Company registration number 14460973 (England and Wales)
THORNLEY LEISURE PARKS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
THORNLEY LEISURE PARKS LIMITED
COMPANY INFORMATION
Directors
Mr D M Thornley
Mr D E Thornley
Mrs E V Richards
Mr W J Richards
Mrs E Thornley
Company number
14460973
Registered office
William Sutcliffe Suite
Raymond Court
Princes Drive
Colwyn Bay
Conwy
Nth Wales
LL29 8HT
Auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
THORNLEY LEISURE PARKS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
THORNLEY LEISURE PARKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

The company owns and operates 10 award-winning holiday parks in coastal locations and areas of natural beauty in Wales, Cheshire and Yorkshire. There is a range of accommodation options including static caravans, lodges as well as touring and camping pitches; together with on-park facilities including bars, bistro and swimming pools.

We believe in ‘Something Special for everyone'. Thornley Leisure has over 1,500 pitches across its parks. Our portfolio is varied with park sizes ranging from 73 to 262 pitches. Revenue is generated from four complementary revenue streams including holiday letting sales, holiday homes sales, owner pitch fee income and on-park spends

Review of the business

The profit before tax was £1,835,680 (202 4: £1,225,737). We continue to invest in updating, improving and maintaining our parks in to order to improve our customer experience and make the parks stand-out holiday destinations in the caravan park world.

Principal risks and uncertainties

Here we outline the principal risks and uncertainties that the company faces in the future.

Economic risk

Economic fluctuations may impact consumer spending on leisure activities, leading to a decrease in caravan park bookings.

Environmental risk

Unpredictable weather patterns, including storms and floods, pose a risk to the operation of caravan parks and may result in reduced visitor numbers.

Demand risk

Evolving consumer trends and preferences may influence the type of amenities and services demanded, requiring caravan parks to adapt swiftly.

Maintenance risks

Ageing infrastructure and inadequate maintenance may result in service disruptions, posing safety risks and negatively impacting the customer experience, however the company prides itself on the maintenance and infrastructure of its parks and spends a significant amount in ensuring all sites are well maintained.

Liquidity and cash flow risk

Dependency on seasonal tourism may result in revenue and cashflow fluctuations, with potential financial challenges during off-peak periods. These are continually monitored to ensure any potential future issues are identified as early as possible and mitigated accordingly.

Understanding and proactively managing these risks will enable the company to navigate uncertainties effectively, ensuring the resilience and sustainability of the business in a dynamic environment.

THORNLEY LEISURE PARKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Development and performance

Analysis of future development and performance

In the dynamic landscape of caravan park hospitality, we understand that prioritising customer experience is pivotal for sustained success. This is what the company has and will continue to focus on to provide customer satisfaction, foster loyalty, and position Thornley Leisure as a premier caravan park destination in the UK.

We plan to continue to focus on providing:

Enhanced On-Site Amenities

- Investing in upgrading and expanding facilities, such as recreational areas and communal spaces.

- Introduce new amenities based on customer preferences.

Themed Events and Activities

- Organise themed events and activities to enhance the overall guest experience.

Response to Customer Feedback

- Actively respond to feedback, addressing concerns promptly and showcasing commitment to improvement.

Welcoming Arrival Experience at our parks

- Providing a welcoming entrance and reception area to create a warm and inviting first impression.

- Train staff to offer a personalised welcome, providing guests with essential information.

Seamless Booking Process

- Provide transparent information on pricing, amenities, and policies to set clear expectations.

Staff Training and Engagement

- Conduct regular training programmes to empower staff with excellent customer service skills.

- Foster a culture of hospitality among all team members.

By continuing to focus on the above, Thornley Leisure Parks aim to not only meet but exceed customer expectations, fostering a positive and memorable experience that will drive customer loyalty and positive word-of-mouth within the caravan community.

Key performance indicators

We mainly use profitability as our key performance indicators, for the period these are as follows:

Gross profit: £10,440,433 (202 4: £10,364,572)

Gross profit margin: 64.0% (202 4: 6 2.2%)

Net profit before tax (excluding group dividend): £1,835,680 (202 4: £1,225,737)

Net profit margin: 11.3% (202 4: 7.4%)

THORNLEY LEISURE PARKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

On behalf of the board

Mr D M Thornley
Director
24 February 2026
THORNLEY LEISURE PARKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company was that of a caravan park operator.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £696,250. 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:

Mr D M Thornley
Mr D E Thornley
Mrs E V Richards
Mr W J Richards
Mrs E Thornley
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.

On behalf of the board
Mr D M Thornley
Director
24 February 2026
THORNLEY LEISURE PARKS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 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.

THORNLEY LEISURE PARKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORNLEY LEISURE PARKS LIMITED
- 6 -
Opinion

We have audited the financial statements of Thornley Leisure Parks Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 31 October 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.

THORNLEY LEISURE PARKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORNLEY LEISURE PARKS 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- the company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management of their own identification of and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

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

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i) The presentation of the company's Statement of Comprehensive Income and (ii) the company's accounting policy for revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and GDPR legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

- enquiring of management and directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reviewing correspondence with relevant authorities where matters identified were significant;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

- reviewing the repairs nominal to identify any potential items which were capital in nature.

- performing substantive testing on revenue.

- recalculation and enquiry on the deferred income calculations and the reasoning behind them.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 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.

THORNLEY LEISURE PARKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORNLEY LEISURE PARKS LIMITED (CONTINUED)
- 9 -

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.

Robert Hall BSc FCA
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
24 February 2026
Accountants
24 Nicholas Street
Chester
CH1 2AU
THORNLEY LEISURE PARKS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
16,302,336
16,656,574
Cost of sales
(5,861,903)
(6,292,002)
Gross profit
10,440,433
10,364,572
Administrative expenses
(7,860,698)
(8,253,390)
Operating profit
4
2,579,735
2,111,182
Other interest receivable and similar income
7
5,400
2,900
Interest payable and similar expenses
8
(749,455)
(888,345)
Profit before taxation
1,835,680
1,225,737
Tax on profit
9
(490,150)
(306,998)
Profit for the financial year
1,345,530
918,739

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

THORNLEY LEISURE PARKS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,486,946
1,572,322
Tangible assets
12
26,356,517
26,095,690
27,843,463
27,668,012
Current assets
Stocks
13
2,423,171
1,708,984
Debtors
14
894,137
888,955
Cash at bank and in hand
838,313
1,215,741
4,155,621
3,813,680
Creditors: amounts falling due within one year
15
(6,490,714)
(6,111,753)
Net current liabilities
(2,335,093)
(2,298,073)
Total assets less current liabilities
25,508,370
25,369,939
Creditors: amounts falling due after more than one year
16
(10,181,251)
(10,764,416)
Provisions for liabilities
Deferred tax liability
19
1,119,199
1,046,883
(1,119,199)
(1,046,883)
Net assets
14,207,920
13,558,640
Capital and reserves
Called up share capital
22
1,002
1,002
Profit and loss reserves
14,206,918
13,557,638
Total equity
14,207,920
13,558,640

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 24 February 2026 and are signed on its behalf by:
Mr D M Thornley
Director
Company registration number 14460973 (England and Wales)
THORNLEY LEISURE PARKS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2023
1,002
12,678,899
12,679,901
Year ended 31 October 2024:
Profit and total comprehensive income
-
918,739
918,739
Dividends
10
-
(40,000)
(40,000)
Balance at 31 October 2024
1,002
13,557,638
13,558,640
Year ended 31 October 2025:
Profit and total comprehensive income
-
1,345,530
1,345,530
Dividends
10
-
(696,250)
(696,250)
Balance at 31 October 2025
1,002
14,206,918
14,207,920
THORNLEY LEISURE PARKS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,370,401
2,993,462
Interest paid
(749,455)
(888,345)
Income taxes paid
(169,184)
(22,905)
Net cash inflow from operating activities
1,451,762
2,082,212
Investing activities
Purchase of tangible fixed assets
(1,193,542)
(1,534,298)
Proceeds from disposal of tangible fixed assets
431,095
710,400
Repayment of loans
175,297
-
0
Interest received
5,400
2,900
Net cash used in investing activities
(581,750)
(820,998)
Financing activities
Repayment of bank loans
(542,229)
(486,763)
Payment of finance leases obligations
(8,961)
(478)
Dividends paid
(696,250)
(40,000)
Net cash used in financing activities
(1,247,440)
(527,241)
Net (decrease)/increase in cash and cash equivalents
(377,428)
733,973
Cash and cash equivalents at beginning of year
1,215,741
481,768
Cash and cash equivalents at end of year
838,313
1,215,741
THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 14 -
1
Accounting policies
Company information

Thornley Leisure Parks Limited is a private company limited by shares incorporated in England and Wales. The registered office is William Sutcliffe Suite, Raymond Court, Princes Drive, Colwyn Bay, Conwy, Nth Wales, LL29 8HT.

1.1
Basis of preparation

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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically for caravans, revenue is not recognised until full payment has been received as this is when the customer gains control of the caravan and the keys are given to them.

Revenue from services is recognised by when the services are passed to the buyer.

The company charges occupants pitch fees for a set period of time, revenue is recognised over this period of time.

The company charges occupants for utilities, revenue is recognised based on the usage which is taken from meters on each pitch.

THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land
Not depreciated
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Caravans
10% reducing balance

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication 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. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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.

THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 17 -
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.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 18 -
1.10
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.

1.11
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.

1.12
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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases
As lessee

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.

THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 19 -
2
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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Revenue from UK holiday parks
16,302,336
16,656,574
2025
2024
£
£
Other revenue
Interest income
5,400
2,900
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
24,000
20,000
Depreciation of tangible fixed assets
778,945
670,676
Profit on disposal of tangible fixed assets
(277,325)
(392,037)
Amortisation of intangible assets
85,376
85,376
5
Employees

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

2025
2024
Number
Number
Directors
6
6
Operational employees
126
133
Total
132
139
THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,223,391
4,173,675
Social security costs
482,750
409,366
Pension costs
148,042
215,781
4,854,183
4,798,822
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,289,808
1,251,403
Company pension contributions to defined contribution schemes
75,129
140,712
1,364,937
1,392,115
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
413,000
412,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
5,400
2,900
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
5,400
2,900
THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
728,908
886,364
Other finance costs
Interest on finance leases and hire purchase contracts
20,547
1,981
749,455
888,345
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
417,834
169,184
Deferred tax
Origination and reversal of timing differences
72,316
137,814
Total tax charge
490,150
306,998

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
1,835,680
1,225,737
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
458,920
306,434
Tax effect of expenses that are not deductible in determining taxable profit
9,893
12,456
Fixed asset differences
(33,725)
(72,784)
Chargeable gains
55,062
60,892
Taxation charge for the year
490,150
306,998
10
Dividends
2025
2024
£
£
Interim paid
696,250
40,000
THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2024 and 31 October 2025
1,707,500
Amortisation and impairment
At 1 November 2024
135,178
Amortisation charged for the year
85,376
At 31 October 2025
220,554
Carrying amount
At 31 October 2025
1,486,946
At 31 October 2024
1,572,322
12
Tangible fixed assets
Freehold land
Plant and equipment
Fixtures and fittings
Motor vehicles
Caravans
Total
£
£
£
£
£
£
Cost
At 1 November 2024
21,312,602
2,343,354
458,711
812,130
2,105,566
27,032,363
Additions
-
0
107,921
48,819
86,478
950,324
1,193,542
Disposals
-
0
-
0
-
0
(1,477)
(186,962)
(188,439)
At 31 October 2025
21,312,602
2,451,275
507,530
897,131
2,868,928
28,037,466
Depreciation and impairment
At 1 November 2024
-
0
439,390
72,600
168,985
255,698
936,673
Depreciation charged in the year
-
0
285,600
57,916
177,770
257,659
778,945
Eliminated in respect of disposals
-
0
-
0
-
0
(659)
(34,010)
(34,669)
At 31 October 2025
-
0
724,990
130,516
346,096
479,347
1,680,949
Carrying amount
At 31 October 2025
21,312,602
1,726,285
377,014
551,035
2,389,581
26,356,517
At 31 October 2024
21,312,602
1,903,964
386,111
643,145
1,849,868
26,095,690

Freehold land and buildings with a carrying amount of £9,102,816 have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 23 -
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
2,423,171
1,708,984
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
191,770
185,628
Other debtors
236,902
262,565
Prepayments and accrued income
465,465
440,762
894,137
888,955
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
557,805
531,776
Obligations under finance leases
18
14,903
8,957
Trade creditors
666,474
834,563
Corporation tax
417,834
169,184
Other taxation and social security
808,857
819,579
Deferred income
20
3,141,169
3,159,598
Other creditors
460,772
98,030
Accruals
422,900
490,066
6,490,714
6,111,753
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
10,014,257
10,582,515
Obligations under finance leases
18
166,994
181,901
10,181,251
10,764,416
THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
10,572,062
11,114,291
Payable within one year
557,805
531,776
Payable after one year
10,014,257
10,582,515

The long-term loans are secured by fixed charges over properties Morfa Lodge caravan park and The Beach caravan park.

18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
14,903
8,957
After more than one year
166,994
181,901
181,897
190,858
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
14,903
8,957
In two to five years
166,994
181,901
181,897
190,858

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance lease liabilities are secured against the assets leased.

THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 25 -
19
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
1,119,199
1,046,883
2025
Movements in the year:
£
Liability at 1 November 2024
1,046,883
Charge to profit or loss
72,316
Liability at 31 October 2025
1,119,199
20
Deferred income
2025
2024
£
£
Other deferred income
3,141,169
3,159,598
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
148,042
215,781

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.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary A shares of £1 each
1
1
1
1
Ordinary B shares of £1 each
1
1
1
1
1,002
1,002
1,002
1,002
THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 26 -
23
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
54,450
54,450
Years 2-5
149,902
162,751
After 5 years
128,219
169,819
332,571
387,020

Lease payments recognised as an expense in the period amount to £54,450.

24
Directors' transactions

Dividends totalling £696,250 were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' Loan
2.25
262,353
81,803
5,400
(262,500)
87,056
262,353
81,803
5,400
(262,500)
87,056

These advances will be repaid within 9 months of the year end.

THORNLEY LEISURE PARKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 27 -
25
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,345,530
918,739
Adjustments for:
Taxation charged
490,150
306,998
Finance costs
749,455
888,345
Investment income
(5,400)
(2,900)
Gain on disposal of tangible fixed assets
(277,325)
(392,037)
Amortisation and impairment of intangible assets
85,376
85,376
Depreciation and impairment of tangible fixed assets
778,945
670,676
Movements in working capital:
(Increase)/decrease in stocks
(714,187)
1,108,245
Increase in debtors
(180,479)
(244,431)
Increase/(decrease) in creditors
116,765
(121,258)
Decrease in deferred income
(18,429)
(224,291)
Cash generated from operations
2,370,401
2,993,462
26
Analysis of changes in net debt
2025
£
Opening net funds/(debt)
Cash at bank and in hand
1,215,741
Borrowings excluding overdrafts
(11,114,291)
Lease liabilities
(190,858)
(10,089,408)
Changes in net debt arising from:
Cash flows of the entity
173,762
Closing net funds/(debt) as analysed below
(9,915,646)
Closing net funds/(debt)
Cash at bank and in hand
838,313
Borrowings excluding overdrafts
(10,572,062)
Lease liabilities
(181,897)
(9,915,646)
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