Registered number: 01515256
FOR THE YEAR ENDED 31 MARCH 2025
HOLKER HOLDINGS LIMITED
COMPANY INFORMATION
HOLKER HOLDINGS LIMITED
CONTENTS
HOLKER HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present the strategic report for the year ended 31 March 2025.
The principal activity of the company continued to be that of a holding company, the activities of which include Holker Estates Co. Limited, Cartmel Steeplechases (Holker) Limited, Holbeck Homes Limited and Vitagrass Farms (Holker) Limited.
The principal activity of the company continued to be that of a holding company, the activities of which include Holker Estates Co. Limited, Cartmel Steeplechases (Holker) Limited, Holbeck Homes Limited and Vitagrass Farms (Holker) Limited.
Holiday Parks
Holker Estates Co. Limited operates two private holiday parks, Old Park Wood and Longlands. Situated in the South Lake district, the parks offer breath-taking views and provide the perfect luxury holiday home alongside a unique feeling of space and tranquillity. Across the parks we are keen to invest in the continued development of facilities and infrastructure and remain committed to providing our residents with an excellent experience. From a trading perspective, the market has stabilised, and the caravan business has experienced an outstanding year.
Visitor Attractions
At Holker Hall, the company operates a visitor attraction where guests can immerse themselves in the history and splendour of Holker Hall and beauty of the Gardens and Parklands. Throughout the year, the picturesque setting hosts a range of unique events, allowing visitors to absorb Holker’s rich heritage whilst offering an unforgettable day out. Visitor numbers and revenues have remained consistent in the current year despite economic pressures on discretionary spend. The objective of Holker’s visitor services operation is to provide guests with captivating experiences which will in-turn drive growth in visitor numbers.
Property Portfolio
The estate manages a diverse property portfolio, including residential properties, commercial buildings, and land investments. Occupancy levels are consistently high, with a low turnover of tenants. We have made significant additional investment in property repairs throughout the year and remain committed to improving property standards in the future. The objectives of the property entity are:
• To provide South Lakes residents with quality housing in a market saturated by holiday lets.
• Capital appreciation through effective maintenance and property value growth.
• Maintaining rental values in line with market benchmarks.
Horse Racing Operations
Cartmel Steeplechases (Holker) Limited operates an award-winning summer jump racetrack, hosting 9 race days across the summer. The course is well supported by horse racing stakeholders as it offers sporting opportunity in the north of the country, and in turn supports trainers and owners through the summer months, providing a significant economic boost to Cumbria.
This year's revenue rose thanks to a stronger season relative to Summer 2023, when a race cancellation dampened profitability.
As a business we continually seek to:
• Enhance the customer experience, catering for all consumer types, offering a unique summer-time race day event.
• Improve the quality of racing on offer and pursue the participation of leading names in the sport, whilst gaining strong sponsorship from valued partners.
Holker Estates Co. Limited operates two private holiday parks, Old Park Wood and Longlands. Situated in the South Lake district, the parks offer breath-taking views and provide the perfect luxury holiday home alongside a unique feeling of space and tranquillity. Across the parks we are keen to invest in the continued development of facilities and infrastructure and remain committed to providing our residents with an excellent experience. From a trading perspective, the market has stabilised, and the caravan business has experienced an outstanding year.
Visitor Attractions
At Holker Hall, the company operates a visitor attraction where guests can immerse themselves in the history and splendour of Holker Hall and beauty of the Gardens and Parklands. Throughout the year, the picturesque setting hosts a range of unique events, allowing visitors to absorb Holker’s rich heritage whilst offering an unforgettable day out. Visitor numbers and revenues have remained consistent in the current year despite economic pressures on discretionary spend. The objective of Holker’s visitor services operation is to provide guests with captivating experiences which will in-turn drive growth in visitor numbers.
Property Portfolio
The estate manages a diverse property portfolio, including residential properties, commercial buildings, and land investments. Occupancy levels are consistently high, with a low turnover of tenants. We have made significant additional investment in property repairs throughout the year and remain committed to improving property standards in the future. The objectives of the property entity are:
• To provide South Lakes residents with quality housing in a market saturated by holiday lets.
• Capital appreciation through effective maintenance and property value growth.
• Maintaining rental values in line with market benchmarks.
Horse Racing Operations
Cartmel Steeplechases (Holker) Limited operates an award-winning summer jump racetrack, hosting 9 race days across the summer. The course is well supported by horse racing stakeholders as it offers sporting opportunity in the north of the country, and in turn supports trainers and owners through the summer months, providing a significant economic boost to Cumbria.
This year's revenue rose thanks to a stronger season relative to Summer 2023, when a race cancellation dampened profitability.
As a business we continually seek to:
• Enhance the customer experience, catering for all consumer types, offering a unique summer-time race day event.
• Improve the quality of racing on offer and pursue the participation of leading names in the sport, whilst gaining strong sponsorship from valued partners.
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HOLKER HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Property Development
Holbeck Homes is making steady progress on its two approved developments located in Kirkby-in-Furness and Kents Bank. We are pleased to see the commencement of revenue generation from the Burlington Rise project in Kirkby-in-Furness. Looking ahead, we expect a substantial increase in both operational activity and revenue as we evaluate additional development opportunities to address market demand and align with current government housing targets.
Farming
The 2025 farming season began with excellent conditions, allowing for early drilling and strong initial crop establishment across Holker’s in-hand land. However, a prolonged dry period followed by heavy rainfall at harvest led to an approximate 25% reduction in yield and quality, with global oversupply further depressing grain prices. A strengthened stewardship scheme provided valuable financial resilience amid reduced BPS support, as the farm continues to refine its cropping strategy and expand regenerative practices.
The 2025 farming season began with excellent conditions, allowing for early drilling and strong initial crop establishment across Holker’s in-hand land. However, a prolonged dry period followed by heavy rainfall at harvest led to an approximate 25% reduction in yield and quality, with global oversupply further depressing grain prices. A strengthened stewardship scheme provided valuable financial resilience amid reduced BPS support, as the farm continues to refine its cropping strategy and expand regenerative practices.
The principal risks and uncertainties to the business primarily relate to the continuing external economic pressures along with high inflation and heightened interest rates. This situation poses a risk to our visitor activity and drives additional costs into the business.
Changes in consumer preferences and travel patterns may create future uncertainty within the Southern Lake District leisure and tourism sectors.
Changes in legislation impact our operations, including the government proposals requiring all let properties to achieve a minimum energy efficiency rating of Band C on the EPC scale by 2030 and changes to APR and BPR meaning business performance must improve.
Given the historic nature of our residential portfolio, a significant portion currently falls below the EPC threshold and compliance will necessitate investment in energy efficiency improvements where it makes financial sense to do so. We are likely to see an increase in capital expenditure and will undertake a thorough review of our property portfolio.
Climate conditions can have a significant impact upon our tourism and leisure operations. Sustainability regulations also drive risk into our Letting portfolio. Government carbon reduction commitments will create further medium and long-term uncertainty and financial pressure.
We assume a zero-based approach to risk management and identification in the business. Significant risks are continually reviewed by the executive team, enabling us to remain versatile and reactive to legislative changes and market volatility.
Changes in consumer preferences and travel patterns may create future uncertainty within the Southern Lake District leisure and tourism sectors.
Changes in legislation impact our operations, including the government proposals requiring all let properties to achieve a minimum energy efficiency rating of Band C on the EPC scale by 2030 and changes to APR and BPR meaning business performance must improve.
Given the historic nature of our residential portfolio, a significant portion currently falls below the EPC threshold and compliance will necessitate investment in energy efficiency improvements where it makes financial sense to do so. We are likely to see an increase in capital expenditure and will undertake a thorough review of our property portfolio.
Climate conditions can have a significant impact upon our tourism and leisure operations. Sustainability regulations also drive risk into our Letting portfolio. Government carbon reduction commitments will create further medium and long-term uncertainty and financial pressure.
We assume a zero-based approach to risk management and identification in the business. Significant risks are continually reviewed by the executive team, enabling us to remain versatile and reactive to legislative changes and market volatility.
Group revenue grew by 2% compared to the previous year. This was primarily driven by a more successful racing season at Cartmel. The previous season was subdued due to an abandonment.
The gross profit margin also grew to 61%, compared with 58% in the prior year. Despite this, the operating loss increased in 2025. This was attributable to staff costs; reflective of increased headcount and the statutory minimum wage uplift.
Interest payable rose from £215k to £460k, reflecting the increase in total loan values as the Group continues to execute its strategic initiatives.
The gross profit margin also grew to 61%, compared with 58% in the prior year. Despite this, the operating loss increased in 2025. This was attributable to staff costs; reflective of increased headcount and the statutory minimum wage uplift.
Interest payable rose from £215k to £460k, reflecting the increase in total loan values as the Group continues to execute its strategic initiatives.
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HOLKER HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
We continue to build upon the strong foundations of the Holker brand. Whilst economic challenges to the hospitality and tourism sectors exist, we are well positioned and continue to prioritise customers, staff, local stakeholders and the environment alongside financial performance in terms of our decision making.
The Group recognises its pivotal role in supporting and developing the interests of the local and wider community, and the strength of the underlying business is key in maintaining, supporting and growing both local and regional residential and commercial ventures.
Tourism is key to the South Lake District and wider Cumbrian economy and to further define the Holker footprint, our tourism and leisure strategy remains under constant review. Quality, service and value will be at the forefront of everything we do as the business seeks to deliver a fantastic programme of events across the wider Estate.
Development activities at Holbeck Homes Limited are now gaining momentum, with substantial progress at Burlington Rise in Kirkby-in-Furness, and work at Kents Bank commencing. We continue significant work to bring forward new developments and obtain detailed planning consents to support the objectives of Westmorland and Furness council in attracting talent to Barrow and South Lakeland.
Going Concern Accounting Policy
The directors have considered the company's ability to continue as a going concern for the foreseeable future, which is defined as a period of at least 12 months from the date of approval of the financial statements. In making our assessment, the directors have considered current and future cash flow forecasts, as well as other relevant information. These forecasts consider the following key factors:
• Historical performance
• Available funding
• Cost management
• Customer and supplier relationships
• Economic climate, industry outlook and volatility.
While the directors are confident in the Group's ability to continue as a going concern, they recognise that there are inherent uncertainties in the business environment, including economic conditions, market competition, and unforeseen events. The directors are committed to closely monitoring these factors and taking necessary actions to ensure the Group's continued viability.
On the basis of the Group’s forecasts and having confirmed the continuing financial support of the wider group and associated entities, the Directors have formed the judgement that, at the time of approving the financial statements, there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.
The Group recognises its pivotal role in supporting and developing the interests of the local and wider community, and the strength of the underlying business is key in maintaining, supporting and growing both local and regional residential and commercial ventures.
Tourism is key to the South Lake District and wider Cumbrian economy and to further define the Holker footprint, our tourism and leisure strategy remains under constant review. Quality, service and value will be at the forefront of everything we do as the business seeks to deliver a fantastic programme of events across the wider Estate.
Development activities at Holbeck Homes Limited are now gaining momentum, with substantial progress at Burlington Rise in Kirkby-in-Furness, and work at Kents Bank commencing. We continue significant work to bring forward new developments and obtain detailed planning consents to support the objectives of Westmorland and Furness council in attracting talent to Barrow and South Lakeland.
Going Concern Accounting Policy
The directors have considered the company's ability to continue as a going concern for the foreseeable future, which is defined as a period of at least 12 months from the date of approval of the financial statements. In making our assessment, the directors have considered current and future cash flow forecasts, as well as other relevant information. These forecasts consider the following key factors:
• Historical performance
• Available funding
• Cost management
• Customer and supplier relationships
• Economic climate, industry outlook and volatility.
While the directors are confident in the Group's ability to continue as a going concern, they recognise that there are inherent uncertainties in the business environment, including economic conditions, market competition, and unforeseen events. The directors are committed to closely monitoring these factors and taking necessary actions to ensure the Group's continued viability.
On the basis of the Group’s forecasts and having confirmed the continuing financial support of the wider group and associated entities, the Directors have formed the judgement that, at the time of approving the financial statements, there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.
This report was approved by the board and signed on its behalf.
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HOLKER 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.
The activities of the group included the operation of Holker Hall and Gardens, the letting and management of domestic, industrial and agricultural land, holiday park management, operation of a horse racecourse, conference and events facility, house building and farming.
The loss for the year, after taxation, amounted to £292,221 (2024 - loss £371,035).
No dividends had been paid or declared during the year.
The directors who served during the year were:
Financial Risk
The business' prinicipal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.
In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
The business' prinicipal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.
In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
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HOLKER HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
• 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.
The auditor, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HOLKER HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
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.
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 the Group and of the profit or loss of the Group for that period.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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.
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HOLKER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLKER HOLDINGS LIMITED
We have audited the financial statements of Holker Holdings 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 balance sheet, the Company balance sheet, 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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HOLKER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLKER HOLDINGS LIMITED (CONTINUED)
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.
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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HOLKER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLKER HOLDINGS 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 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 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other
management;
• we assessed the extent of compliance with the laws and regulaations identified above through making enquires of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non compliance throughout audit.
We assessed the susceptibility of the Company's financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by;
• making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non compliance with laws and
regulations
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• reviewed the application of accounting policies, particularly in relation to those judgemental or uncertain areas
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims.
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 Auditor's report.
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HOLKER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLKER HOLDINGS LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Carlisle
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HOLKER HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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HOLKER HOLDINGS LIMITED
REGISTERED NUMBER: 01515256
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
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HOLKER HOLDINGS LIMITED
REGISTERED NUMBER: 01515256
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 44 form part of these financial statements.
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HOLKER HOLDINGS LIMITED
REGISTERED NUMBER: 01515256
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company's loss for the year was £154,188 (2024£nil).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 44 form part of these financial statements.
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