REGISTERED NUMBER: 03349017 (England and Wales)

BENDALLS LEISURE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mr C P F Bendall

Mr M A Bendall

Mrs P N Bendall

Mr P G N Bendall

SECRETARY:

Mrs P N Bendall

REGISTERED OFFICE:

Ruby Farm

Blackawton

TOTNES

Devon

TQ9 7BN

REGISTERED NUMBER:

03349017 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

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

REVIEW OF OPERATIONS

Bendalls Leisure Limited, trading as Woodlands, is the largest family theme park in Devon. The park is home to water rides, a zoo farm, and one of the largest indoor play areas in the South West.

Bendalls has been a profitable business for many years Following the easing of Covid-19 requirements in 2022, the company had a record year for turnover. This has fallen back slightly in the years following, however sales in the current year have almost breached this.

One of the key financial performance measures for the company is profit / (loss) before tax and in 2025 the company made a profit before tax of £461,627 compared to a loss of £80,058 in 2024. This increase in profitability this year is directly linked to better weather experienced in the summer of 2025 compared with the poor weather in the summer of 2024. The business is heavily reliant on this to succeed.

Given the nature of the business, the company invests heavily in repairs throughout the winter in order to bring the park back up to the appropriate standard at the start of the season. This year repairs and renewals costs have remained high, at £371,490 (2024 - £295,747). This indicates the high level of investment in the park, in its quality and safety, in the year.

One of the key ratios which is monitored is wages as a % of turnover. Wages has dropped as a percentage compared with prior years, with wages and associated costs as a % of turnover this year at 47.39% compared to 50.47% in 2024.

The company still has positive cash funds and a strong net current asset position, The net assets of the company at the year end are healthy totalling just short of £4.50m (2024 - £4.13m).

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business is subject to a number of risks. The key risks are set out below;

Competition

The company operates in a competitive market for leisure attractions particularly around price and quality of service. The company manages this risk by monitoring market prices on an ongoing basis and providing a unique leisure experience for its customers.

Health and safety

The safety of the company's operations is essential. The company has a culture that puts health and safety at the top of the agenda. It is overseen by the board and management, who ensure that the appropriate training, assessments and procedures are in place.

Seasonality and weather

The company's business is seasonal in nature and the weather throughout the summer months can have a significant impact on the profitability of the business. In order to manage the risk, the park has several large indoor play spaces and rides, which means that they can remain popular in poor British weather, and continue to attract visitors throughout the year.

CONCLUSION

Bendalls Leisure Limited has a strong history of profitable trading, with a few loss making years due to exceptional circumstances such as Covid-19 or poor weather conditions. The directors consider the company to have sufficient financial resources, via its net current assets, to fund ongoing liabilities as they fall due. As a consequence, the directors believe that the company is well placed to manage its business risks successfully going forwards.

Hence the directors are able to conclude that the company has adequate resources to continue in operational existence for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr C P F Bendall - Director

27 October 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the operation of a leisure park.

DIVIDENDS

No dividends will be distributed for the year ended 31 January 2025.

DIRECTORS

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

Mr C P F Bendall

Mr M A Bendall

Mrs P N Bendall

Mr P G N Bendall

Other changes in directors holding office are as follows:

Mr G W Bendall - deceased 28 October 2024

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures around a review of business, KPIs and risks and uncertainties have been provided in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr C P F Bendall - Director

27 October 2025

Opinion

We have audited the financial statements of Bendalls Leisure Limited (the 'company') for the year ended 31 January 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 January 2025 and of its 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 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 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:

Objectives

The objectives of our audit in respect of fraud, are;

- To identify and assess the risks of material misstatement of the financial statements due to fraud;

- To obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and

- To respond appropriately to instances of fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Audit Approach

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Health and Safety at Work etc. Act 1974, National Minimum Wage Act 1998, Companies Act 2006, FRS 102, and UK taxation legislation.

- We obtained an understanding of how the Company complies with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications.

- We assessed the risk of material misstatement of the financial statements and how it might occur (including the risk of material misstatement due to fraud), by holding discussions with management and those charged with governance. We used our knowledge of the Company and the industry in which it operates to determine if management's explanations were consistent with our own conclusions.

- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business. Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area.

- No instances of fraud, non-compliance or suspected non-compliance with laws and regulations were identified from the above procedures.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit we also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all 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.

Stephanie Williams (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

30 October 2025

TURNOVER

4,910,307

3,911,686

Cost of sales

(553,992

)

(537,148

)

GROSS PROFIT

4,356,315

3,374,538

Administrative expenses

(3,916,333

)

(3,457,623

)

439,982

(83,085

)

Other operating income

68,165

69,619

OPERATING PROFIT/(LOSS)

6

508,147

(13,466

)

Interest payable and similar expenses

7

(46,520

)

(66,592

)

PROFIT/(LOSS) BEFORE TAXATION

461,627

(80,058

)

Tax on profit/(loss)

8

(93,800

)

(33,638

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

367,827

(113,696

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

367,827

(113,696

)

FIXED ASSETS

Intangible assets

10

-

19,167

Tangible assets

11

2,299,401

2,325,504

2,299,401

2,344,671

CURRENT ASSETS

Stocks

12

111,040

85,467

Debtors

13

2,696,262

2,602,368

Cash at bank and in hand

256,439

200,052

3,063,741

2,887,887

CREDITORS

Amounts falling due within one year

14

584,319

538,562

NET CURRENT ASSETS

2,479,422

2,349,325

TOTAL ASSETS LESS CURRENT LIABILITIES

4,778,823

4,693,996

CREDITORS

Amounts falling due after more than one year

15

(108,333

)

(368,333

)

PROVISIONS FOR LIABILITIES

19

(173,000

)

(196,000

)

NET ASSETS

4,497,490

4,129,663

CAPITAL AND RESERVES

Called up share capital

20

2

2

Retained earnings

21

4,497,488

4,129,661

SHAREHOLDERS' FUNDS

4,497,490

4,129,663

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

Mr C P F Bendall - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2023

2

4,313,357

4,313,359

Changes in equity

Dividends

-

(70,000

)

(70,000

)

Total comprehensive income

-

(113,696

)

(113,696

)

Balance at 31 January 2024

2

4,129,661

4,129,663

Changes in equity

Total comprehensive income

-

367,827

367,827

Balance at 31 January 2025

2

4,497,488

4,497,490

Cash flows from operating activities

Cash generated from operations

1

596,872

232,727

Interest paid

(46,520

)

(66,592

)

Tax paid

-

(59,538

)

Net cash from operating activities

550,352

106,597

Cash flows from investing activities

Purchase of tangible fixed assets

(158,628

)

(472,214

)

Sale of tangible fixed assets

-

119,500

Net cash from investing activities

(158,628

)

(352,714

)

Cash flows from financing activities

Loan repayments in year

(260,000

)

(260,000

)

Amount introduced by directors

4,947

-

Amount withdrawn by directors

(80,284

)

(364

)

Interest Income

-

45,137

Equity dividends paid

-

(70,000

)

Net cash from financing activities

(335,337

)

(285,227

)

Increase/(decrease) in cash and cash equivalents

56,387

(531,344

)

Cash and cash equivalents at beginning of year

2

200,052

731,396

Cash and cash equivalents at end of year

2

256,439

200,052

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

2025

2024

£

£

Profit/(loss) before taxation

461,627

(80,058

)

Depreciation charges

187,874

217,381

Profit on disposal of fixed assets

(3,143

)

(41,947

)

Finance income

(44,835

)

(45,137

)

Amortisation charge

19,167

19,166

Finance costs

46,520

66,592

667,210

135,997

Increase in stocks

(25,573

)

(8,171

)

Decrease in trade and other debtors

26,192

26,769

(Decrease)/increase in trade and other creditors

(70,957

)

78,132

Cash generated from operations

596,872

232,727

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 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

256,439

200,052

Year ended 31 January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

200,052

731,396

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.2.24

Cash flow

At 31.1.25

£

£

£

Net cash

Cash at bank and in hand

200,052

56,387

256,439

200,052

56,387

256,439

Debt

Debts falling due within 1 year

(260,000

)

-

(260,000

)

Debts falling due after 1 year

(368,333

)

260,000

(108,333

)

(628,333

)

260,000

(368,333

)

Total

(428,281

)

316,387

(111,894

)

1.	STATUTORY INFORMATION

Bendalls 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 Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

i. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of these assets and residual values are assessed annually and may vary depending on a number of factors, such as their product life cycles and maintenance programmes. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

ii. Intangible assets are amortised over their useful life. This is re-assessed annually depending on a number of factors, such as developments in the industry and future market conditions.

iii. Trade and other debtors are reviewed for impairment loss on an annual basis and provision is made for any balances where there is uncertainty against the recoverability of the balance. This methodology is applied on a customer by customer basis.

iv. Stocks are reviewed for impairment on a regular basis and provision is made for any stocks where there is uncertainty over the ability to sell the items. The methodology is applied on a stock line basis.

v. An element of income generated relates to future periods, such as season tickets, which are valid for a year from the date of purchase, gift vouchers and advance bookings. Management consider that the impact of these such sales on the accounts is immaterial and as such no adjustment is made in the accounts. A review is undertaken, using data from the booking system, in order to conclude on this.

Turnover

The turnover shown in the profit and loss account represents takings received during the year. Takings include entrance fees, online ticket sales, shop and confectionery sales, activity and campsite sales, all of which are exclusive of value added tax.

Income related to campsite stays is recognised at the date of stay with the exception of any non-refundable admin charges which are recognised when the cash is received.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of three years.

This comprised a right of use asset for a helicopter. The lease ended in the year.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Activity equipment

-

15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Within freehold property is land of £177,209 which is not depreciated.

Further land was acquired during the year, from a shareholder, being the main element of land that the park operates from. This was gifted to the company at Nil value. The value of the land was estimated to be £616,000 when gifted.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Pension costs and other post-retirement benefits

Short- term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Provision for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, 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 using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. 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.

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(ii) Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

(iii) Equity instruments

Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

Grant income

Income received in relation to grants are classified either as relating to revenue or to assets.

Grants relating to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Where a timing difference arises, the income is held on the balance sheet. When received in arrears the expected income is recognises as a debtor so long as the relevant conditions have been satisfied. When received in advance of costs, the income is held as deferred income and systematically released to the profit and loss in the periods the cost is incurred.

Grants relating to assets are recognised initially as deferred income and released to other income on a systematic basis over the expected useful life of the asset.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,131,092

1,811,256

Social security costs

166,856

137,372

Other pension costs

29,275

25,516

2,327,223

1,974,144

The average number of employees during the year was as follows:

2025

2024

Administrative staff

3

3

Management staff

6

6

Park staff

101

90

110

99

5.	DIRECTORS' REMUNERATION

Directors' remuneration for the year is as follows:

2025

2024

£

£

Directors' remuneration

353,003

353,992

The directors received benefits in kind during the 2025 year to the value of £8,416 (2024: £7,898).

The highest paid director received remuneration of £170,472 (2024: £174,492). No pension contributions were made on their behalf.

6.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

33,905

54,242

Depreciation - owned assets

187,874

217,381

Profit on disposal of fixed assets

(3,143

)

(41,947

)

Patents and licences amortisation

19,167

19,166

Auditors' remuneration

5,450

5,450

Accounts preparation

3,950

3,950

Tax advisory and compliance

2,190

1,950

Other non- audit services

4,170

4,170

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

46,520

66,592

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

116,800

-

Over / under provision

-

1,638

Total current tax

116,800

1,638

Deferred tax

(23,000

)

32,000

Tax on profit/(loss)

93,800

33,638

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit/(loss) before tax

461,627

(80,058

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 19%)

115,407

(15,211

)

Effects of:

Expenses not deductible for tax purposes

2,888

2,958

Income not taxable for tax purposes

(786

)

-

Capital allowances in excess of depreciation

-

(17,863

)

Depreciation in excess of capital allowances

38,898

-

Utilisation of tax losses

(39,607

)

-

Adjustments to tax charge in respect of previous periods

-

1,638

Deferred tax provision movements

(23,000

)

32,000

Tax losses to carry forwards

-

30,116

Total tax charge

93,800

33,638

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

-

70,000