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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
COMPANY INFORMATION
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CRAFT LEISURE LIMITED
CONTENTS
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CRAFT LEISURE LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their Strategic Report for the year ended 31 March 2025.
During the year, the group’s principal activity was the operation of a leisure business including holiday cruisers and land-based accommodation, day boats and passenger trip boats.
Craft Leisure Ltd
During the year Craft Leisure’s principal trading activity had continued to be the holding of shares in Norfolk Broads Direct, a leader in boating holidays and days out on the Norfolk Broads. Post year-end, on 22 August 2025, the group sold Norfolk Broads Holdings Ltd along with its subsidiary Norfolk Broads Direct Ltd and its subsidiaries to Broads Ventures Ltd for £10,650,000. Economic conditions remained challenging which impacted both turnover and profits. Turnover decreased from £4.94m (2024) to £4.48m (2025); profit before tax fell from £832k to £588k. Net liabilities reflect a bank loan due for renewal in December 2025 (previously due for renewal in December 2024), which was subsequently repaid as a result of the sale of Norfolk Broads Direct Ltd. The directors view turnover and profit before tax as the group's key performance indicators. 2025 2024 Turnover: £4,483,679 £4,935,180 Profit before tax: £588,404 £832,735 Norfolk Broads Direct Ltd As expected, the 2024/25 season presented significant challenges – showing a continued decline on the high point experienced during 2022/23 following the pandemic. The cold and wet weather along with the almost permanently high-water levels affecting operations at the start of the season, delayed customer commitment, and left the business more reliant on last-minute bookings - which tend to be weather-dependent and are subject to demands for discounts based on customer knowledge of availability across the industry. Rising costs were also a key feature of the year, with wages and Broads navigation charges in particular rising well above inflation. With the rising cost of living also affecting consumer spending capacity, the outcome for 2025 was reduced turnover and increased costs compared to 2024, resulting in a reduced bottom line. However, this was anticipated and planned for at the start of the year. The Directors expect FY 2026 to be challenging but steady – calendar year 2025 started off with good weather which continued throughout the season and improved the advance holidays bookings. The budget announcements created uncertainty in economic activity and going into July & August our focus was on the level last minute bookings as well as visitor numbers for day boats and passenger boat trips, which saw performance in line with budget despite these challenges. These patterns seem to reflect the wider experience of other holiday businesses in the Broads and beyond, but regional tourism data indicates that Norfolk Broads Direct continues to punch above its weight; we believe that this reflects the company’s proactive marketing strategies, efficient business practices and excellent customer service. The Directors continue to be confident that their strategy will ensure the future growth of the business.
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CRAFT LEISURE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors have taken steps to ensure the day-to-day risks which face the group, 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 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 group 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.
This report was approved by the board on 12 December 2025 and signed on its behalf.
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CRAFT LEISURE 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.
The profit for the year, after taxation, amounted to £381,680 (2024 - £552,577).
Dividends paid in the year amounted to £Nil (2024 - £Nil).
The directors who served during the year were:
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.
On 22 August 2025, the group sold Norfolk Broads Holdings Ltd along with its subsidiary Norfolk Broads Direct Ltd and its subsidiaries to Broads Ventures Ltd for £10,650,000.
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CRAFT LEISURE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group'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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board on
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CRAFT LEISURE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT LEISURE LIMITED
We have audited the financial statements of Craft Leisure Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 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 group's or the parent 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.
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CRAFT LEISURE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT LEISURE LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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CRAFT LEISURE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT LEISURE LIMITED (CONTINUED)
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 Group 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.
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CRAFT LEISURE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRAFT LEISURE 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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Berry & Warren
54 Thorpe Road
NR1 1RY
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CRAFT LEISURE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
REGISTERED NUMBER: 05613387
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2025.
The notes on pages 18 to 38 form part of these financial statements.
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CRAFT LEISURE LIMITED
REGISTERED NUMBER: 05613387
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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CRAFT LEISURE LIMITED
REGISTERED NUMBER: 05613387
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 38 form part of these financial statements.
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CRAFT LEISURE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Craft Leisure Limited is a private company limited by shares and incorporated in England and Wales,
registration number 05613387. The registered office is 80 Grove Lane, Holt, Norfolk, NR25 6ED.
2.Accounting policies
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 financial statements are presented in Sterling which is the functional currency of the group and rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. 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. The external finance is provided by the group's bankers with who there is a good relationship and, following the sale of the subsidiary, the loan was paid off. The loan was due to be renewed in December 2025 and this has resulted in the group having net current liabilities at the year-end. Based on the above and the 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.
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Turnover from hire of boats and properties is recognised in the period in which the services are provided.
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
The estimated useful lives range as follows:
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Basic financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares. Redeemable preference shares are treated as equity where they are redeemable at the option of the company and the directors may determine the terms, conditions and manner of redemption of such shares. 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. Depreciation of tangible fixed assets An allowance for depreciation is made against tangible fixed assets and charged to the Statement of Comprehensive Income over the useful economic lives of the assets. The useful economic life assessment of an asset is based on the time in which benefits of the asset are realised to the group. 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. Investment property valuations The group carries investment property at fair value, with changes being recognised in the Statement of comprehensive income. The valuation of the group's properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future revenues from that particular property. As a result, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate.
The whole of the turnover is attributable to the principal activities of the group.
All turnover arose within the United Kingdom.
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 28
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13.Tangible fixed assets (continued)
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 30
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 31
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The valuation of the investment properties at 31 March 2025 has been arrived at on the basis of a valuation carried out on that date by the directors of the Group, who are not professionally qualified valuers.
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15.Investment property (continued)
The valuation of the investment properties at 31 March 2025 has been arrived at on the basis of a valuation carried out on that date by the directors of the Group, who are not professionally qualified valuers. The valuation was arrived at by reference to rental yields.
If the investment properties has been accounted for under the historic cost accounting rules, the properties would have been measured at cost of £101,045 (2024 - £101,045) and net book value of £101,045 (2024 - £101,045).
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 34
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 35
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Capital redemption reserve
Profit and loss account
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £24,887 (2024 - £23,930). Contributions totalling £4,066 (2024 - £8,009) were payable to the fund at the reporting date and are included in creditors.
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
26.Guarantees and 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).
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CRAFT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Craft Leisure Limited is jointly controlled by
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