taxation

28,979,200

4,696,956

Depreciation charges

647,900

833,275

Profit on disposal of fixed assets

(27,403,759

)

(120,724

)

Gain on revaluation of fixed assets

(805,043

)

(3,068,854

)

Hire fleet vans to trading stock

90,227

178,257

Adjustment to pension funding

(206,000

)

(65,000

)

Finance costs

854,853

1,086,924

Finance income

(122,016

)

(5,507

)

2,035,362

3,535,327

Decrease in stocks

458,472

540,269

Decrease/(increase) in trade and other debtors

879,315

(1,121,068

)

(Decrease)/increase in trade and other creditors

(2,039,804

)

230,622

Cash generated from operations

1,333,345

3,185,150

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

17,956,123

1,111,505

Bank overdrafts

-

(2,612,530

)

17,956,123

(1,501,025

)

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,111,505

1,244,680

Bank overdrafts

(2,612,530

)

(1,844,621

)

(1,501,025

)

(599,941

)