REGISTERED NUMBER: 07179461 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Period

1 July 2023 to 31 December 2024

for

Cheyenne Investments Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other 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:

Dr D A Tropeano

A S P Tropeano

Mrs S D Knuckey

Mrs J A Tropeano

R Spurgeon

SECRETARY:

Mrs J A Tropeano

REGISTERED OFFICE:

Oriel House

2 - 8 Oriel Road

Bootle

Merseyside

L20 7EP

REGISTERED NUMBER:

07179461 (England and Wales)

AUDITORS:

SB&P

Chartered Accountants & Statutory Auditors

Oriel House

2/8 Oriel Road

Bootle

Merseyside

L20 7EP

The directors present their strategic report of the company and the group for the period 1 July 2023 to 31 December 2024.

This strategic report contains a review of the business in relation to the financial performance for the year and its position at the end of the year. It also includes the Directors view of the principal risks and uncertainties facing the company.

REVIEW OF BUSINESS & FINANCIAL PERFORMANCE

The results for the period and the financial position of the group are shown in the annexed financial statements.

Turnover showed a slight increase on a year to year basis, but after extraordinary adjustments. Profits were maintained at a reasonable level and the Zoo is in a healthy position going forward.

Visitor numbers were up by 3% in 2024 and we have achieved a million customers for the second year running. This is a great achievement in the current social climate. We aim to improve on these numbers and increase customer membership when the Zoo is gifted over to our Charity, Colchester Zoological Society, on 1st February 2025.

The Zoo continues to receive fantastic support from our members and visitors in the way of Donations throughout the period of these financial statements. These Donations have contributed towards the running costs in relation to the welfare of animals and maintenance of their enclosures.

Capital projects has seen the Zoo continue to improve catering outlet buildings and animal enclosures together with re-investing in the infrastructure around the Zoo. We continue to strive to enhance the members and visitors experience and invest in the future of the Zoo.

We have also a great responsibility to ensure our wonderful conservation programme at Umphafa, our Private Nature Reserve in South Africa, continues. This is a unique project by any conservation-minded zoo which we are immensely proud of, a refuge for hundreds of wild animals, employing some 30 members of the local community helping feed their families the best they can under the circumstances.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are maintaining their strategy to increase visitor numbers, turnover and profitability and have identified the following risks and uncertainties associated with this:

-

Weather, this is our greatest limiting factor. Bad weather drastically reduces attendance and hence turnover.

-

Increased competition from other attractions and leisure activities.

-

Uncertainty of our visitors due to personal spending limitations.

-

Foreign exchange risk in respect of loans to South African companies.

FINANCIAL KEY PERFORMANCE INDICATORS

Turnover for the 18 month period amounted to £29,694,801 (2023: £18,926,465) pro-rata for the 12 month period resulted in an overall 4.6% increase. GP% marginally increased for the same period.

Operating profit has decreased by £4,242,732, this included a significant one off donation of £4m to Colchester Zoological Society Limited during the period. Pro-rata and adding back one off expenditure indicated an overall decrease to profit before tax of 23%.

ON BEHALF OF THE BOARD:

Dr D A Tropeano - Director

29 September 2025

The directors present their report with the financial statements of the company and the group for the period 1 July 2023 to 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activities of the group in the period under review were those of acting as a holding company, zoo managers and operators of Colchester Zoo, property investment and development of a nature reserve and game farms.

DIVIDENDS

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

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Dr D A Tropeano

A S P Tropeano

Mrs S D Knuckey

Mrs J A Tropeano

R Spurgeon

EMPLOYEES

The group ensures that employees are involved in matters of concern to them via weekly & monthly staff news letters and regular meetings within each department including a director or curator and department head.

The group is committed to equal opportunities for all applicants and employees, regardless of disability or background, from recruitment and selection, through training and development and promotion.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

ON BEHALF OF THE BOARD:

Dr D A Tropeano - Director

29 September 2025

Opinion

We have audited the financial statements of Cheyenne Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 31 December 2024 and of the group's loss for the period 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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

Auditors' responsibility for the audit of the financial statements (cont)

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant:

-

Those which are directly relevant to specific assertions in the financial statements.

-

Those that relate to reporting frameworks being Financial Reporting Standard 102 (FRS 102), Companies Act 2006, Corporation Tax Act, Health and Safety at Work etc. Act 1974, Food Safety Act 1990, Food Hygiene (England) Regulations 2013, Consumer Rights Act 2015, Employment Rights Act 1996, National Minimum Wage Act 1998 and Working Time Regulations 1998, Stamp Duty Land Tax (FA 2003, as amended), Capital Gains Tax regime (Taxation of Chargeable Gains Act 1992), Law of Property Act 1925, Land Registration Act 2002, Landlord and Tenant Act 1954, Landlord and Tenant (Covenants) Act 1995, Housing Act 1988 & Housing Act 2004.

-

Those that relate to the operational activities of the company as a Zoo being Zoo Licensing Act 1981(Amendment) Regulations 2002, Animal Welfare Act 2006, Dangerous Wild Animals Act 1976, Animals (Scientific Procedures) Act 1986, Wildlife and Countryside Act 1981 and Environmental Protection Act 1990.

-

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing any board meeting minutes, and reviewing the legal costs incurred in the year and enquiring with management as to the circumstances around these legal costs.

-

We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

-

identifying the controls that management has in place to prevent and detect fraud;

-

challenging assumptions and judgements made by management in its significant accounting estimates;

-

auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

-

assessing the extent of compliance with the relevant laws and regulations.

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.

Suzanne Draper FCCA ACA (Senior Statutory Auditor)

for and on behalf of SB&P

Chartered Accountants & Statutory Auditors

Oriel House

2/8 Oriel Road

Bootle

Merseyside

L20 7EP

29 September 2025

TURNOVER

3

29,694,801

18,926,465

Cost of sales

6,157,476

4,084,971

GROSS PROFIT

23,537,325

14,841,494

Administrative expenses

24,166,367

11,065,364

(629,042

)

3,776,130

Other operating income

368,586

206,146

OPERATING (LOSS)/PROFIT

5

(260,456

)

3,982,276

Unpaid share premium

cancelled

7

(1,980,000

)

-

Foreign exchange losses

7

50,720

(689,483

)

(2,189,736

)

3,292,793

Interest receivable and similar income

1,440,477

473,547

(749,259

)

3,766,340

Gain/loss on revaluation of investment property

(56,000

)

(150,000

)

(805,259

)

3,616,340

Interest payable and similar expenses

8

124,473

-

(LOSS)/PROFIT BEFORE TAXATION

(929,732

)

3,616,340

Tax on (loss)/profit

9

210,469

899,784

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(1,140,201

)

2,716,556

(Loss)/profit attributable to:

Owners of the parent

(1,083,572

)

2,715,709

Non-controlling interests

(56,629

)

847

(1,140,201

)

2,716,556

(LOSS)/PROFIT FOR THE PERIOD

(1,140,201

)

2,716,556

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(1,140,201

)

2,716,556

Total comprehensive income attributable to:

Owners of the parent

(1,083,572

)

2,715,709

Non-controlling interests

(56,629

)

847

(1,140,201

)

2,716,556

FIXED ASSETS

Tangible assets

12

9,739,678

9,820,623

Investments

13

-

-

Investment property

14

3,628,548

3,100,000

13,368,226

12,920,623

CURRENT ASSETS

Stocks

15

358,464

418,381

Debtors

16

5,545,870

7,400,896

Cash at bank and in hand

18,542,460

19,085,502

24,446,794

26,904,779

CREDITORS

Amounts falling due within one year

17

2,119,780

3,065,550

NET CURRENT ASSETS

22,327,014

23,839,229

TOTAL ASSETS LESS CURRENT LIABILITIES

35,695,240

36,759,852

PROVISIONS FOR LIABILITIES

18

857,861

782,272

NET ASSETS

34,837,379

35,977,580

CAPITAL AND RESERVES

Called up share capital

19

50,004

50,004

Retained earnings

20

34,787,375

35,870,947

SHAREHOLDERS' FUNDS

34,837,379

35,920,951

NON-CONTROLLING INTERESTS

-

56,629

TOTAL EQUITY

34,837,379

35,977,580

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Dr D A Tropeano - Director

FIXED ASSETS

Tangible assets

12

6,109,709

6,371,709

Investments

13

56,000

56,000

Investment property

14

3,628,548

3,100,000

9,794,257

9,527,709

CURRENT ASSETS

Debtors

16

3,989,011

4,455,047

Cash at bank

15,276,490

10,582,579

19,265,501

15,037,626

CREDITORS

Amounts falling due within one year

17

27,837

93,988

NET CURRENT ASSETS

19,237,664

14,943,638

TOTAL ASSETS LESS CURRENT LIABILITIES

29,031,921

24,471,347

PROVISIONS FOR LIABILITIES

18

114,732

135,416

NET ASSETS

28,917,189

24,335,931

CAPITAL AND RESERVES

Called up share capital

19

50,004

50,004

Retained earnings

20

28,867,185

24,285,927

SHAREHOLDERS' FUNDS

28,917,189

24,335,931

Company's profit for the financial year

4,581,258

4,411,916

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Dr D A Tropeano - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 July 2022

50,004

33,155,238

33,205,242

55,782

33,261,024

Changes in equity

Total comprehensive income

-

2,715,709

2,715,709

847

2,716,556

Balance at 30 June 2023

50,004

35,870,947

35,920,951

56,629

35,977,580

Changes in equity

Total comprehensive income

-

(1,083,572

)

(1,083,572

)

(56,629

)

(1,140,201

)

Balance at 31 December 2024

50,004

34,787,375

34,837,379

-

34,837,379

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2022

50,004

19,874,011

19,924,015

Changes in equity

Total comprehensive income

-

4,411,916

4,411,916

Balance at 30 June 2023

50,004

24,285,927

24,335,931

Changes in equity

Total comprehensive income

-

4,581,258

4,581,258

Balance at 31 December 2024

50,004

28,867,185

28,917,189

Cash flows from operating activities

Cash generated from operations

1

349,536

4,547,798

Interest paid

(124,473

)

-

Tax paid

(777,028

)

(1,437,484

)

Net cash from operating activities

(551,965

)

3,110,314

Cash flows from investing activities

Purchase of tangible fixed assets

(1,434,370

)

(1,061,752

)

Purchase of investment property

(1,322,548

)

-

Sale of tangible fixed assets

51,110

-

Sale of investment property

823,264

-

Interest received

1,440,477

473,547

Net cash from investing activities

(442,067

)

(588,205

)

Cash flows from financing activities

Amount introduced by directors

524,790

-

Amount withdrawn by directors

(73,800

)

(511,983

)

Net cash from financing activities

450,990

(511,983

)

(Decrease)/increase in cash and cash equivalents

(543,042

)

2,010,126

Cash and cash equivalents at beginning of period

2

19,085,502

17,075,376

Cash and cash equivalents at end of period

2

18,542,460

19,085,502

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.7.23

to

Year Ended

31.12.24

30.6.23

as restated

£

£

(Loss)/profit before taxation

(929,732

)

3,616,340

Depreciation charges

1,300,785

767,389

Loss on disposal of fixed assets

78,346

-

Loss on revaluation of fixed assets

56,000

150,000

Finance costs

124,473

-

Finance income

(1,440,477

)

(473,547

)

(810,605

)

4,060,182

Decrease/(increase) in stocks

59,917

(90,642

)

Decrease in trade and other debtors

1,557,549

436,534

(Decrease)/increase in trade and other creditors

(457,325

)

141,724

Cash generated from operations

349,536

4,547,798

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:

Period ended 31 December 2024

31.12.24

1.7.23

£

£

Cash and cash equivalents

18,542,460

19,085,502

Year ended 30 June 2023

30.6.23

1.7.22

as restated

£

£

Cash and cash equivalents

19,085,502

17,075,376

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

19,085,502

(543,042

)

18,542,460

19,085,502

(543,042

)

18,542,460

Total

19,085,502

(543,042

)

18,542,460

1.	STATUTORY INFORMATION

Cheyenne Investments Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments properties and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

Turnover

Turnover represents income from entrance fees to the zoo and sales via the catering and gift shop outlets, net of VAT. Income from rides, adoptions and donations are also included.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost and 1% on cost

Leasehold property

-

3% on cost

Buildings

-

2% on cost

Enclosure improvements

-

10% on cost

Animals

-

not provided

Fixtures, fittings, plant & machinery

-

10% on cost

Motor vehicles

-

25% on reducing balance

Road train

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Included within freehold property is freehold land which is deemed to have an infinite useful life and as such will not be subject to depreciation.

Please see the separate accounting policy for Animals.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial instruments include trade debtors and trade creditors. Those that 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 administrative expenses.

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