Company No: 06465660 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	23,504,937		23,463,242
Investments	5	100		100
		23,505,037		23,463,342
Current assets
Stocks		986,221		1,245,834
Debtors	6	644,224		625,326
Cash at bank and in hand		1,302,368		1,200,759
		2,932,813		3,071,919
Creditors: amounts falling due within one year	7	( 3,715,365)		( 3,830,039)
Net current liabilities		(782,552)		(758,120)
Total assets less current liabilities		22,722,485		22,705,222
Creditors: amounts falling due after more than one year	8	( 6,258,571)		( 6,588,819)
Provision for liabilities		( 930,000)		( 858,000)
Net assets		15,533,914		15,258,403
Capital and reserves
Called-up share capital	9	1,041		1,041
Share premium account		2,268,171		2,268,171
Revaluation reserve		1,403,719		1,403,719
Profit and loss account		11,860,983		11,585,472
Total shareholders' funds		15,533,914		15,258,403

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Worldteam Limited (registered number: 06465660) were approved and authorised for issue by the Board of Directors on 19 December 2025. They were signed on its behalf by:

Mr J A K Donald Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Worldteam Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Coast View Torquay Road, Shaldon, Teignmouth, TQ14 0BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have used their judgement and have concluded that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future.

The current financial position has been thoroughly reviewed, with reference to the trading performance during the first half of the financial year 2025/26, to the market generally, and to key
relationships with suppliers and the bank.

Future projections have been considered for 12 months from date of signing these financial statements including sensitivity analysis on pitch fee reductions and lower caravan sales, allowing management to fully review future liquidity requirements. Further mitigating actions could also be taken as required.

Given consideration to the points noted above the directors do not see any material uncertainties that cast significant doubt on the Group's continued ability to trade and therefore consider that the business is able to continue as a going concern.

Group accounts exemption

Group accounts exemption s400
The company has a wholly owned subsidiary, South West Holiday Parks Limited, a company incorporated in England and Wales.

The company has taken advantage of the exemption provided in Section 402 of the Companies Act 2006 in relation to the preparation of group accounts, as South West Holiday Parks Limited has not traded during the year and is wholly immaterial. These financial statements reflect the results of Worldteam Limited only.

Turnover

Turnover represents amounts chargeable, net of value added tax in respect of lodge sales, recharged costs, pitch fees and rental income receivable in the ordinary course of the company's activities. Turnover is recognised for lodge sales upon transfer of ownership of the lodge to the customer and recognised upon services provided for recharged costs, pitch fees and rental income.

Turnover is adjusted for deferred income to ensure that income invoiced in advance of services being provided is deferred and recognised in the appropriate period.

Interest income

Interest income is recognised over time based on the amount outstanding and the effective interest rate.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	10 years straight line
Vehicles	25 % reducing balance
Office equipment	25 % reducing balance
	4 years straight line

Depreciation is not charged on freehold properties, which consist of the holiday parks, as the directors consider the residual value of the properties to be in line with the amounts they have been valued at.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors, other debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	47		41

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	850,000		850,000
At 31 March 2025	850,000		850,000
Accumulated amortisation
At 01 April 2024	850,000		850,000
At 31 March 2025	850,000		850,000
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	22,872,912		835,855		452,404		334,998		24,496,169
Additions	32,551		32,220		78,104		42,836		185,711
Disposals	0		0		( 6,000)		0		( 6,000)
At 31 March 2025	22,905,463		868,075		524,508		377,834		24,675,880
Accumulated depreciation
At 01 April 2024	0		487,907		307,979		237,041		1,032,927
Charge for the financial year	0		66,370		43,836		32,557		142,763
Disposals	0		0		( 4,747)		0		( 4,747)
At 31 March 2025	0		554,277		347,068		269,598		1,170,943
Net book value
At 31 March 2025	22,905,463		313,798		177,440		108,236		23,504,937
At 31 March 2024	22,872,912		347,948		144,425		97,957		23,463,242

Included within the net book value of land and buildings above is £22,905,463 (2024: £22,872,912) in respect of freehold land and buildings.

Revaluation of tangible assets

The fair value of the company's land and buildings was revalued on 31 March 2024 by an independent valuer.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £20,983,024 (2024: £20,339,294.)

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	100
At 31 March 2025	100
Carrying value at 31 March 2025	100
Carrying value at 31 March 2024	100

Investments in shares

Name of entity	Registered office	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024
South West Holiday Parks Limited	Coast View, Torquay Road, Shaldon, Devon, TQ14 0BG	Ordinary	100.00%	100.00%

6. Debtors

	2025		2024
	£		£
Trade debtors	142,423		315,779
Prepayments	494,999		284,488
Other debtors	6,802		25,059
	644,224		625,326

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	372,522		356,193
Trade creditors	889,404		973,064
Accruals	1,962,369		2,054,986
Taxation and social security	88,346		219,895
Obligations under finance leases and hire purchase contracts (secured)	20,805		15,256
Other creditors	381,919		210,645
	3,715,365		3,830,039

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	6,198,919		6,581,354
Obligations under finance leases and hire purchase contracts (secured)	59,652		7,465
	6,258,571		6,588,819

Bank borrowings are denominated in pounds sterling with a nominal interest rate of 1.75% + Base Rate. The carrying amount at the year end is £6,571,441 (2024: £6,937,547). The following security has been provided on this balance:

A legal charge to the bank of which freehold property has been pledged as security in respect of the bank loans.

Debenture granted to the bank on all other assets of the company by way of fixed and floating charges.

The hire purchase agreements are secured over the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured / repayable by instalments)	2,467,353		2,698,981

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
642 A ordinary shares of £ 1.00 each	642		642
52 B ordinary shares of £ 1.00 each	52		52
347 C ordinary shares of £ 1.00 each	347		347
	1,041		1,041

All shares have the following rights, preferences and restrictions:

All shares are identical and rank pari passu save that all the profits of the Company which are resolved to be divided amongst the Members in any year shall be applied in paying to the holders of the respective classes of shares dividends at such respective rates (if any) as the Company in General Meeting shall determine and so that a dividend or dividends may be declared on one or several classes of shares to the exclusion of any class or classes and that dividends at different rates may be declared on the respective classes of shares.

Included in the profit and loss reserves are non-distributable reserves of £1,922,439 (2024 - £1,922,439).