REGISTERED NUMBER: 06219540 (England and Wales)

Larkham Leisure Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

M Larkham

R P W Larkham

W H Larkham

T A Larkham

SECRETARY:

R P W Larkham

REGISTERED OFFICE:

Cowden Holiday Park

Main Road

Great Cowden

East Yorkshire

HU11 4UD

REGISTERED NUMBER:

06219540 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

BANKERS:

HSBC

3-4 Jameson Street

Hull

HU1 3JX

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

REVIEW OF BUSINESS

Larkham Leisure is a family run business built on over 80 years of combined experience in the holiday park/home industry. The group operates seven Holiday parks in Yorkshire. The directors are pleased with the financial performance of the group.

The financial key performance indicators for the group are turnover and profit before tax, details of which are included in these accounts.

During the year the group acquired two further holiday parks, Orchard Farm Holiday Park Limited and Fox Hill Park Limited.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the key risks for the group are meeting customers' expectations whilst continuing to grow the group.

This risk is managed by ensuring key employees are retained, with a focus on the service offered to customers. We take enormous pride in our parks and the standard we set for ourselves, specialising in providing the perfect holiday park experience.

FUTURE DEVELOPMENTS AND PERFORMANCE

The group continues to invest in the infrastructure of its parks to maintain the quality and facilities available to its' customers. The group is well positioned to continue to grow.

KEY PERFORMANCE INDICATORS

The group's shareholders are also directors of the company and are closely involved in the company's activities. The company directors therefore believe that the analysis of the company's performance for the year using Key Performance Indicators is not necessary as the shareholders already understand the development, performance and position of the company.

ON BEHALF OF THE BOARD:

R P W Larkham - Director

30th September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the ownership and operation of eight holiday parks in Yorkshire.

DIVIDENDS

During the year dividends totalling £379,000 were paid (2023: £568,000). The directors recommend that no further dividends be paid for the year.

DIRECTORS

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

M Larkham

R P W Larkham

W H Larkham

T A Larkham

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R P W Larkham - Director

30th September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st 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.

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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

Peter Dearing BSc FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

30th September 2025

TURNOVER

3

23,317,807

23,695,104

Cost of sales

14,548,244

15,483,824

GROSS PROFIT

8,769,563

8,211,280

Administrative expenses

4,908,374

4,401,151

3,861,189

3,810,129

Other operating income

88,716

22,739

OPERATING PROFIT

5

3,949,905

3,832,868

Interest receivable and similar income

94,627

14,830

4,044,532

3,847,698

Interest payable and similar expenses

6

1,017,293

700,480

PROFIT BEFORE TAXATION

3,027,239

3,147,218

Tax on profit

7

842,752

813,671

PROFIT FOR THE FINANCIAL YEAR

2,184,487

2,333,547

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,184,487

2,333,547

Profit attributable to:

Owners of the parent

2,184,487

2,333,547

Total comprehensive income attributable to:

Owners of the parent

2,184,487

2,333,547

FIXED ASSETS

Intangible assets

10

994,514

253,082

Tangible assets

11

37,788,850

30,490,988

Investments

12

-

-

38,783,364

30,744,070

CURRENT ASSETS

Stocks

13

3,100,845

3,228,868

Debtors

14

919,900

1,304,360

Cash at bank and in hand

5,868,278

6,950,243

9,889,023

11,483,471

CREDITORS

Amounts falling due within one year

15

8,872,350

8,515,340

NET CURRENT ASSETS

1,016,673

2,968,131

TOTAL ASSETS LESS CURRENT LIABILITIES

39,800,037

33,712,201

CREDITORS

Amounts falling due after more than one year

16

(12,848,670

)

(9,283,467

)

PROVISIONS FOR LIABILITIES

20

(2,425,030

)

(1,707,884

)

NET ASSETS

24,526,337

22,720,850

CAPITAL AND RESERVES

Called up share capital

21

600

600

Share premium

22

2,974,620

2,974,620

Retained earnings

22

21,551,117

19,745,630

SHAREHOLDERS' FUNDS

24,526,337

22,720,850

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

R P W Larkham - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

430,197

453,368

Investments

12

8,037,079

4,336,668

8,467,276

4,790,036

CURRENT ASSETS

Stocks

13

1,875,052

1,922,555

Debtors

14

6,403,186

4,483,502

Cash at bank and in hand

451,448

777,518

8,729,686

7,183,575

CREDITORS

Amounts falling due within one year

15

7,298,855

6,839,710

NET CURRENT ASSETS

1,430,831

343,865

TOTAL ASSETS LESS CURRENT LIABILITIES

9,898,107

5,133,901

CREDITORS

Amounts falling due after more than one year

16

(4,638,920

)

-

PROVISIONS FOR LIABILITIES

20

(9,397

)

(10,786

)

NET ASSETS

5,249,790

5,123,115

CAPITAL AND RESERVES

Called up share capital

21

600

600

Share premium

22

2,974,620

2,974,620

Retained earnings

22

2,274,570

2,147,895

SHAREHOLDERS' FUNDS

5,249,790

5,123,115

Company's profit for the financial year

505,675

866,082

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

R P W Larkham - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2023

600

17,980,083

2,974,620

20,955,303

Changes in equity

Dividends

-

(568,000

)

-

(568,000

)

Total comprehensive income

-

2,333,547

-

2,333,547

Balance at 31st December 2023

600

19,745,630

2,974,620

22,720,850

Changes in equity

Dividends

-

(379,000

)

-

(379,000

)

Total comprehensive income

-

2,184,487

-

2,184,487

Balance at 31st December 2024

600

21,551,117

2,974,620

24,526,337

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2023

600

1,849,813

2,974,620

4,825,033

Changes in equity

Total comprehensive income

-

866,082

-

866,082

Dividends

-

(568,000

)

-

(568,000

)

Balance at 31st December 2023

600

2,147,895

2,974,620

5,123,115

Changes in equity

Total comprehensive income

-

505,675

-

505,675

Dividends

-

(379,000

)

-

(379,000

)

Balance at 31st December 2024

600

2,274,570

2,974,620

5,249,790

Cash flows from operating activities

Cash generated from operations

1

6,194,863

4,791,511

Interest paid

(1,017,293

)

(700,480

)

Tax paid

(774,465

)

(830,549

)

Net cash from operating activities

4,403,105

3,260,482

Cash flows from investing activities

Purchase of intangible fixed assets

(847,850

)

-

Purchase of tangible fixed assets

(7,573,324

)

(1,804,585

)

Sale of tangible fixed assets

200,748

283,620

Interest received

94,627

14,830

Net cash from investing activities

(8,125,799

)

(1,506,135

)

Cash flows from financing activities

New loans in year

5,000,000

-

Loan repayments in year

(1,219,077

)

(1,073,716

)

Movement in stock financing

(761,194

)

55,511

Equity dividends paid

(379,000

)

(568,000

)

Net cash from financing activities

2,640,729

(1,586,205

)

(Decrease)/increase in cash and cash equivalents

(1,081,965

)

168,142

Cash and cash equivalents at beginning of year

2

6,950,243

6,782,101

Cash and cash equivalents at end of year

2

5,868,278

6,950,243

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

2024

2023

£

£

Profit before taxation

3,027,239

3,147,218

Depreciation charges

707,114

617,915

Loss on disposal of fixed assets

36,852

79,222

Amortisation

106,418

47,829

Finance costs

1,017,293

700,480

Finance income

(94,627

)

(14,830

)

4,800,289

4,577,834

Decrease in stocks

128,023

1,298,132

Decrease/(increase) in trade and other debtors

394,361

(825,113

)

Increase/(decrease) in trade and other creditors

872,190

(259,342

)

Cash generated from operations

6,194,863

4,791,511

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

5,868,278

6,950,243

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

6,950,243

6,782,101

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

6,950,243

(1,081,965

)

5,868,278

6,950,243

(1,081,965

)

5,868,278

Debt

Debts falling due within 1 year

(1,073,716

)

(215,720

)

(1,289,436

)

Debts falling due after 1 year

(9,283,467

)

(3,565,203

)

(12,848,670

)

(10,357,183

)

(3,780,923

)

(14,138,106

)

Total

(3,406,940

)

(4,862,888

)

(8,269,828

)

1.	STATUTORY INFORMATION

Larkham Leisure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The group financial statements consolidate the financial statements of Larkham Leisure Limited and all its subsidiaries for the year ended 31 December 2024. The subsidiary undertakings have been accounted for under the acquisition method of accounting. No company Statement of Comprehensive Income is presented for Larkham Leisure Limited as permitted by section 408 of the Companies Act 2006.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Sales of services

Turnover from the sale of services is is recognised on a straight line basis over the contract period. Owners pay their pitch licence fees in exchange for the use of the holiday park and its facilities, and therefore the performance obligation is delivered over the life of the contract.

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or fair value on acquisition less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings

2% - 4% on cost (excluding land)

Plant and machinery

15% - 25%of reducing balance

Fixtures and fittings

15% - 25% of reducing balance

Motor vehicles

25% of reducing balance

Computer equipment

25% of reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow- moving stock where appropriate.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for the service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Impairment

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Government grants

Government grants are included within accruals and deferred income in the balance sheet and credited to the statement of comprehensive income over the expected useful lives of the assets to which they relate or periods in which the related costs are incurred. Amounts recognised in the statement of comprehensive income are presented under the heading "Other operating income".