REGISTERED NUMBER: 01031342 (England and Wales)

LOWTHER HOLIDAY PARK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D L M Bliss

Mr J N Lowther

Mr J C Morphet

Mrs S E Sharp

Mr St J Stott

Ms S Burke

SECRETARY:

Mrs S E Sharp

REGISTERED OFFICE:

The Estate Office

Estate Office

Lowther

Penrith

Cumbria

CA10 2HH

REGISTERED NUMBER:

01031342 (England and Wales)

AUDITORS:

Rushtons

Chartered Accountants

Statutory Auditors

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

FIXED ASSETS

Tangible assets

4

641,295

535,221

CURRENT ASSETS

Stocks

769,559

984,504

Debtors

553,981

553,632

Cash at bank and in hand

3,586,644

2,744,686

4,910,184

4,282,822

CREDITORS

Amounts falling due within one year

2,471,805

3,094,876

NET CURRENT ASSETS

2,438,379

1,187,946

TOTAL ASSETS LESS CURRENT LIABILITIES

3,079,674

1,723,167

PROVISIONS FOR LIABILITIES

1,173

87

NET ASSETS

3,078,501

1,723,080

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

3,028,501

1,673,080

3,078,501

1,723,080

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2025 and were signed on its behalf by:

Mr J C Morphet - Director

1.	STATUTORY INFORMATION

Lowther Holiday Park Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is The Estate Office Estate Office, Lowther, Penrith, Cumbria, United Kingdom, CA10 2HH.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cashflows are deferred and represent a financing arrangement, the fair value of consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

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

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:

Leasehold buildings

2 - 33% straight line

Plant and machinery

10 - 25% straight line and reducing balance

Computer equipment

33% straight line

Motor vehicles

20 - 33% straight line

Long leasehold land

1% straight line

Hire fleet

25% straight line

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.

Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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.

Financial instruments

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

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

Classification of financial liabilities

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

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

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

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

Equity instruments

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

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax

The tax currently payable is based on taxable profits 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 on other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leasing commitments

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

Employee benefits

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.

Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Going concern

The financial statements have been prepared on a going concern basis. The company is part of a large profitable group, which will continue to give support and does not intend to place the company under any undue pressure to repay intercompany loans

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2024 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2024

2,870,885

Additions

268,480

Disposals

(134,316

)

At 31 January 2025

3,005,049

DEPRECIATION

At 1 February 2024

2,335,664

Charge for year

116,272

Eliminated on disposal

(88,182

)

At 31 January 2025

2,363,754

NET BOOK VALUE

At 31 January 2025

641,295

At 31 January 2024

535,221

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

283,903

283,903

Between one and five years

1,135,613

1,135,613

In more than five years

11,072,225

11,356,128

12,491,741

12,775,644

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Calvert FCA (Senior Statutory Auditor)

for and on behalf of Rushtons

7.	RELATED PARTY DISCLOSURES

The ownership of Lowther Holiday Park Limited is as follows: Pure Leisure Group Limited > 100% Pure Leisure Cumbria Limited > 100% Pure Leisure Penrith Limited > 100% Billing Investments Limited > 60% Lowther Holiday Park Limited. The remaining 40% of shares are owned by Lowther Trustees (1) Limited, Lowther Trustees (2) Limited, Lowther Trustees (3) Limited and Lowther Trustees (4) Limited. Related party transactions are denoted in the table below. The relationships between the companies listed and Lowther Holiday Park Limited is as follows: Billing Investments Limited, Pure Leisure Estates Limited and JBCO Limited were 100% subsidiaries of Pure Leisure Group Limited during the year. Pure Leisure is a Sole Trader Business owned by John Morphet who is the majority shareholder of Pure Leisure Group Limited. Lonsdale Settled Estates Limited, JN Lowther Holdings Limited and Lowther Estate Trust each have common directors/trustees with Lowther Holiday Park Limited.

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

Sales of goods

Purchase of goods

2025

2024

2025

2024

Management charges - Billing Investments Limited

-

-

67,200

56,000

Management charges - JN Lowther Holdings Limited

-

-

42,300

47,000

Other purchases and recharges - Pure Leisure Group Limited

190,902

65,773

777,625

1,042,535

Other purchases and recharges - Lonsdale Settled Estates Limited

-

-

270,000

224,978

Other purchases and recharges - Lowther Estate Trust

-

-

-

29,049

Other purchases and recharges - Country Holiday Parks Limited

-

8,000

-

25,188

Other purchases and recharges - John Morphet t/a Pure Leisure

51,645

41,422

33,401

21,654

Other purchases and recharges - Pure Leisure Estates Limited

90,271

13,151

73,617

3,575

The following amounts were outstanding at the reporting date:

Amounts owed to related parties

2025

2024

Billing Investments Limited

16,800

16,800

Pure Leisure Group Limited

494,414

953,272

JBCO Limited

-

(210

)

8.	ULTIMATE CONTROLLING PARTY

The directors consider the ultimate parent undertaking to be Pure Leisure Group Limited, a company incorporated in the United Kingdom. The registered office address for the parent company is:

South Lakeland House

Main A6

Yealand Redmayne

Carnforth

Lancashire

LA5 9RN.

The ultimate controlling party is John Morphet by way of his controlling interest in the ultimate parent undertaking Pure Leisure Group Limited.

The smallest and largest group in which the results of the company are consolidated is that headed by Pure Leisure Group Limited. The consolidated accounts of this group are available to the public and may be obtained from:

The Registrar of Companies

Companies House

Crown Way

Cardiff

CF14 3UZ.