The directors present the strategic report for the year ended 31 January 2025.

The principal activity of the group continued to be the operation of successful visitor attraction brands across the UK, with our principal raison d’être being operating owned sites, operating for third parties and working in partnership with third-party IP holders.

We aim to present a balanced and comprehensive review of the performance of the group during the year and its position at the year-end. Our report is consistent with the size and nature of the group and is written in the context of the business environment in which we operate.

Our key performance indicators are those that communicate performance and strength of the group as a whole; these being turnover and operating profit. Visitor numbers to our attractions are the key driver of income.

At the heart of what we do is a great story, told in an engaging way and often set in truly memorable locations.

The group exceeded budgeted expectations and delivered a strong performance.

Turnover was £23,405,557 compared with a total turnover of £18,911,934 in the previous year. The increase in turnover was due to strong performances by the group's Scottish attractions, one being open for its first full year of operation, together with the addition of a new operation that opened in Manchester during the year.

Overall, the group made an operating profit of £421,641 against a profit for the year ended 2024 of £1,821,942. The increase in turnover has been offset by an increase in wages and salaries of £1,903k (pay rises, a full year of costs for one operation and additional personnel for the new attraction) and compensation costs for loss of office of £2,158k.

At 31 January 2025, the group’s net assets were £5,997,397, compared with £5,807,626 at 31 January 2024.

The directors consider the principal risks and uncertainties to be: -

• Loss of a key attraction

• Increasing unpredictability of the weather

• State of the UK economy

• Increased competition

• Cyber attacks

• Non-compliance with applicable legislation and governance

All of the above risks and uncertainties are kept under review by the directors.

The group takes the matter of cyber security very seriously. They adhere to all standard industry practices, the level of security is continually under review, anti-virus and anti-malware software from a world leader in cyber security is utilised. Two-factor authentication is utilised on website access.

The group is currently working towards obtaining the cyber essential certification from the National Security Cyber Centre (NSCC).

A comprehensive recruitment and training programme has been implemented to ensure it has sufficient staff resources to meet operational requirements and that all of its staff are trained to the highest health and safety standards at all times.

Financial risk

The group’s principal financial instruments and liabilities are bank loans and trade creditors arising from the group’s trading activities. The group finances its operations through retained profits and where necessary funds its capital expenditure programme through bank borrowings. The management’s objectives are to:

• Retain sufficient liquid funds to enable it to meet its day-to-day obligations as they fall due; and

• Match the repayment schedule of any external finance with the expected future cash flows expected to arise from the group’s trading activities.

As the group’s surplus funds are invested in sterling bank accounts, this limits exposure to price risk.

The group has minimal exposure to credit risk due to minimal levels of trade debtors as a consequence of the nature of the group’s trading activities.

The group has an ongoing process whereby it evaluates new opportunities / potential acquisitions that emerge each year. The directors monitor performance through the preparation of detailed management accounts and by comparison of actual performance against prior periods and forecasts.

During the year, the group’s Chief Executive Officer ceased employment within the group. Compensation costs for loss of office of £2,038,886 plus other related costs of £119,160 are included in these financial statements.

By order of the board

The directors present their annual report and group financial statements for the year ended 31 January 2025.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £313,000. The directors do not recommend payment of a final dividend.

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

As a business Continuum Attractions are committed to treating all team members and job applicants equally and fairly. The objective being to recruit the best people for the job to join the team. Both the recruitment and selection process and the various training & development programmes are designed to ensure that the current or potential team members receive equal opportunities and no one is treated less favourably. If the circumstances of an employee change in regard to their health the company will always endeavour to make every effort to make relevant workplace adaptations to enable continuous employment.

As a Group, employee ownership and empowerment are promoted. With various forum groups across the portfolio team members are encouraged to contribute to the strategy of the business and take ownership by sharing ideas. A specific scheme - Bright Ideas - is in place to share any ideas.

Having and promoting open communication channels which include weekly newsletters, information bulletins and team surveys allow the team to contribute to the business strategy as well as achieve a common awareness on the part of the employees of the financial and economic factors affecting the Group's performance.

The auditor, Ashworth Moulds, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare group financial statements for each financial year. Under that law the directors have elected to prepare the group 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 group and company, and of the profit or loss of the group for that period. In preparing these group financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the group financial statements;

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

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

We have audited the group financial statements of Heritage Projects (Management) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, and notes to the group financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the group financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the group 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 group financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the group 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 parent company’s ability to continue as a going concern for a period of at least twelve months from when the group financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the group financial statements and our auditor’s report thereon. Our opinion on the group 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 group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group 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 there is a material misstatement in the group financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the group financial statements are prepared is consistent with the group financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the group 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.

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

• we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the visitor attractions sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the group financial statements or the operations of the group, including the Companies Act 2006, Financial Reporting Standard (FRS 102), taxation legislation, health and safety, immigration and employment legislation and Canal and River Trust regulations;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

We addressed detecting material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, as follows:

• performed analytical procedures to identify any unusual or unexpected results;

• tested journal entries, including consolidation journals, 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.

• agreeing group financial statement disclosures to underlying supporting documentation;

• making enquiries of management whether there have been any incidents or identified non-compliance with health and safety, immigration or employment legislation and Canal and River Trust regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the group financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £313,000 (2024 - £322,000 profit).

Heritage Projects (Management) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is St. Edmunds House, Margaret Street, York, YO10 4UX.

The group consists of Heritage Projects (Management) Limited and all of its subsidiaries.

These group financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The group financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available group financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the group financial statements:

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

In the parent company financial statements investment in subsidiaries are accounted for at cost less impairment.

The group financial statements incorporate those of Heritage Projects (Management) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

The results of subsidiaries disposed during the year are incorporated up to the date of disposal.

All financial statements are made up to 31 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The directors have prepared group forecasts for the period to 31 January 2027. If the forecast revenue levels are achieved the forecasts demonstrate that the company and the group would be able to continue to operate within the level of available group funds.

On this basis the directors have concluded it is appropriate to adopt the going concern basis in preparing the group financial statements.

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.

Revenue from visitors to the attractions is recognised by reference to the date of admission.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly labour rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

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:

Freehold land is not depreciated.

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 recognised in the profit and loss account.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises the purchase price of stock items.

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 sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The group 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.

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

Financial instruments are recognised in the group's balance sheet when the company becomes a party to the contractual provisions of the instrument.

All the group's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

Financial liabilities cease to be recognised when and only when the group's obligations are discharged, cancelled, or they expire.

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

Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 other future taxable profits.

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 profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

Payments to defined contribution schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors consider the useful economic life of fixed assets, in particular freehold land and buildings, a judgemental area.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining whether the company's investment in subsidiary undertakings is impaired requires an estimate of the recoverable amount of the subsidiary undertakings. The recoverable amount is based on an estimate of the fair value of the subsidiary undertakings.

The company's carrying value of investments in subsidiary undertakings at 31 January 2025 was £525,000 (2024: £525,000).

Determining whether goodwill is impaired requires an estimation of the recoverable amount of the cash generating unit to which goodwill has been allocated. The recoverable amount is based on an estimate of the fair value of the cash generating unit. The carrying amount of goodwill at 31 January 2025 was £NIL, after an impairment loss of £285,710 recognised in the previous year. Details of the impairment loss are set out in note 16.

Determining whether the company's inter-group loans are impaired requires an estimate of the recoverable amount of each individual loan. The recoverable amount is based on the trading performance and the ability of each company to generate cash.

The company's carrying value of inter-group loans at 31 January 2025 was £418,000 (2024: £418,000).

Determining the obligations for dilapidations under the terms of leases requires an estimation of the likely costs accruing at the balance sheet date. The lease from which one of the group's subsidiaries operates expires in October 2026. An estimate of the dilapidation costs at 31 January 2025 is £74,000. Further details are set out in note 25.

The total turnover of the group for the year has been derived from its principal activity, wholly undertaken in the United Kingdom.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 1).

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

Their aggregate remuneration comprised:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Goodwill arose on the acquisition of the entire issued share capital of Greenwood Forest Park Ltd. in July 2017. In the previous year, the directors undertook an assessment of the recoverable amount for goodwill relating to Greenwood Forest Park Limited. Accordingly it was concluded that the carrying amount at 31 January 2024 should be reduced to £NIL, resulting in an impairment provision of £285,710.

Details of the company's subsidiaries at 31 January 2025 are as follows:

The registered office address for all the above companies, except Heritage Projects (Edinburgh) Limited, is St. Edmunds House, Margaret Street, York, YO10 4UX.

The registered office address for Heritage Projects (Edinburgh) Limited is Level 5, 9 Haymarket Square, Edinburgh, EH3 8RY.

The investments in subsidiaries are all stated at cost less impairment.

The Royal Bank of Scotland holds a debenture provided by the subsidiary companies for securing the group borrowings.

The Royal Bank of Scotland holds a debenture provided by the subsidiary companies for securing the group borrowings.

One bank loan bears interest at 2.6% above base rate and is repayable over 5 years. The loan is repayable by variable monthly instalments inclusive of interest and is repayable by July 2027.

A second bank loan (CBILS) is repayable over 6 years in monthly instalments of £25,000, exclusive of interest and is repayable by March 2027. The loan is secured by the Government. Interest is chargeable at 2.34% over bank base rate, commencing April 2022.

The group and company bank loans are secured by a debenture provided by the company and its subsidiary companies, comprising fixed and floating charges. See note 30.

Other loans comprises £900 (2024: £900) owed to Heritage Projects (Guernsey) Limited, which is interest free with no fixed date for repayment.

The property lease from which one of the group's subsidiaries, Heritage Projects (Portsmouth) Limited operates it's visitor attraction, expires in October 2026.

Under the terms of the lease the company has an obligation to cover the costs relating to dilapidations. Accordingly, the company has obtained a survey report to assess the estimated total costs to be incurred and apportioned in order to reflect the amount accrued to this balance sheet date. At 31 January 2025, these costs are estimated at £74,000.

However, the landlord has also instigated their own specialist survey report. This report has been received by the company. The company has then appointed their own specialist to review the technical sections of this report in order for them to provide their own comments. The company is expecting this report to be received sometime during November 2025.

As the settlement is unresolved, the most reliable estimate for the dilapidations provision is the amount indicated in the initial survey report obtained by the company.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Group

The deferred tax asset not provided relating to utilisation of tax losses against future expected profits and other timing differences amounts to £82,534 (2024: £182,044).

Government grants which relate to capital expenditure included in tangible fixed assets have been recognised as deferred income and released over the expected useful life of the assets.

The amount released during the year amounted to £12,500 (2024: £12,500).

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Group

The subsidiary companies have provided a guarantee against the group bank borrowings, supported by a debenture over the group assets comprising fixed and floating charges. The guarantee is limited to £1,960,796 (2024: £2,260,796).

During the year, the subsidiary companies entered into a Group of Accounts Agreement - Multi Net Creditor Control, for which they gave an unlimited guarantee.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group

Leases of land and buildings are typically subject to rent reviews at specified intervals and provide for the lessee to pay all insurance, maintenance and repair costs.

Heritage Projects (Portsmouth) Limited has a lease under which it pays a basic annual rent of £154,500 per annum (2024: £154,500). Further rent is payable annually, calculated as a percentage of the operating profit of the company. In addition the company has outstanding commitments for a maintenance contract under the lease of £245,000 (2024: £404,250). See note 25.

Heritage Projects (Oxford Castle) Limited and The Continuum Group Limited, which operates The Real Mary Kings Close visitor attraction in Edinburgh, each pay an annual rent, together with potential additional rent based on turnover adjusted for certain expenses.

Heritage Projects (York) Limited has a lease under which it pays a basic annual rent of £195,675 (2024: £195,675).

The remuneration of key management personnel is as follows.

The above figure includes compensation costs for loss of office of £2,038,886.

Heritage Projects (Guernsey) Limited, a company registered in Guernsey, is the company's ultimate parent undertaking. The directors consider the controlling party to be the trustees of the Cosgrove Trust.