ACCOUNTS - Final Accounts preparation

Registered number: 04656967

NORFOLK BROADS HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

NORFOLK BROADS HOLDINGS LIMITED

COMPANY INFORMATION

Directors	R Knight
	G Munford
	P J Richardson


Registered number	04656967


Registered office	Loynes House
	The Bridge
	Wroxham
	Norfolk
	NR12 8RX


Independent auditors	BW Audit Ltd
	Chartered Accountants & Statutory Auditors
	Berry & Warren
	54 Thorpe Road
	Norwich
	NR1 1RY

NORFOLK BROADS HOLDINGS LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Statement of Financial Position	10
Notes to the Financial Statements	11 - 14

NORFOLK BROADS HOLDINGS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their Strategic Report for the year ended 31 March 2025.

The principal activity of the company was acting as a holding company for Norfolk Broads Direct Limited, a boat hirer, boat and marina operator in the Norfolk Broads.

Business review

The company has not traded during the year. Given the nature of the company, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the performance or position of the company.

Principal risks and uncertainties

The primary risk to the company is the failure of its trading subsidiary, Norfolk Broads Direct Limited. The directors have taken steps to ensure the day-to-day risks which face the subsidiary, such as commercial risks, are managed comprehensively. To do this the management and board review financial performance which will alert them to adverse developments in trading performance and cash management. The wider group continues to rely on the domestic holiday market and its continued growth depends on the future disposable income of its customers.

The principal risks facing the subsidiary company include:

Economic risk
The level of tourism activity is largely linked to the general performance of the economy. A cyclical downturn can lead to uncertainty and lower levels of disposable income of the general public, which in turn affects the number and type of holidays taken.

Loss of key staff
Failure to retain key staff can adversely affect any business. Short lines of communication are maintained between the directors and key staff to mitigate the risk.

Liquidity risk
The group's cash balances and bank loans are held in such a way that enables the correct balance of access to working capital and a competitive rate of interest to be achieved. Working capital requirements are constantly monitored and there is a sufficient resource within the group should any additional working capital be required. As such, the directors do not consider there to be a significant liquidity risk.

Credit risk
Although the group has large numbers of small customers, the directors believe that credit risk is mitigated by the fact that customers are required to pay before taking the holiday.

Operational health and safety
Failure to maintain a trained workforce could adversely affect the group, and therefore health and safety is reviewed on a regular basis.

Page 1

NORFOLK BROADS HOLDINGS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board and signed on its behalf.

G Munford

Director

Date: 18 December 2025

Page 2

NORFOLK BROADS HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Results and dividends

The profit for the year, after taxation, amounted to £NIL (2024 - £400,000).

Dividends paid in the year amounted to £Nil (2024 - £400,000).

Directors

The directors who served during the year were:

H I Funnell (resigned 22 August 2025)

L E Funnell (resigned 22 August 2025)

J L Knight (resigned 2 September 2024)

R Knight

Qualifying third-party indemnity provisions

The group has maintained throughout the year Directors‘ and officers' liability insurance for the benefit of the group, the directors and its officers. The group has entered into qualifying third party indemnity arrangements for the benefit of all its directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Matters covered in the Strategic Report

In accordance with section 414C (11) of the Companies Act 2006, information on exposure to risks and future developments is covered in the strategic report.

Post balance sheet events

On 22 August 2025 the shares in this company were sold by Craft Leisure Limited to Broads Ventures Limited.

Page 3

NORFOLK BROADS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report was approved by the board and signed on its behalf.

G Munford

Director

Date: 18 December 2025

Page 4

NORFOLK BROADS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK BROADS HOLDINGS LIMITED

Opinion

We have audited the financial statements of Norfolk Broads Holdings Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, 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 March 2025 and of its result 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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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.

Page 5

NORFOLK BROADS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK BROADS HOLDINGS LIMITED (CONTINUED)

Opinion 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 Directors' Report 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.

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, 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' Responsibilities Statement set out on page 4, 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.

Page 6

NORFOLK BROADS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK BROADS HOLDINGS LIMITED (CONTINUED)

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 an Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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 the management and those charged with governance of the group.

Due to the field in which the group operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the group's ability to operate including health and safety, Broads Authority regulations, employment law and GDPR.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

∙Enquiries with management about any known or suspected instances of non-compliance with laws and regulations including issues with the Broads Authority, accidents in the workplace, potential litigation or claims and fraud;

∙Reviewing legal and professional fees for indicators of litigation;

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

∙Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance;

∙Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the depreciation of tangible fixed assets;

∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.

Due to 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 7

NORFOLK BROADS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORFOLK BROADS HOLDINGS LIMITED (CONTINUED)

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 Auditors' Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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.

Joanne Fox BA FCA (Senior Statutory Auditor)

for and on behalf of

BW Audit Ltd

Chartered Accountants

Statutory Auditors

Berry & Warren

54 Thorpe Road

Norwich

NR1 1RY

18 December 2025

Page 8

NORFOLK BROADS HOLDINGS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Income from shares in group undertakings	-	400,000
Profit after tax	-	400,000



Retained earnings at the beginning of the year	8,721,380	8,721,380
(Loss)/profit for the year	-	400,000
Dividends declared and paid	-	(400,000)
Retained earnings at the end of the year	8,721,380	8,721,380

The notes on pages 11 to 14 form part of these financial statements.

Page 9

NORFOLK BROADS HOLDINGS LIMITED

REGISTERED NUMBER: 04656967

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

	2025	2024
Note	£	£

Fixed assets
Investments	7	8,771,380	8,771,380
		8,771,380	8,771,380

Total assets less current liabilities		8,771,380	8,771,380

Net assets		8,771,380	8,771,380

Capital and reserves
Called up share capital	8	50,000	50,000
Profit and loss account	9	8,721,380	8,721,380
		8,771,380	8,771,380

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

G Munford

Director

Date: 18 December 2025

The notes on pages 11 to 14 form part of these financial statements.

Page 10

NORFOLK BROADS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Norfolk Broads Holdings Limited is a private company limited by shares and incorporated in England and Wales, registration number 04656967. The registered office is Loynes House, The Bridge, Wroxham, Norfolk, NR12 8RX.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.3

Going concern

Trading within the group continues at healthy levels despite the challenges posed by the economy.

The directors have prepared forecasts for the future and taken into consideration the financial strength of the group and the individual companies, alongside recent management information and future bookings.

On the basis of the above, and the group's cash position at the date of signing the accounts, the directors believe it is appropriate to continue to prepare the financial statements on a going concern basis.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 11

NORFOLK BROADS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

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. These estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Impairment of investments
The investments in subsidiaries are measured at cost less accumulated impairment. The directors make an assessment of any impairment at each reporting date considering factors including the trading performance of the subsidiary and valuation of fixed assets held within the subsidiary.

4.	Auditors' remuneration

The fees payable to the company's auditor for the audit of the company's financial statements were borne in the current and prior period by other companies within the group.

5.	Employees
	The company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).

6.	Dividends
		2025	2024
		£	£

	Ordinary A shares	-	400,000
		-	400,000

Page 12

NORFOLK BROADS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	8,771,380
	At 31 March 2025	8,771,380

The following was a subsidiary undertaking of the company:

Norfolk Broads Direct Limited
Registered office:Loynes House, The Bridge, Wroxham, Norwich, Norfolk, NR12 8RX
Nature of business: Boat hire, boat builders and marina operators
Holding: 100% of Ordinary A and Ordinary B shares

In addition, Norfolk Broads Direct Limited has a 100% shareholding in three dormant companies: Broads Tours Limited, Norfolk Broads Holidays Direct Limited and Norfolk Broads Direct Agency Limited. The registered addresses for all dormant subsidiaries are as above.

8.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

20,000 (2024 - 20,000) Ordinary A shares of £1.00 each	20,000	20,000
20,000 (2024 - 20,000) Ordinary B shares of £1.00 each	20,000	20,000
5,000 (2024 - 5,000) Ordinary C shares of £1.00 each	5,000	5,000
5,000 (2024 - 5,000) Ordinary D shares of £1.00 each	5,000	5,000

	50,000	50,000

Reserves

Profit and loss account

This balance represents all current and prior period retained profits and losses as well as other gains and losses recognised within other comprehensive income.

Page 13

NORFOLK BROADS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.Other financial commitments

On 3 December 2019, the company entered into an unlimited cross-guarantee in respect of the group's bank borrowings. At 31 March 2025, the amount of borrowings in respect of this arrangement amounted to £2,965,757 (2024 - £3,768,409).

11.	Post balance sheet events

Since the year end the ultimate parent company, Craft Leisure Limited sold their entire share capital holding in Norfolk Broads Holdings Limited on 22 August 2025 to Broads Ventures Limited.

12.	Controlling party

The parent company of Norfolk Broads Holdings Limited at the year end was Craft Leisure Limited. Consolidated financial statements for the group can be obtained from Companies House.

Craft Leisure Limited is jointly controlled by Mr L Funnell and Mrs H Funnell by virtue of their majority shareholding.

Page 14