Company registration number 04427238 (England and Wales)
LEISURESPACE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
LEISURESPACE LIMITED
COMPANY INFORMATION
Directors
Mr S Freeman
Mrs G Freeman
Mr C Freeman
Mrs A Freeman
Secretary
Mr S Freeman
Company number
04427238
Registered office
Unit 1 Hall Dene Way
Seaham Grange Industrial Estate
Seaham
Co Durham
SR7 0PU
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
LEISURESPACE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
LEISURESPACE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Review of the business

The business has produced for the period a profit before taxation of £1,900,091. The directors are pleased with the performance of the business during the year given the economic environment.

Turnover has remained consistent with the previous year, with a marginal decrease in profitability levels. This is partly due to the business investing more heavily in new site development and refurbishment/improvements to existing sites over the period, but is also because some operating costs have increased (i.e. rising energy costs & wages).

Turnover at some sites was also marginally lower than anticipated, largely due to weather conditions during key school holiday periods not being favourable to indoor leisure operators. The business typically benefits from higher visitor numbers during colder or wetter weather; however, during this financial year, several school holiday weeks experienced warmer and drier conditions than usual, which resulted in a slight reduction in visitor numbers and overall sales across some sites.

Principal risks and uncertainties

Customer Spending – The increase in cost-of-living expenses may result in less discretionary cash spending for families across the regions where the business operates. The company continues to try to provide the best possible value to its customers, alongside offering promotions and discounts where necessary.

Competition – Competitors continue to emerge across the UK, with some potentially opening sites in the areas the business operates. The directors continue to monitor these, and where necessary make changes to the business to ensure the organisation remains competitive. They also continue to expand and improve the leisure facilities being offered across existing sites to make them the preferred leisure destination for customers.

Regulatory Compliance: The business faces various trading and operational risks, such as those related to employment, health and safety, and public liability. The group's business effectively manages these risks by consistently adhering to industry best practices and maintaining sufficient insurance coverage when required.

Energy Costs – The business has faced significant increases in its energy costs across its sites. The directors have implemented measures to reduce energy consumption, alongside organising long term agreements to prevent further unexpected price rises.

Key performance indicators

The business uses a range of financial indicators to monitor performance. The key performance indicators (KPIs) used by the company are:

KPI | Current Year | Prior Year | Movement
Turnover | £9,701,984 | £9,377,176 | £324,808
Operating profit | £1,836,567 | £2,737,516 | £(900,949)
EBITDA | £2,647,841 | £3,246,010 | £(598,169)
Net assets | £8,152,257 | £7,744,386 | £407,871

On behalf of the board

Mr S Freeman
Director
3 November 2025
LEISURESPACE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Change of company name

The company changed its name from Card Trix (Greetings) Limited to Leisurespace Limited effective from 15 May 2023.

Principal activities

The principal activity of the company continued to be that of indoor play activities.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,016,400. The directors do not recommend payment of a final dividend.

Directors

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

Mr S Freeman
Mrs G Freeman
Mr C Freeman
Mrs A Freeman
Financial instruments
Cashflow and liquidity risk

Cash flow and liquidity risk is the risk that a company's available cash will not be sufficient to meet its financial obligations. The company actively manages its cash flow position including collection of debts and timely payment of creditors. Due to the seasonality of Company’s working capital requirements, the company uses a combination of finance leases and hire purchase contracts, cash, intergroup funding and short-term deposits to minimise the Company's exposure to cash flow and liquidity risk.

Price risk

Price risk is the risk that changes in raw material prices have the potential to impact on the profitability of the company. The pricing and supply of materials and goods have been subject to high inflation over the past twelve months; however, the company’s sales and pricing policies seek to mitigate such risks where possible (this includes effective cost management and utilising long-term supplier agreements).

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

LEISURESPACE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

The company continues to engage with employees across all its sites on an ongoing basis. This is done through a combination of regular site meetings, one-on-one appraisals and ongoing training.

The business aims to ensure all staff are given the necessary training and support to excel within their individual roles.

Future developments

The directors continue to look at expanding the business through existing site revenue growth, alongside opening new sites and opportunities across the UK.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr S Freeman
Director
3 November 2025
LEISURESPACE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

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 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.

LEISURESPACE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEISURESPACE LIMITED
- 5 -
Opinion

We have audited the financial statements of Leisurespace Limited (the 'company') for the year ended 30 April 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the 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 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 30 April 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

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

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

LEISURESPACE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEISURESPACE LIMITED
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 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 financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

LEISURESPACE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEISURESPACE LIMITED
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.

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.

Simon Brown BA ACA DChA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
3 November 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
LEISURESPACE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
9,701,984
9,377,176
Cost of sales
(1,116,263)
(1,018,979)
Gross profit
8,585,721
8,358,197
Administrative expenses
(6,856,829)
(5,620,832)
Other operating income
107,675
151
Operating profit
4
1,836,567
2,737,516
Interest receivable and similar income
8
177,158
179,902
Interest payable and similar expenses
9
(113,634)
(108,187)
Profit before taxation
1,900,091
2,809,231
Tax on profit
10
(475,820)
(725,935)
Profit for the financial year
1,424,271
2,083,296

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

LEISURESPACE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
£
£
Profit for the year
1,424,271
2,083,296
Other comprehensive income
-
-
Total comprehensive income for the year
1,424,271
2,083,296
LEISURESPACE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
6,077,965
5,253,950
Current assets
Stocks
13
83,277
101,036
Debtors
14
416,213
216,029
Cash at bank and in hand
5,270,547
5,797,954
5,770,037
6,115,019
Creditors: amounts falling due within one year
15
(1,480,353)
(1,644,050)
Net current assets
4,289,684
4,470,969
Total assets less current liabilities
10,367,649
9,724,919
Creditors: amounts falling due after more than one year
16
(554,107)
(1,127,698)
Provisions for liabilities
Deferred tax liability
19
1,057,133
852,835
(1,057,133)
(852,835)
Government grants
20
(604,152)
-
0
Net assets
8,152,257
7,744,386
Capital and reserves
Called up share capital
22
4
4
Profit and loss reserves
23
8,152,253
7,744,382
Total equity
8,152,257
7,744,386
The financial statements were approved by the board of directors and authorised for issue on 3 November 2025 and are signed on its behalf by:
Mr S Freeman
Director
Company Registration No. 04427238
LEISURESPACE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2023
4
6,576,286
6,576,290
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
2,083,296
2,083,296
Dividends
11
-
(915,200)
(915,200)
Balance at 30 April 2024
4
7,744,382
7,744,386
Year ended 30 April 2025:
Profit and total comprehensive income for the year
-
1,424,271
1,424,271
Dividends
11
-
(1,016,400)
(1,016,400)
Balance at 30 April 2025
4
8,152,253
8,152,257
LEISURESPACE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,019,375
3,126,195
Interest paid
(113,634)
(108,187)
Income taxes paid
(365,358)
(604,746)
Net cash inflow from operating activities
2,540,383
2,413,262
Investing activities
Purchase of tangible fixed assets
(1,635,289)
(1,076,972)
Proceeds from disposal of tangible fixed assets
-
0
738
Interest received
177,158
179,902
Net cash used in investing activities
(1,458,131)
(896,332)
Financing activities
Repayment of bank loans
(459,057)
(469,083)
Payment of finance leases obligations
(134,202)
-
0
Dividends paid
(1,016,400)
(915,200)
Net cash used in financing activities
(1,609,659)
(1,384,283)
Net (decrease)/increase in cash and cash equivalents
(527,407)
132,647
Cash and cash equivalents at beginning of year
5,797,954
5,665,307
Cash and cash equivalents at end of year
5,270,547
5,797,954
LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
1
Accounting policies
Company information

Leisurespace Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Hall Dene Way, Seaham Grange Industrial Estate, Seaham, Co Durham, SR7 0PU.

1.1
Accounting convention

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.

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

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

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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 cash inflows are deferred and represent a financing arrangement, the fair value of the 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 interest income.

Revenue from the sale is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (at date of event), 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.

1.4
Tangible fixed assets

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 land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
20% reducing balance
Motor vehicles
25% reducing balance

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.

LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 14 -
1.5
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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversaion and other costs incurred in bringing the stock to its present location and condition.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 balance sheet 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.

LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 paymen ts 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. A m ounts 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.

LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
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 profit for the year. 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 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 other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor 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 profit and loss account, 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.

1.11
Retirement benefits

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

LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.12
Leases

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 profit or loss 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 profit or loss 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 s asset are consumed.

1.13
Government grants

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

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

There are considered to be no significant judgements that management has made in the process of applying the entity's accounting policies which effect the amounts recognised in the financial statements.

There are considered to be no estimates and assumptions have been considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
9,701,984
9,377,176
LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
3
Turnover and other revenue
(Continued)
- 18 -
2025
2024
£
£
Other revenue
Interest income
177,158
179,902
Grants received
107,671
-

All revenue is derived in the UK.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
622
-
0
Government grants
(107,671)
-
Depreciation of owned tangible fixed assets
811,274
508,494
Operating lease charges
785,918
842,215
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,750
16,350
6
Employees

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

2025
2024
Number
Number
Other departments
369
299

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,868,869
2,187,041
Social security costs
140,349
103,978
Pension costs
260,374
255,565
3,269,592
2,546,584
LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
18,720
17,940
Company pension contributions to defined contribution schemes
240,000
240,000
258,720
257,940
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
177,158
179,902
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
177,158
179,902
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
47,756
4,738
Other interest on financial liabilities
24,922
103,094
72,678
107,832
Other finance costs:
Interest on finance leases and hire purchase contracts
40,956
355
113,634
108,187
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
273,639
439,997
Adjustments in respect of prior periods
(2,117)
(8,590)
Total current tax
271,522
431,407
Deferred tax
Origination and reversal of timing differences
204,298
294,528
Total tax charge
475,820
725,935
LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
10
Taxation
(Continued)
- 20 -

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:

2025
2024
£
£
Profit before taxation
1,900,091
2,809,231
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
475,023
702,308
Tax effect of expenses that are not deductible in determining taxable profit
26,245
32,218
Tax effect of income not taxable in determining taxable profit
(26,918)
-
0
Adjustments in respect of prior years
(2,117)
(8,591)
Deferred tax adjustments in respect of prior years
3,587
-
0
Taxation charge for the year
475,820
725,935
11
Dividends
2025
2024
2025
2024
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares of £1 each
Interim paid
-
0
228,800.00
-
0
915,200
A1 Ordinary shares of £0.01 each
Interim paid
3,176.25
-
0
508,200
-
0
B1 Ordinary shares of £0.01 each
Interim paid
4,235.00
-
0
508,200
-
0
Total dividends
Interim paid
1,016,400
915,200
LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2024
1,635,455
121,272
7,179,633
48,565
109,730
9,094,655
Additions
19,090
67,605
1,440,473
9,708
98,413
1,635,289
At 30 April 2025
1,654,545
188,877
8,620,106
58,273
208,143
10,729,944
Depreciation and impairment
At 1 May 2024
250,728
87,966
3,422,617
30,230
49,164
3,840,705
Depreciation charged in the year
33,054
11,895
731,297
5,021
30,007
811,274
At 30 April 2025
283,782
99,861
4,153,914
35,251
79,171
4,651,979
Carrying amount
At 30 April 2025
1,370,763
89,016
4,466,192
23,022
128,972
6,077,965
At 30 April 2024
1,384,727
33,306
3,757,016
18,335
60,566
5,253,950
13
Stocks
2025
2024
£
£
Raw materials and consumables
83,277
101,036
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
32,645
1,985
Other debtors
70,934
-
0
Prepayments and accrued income
312,634
214,044
416,213
216,029
LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
462,711
459,058
Obligations under finance leases
18
212,974
236,295
Trade creditors
165,159
239,867
Corporation tax
108,102
201,938
Other taxation and social security
386,655
182,631
Other creditors
35,296
84,167
Accruals and deferred income
109,456
240,094
1,480,353
1,644,050
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
300,928
763,638
Obligations under finance leases
18
253,179
364,060
554,107
1,127,698
Amounts included above which fall due after five years are as follows:
Payable by instalments
37,625
37,635
17
Loans and overdrafts
2025
2024
£
£
Bank loans
763,639
1,222,696
Payable within one year
462,711
459,058
Payable after one year
300,928
763,638
LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
17
Loans and overdrafts
(Continued)
- 23 -

The CBILS loan is denominated in sterling with a nominal interest rate of 1.49% and the final installment is due in May 2026, the carrying amount at year end is £160,000 (2024 - £320,000).

The CBILS loan is denominated in sterling with a nominal interest rate of 2.93% and the final installment is due in July 2026, the carrying amount at year end is £290,910 (2024 - £530,911).

The bank loan is denominated in sterling with a nominal interest rate of. 3.18% and the final installment is due in October 2029, the carrying amount at year end is £312,717 (2024 - £371,785).

The loans was secured by way of a fixed and floating charge over all present property as well as a fixed charge over book and other debts.

18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
212,974
236,295
In two to five years
253,179
364,060
466,153
600,355

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
1,059,376
853,619
Retirement benefit obligations
-
(784)
Short term timing difference
(2,243)
-
1,057,133
852,835
LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
19
Deferred taxation
(Continued)
- 24 -
2025
Movements in the year:
£
Liability at 1 May 2024
852,835
Charge to profit or loss
204,298
Liability at 30 April 2025
1,057,133
20
Government grants
2025
2024
£
£
Arising from government grants
604,152
-

Grant deferred income balance arises from a capital grant received in 2024. Grant income is recognised on a systematic basis over the useful economic life of the assets to which the grant relates. £107,671 of grant income was recognised in 2025 (2024: Nil).

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
260,374
255,565

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Included in the statement of financial position are unpaid pension contributions of £8,972 (202 4 - £2,586).

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
0
4
-
4
A1 Ordinary shares of £0.01 each of 1p each
160
0
2
-
0
A2 Ordinary shares of £0.01 each of 1p each
40
0
-
-
0
B1 Ordinary shares of £0.01 each of 1p each
120
0
1
-
0
B2 Ordinary shares of £0.01 each of 1p each
80
0
1
-
0
400
4
4
4

Each share has full rights in the company with respect to voting, dividends and distributions.

LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
22
Share capital
(Continued)
- 25 -

On 10.01.2025 this company reorganised its 4 £1.00 ordinary shares to 400 £0.01 ordinary shares. On the same date it also reclassified the 400 £0.01 ordinary shares as;

- 160 A1 ordinary shares of £0.01 each

- 40 A2 ordinary shares of £0.01 each

- 120 B1 ordinary shares of £0.01 each

- 80 B2 ordinary shares of £0.01 each

In all other respects the A and B shares shall rank pari passu as if they constitute one class of share.

23
Reserves
Equity reserve

Proﬁt and loss account include all current and prior period retained proﬁts and losses.

24
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
265,605
191,282
Between two and five years
1,239,107
1,205,925
In over five years
522,568
763,753
2,027,280
2,160,960
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
-
352,348
26
Directors' transactions

£50,000 was paid to C & A Freeman in order to repay the director loan balance owed by the company to the directors.

Dividends totalling £1,016,400 (2024 - £915,200) were paid in the year in respect of shares held by the company's directors.

27
Ultimate controlling party

The ultimate controlling party is considered to be the board of directors as a whole.

LEISURESPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 26 -
28
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
1,424,271
2,083,296
Adjustments for:
Taxation charged
475,820
725,935
Finance costs
113,634
108,187
Investment income
(177,158)
(179,902)
Depreciation and impairment of tangible fixed assets
811,274
508,494
Increase in deferred income
604,152
-
Movements in working capital:
Decrease/(increase) in stocks
17,759
(40,779)
Increase in debtors
(200,184)
(18,622)
Decrease in creditors
(50,193)
(60,414)
Cash generated from operations
3,019,375
3,126,195
29
Analysis of changes in net funds
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
5,797,954
(527,407)
5,270,547
Borrowings excluding overdrafts
(1,222,696)
459,057
(763,639)
Obligations under finance leases
(600,355)
134,202
(466,153)
3,974,903
65,852
4,040,755
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