REGISTERED NUMBER: 10421288 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

BICESTER HERITAGE PARK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D Geoghegan

Mrs S-J Curtis

Mr J Bentley

REGISTERED OFFICE:

Bicester Motion

Building 123

Buckingham Road

BICESTER

Oxfordshire

OX27 8AL

REGISTERED NUMBER:

10421288 (England and Wales)

AUDITORS:

Bronsens

Statutory Auditor

Hillside

Albion Street

Chipping Norton

Oxfordshire

OX7 5BH

FIXED ASSETS

Intangible assets

5

-

9,600

Tangible assets

6

53,666,468

48,346,206

53,666,468

48,355,806

CURRENT ASSETS

Debtors

7

1,934,085

1,475,481

Investments

8

-

6,078,898

Cash at bank and in hand

1,044,303

1,258,086

2,978,388

8,812,465

CREDITORS

Amounts falling due within one year

9

1,521,797

1,983,636

NET CURRENT ASSETS

1,456,591

6,828,829

TOTAL ASSETS LESS CURRENT LIABILITIES

55,123,059

55,184,635

CREDITORS

Amounts falling due after more than one year

10

(32,830,283

)

(36,363,611

)

PROVISIONS FOR LIABILITIES

13

(4,288,839

)

(3,756,139

)

NET ASSETS

18,003,937

15,064,885

CAPITAL AND RESERVES

Called up share capital

14

100

100

Revaluation reserve

12,580,618

10,258,472

Retained earnings

5,423,219

4,806,313

SHAREHOLDERS' FUNDS

18,003,937

15,064,885

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2025 and were signed on its behalf by:

Mr D Geoghegan - Director

1.	STATUTORY INFORMATION

Bicester Heritage Park 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from rent and related income is recognised as it falls due under the contractual arrangements of the agreement.

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.

The website is amortised evenly over its estimated useful life of 3 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold land and buildings

-

not provided - see below

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Freehold property is depreciated over its estimated useful life of 50 years, however in the opinion of the directors the residual value of the freehold property after 50 years is not materially different to the current value, and therefore no depreciation has been provided.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4.	EMPLOYEES AND DIRECTORS

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

5.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 April 2024

and 31 March 2025

28,800

AMORTISATION

At 1 April 2024

19,200

Amortisation for year

9,600

At 31 March 2025

28,800

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

9,600

6.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

land and

Plant and

and

buildings

machinery

fittings

£

£

£

COST OR VALUATION

At 1 April 2024

48,195,000

172,790

79,844

Additions

2,272,308

5,632

3,788

Revaluations

3,096,194

-

-

Reclassification/transfer

-

5,850

(65,391

)

At 31 March 2025

53,563,502

184,272

18,241

DEPRECIATION

At 1 April 2024

-

98,571

47,183

Charge for year

-

20,984

2,895

Reclassification/transfer

-

(3,396

)

(41,234

)

At 31 March 2025

-

116,159

8,844

NET BOOK VALUE

At 31 March 2025

53,563,502

68,113

9,397

At 31 March 2024

48,195,000

74,219

32,661

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

57,095

39,790

48,544,519

Additions

-

-

2,281,728

Revaluations

-

-

3,096,194

Reclassification/transfer

(21,678

)

(39,790

)

(121,009

)

At 31 March 2025

35,417

-

53,801,432

DEPRECIATION

At 1 April 2024

19,296

33,263

198,313

Charge for year

8,485

-

32,364

Reclassification/transfer

(17,820

)

(33,263

)

(95,713

)

At 31 March 2025

9,961

-

134,964

NET BOOK VALUE

At 31 March 2025

25,456

-

53,666,468

At 31 March 2024

37,799

6,527

48,346,206

Cost or valuation at 31 March 2025 is represented by:

Freehold

Fixtures

land and

Plant and

and

Motor

buildings

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2022

750,000

-

-

-

750,000

Valuation in 2024

12,927,962

-

-

-

12,927,962

Valuation in 2025

3,096,194

-

-

-

3,096,194

Cost

36,789,346

184,272

18,241

35,417

37,027,276

53,563,502

184,272

18,241

35,417

53,801,432

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

36,789,346

34,517,038

Freehold land and buildings were valued on an open market basis basis on 31 March 2025 by the directors and JLL Partners .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

71,265

21,678

92,943

Reclassification/transfer

-

(21,678

)

(21,678

)

At 31 March 2025

71,265

-

71,265

DEPRECIATION

At 1 April 2024

41,249

17,820

59,069

Charge for year

7,504

-

7,504

Reclassification/transfer

-

(17,820

)

(17,820

)

At 31 March 2025

48,753

-

48,753

NET BOOK VALUE

At 31 March 2025

22,512

-

22,512

At 31 March 2024

30,016

3,858

33,874

7.

DEBTORS

31.3.25

31.3.24

£

£

Amounts falling due within one year:

Trade debtors

173,073

369,727

Other debtors

-

318

Project costs

340,243

-

VAT

111,013

-

Accrued income

5,953

109,473

Prepayments

263,511

242,544

893,793

722,062

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,040,292

753,419

Aggregate amounts

1,934,085

1,475,481

8.	CURRENT ASSET INVESTMENTS

31.3.25

31.3.24

£

£

Fixed term deposits

-

6,078,898

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

6,865

15,622

Trade creditors

523,224

112,360

Social security and other taxes

-

14,854

VAT

-

606,163

Rent deposits held

413,272

369,505

Accrued expenses

457,660

589,847

Other deferred income

120,776

275,285

1,521,797

1,983,636

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans (see note 11)

19,060,401

13,800,000

Hire purchase contracts

9,584

16,749

Amounts owed to group undertakings

13,760,298

22,546,862

32,830,283

36,363,611

11.

LOANS

An analysis of the maturity of loans is given below:

31.3.25

31.3.24

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

19,060,401

13,800,000

12.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

19,060,401

13,800,000

At the balance sheet date, the company bank loan facility was secured by way of a fixed and floating charge over its freehold land and buildings, in favour of Rothschild & Co Wealth Management UK Limited.

On 19 July 2024 all loans with, and associated security held by, Handlesbanken PLC, were repaid and satisfied in full.

On the same date, the company entered into a new loan facility totalling £23.5m with Rothschild & Co Wealth Management UK Limited, acting as agent. At the balance sheet date, £19.1m of this facility was drawn. The remainder will be drawn in line with development expenditure in the subsequent financial year.

13.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

Accelerated capital allowances

325,087

336,648

Tax losses carried forward

(229,787

)

-

Other timing differences

4,193,539

3,419,491

4,288,839

3,756,139

Deferred

tax

£

Balance at 1 April 2024

3,756,139

Provided during year

(11,561

)

Revaluation reserve

774,048

Deferred tax asset on losses

(229,787

)

Balance at 31 March 2025

4,288,839

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

Ordinary

£1

100

100

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

The Report of the Auditors was unqualified.

Philip Burton BSc FCA (Senior Statutory Auditor)

for and on behalf of Bronsens

16.	POST BALANCE SHEET EVENTS

On 15 May 2025 Hangar 79 was destroyed in a fire. The building was insured against fire and a claim is progressing. The cause of the fire is the subject of a police-led investigation.

17.	ULTIMATE CONTROLLING PARTY

The controlling party is Bicester Motion Limited.

Bicester Motion Limited prepares consolidated financial statements for the group. The registered office is Bicester Motion, Building 123, Buckingham Road, Bicester, Oxfordshire, OX27 8AL.