Company registration number 04085144 (England and Wales)
CROW WOOD LEISURE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
CROW WOOD LEISURE LIMITED
COMPANY INFORMATION
Directors
A W Brown
S Brown
O Brown
H A Lord
S Burge
O Foucre
Company number
04085144
Registered office
Crow Wood Leisure Centre
Holme Road
Burnley
Lancashire
United Kingdom
BB12 0RT
Auditor
Azets Audit Services
Crown House
Bridgewater Close
Burnley
Lancashire
United Kingdom
BB11 5TE
CROW WOOD LEISURE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 21
CROW WOOD LEISURE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Fair review of the business

This financial year saw the completion of our two-year project which has now doubled the size of our award-winning Spa, totally refurbished our leisure facilities and increased the size of Bertrams restaurant by approximately 50%.

To integrate the new and existing Spa facilities we had to close very significant parts of our operation for approximately 3 months. This has obviously had a knock effect on our hotel occupancy and hugely impacted our revenues and profit.

Our new facilities now represent what we believe to be the largest Spa in the U.K., and we are confident the quality and diversity of facilities will maintain our position as the one of the U.K.’s most iconic Spa’s.

The investment over these last two years has totalled £19.5m, £13.5m of which was provided by Nat West and the balance self-funded.

Our senior debt peaked at the 30 th September at approximately £18,850,000 and at year end (April 30 th) was £17,100,000.

Like all hospitality business’s, we have faced enormous increases in energy, payroll, relatively high interest rates and increasing bureaucracy. Latterly the increase in NMW will have serious consequences for many in the sector.

Our Spa has already surpassed our business plan targets and continues to break records; in June 2025 we won “Best Hotel Spa in the U.K.” for the fourth year running at the industry’s most prestigious award ceremony.

Our gym has also produced record results following the significant investment.

Two of our restaurants retained their respective A.A. status.

In June 2024 we commissioned a £1m solar array which has performed above expectations in the last 12 months and will provide approximately 30% of our needs for the next 25 years.

During the year we donated £75,000 to 2 local charities, Pendleside Hospice and Burnley Community Grocery, a local food bank.

As I am now 67 years of age, I have passed over the role of Managing Director to my son Oliver, I remain involved in the business on a part time basis and will continue as Chairman for the foreseeable future.

We employ well over 400 local people and have a very well established and highly motivated Management team. Despite the challenges, we are confident 2025/6 will produced record sales and bottom-line profit, whilst significantly reducing debt.

CROW WOOD LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

Principal risks and uncertainties

Market and Economic Risk

The Company is exposed to fluctuations in the broader UK economic environment, including changes in consumer discretionary spending and inflationary pressures affecting operational costs. The directors are confident that the quality and diversity of facilities across the complex will help to mitigate any impact.

Financial and Liquidity Risk

The Company is subject to typical financial risks including management of cash flows and the ability to fund future capital projects. This risk is managed by maintaining a balance between the continuity of funding and flexibility, through the use of overdrafts at the floating rate of interest.

Credit Risk

The Company offers credit terms to customers and hence is exposed to the associated risks. These risks are managed via the monitoring of amounts outstanding for both time and credit limits.

Key performance indicators

The key performance indicators of the company are considered to be turnover, gross profit margin, profit before tax and EBITDA.

| 2025 | 2024
| £ | £
Turnover | 19,167,715 | 16,950,405
Gross profit | 8,556,368 | 7,209,734
Profit before taxation EBITDA | 279,434 646,442 | 1,226,592 1,431,439
Retained earnings | 4,352,813 | 4,173,379

On behalf of the board

A W Brown
Director
29 January 2026
CROW WOOD LEISURE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company is that of leisure centre, hotel and restaurant operators.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A W Brown
S Brown
O Brown
H A Lord
S Burge
O Foucre
Financial instruments

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors, and hire purchase agreements. The main purpose of these instruments is to finance the business' operations and the development of its facilities.

In respect of bank balances, 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. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk in 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 debts.

Trade creditors risk is managed by ensuring sufficient funds are available to meet amounts due.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

The company provides management training courses. Employees are given clear career paths and the group focuses on promotion from within.

CROW WOOD LEISURE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management, credit risk and liquidity risk.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
A W Brown
Director
29 January 2026
CROW WOOD LEISURE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 5 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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 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.

CROW WOOD LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROW WOOD LEISURE LIMITED
- 6 -
Opinion

We have audited the financial statements of Crow Wood Leisure Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 30 April 2025 and of its profit 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 Auditor's 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 UK, including the FRC’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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

CROW WOOD LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROW WOOD LEISURE LIMITED (CONTINUED)
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 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 financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CROW WOOD LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROW WOOD LEISURE LIMITED (CONTINUED)
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

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

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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.

Julie Flintoff (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Crown House
Bridgewater Close
Burnley
Lancashire
BB11 5TE
5 February 2026
CROW WOOD LEISURE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
19,167,715
16,950,405
Cost of sales
(10,611,347)
(9,740,671)
Gross profit
8,556,368
7,209,734
Administrative expenses
(8,274,926)
(5,979,463)
Operating profit
4
281,442
1,230,271
Interest receivable and similar income
7
3,971
503
Interest payable and similar expenses
8
(5,979)
(4,182)
Profit before taxation
279,434
1,226,592
Tax on profit
9
(100,000)
(310,000)
Profit for the financial year
179,434
916,592
Retained earnings brought forward
4,173,379
3,256,787
Retained earnings carried forward
4,352,813
4,173,379

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CROW WOOD LEISURE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
12,007,317
8,115,186
Current assets
Stocks
11
324,166
276,768
Debtors
12
375,684
1,660,222
Cash at bank and in hand
79,409
63,138
779,259
2,000,128
Creditors: amounts falling due within one year
14
(7,357,277)
(4,986,026)
Net current liabilities
(6,578,018)
(2,985,898)
Total assets less current liabilities
5,429,299
5,129,288
Creditors: amounts falling due after more than one year
13
(71,485)
(50,908)
Provisions for liabilities
Deferred tax liability
16
(1,005,000)
(905,000)
(1,005,000)
(905,000)
Net assets
4,352,814
4,173,380
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
4,352,813
4,173,379
Total equity
4,352,814
4,173,380

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 January 2026 and are signed on its behalf by:
A W Brown
Director
Company registration number 04085144 (England and Wales)
CROW WOOD LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
30 April 2025
- 11 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values remain appropriate.

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
2
Accounting policies
Company information

Crow Wood Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Crow Wood Leisure Centre, Holme Road, Burnley, Lancashire, United Kingdom, BB12 0RT.

The company's principal activities and nature of operations are detailed in the Strategic Report.

The company is tax resident in the United Kingdom.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnnel.

The financial statements of the company are consolidated in the financial statements of Andrew Brown Leisure Limited. These consolidated financial statements are available from its registered office, Holme Road, Burnley, Lancashire, BB12 0RT.

2.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, despite net current liabilities of £true 6,578,018.

The directors are optimistic about future trading performance as bookings continue to be made across all facilities offered within the company’s trading sectors. During the financial year, the company completed the construction of a major project which has double d the size of the Spa and increase d the capacity of one of the restaurants. Undoubtably, this will further strengthen the potential future profitability of the company.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
2
Accounting policies
(Continued)
- 13 -
2.3
Turnover

Turnover represents the invoiced amount of food and drink sold and other services provided net of value added tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations.

2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
2% straight line basis
Fixtures and fittings
5-33% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.5
Impairment of fixed assets

If any indication of impairment exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

2.6
Stocks

Stocks are stated at the lower of cost and estimated net realisable value.

2.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand. Bank overdrafts are shown within borrowings in current liabilities.

2.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company only has financial assets (debtors, cash and bank balances) and liabilities (creditors and accruals) of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
2
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
2
Accounting policies
(Continued)
- 15 -
2.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 16 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Accomodation, leisure facilities and restaurants
19,167,715
16,950,405
2025
2024
£
£
Other revenue
Interest income
3,971
503
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
8,000
Depreciation of owned tangible fixed assets
365,000
201,168
Profit on disposal of tangible fixed assets
(19,500)
(4,045)
Operating lease charges
2,916,900
1,851,900
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Senior management
11
10
Leisure centre, spa and restaurant staff
397
356
Total
408
366

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
8,370,543
7,183,604
Social security costs
693,891
468,147
Pension costs
135,690
116,054
9,200,124
7,767,805
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 17 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
786,650
778,065
Company pension contributions to defined contribution schemes
4,099
4,372
790,749
782,437
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
296,542
190,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
3,971
503
8
Interest payable and similar expenses
2025
2024
£
£
Interest on finance leases and hire purchase contracts
5,979
4,182
9
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
100,000
310,000
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
9
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
279,434
1,226,592
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
69,859
306,648
Tax effect of expenses that are not deductible in determining taxable profit
638
-
0
Depreciation on assets not qualifying for tax allowances
2,348
2,909
Other permanent differences
15,922
-
0
Under/(over) provided in prior years
11,233
443
Taxation charge for the year
100,000
310,000
10
Tangible fixed assets
Property improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2024
676,466
10,537,266
71,071
11,284,803
Additions
-
0
3,899,868
357,263
4,257,131
Disposals
-
0
-
0
(37,619)
(37,619)
At 30 April 2025
676,466
14,437,134
390,715
15,504,315
Depreciation and impairment
At 1 May 2024
152,652
2,999,346
17,619
3,169,617
Depreciation charged in the year
38,000
307,000
20,000
365,000
Eliminated in respect of disposals
-
0
-
0
(37,619)
(37,619)
At 30 April 2025
190,652
3,306,346
-
0
3,496,998
Carrying amount
At 30 April 2025
485,814
11,130,788
390,715
12,007,317
At 30 April 2024
523,814
7,537,920
53,452
8,115,186

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Fixtures and fittings
123,413
123,413
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
11
Stocks
2025
2024
£
£
Finished goods and goods for resale
324,166
276,768
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
13,059
9,255
Amounts owed by group undertakings
-
0
1,394,360
Prepayments and accrued income
362,625
256,607
375,684
1,660,222
13
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
15
71,485
50,908

Finance lease obligations of £71,485 (2024: £50,908) are secured against the fixed assets to which they relate.

14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
15
46,936
27,767
Trade creditors
927,243
1,690,795
Amounts owed to group undertakings
2,210,509
-
0
Taxation and social security
516,103
303,218
Other creditors
13,449
17,096
Accruals and deferred income
3,643,037
2,947,150
7,357,277
4,986,026

Finance lease obligations of £46,936 (2024: £27,767) are secured against the fixed assets to which they relate.

Within accruals and deferred income is an amount in respect of deposits received for services to be provided by the group in future periods. At the balance sheet date the amount of deposits received is £3,444,371 (2024: £2,386,424).

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
15
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
52,568
31,950
In two to five years
80,063
58,575
132,631
90,525
Less: future finance charges
(14,210)
(11,850)
118,421
78,675

Finance lease payments represent rentals payable by the company for certain items of fixtures and fittings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

The finance leases are secured by the lessors' title to the leased assets which have a carrying value of £123,413 (2024: £123,413).

The directors consider that the carrying amount of the obligations under finance leases approximate to their fair value.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
2,197,000
1,023,000
Tax losses
(1,192,000)
(118,000)
1,005,000
905,000
2025
Movements in the year:
£
Liability at 1 May 2024
905,000
Charge to profit or loss
100,000
Liability at 30 April 2025
1,005,000
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,690
116,054

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Included in the financial statements is an amount of £56,331 (2024: £45,152) owing by the company with regard to pensions. This represents amounts that have been deducted at the year end but paid to the scheme after the year end.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
19
Financial commitments, guarantees and contingent liabilities

Guarantee

The company's bankers hold a composite guarantee securing the bank borrowings of the company and other group companies. At 30 April 202 5, the total bank borrowings of the group amounted to £17,096,220 (202 4: £13,611,365). All borrowings are held by Andrew Brown Leisure Limited.

The bank hold a fixed and floating charge over the undertaking and all property and assets present and future of the company, as well as an unlimited guarantee over the company.

20
Related party transactions

The company has taken advantage of the exemptions provided by FRS 102 in relation to paragraph 33.1A from disclosing transactions and balances with other group companies.

21
Ultimate controlling party

The company is a wholly owned subsidiary of Andrew Brown Leisure Limited, a company incorporated in England.

The ultimate controlling party is A W Brown by virtue of his family interest.

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