Caseware UK (AP4) 2024.0.164 2024.0.164 2025-12-31 2025-12-31 2025-12-31 2025-01-01 false The principal activity of the group is that of the sales of holiday homes and equipment.3 false 3 false false 06146154 2025-01-01 2025-12-31 06146154 2024-01-01 2024-12-31 06146154 2025-12-31 06146154 2024-12-31 06146154 2024-01-01 06146154 c:CompanySecretary1 2025-01-01 2025-12-31 06146154 c:Director1 2025-01-01 2025-12-31 06146154 c:Director2 2025-01-01 2025-12-31 06146154 c:Director3 2025-01-01 2025-12-31 06146154 c:RegisteredOffice 2025-01-01 2025-12-31 06146154 d:Buildings 2025-01-01 2025-12-31 06146154 d:Buildings 2025-12-31 06146154 d:Buildings 2024-12-31 06146154 d:Buildings d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 06146154 d:PlantMachinery 2025-01-01 2025-12-31 06146154 d:PlantMachinery 2025-12-31 06146154 d:PlantMachinery 2024-12-31 06146154 d:PlantMachinery d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 06146154 d:MotorVehicles 2025-01-01 2025-12-31 06146154 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 06146154 d:Goodwill 2025-01-01 2025-12-31 06146154 d:CurrentFinancialInstruments 2025-12-31 06146154 d:CurrentFinancialInstruments 2024-12-31 06146154 d:Non-currentFinancialInstruments 2025-12-31 06146154 d:Non-currentFinancialInstruments 2024-12-31 06146154 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 06146154 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 06146154 d:Non-currentFinancialInstruments d:AfterOneYear 2025-12-31 06146154 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 06146154 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2025-12-31 06146154 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 06146154 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2025-12-31 06146154 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 06146154 d:ShareCapital 2025-01-01 2025-12-31 06146154 d:ShareCapital 2025-12-31 06146154 d:ShareCapital 2024-01-01 2024-12-31 06146154 d:ShareCapital 2024-12-31 06146154 d:ShareCapital 2024-01-01 06146154 d:RevaluationReserve 2025-01-01 2025-12-31 06146154 d:RevaluationReserve 2025-12-31 06146154 d:RevaluationReserve 2024-01-01 2024-12-31 06146154 d:RevaluationReserve 2024-12-31 06146154 d:RevaluationReserve 2024-01-01 06146154 d:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 06146154 d:RetainedEarningsAccumulatedLosses 2025-12-31 06146154 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06146154 d:RetainedEarningsAccumulatedLosses 2024-12-31 06146154 d:RetainedEarningsAccumulatedLosses 2024-01-01 06146154 d:AcceleratedTaxDepreciationDeferredTax 2025-12-31 06146154 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 06146154 d:OtherDeferredTax 2025-12-31 06146154 d:OtherDeferredTax 2024-12-31 06146154 c:OrdinaryShareClass1 2025-01-01 2025-12-31 06146154 c:OrdinaryShareClass1 2025-12-31 06146154 c:OrdinaryShareClass1 2024-12-31 06146154 c:FRS102 2025-01-01 2025-12-31 06146154 c:Audited 2025-01-01 2025-12-31 06146154 c:FullAccounts 2025-01-01 2025-12-31 06146154 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 06146154 d:Subsidiary2 2025-01-01 2025-12-31 06146154 d:Subsidiary2 1 2025-01-01 2025-12-31 06146154 d:Subsidiary3 2025-01-01 2025-12-31 06146154 d:Subsidiary3 1 2025-01-01 2025-12-31 06146154 c:Consolidated 2025-12-31 06146154 c:ConsolidatedGroupCompanyAccounts 2025-01-01 2025-12-31 06146154 2 2025-01-01 2025-12-31 06146154 6 2025-01-01 2025-12-31 06146154 e:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06146154 SALOP LEISURE HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
SALOP LEISURE HOLDINGS LIMITED COMPANY INFORMATION
Directors | A T Bywater
| D W Roberts
| M E Bebb
Company secretary | D W Roberts
Registered number | 06146154
Registered office | Emstrey
| Shrewsbury
| Shropshire
| SY5 6QS
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| Belmont House
| Shrewsbury Business Park
| Shrewsbury
| Shropshire
| SY2 6LG
SALOP LEISURE HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditors' Report | 7 - 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Statement of Financial Position | 12 - 13
Company Statement of Financial Position | 14 - 15
Consolidated Statement of Changes in Equity | 16
Company Statement of Changes in Equity | 17
Consolidated Statement of Cash Flows | 18 - 19
Notes to the Financial Statements | 20 - 46
SALOP LEISURE HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Business review
The Directors present the results of the Group for the year ended 31 December 2025. The Directors are pleased with the results in what was another turbulent period due to increasing inflationary costs. We are mindful of the continuing and current uncertainty in the global and local political, economic and health environments. The leisure industry continues to experience difficult trading period and despite this the Group continues to report steady profits and to display a strong balance sheet, with Net Current Assets of £5.2m and Net Assets in excess of £23.9m. The Directors are grateful to their customers, trading partners, the applicable local Authorities, and to other stakeholders for their ongoing support.
Principal risks and uncertainties
The performance of the business and its exposure to risks and uncertainties is constantly monitored. The Directors are of the opinion that the principal risks facing the Group relate to the wider economic and health conditions, those conditions which influence demand and the ability to trade and continue to focus on customer satisfaction. The Directors are mindful of health and safety regulatory compliance and all aspects of public liability are comprehensively covered by appropriate insurance.
Financial key performance indicators
The Group measures its financial performance and position by reference to key performance indicators. Financial performance is principally measured by reference to turnover and operating profit and the position of the Group by reference to net current assets and net assets. The Directors consider that the accounts provide an adequate analysis of the Group's performance in the year and its position at the year end in relation to these key performance indicators.
Other key performance indicators
The Group uses a suite of targeted non-financial key performance indicators to monitor and measure performance on a daily, weekly and monthly basis which covers the whole business operating spectrum reflecting the changing needs of the business.
Directors' statement of compliance with duty to promote the success of the Group
As the Board of Salop Leisure Holdings Ltd we have a legal responsibility under s172 of the Companies Act 2006 to act in a way we consider, in good faith, would be most likely to promote the Group's success for the benefit of its members as a whole, and to have regard to the long term effect of our decisions on the Group and its stakeholders. We continue to work closely with suppliers, trading partners and customers to ensure fairness and excellent customer satisfaction. This statement addresses the ways in which we as a board discharge this responsibility. Page 1
SALOP LEISURE HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Promoting the Group's success for its members Salop Leisure Holdings Ltd and its subsidiary companies started life as Salop Caravans in 1966. We moved from our original showroom at Meole Brace in Shrewsbury to a purpose built, brand new, state of the art caravan showroom at Emstrey, just outside Shrewsbury in 2006. In 1995, the Group expanded with the formation of Funnyflower Ltd which later changed its name to Bywater Leisure Parks Ltd and now owns and operates two caravan parks in Mid Wales. We are proud of the ways in which, for over half a century, the Group has provided employment training and financial reward for its owners and employees. Working with the top UK leisure manufacturers we are now the premier caravan, campervan, holiday home and motorhome dealer in the Midlands and Mid Wales. Engaging with stakeholders Our People The Group is committed to being a responsible business. Our behaviour is aligned to the expectations of our people, clients, investors and society as a whole. People are at the heart of our services, for our business to succeed we need to manage our people’s performance and develop and bring through talent while ensuring we operate as efficiently as possible. Business Relationships Our strategy prioritises organic growth, driven by cross selling and up selling to existing customers and bringing new customers into the group. To achieve this, we need to develop and maintain strong customer relationships. We value all of our suppliers and have multi-year relationships with all our key suppliers. Our Community The Group’s approach is to use our resources to create positive change for the people and communities with which we interact. Specific not for profit organisation / clubs including local charities benefit from the fund raising events organised throughout the year. Page 2
SALOP LEISURE HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Future developments The business continues to explore the possibility of developing further profit centres within the curtilage, however the ability to invest is significantly curtailed due to the Governments fiscal policies including the increased NI costs, Business rateable values and also the cost of borrowing the group. This report was approved by the board and signed on its behalf.
................................................ D W Roberts Director
Date: 13 April 2026
Page 3
SALOP LEISURE HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
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. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Results and dividends
The profit for the year, after taxation, amounted to £871,922 (2024 - £1,674,952). A dividend of £330,000 (2024: £400,000) has been paid to the directors.
Directors
The Directors who served during the year were:
A T Bywater
D W Roberts
M E Bebb
Page 4
SALOP LEISURE HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
UK Greenhouse gas emissions and energy data use for the period 1 January 2025 to 31 December 2025: Quantification and reporting methodology We have followed the March 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2025 UK Government's Conversion Factors for Company Reporting. Intensity Measurement The chosen intensity measurement ratios are total gross emissions in metric tonnes CO2e per £M Sales Revenue and is total gross emissions in metric tonnes CO2e per employee, the recommended ratios for the group. Page 5
SALOP LEISURE HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Measurements taken to improve energy efficiency We have installed CHP boilers, Solar PV panels, LED Lighting, Air Source Heat Pumps, water boreholes, and increased video conferencing technology for staff meetings, to reduce the need for travel between sites. Included within any building project undertaken is the planting of a number of trees to help offset our emissions. When company cars are replaced, we are replacing with hybrid models and have installed charging points for our staff and installed further points for customers.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group'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 and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, WR Partners, 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.
................................................ D W Roberts Director
Date: 13 April 2026
Page 6
SALOP LEISURE HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALOP LEISURE HOLDINGS LIMITED
Opinion
We have audited the financial statements of Salop Leisure Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 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 our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2025 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. Page 7
SALOP LEISURE HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALOP LEISURE HOLDINGS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the 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.
Matters on which we are required to report by exception
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. 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company 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. Page 8
SALOP LEISURE HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALOP LEISURE HOLDINGS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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: The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements. 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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. Page 9
SALOP LEISURE HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALOP LEISURE HOLDINGS LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. John Fletcher BA (Hons) FCA (Senior Statutory Auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date: 13 April 2026 Page 10
SALOP LEISURE HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 45,769,948 | 48,718,834
Cost of sales |  | (35,419,267) | (38,138,398)
Gross profit |  | 10,350,681 | 10,580,436
Distribution costs |  | (4,425,643) | (4,268,914)
Administrative expenses |  | (4,963,385) | (4,538,759)
Other operating income | 5 | 1,002,885 | 1,084,830
Operating profit | 6 | 1,964,538 | 2,857,593
Interest receivable and similar income | 10 | 20,086 | 5,454
Interest payable and similar expenses | 11 | (742,221) | (902,032)
Profit before taxation |  | 1,242,403 | 1,961,015
Tax on profit | 12 | (370,481) | (286,063)
Profit for the financial year |  | 871,922 | 1,674,952
Profit for the year attributable to: |  |  |
Owners of the Company |  | 871,922 | 1,674,952
|  | 871,922 | 1,674,952
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 20 to 46 form part of these financial statements.
Page 11
SALOP LEISURE HOLDINGS LIMITED REGISTERED NUMBER: 06146154 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 9,867 |  | 49,340
Tangible assets | 15 |  | 31,885,030 |  | 31,625,843
|  |  | 31,894,897 |  | 31,675,183
Current assets |  |  |  |  |
Stocks | 17 | 15,806,012 |  | 16,761,121 |
Debtors: amounts falling due within one year | 18 | 7,782,314 |  | 6,404,657 |
Cash at bank and in hand | 19 | 755,063 |  | 1,596,857 |
|  | 24,343,389 |  | 24,762,635 |
Creditors: amounts falling due within one year | 20 | (19,126,954) |  | (18,692,452) |
Net current assets |  |  | 5,216,435 |  | 6,070,183
Total assets less current liabilities |  |  | 37,111,332 |  | 37,745,366
Creditors: amounts falling due after more than one year | 21 |  | (8,749,396) |  | (9,827,020)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (3,920,986) |  | (3,964,570) |
Other provisions | 25 | (464,628) |  | (519,376) |
|  |  | (4,385,614) |  | (4,483,946)
Net assets |  |  | 23,976,322 |  | 23,434,400
Page 12
SALOP LEISURE HOLDINGS LIMITED REGISTERED NUMBER: 06146154 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 990 |  | 990
Revaluation reserve | 27 |  | 3,524,727 |  | 3,903,072
Profit and loss account | 27 |  | 20,450,605 |  | 19,530,338
|  |  | 23,976,322 |  | 23,434,400
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ D W Roberts
Director
Date: 13 April 2026
The notes on pages 20 to 46 form part of these financial statements. Page 13
SALOP LEISURE HOLDINGS LIMITED REGISTERED NUMBER: 06146154 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 20,868,267 |  | 20,572,475
Investments | 16 |  | 10,144,230 |  | 10,144,230
|  |  | 31,012,497 |  | 30,716,705
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 18 | - |  | 1,238,140 |
Debtors: amounts falling due within one year | 18 | 89,616 |  | 3,366 |
Cash at bank and in hand | 19 | 8,313 |  | 14,141 |
|  | 97,929 |  | 1,255,647 |
Creditors: amounts falling due within one year | 20 | (2,469,545) |  | (2,768,627) |
Net current liabilities |  |  | (2,371,616) |  | (1,512,980)
Total assets less current liabilities |  |  | 28,640,881 |  | 29,203,725
Creditors: amounts falling due after more than one year | 21 |  | (8,619,405) |  | (9,359,529)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (1,911,907) |  | (1,975,954) |
|  |  | (1,911,907) |  | (1,975,954)
Net assets |  |  | 18,109,569 |  | 17,868,242
Page 14
SALOP LEISURE HOLDINGS LIMITED REGISTERED NUMBER: 06146154 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 990 |  | 990
Revaluation reserve | 27 |  | 1,925,644 |  | 2,303,989
Profit and loss account | 27 |  | 16,182,935 |  | 15,563,263
|  |  | 18,109,569 |  | 17,868,242
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ D W Roberts
Director
Date: 13 April 2026
The notes on pages 20 to 46 form part of these financial statements. Page 15
SALOP LEISURE HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 990 | 3,903,072 | 18,255,386 | 22,159,448
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,674,952 | 1,674,952
Total comprehensive income for the year | - | - | 1,674,952 | 1,674,952
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (400,000) | (400,000)
Total transactions with owners | - | - | (400,000) | (400,000)
At 1 January 2025 | 990 | 3,903,072 | 19,530,338 | 23,434,400
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 871,922 | 871,922
Total comprehensive income for the year | - | - | 871,922 | 871,922
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (330,000) | (330,000)
Transfer to/from profit and loss account | - | (378,345) | 378,345 | -
At 31 December 2025 | 990 | 3,524,727 | 20,450,605 | 23,976,322
| The notes on pages 20 to 46 form part of these financial statements.
Page 16
SALOP LEISURE HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 990 | 2,303,989 | 14,301,711 | 16,606,690
Comprehensive income for the period |  |  |  |
Profit for the year | - | - | 1,661,552 | 1,661,552
Total comprehensive income for the year | - | - | 1,661,552 | 1,661,552
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (400,000) | (400,000)
Total transactions with owners | - | - | (400,000) | (400,000)
At 1 January 2025 | 990 | 2,303,989 | 15,563,263 | 17,868,242
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 571,327 | 571,327
Total comprehensive income for the year | - | - | 571,327 | 571,327
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (330,000) | (330,000)
Transfer to/from profit and loss account | - | (378,345) | 378,345 | -
At 31 December 2025 | 990 | 1,925,644 | 16,182,935 | 18,109,569
| The notes on pages 20 to 46 form part of these financial statements.
Page 17
SALOP LEISURE HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 871,922 | 1,674,952
Adjustments for: |  |
Amortisation of intangible assets | 39,473 | 39,473
Depreciation of tangible assets | 731,734 | 649,924
Profit on disposal of tangible assets | (153,667) | (5,200)
Interest paid | 742,221 | 902,032
Interest received | (20,086) | (5,454)
Taxation charge | 370,481 | 286,063
Decrease in stocks | 955,109 | 3,308,313
(Increase)/decrease in debtors | (1,403,610) | 4,320,974
Increase/(decrease) in creditors | 467,143 | (6,971,250)
(Decrease)/increase in provisions | (54,748) | 68,747
Corporation tax (paid) | (295,392) | (233,340)
Net cash generated from operating activities | 2,250,580 | 4,035,234
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (1,913,715) | (579,866)
Sale of tangible fixed assets | 1,076,461 | 8,175
Interest received | 20,086 | 5,454
Net cash from investing activities | (817,168) | (566,237)
Page 18
SALOP LEISURE HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
New secured loans | - | 900,000
Repayment of loans | (1,112,950) | (1,094,915)
Repayment of/new finance leases | (74,404) | 154,928
Dividends paid | (330,000) | (400,000)
Interest paid | (742,221) | (902,032)
Net cash used in financing activities | (2,259,575) | (1,342,019)
Net (decrease)/increase in cash and cash equivalents | (826,163) | 2,126,978
Cash and cash equivalents at beginning of year | 1,524,385 | (602,593)
Cash and cash equivalents at the end of year | 698,222 | 1,524,385
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 755,063 | 1,596,857
Bank overdrafts | (56,841) | (72,472)
| 698,222 | 1,524,385
The notes on pages 20 to 46 form part of these financial statements.
Page 19
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Salop Leisure Holdings Limited (06146154) is a private company, limited by shares, incorporated in England and Wales, domiciled in the UK and has its registered office and principal place of business at Emstrey, Shrewsbury, Shropshire, SY5 6QS. The principal activity of the Group is that of the sales of holiday homes and equipment. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires 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:
| 2.2 | Basis of consolidation
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. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.
| 2.3 | Going concern
The Group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current facilities. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements. Page 20
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Group as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 21
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Leased assets: the Group as lessor
Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease. A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.11 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. Page 22
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.13 | Intangible assets
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. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 23
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold land and buildings | - | Not depreciated
|  |  |  | Plant and machinery | - | 25% - 33%
|  |  |  | Motor vehicles | - | 25%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. 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. Page 24
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 25
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Page 26
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 27
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
| 2.22 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the relates actual results. In the opinion of the Directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year. Stock impairment provision The Group provides a provision for slow moving and obsolete stock, which is calculated as a fixed percentage of stock that has not moved in the previous 9 months. The percentage applied varies depending on class on the unit, but is consistent for each individual unit in that class. The total provision for slow moving and obsolete stock at the balance sheet date is £1,057,759 (2024: £1,203,097) Warranty provision The Group provides a provision for estimated warranty costs on products sold during the period or in a prior financial year where the product is still under warranty. For these products, the Group has either entered into an uninsured warranty contract leading to a legal obligation or has a constructive obligation in relation to the warranty of these products. The provision is based on the number of warranted units sold and the estimated costs based on past experience. The total provision at balance sheet date is disclosed in note 25 of these accounts. Page 28
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
The whole of the turnover is attributable to the Group's principal activity of the running of leisure parks and the sale of holiday homes and related equipment.
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Service charges receivable | 820,817 | 767,492
| Insurance claims receivable | - | 136,398
| Fees receivable | 182,068 | 180,940
|  | 1,002,885 | 1,084,830
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 56,288 | 70,879
| (Profit) on sale of tangible assets | (153,667) | (171,707)
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 30,900 | 29,900
| Fees payable to the Company's auditors and their associates in connection with the Group's pension scheme(s) in respect of: |  |
| All non-audit services not included above | 27,713 | 7,400
Page 29
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 5,479,208 | 5,321,554 | 528,430 | 509,910
| Social security costs | 560,533 | 484,485 | 74,345 | 90,977
| Cost of defined contribution scheme | 98,768 | 110,474 | 200 | 9,731
|  | 6,138,509 | 5,916,513 | 602,975 | 610,618
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Distribution | 196 | 187 | - | -
|  | Administration | 19 | 23 | 3 | 3
|  |  | 215 | 210 | 3 | 3
| Key management remuneration Key management includes the senior management team. The remuneration paid or repayable to key management for employee services for the year was £613,184 (2024: £667,633).
Page 30
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 528,430 | 509,910
| Group contributions to defined contribution pension schemes | 200 | 9,731
|  | 528,630 | 519,641
| During the year retirement benefits were accruing to 1 Director (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £271,897 (2024 - £242,930).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2024 - £9,731).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 20,086 | 5,454
|  | 20,086 | 5,454
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 519,027 | 708,570
| Other loan interest payable | 223,194 | 193,462
|  | 742,221 | 902,032
Page 31
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 414,065 | 422,943
|  | 414,065 | 422,943
| Total current tax | 414,065 | 422,943
| Deferred tax |  |
| Origination and reversal of timing differences | (43,584) | (136,880)
| Total deferred tax | (43,584) | (136,880)
| Tax on profit | 370,481 | 286,063
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,242,403 | 1,961,015
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 310,601 | 490,254
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 9,868 | 9,868
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 29,822 | 14,101
| Short term timing difference leading to an increase (decrease) in taxation | 58,607 | (185,234)
| Book profit on chargeable assets | (38,417) | (42,926)
| Total tax charge for the year | 370,481 | 286,063
Page 32
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts paid on ordinary share capital | 330,000 | 400,000
|  | 330,000 | 400,000
14. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 394,729
| At 31 December 2025 | 394,729
| Amortisation |
| At 1 January 2025 | 345,389
| Charge for the year on owned assets | 39,473
| At 31 December 2025 | 384,862
| Net book value |
| At 31 December 2025 | 9,867
| At 31 December 2024 | 49,340
Page 33
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Tangible fixed assets
| Group
|  | Freehold land and buildings | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 29,327,001 | 5,655,633 | 1,218,989 | 36,201,623
| Additions | 1,210,306 | 579,237 | 124,172 | 1,913,715
| Disposals | (895,000) | (119,997) | (176,743) | (1,191,740)
| At 31 December 2025 | 29,642,307 | 6,114,873 | 1,166,418 | 36,923,598
| Depreciation |  |  |  |
| At 1 January 2025 | - | 3,615,826 | 959,954 | 4,575,780
| Charge for the year on owned assets | - | 568,069 | 163,665 | 731,734
| Disposals | - | (104,177) | (164,769) | (268,946)
| At 31 December 2025 | - | 4,079,718 | 958,850 | 5,038,568
| Net book value |  |  |  |
| At 31 December 2025 | 29,642,307 | 2,035,155 | 207,568 | 31,885,030
| At 31 December 2024 | 29,327,001 | 2,039,807 | 259,035 | 31,625,843
Page 34
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15.Tangible fixed assets (continued)
| Freehold land and buildings are held at valuation and were valued on 25 April 2023 by Savills (UK) Limited, an independent firm of chartered surveyors, on an open market basis. If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 183,787 | 239,081
|  | 183,787 | 239,081
Page 35
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15.Tangible fixed assets (continued)
| Company
|  | Freehold property | Plant and machinery | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 20,502,001 | 1,102,212 | 21,604,213
| Additions | 1,210,306 | 20,071 | 1,230,377
| Disposals | (895,000) | - | (895,000)
| At 31 December 2025 | 20,817,307 | 1,122,283 | 21,939,590
| Depreciation |  |  |
| At 1 January 2025 | - | 1,031,738 | 1,031,738
| Charge for the year on owned assets | - | 39,585 | 39,585
| At 31 December 2025 | - | 1,071,323 | 1,071,323
| Net book value |  |  |
| At 31 December 2025 | 20,817,307 | 50,960 | 20,868,267
| At 31 December 2024 | 20,502,001 | 70,474 | 20,572,475
Page 36
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15.Tangible fixed assets (continued)
| Freehold land and buildings are held at valuation and were valued on 25 April 2023 by Savills (UK) Limited, an independent firm of chartered surveyors, on an open market basis. If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 10,144,230
| At 31 December 2025 | 10,144,230
| Subsidiary undertakings
| The following were direct subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Salop Leisure Limited | Emstrey, Shrewsbury, Shropshire, SY5 6QS | Ordinary | 100%
| Bywater Leisure Park Limited | Emstrey, Shrewsbury, Shropshire, SY5 6QS | Ordinary | 100%
Page 37
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 15,806,012 | 16,761,121
|  | 15,806,012 | 16,761,121
| An impairment credit of £145,338 (2024: £823,566) was recognised in cost of sales against stock during the period due to slow-moving and obsolete stock.
18. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts owed by group undertakings | - | - | - | 1,238,140
|  | - | - | - | 1,238,140
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 7,084,041 | 5,658,235 | 4,090 | 3,366
| Other debtors | 257,738 | 259,199 | 85,526 | -
| Prepayments and accrued income | 440,535 | 461,270 | - | -
| Tax recoverable | - | 25,953 | - | -
|  | 7,782,314 | 6,404,657 | 89,616 | 3,366
Page 38
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 755,063 | 1,596,857 | 8,313 | 14,141
| Less: bank overdrafts | (56,841) | (72,472) | - | -
|  | 698,222 | 1,524,385 | 8,313 | 14,141
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 56,841 | 72,472 | - | -
| Bank loans | 1,684,078 | 2,012,137 | 1,492,664 | 1,798,667
| Payments received on account | 212,974 | 231,767 | - | -
| Trade creditors | 14,505,429 | 13,812,980 | 6,830 | 900
| Corporation tax | 347,929 | 255,209 | 294,186 | 246,793
| Other taxation and social security | 21,612 | 35,985 | - | 35,985
| Obligations under finance lease and hire purchase contracts | 136,353 | 126,285 | - | -
| Other creditors | 212,153 | 116,712 | 59 | -
| Accruals and deferred income | 1,949,585 | 2,028,905 | 675,806 | 686,282
|  | 19,126,954 | 18,692,452 | 2,469,545 | 2,768,627
| Included within trade creditors are amounts totaling £11,268,378 (2024: £10,487,149) which are secured on the specific stock assets to which they relate.
Page 39
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 6,156,676 | 6,941,567 | 6,156,676 | 6,749,339
| Net obligations under finance leases and hire purchase contracts | 190,791 | 275,263 | - | -
| Amounts owed to group undertakings | - | - | 60,800 | -
| Other creditors | 2,401,929 | 2,610,190 | 2,401,929 | 2,610,190
|  | 8,749,396 | 9,827,020 | 8,619,405 | 9,359,529
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 1,684,078 | 2,012,137 | 1,492,664 | 1,798,667
|  | 1,684,078 | 2,012,137 | 1,492,664 | 1,798,667
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 3,906,672 | 1,090,894 | 3,906,672 | 898,666
|  | 3,906,672 | 1,090,894 | 3,906,672 | 898,666
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 2,250,004 | 5,850,673 | 2,250,004 | 5,850,673
|  | 2,250,004 | 5,850,673 | 2,250,004 | 5,850,673
|  | 7,840,754 | 8,953,704 | 7,649,340 | 8,548,006
Page 40
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 22.Loans (continued)
| The loans detailed below are secured against all the land and buildings owned by the Group. Obligations under finance leases and hire purchase agreements are secured on the assets to which they relate. The Group has a number of bank loans with varying repayment terms. A long-term loan is repayable over 15 years and bears interest at rates of 1.7% and 1.4% above LIBOR. In addition, loans were obtained between 2020 and 2024 ranging from £750,000 to £900,000, bearing interest at between 2.1% and 2.75% above the base rate. These loans were repayable either by equal instalments or quarterly repayments, with final maturity dates between June 2027 and August 2028. One loan obtained in 2024 was repaid in full in December 2025. The bank loans and overdraft are secured over the following: - A legal charge over showroom premises at Emstrey, Shrewsbury, Shropshire on the bank's standard form; - A legal charge over land on the South East Side of Atcham at Emstrey, Shrewsbury, Shropshire on the bank's standard form; - A legal charge over The Elms at Emstrey, Shrewsbury, Shropshire on the bank's standard form; - A legal charge over Unit 3 Trewain Enterprise Park, Machynlleth, Powys on the bank's standard form; - A legal charge over the land Trewain Enterprise Park, Machynlleth, Powys on the bank's standard form; and - An unlimited inter company composite guarantee between Salop Leisure Holdings Limited, Salop Leisure Limited and Bywater Leisure Parks Limited.
Page 41
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 207,967 | 126,285
| Between 1-5 years | 119,177 | 275,263
|  | 327,144 | 401,548
24. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of period | (3,964,570)
| Charged to the profit or loss | (105,459)
| Utilised in year | 149,043
| At end of period | (3,920,986)
Page 42
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 24.Deferred taxation (continued)
| Company
|  | 2025
|  | £
| At beginning of period | (1,975,954)
| Charged to the profit or loss | (84,996)
| Utilised in year | 149,043
| At end of period | (1,911,907)
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (1,458,625) | (1,353,166) | (783,155) | (698,159)
| On revalued properties | (2,462,361) | (2,611,404) | (1,128,752) | (1,277,795)
|  | (3,920,986) | (3,964,570) | (1,911,907) | (1,975,954)
Page 43
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
25. | Provisions
| Group
|  | Warranty provision
|  | £
| At 1 January 2025 | 519,376
| Charged to profit or loss | 316,201
| Utilised in year | (370,949)
| At 31 December 2025 | 464,628
26. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 990 (2024 - 990) Ordinary shares of £1.00 each | 990 | 990
27. | Reserves
Revaluation reserve The revaluation reserve represents movements in the valuation of the Group's properties in excess of historic cost net of any deferred tax arising. Profit and loss account The profit and loss account represents the accumulated profits and losses of the Group since incorporation less distributions made to shareholders. Page 44
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| 28. | Analysis of net debt
|  |  | At 1 January 2025 | Cash flows | At 31 December 2025
|  |  | £ | £ | £
| Cash at bank and in hand | 1,596,857 | (841,794) | 755,063
| Bank overdrafts | (72,472) | 15,631 | (56,841)
| Debt due after 1 year | (192,228) | 784,891 | 592,663
| Debt due within 1 year | (8,761,476) | 328,059 | (8,433,417)
| Finance leases | (401,548) | 74,404 | (327,144)
|  | (7,830,867) | 361,191 | (7,469,676)
29. | Pension commitments
The Group operates a number of defined contribution pension schemes. The assets are held separately from those of the Group in independently administered funds. The pension costs charge represents contributions payable to the funds and amounted to £118,077 (2024: £129,156). There were amounts outstanding at the end of the period of £10,000 (2024: £10,000). Page 45
SALOP LEISURE HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
30. | Related party transactions
| The Group in the year made the following related party transactions: Salop Caravans (Sites) Limited, a Company which has common Directors, included sales in the period of £2,360,490 (2024: £2,376,833) and purchases of £183,225 (2024: £116,923). There were no balances outstanding at year end. Love 2 Build (Shrewsbury) Limited, a Company which has common Directors, included sales in the period of £34 (2024: £7,227). There were no balances outstanding at year end. During the year the Group has made sales to the Directors totalling £11,739 (2024: £14,872). Included within other creditors are the Directors' loan accounts totalling £2,071,929 (2024: £2,210,190) owed to the Directors. Interest has been accrued on the balances at a rate of 9%. The Directors' loan accounts are unsecured. During the year the Company made sales of £2,172,642 (2024: £2,171,113) to a subsidiary. The Company incurred expenditure of £67,910 (2024: £9,652). At the year-end, the Company owed £60,800 (2024: £1,238,140 owed from subsidiary) to their subsidiary. The Company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.
31. | Controlling party
The Group is controlled by the Directors by virtue of their respective shareholdings.
Page 46