Company registration number 04344477 (England and Wales)
ADVENTURE FOREST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
ADVENTURE FOREST LIMITED
COMPANY INFORMATION
Directors
Mr N Hall
Mrs J O'Boyle
Mr D Garden
Mr B Garrod
(Appointed 28 February 2025)
Secretary
Mr D Garden
Company number
04344477
Registered office
Unit 6, Fornham Business Court
The Drift
Fornham St Martin
Bury St Edmunds
IP31 1SL
Auditor
Ensors
3 St James Court
Whitefriars
Norwich
NR3 1RJ
ADVENTURE FOREST LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
ADVENTURE FOREST LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Principal activities

The principal activity of the company continued to be the provision of high ropes adventure activities in the UK. The Company operates 113 adventure activities in locations throughout the UK.

Review of the business

The Statement of Comprehensive Income is set out on page 10 and shows turnover for the year of £26,376,678 (202 4: £26,509,368) and profit before taxation for the year of £746,757 (202 4: profit before t ax of £2,228,161).

The Company’s visitor numbers decreased by 2% against 2024 to 1,011,000 due to a challenging economic environment and sustained extreme weather in the second half of 2025. Turnover remained in line with 2024, with revenue being supported by the evolution of differential pricing. Changes to differential pricing during peak holiday and weekend periods have increased average revenue per customer by £0.45 compared with 2024.

Principal risks and uncertainties

Health and safety

The Company takes safety extremely seriously and continually seeks to improve its operating processes and procedures. It has leadership roles in the creation of British, European and American standards for the ropes course industry, and works closely with the leading national and international safety advisors and authorities to minimise risks within the operation of its activities.

However, in any adventure business, there always remains the risk of an accident.

Financial instrument risk

The Company uses various financial instruments, including cash and various items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to ensure sufficient cashflow to support the Company’s operations. The existence of these financial instruments exposes the Company to several financial risks which are described in more detail below. The main risks arising from the Company’s financial instruments are:

• liquidity risk

• credit risk

• cashflow interest risk

• general economic conditions

Liquidity risk

The Company seeks to manage financial risk by ensuring sufficient liquidity and working capital is available to meet the needs of the Company.

ADVENTURE FOREST LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Credit risk

The Company’s principal financial assets are cash and trade debtors. The credit risk associated with cash is limited and the Company monitors cash flow as part of its day-to-day control procedures, and the board considers cash flow projections on a quarterly basis to ensure that appropriate facilities are available to be drawn upon as required. In order to manage credit risk associated with trade debtors, credit is offered to only a very limited number of customers, with the majority paying in advance of undertaking an adventure.

Interest rate risk

The Company primarily finances its operations through retained profits.

Other economic risk

Competition from national and local leisure providers is an ongoing challenge. The wider leisure market is extremely competitive and the need to differentiate through product innovation, customer experience and the quality of our staff is what sets us apart from other leisure operators. Customer service is at the centre of what we do and the need to recruit and train high quality staff is an increasing challenge to maintain this level of customer experience.

As a consumer driven business, the Company could be affected by reduced discretionary spending patterns that may result from a worsening of macro-economic conditions within the UK. As a multi-site predominantly rural-based leisure activity the company is vulnerable to widespread rural closures in the event of the spread of a trans-species animal disease.

Future developments

The strategy of the business is to grow revenue through organic growth of new experiences at existing sites and the development of new site locations where we can roll out our existing activities. Investment to develop our existing activities and experiences continues to be a key element of the Company’s growth strategy, with a new location expected to open in early 2027, together with a number of new activities.

Key performance indicators

The key performance indicators of the Company’s continuing operations are as follows:

2025
2024
(Decrease) / increase in revenue year on year
0%
(4%)
Average revenue per customer
£26.08
£25.63
(Decrease) / increase in visitor numbers
(2%)
(14%)

On behalf of the board

Mr D Garden
Director
9 July 2026
ADVENTURE FOREST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Results and dividends

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

There were no interim or final dividends paid to Ordinary shareholders during the year (2024: Nil).

There were no interim or final dividends paid to Ordinary B shareholders during the year (2024: Nil).

Directors

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

Mr N Hall
Mr B Davies
(Resigned 30 September 2025)
Mrs J O'Boyle
Mr D Garden
Mr B Garrod
(Appointed 28 February 2025)
Political and charitable donations

During the year the Company made charitable contributions, including Go Ape Gift Vouchers of £46,893 (2024: £33,907). The Company made no political contributions (2024: £Nil).

Disabled persons

The Company is committed to the policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. As an equal opportunities employer we welcome applications from all sections of the community.

The Company is part of the Government’s Disability Confident scheme and currently have Level 1 – Committed status. This includes a commitment to giving opportunities to applicants with disabilities and provide an environment in which all co-owners can thrive - whether this is advertising our job roles through various inclusive and accessible channels or reducing barriers to ensure co-owners with disabilities have every opportunity to thrive. Where existing co-owners become disabled, we are committed to making reasonable adjustments where possible and continuing to support them on their journey.

The Company provide access to Equality, Diversity and Inclusion training for all managers and all other co-owners, in addition to a large hub of free online resources for all employees to utilise at their own pace .

Employee involvement

Our ‘Tribe’ are the people most passionate about the Company and its values, they are the people who we believe should also reap the rewards for their hard work and dedication. Harnessing their knowledge and passion is key to decision making and intrinsic to our employee ownership model.

In 2023 we introduced the ‘Tribe Hub’ an internal intranet sharing news and communications from across the business, including the management team and Employee Council to enable much greater accessibility. In addition to the Tribe Hub, the flow of information to employees has been maintained through our monthly ‘Tribe Talk’ internal publication, as well as Company wide video calls with senior management to update on commercial performance. Members of the management team regularly visit sites and discuss matters of current interest to the business with employees.

ADVENTURE FOREST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Statement on engagement with employees, suppliers, customers and others

We are proud that the Company is ultimately controlled by an Employee Ownership Trust who owns 90% of the parent company, giving all employees an indirect stake in the business in perpetuity. The Go Ape Trustees entrust the management of the Company to the Board of Directors, who consult with the Employee Council on a regular basis about the performance and running of the business and other important operational changes as part of the governance structure. In carrying out their duties, the Directors have in mind the Company’s purpose and values (available online at www.goape.co.uk). This section states ‘Go Ape's tribe of co-owners are the people most passionate about the company and its values, the best custodians of them for the customers and employee co-owners of today and tomorrow, and best positioned to achieve success necessary to promote our values. They are the people who should also reap the rewards for their hard work and dedication. Together we will continue to grow the business for the benefit of our employee co-owners, customers, environment, communities and partners’.

Decision-making at the Board

Certain matters under the Company’s governance arrangement are reserved for decision by the Directors. Directors are briefed on the background and reasons for any proposal and the associated costs, benefits and risks, as well as any potential impacts and risks for our customers, Co-owners and other stakeholders including our suppliers, the community and environment and how they are to be managed. The Directors take these factors into account before making a final decision which together they believe is in the best interests of the Company and its members, including its ultimate beneficial owners – our employees.

Long term sustainability

The shared aim of the Trustee Board, the Board of Directors, and the Employee Council, the Company’s three governing authorities, is to safeguard the Company’s future, protect its independence and protect its values and purpose for the benefit of all current and future co-owners.

Key stakeholders and community and environmental impact

Carrying forward that aim, and aligned to the Company’s values, the Board keeps in mind the impact the Company has on different stakeholder groups. These stakeholders include: our customers, for whom we aim to continue creating adventures and encouraging everyone to live more adventurously, our landlords and suppliers from whom we purchase goods and services, the communities and environments in which we operate.

Post reporting date events

On 20 February 2026, Adventure Forest Limited made a further payment against the deferred consideration from the distributable reserves generated in the year ended 31 December 2025. See note 24 for further details.

Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company's auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising.

The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Matters dealt with in the Strategic Report that would otherwise be included in Directors' report

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

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.

ADVENTURE FOREST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
Medium-sized companies exemption

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

On behalf of the board
Mr D Garden
Director
9 July 2026
ADVENTURE FOREST LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

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.

ADVENTURE FOREST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADVENTURE FOREST LIMITED
- 7 -
Opinion

We have audited the financial statements of Adventure Forest Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 December 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.

ADVENTURE FOREST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADVENTURE FOREST LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control and transactions with related parties.

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

ADVENTURE FOREST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADVENTURE FOREST LIMITED (CONTINUED)
- 9 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

- Inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- Inquired of management, those charged with governance about any non-compliance with laws and regulations.

- Reviewed board minutes for any indication of non-compliance with laws and regulations and indications of fraud.

- Tested journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions.

- In addressing the risk of fraud through revenue recognition, we reviewed the revenue recognition policy and ensured the adopted policy was in line with UK GAAP and FRS 102 requirement, we tested the application of this policy throughout our substantive audit procedures.

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance or fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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.

James Waller (Senior Statutory Auditor)
For and on behalf of Ensors
Statutory Auditor
Chartered Accountants
3 St James Court
Whitefriars
Norwich
NR3 1RJ
9 July 2026
ADVENTURE FOREST LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
26,376,678
26,509,368
Cost of sales
(17,721,299)
(17,220,410)
Gross profit
8,655,379
9,288,958
Administrative expenses
(8,142,962)
(7,765,043)
Other operating income
4
14,172
420,788
Operating profit
5
526,589
1,944,703
Interest receivable and similar income
8
220,168
291,012
Interest payable and similar expenses
9
-
0
(7,554)
Profit before taxation
746,757
2,228,161
Tax on profit
10
(201,984)
(573,295)
Profit for the financial year
544,773
1,654,866

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

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 13 to 25 form part of these financial statements.

ADVENTURE FOREST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,417,189
3,963,194
Current assets
Stocks
14
755,519
742,185
Debtors
15
1,840,978
1,843,632
Cash at bank and in hand
4,078,930
5,239,093
6,675,427
7,824,910
Creditors: amounts falling due within one year
16
(5,520,021)
(6,232,782)
Net current assets
1,155,406
1,592,128
Total assets less current liabilities
4,572,595
5,555,322
Provisions for liabilities
Deferred tax liability
17
144,916
172,416
(144,916)
(172,416)
Net assets
4,427,679
5,382,906
Capital and reserves
Called up share capital
19
119
119
Share premium account
6,000
6,000
Other reserves
35,377
35,377
Profit and loss reserves
20
4,386,183
5,341,410
Total equity
4,427,679
5,382,906

The notes on pages 13 to 25 form part of these financial statements.

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 9 July 2026 and are signed on its behalf by:
Mr D Garden
Director
Company registration number 04344477 (England and Wales)
ADVENTURE FOREST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2024
119
6,000
35,377
6,566,544
6,608,040
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
1,654,866
1,654,866
Deferred consideration paid on behalf of the Employee Ownership Trust to acquire shares of parent company
11
-
-
-
(2,880,000)
(2,880,000)
Balance at 31 December 2024
119
6,000
35,377
5,341,410
5,382,906
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
544,773
544,773
Deferred consideration paid on behalf of the Employee Ownership Trust to acquire shares of parent company
11
-
-
-
(1,500,000)
(1,500,000)
Balance at 31 December 2025
119
6,000
35,377
4,386,183
4,427,679

The notes on pages 13 to 25 form part of these financial statements.

ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Adventure Forest Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Fornham Business Court, The Drift, Fornham St Martin, Bury St Edmunds, IP31 1SL.

1.1
Accounting convention

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

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

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

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

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

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

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The financial statements of the company are consolidated in the financial statements of Adventure Forest Group Limited. These consolidated financial statements are available from its registered office, Unit 6, Fornham Business Court, The Drift, Fornham St Martin, Bury St Edmunds, Suffolk, IP31 1SL.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

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.

ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover

Turnover comprises:

- sales to external customers at invoiced amounts less value added tax or local taxes for the provision of high ropes adventure and associates activities, merchandise, food and beverage where turnover is recognised upon provision of the service to the customer;

- fees received from franchisees less value added tax or local taxes; and

- monetary gift vouchers sold for the provision of high ropes and associated activities which have not been redeemed before their expiry date where turnover is recognised on the date of expiry of the gift voucher.

1.4
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:

Site construction (including Segways)
3 to 22 years straight line
Office equipment
3 to 5 years straight line
Computer equipment
3 to 4 years straight line

Assets in the course of construction are not depreciated.

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

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.

1.7
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.

ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments

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

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

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

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.

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, 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.

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.

ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

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

1.9
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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as 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 Company in independently administered funds.

ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.12
Leases
As lessee

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

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Onerous leases

Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the lease.

2
Judgements and key sources of estimation uncertainty

Preparation of financial statements requires the management to make certain judgements and estimates. The Company's directors consider that there are no significant or material judgements used to calculate the useful economic life of tangible fixed assets as these are aligned with industry averages. All assets are being depreciated accordingly over the useful economic life.

The Company's directors consider that in the preparation of these financial statements, there were no material judgements and estimates which could give rise to a material misstatement in future accounting periods.

In preparing the financial statements, the directors have determined whether there are indicators of impairment of the Company's investment in subsidiary and associate undertakings. Factors taken into consideration in reaching such a decision include the economic viability of the individual subsidiaries and the future ability to repay the cost of investment. The directors have reviewed the value of each investment at the year end and where appropriate, impaired the carrying value in the Company.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Activity income
25,179,678
25,325,153
Retail & Cafe income
1,197,000
1,184,215
26,376,678
26,509,368

The whole turnover arises solely within the United Kingdom.

ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
4
Other operating income
2025
2024
£
£
Other operating income
14,172
420,788
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
10,780
(88,929)
Fees payable to the company's auditor for the audit of the company's financial statements
37,500
36,000
Depreciation of tangible fixed assets
1,101,029
1,151,772
Loss on disposal of tangible fixed assets
26,672
2,921
Operating lease charges
2,239,775
2,166,141
6
Employees

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

2025
2024
Number
Number
Site staff
798
867
Head office
70
67
Total
868
934

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
13,292,591
13,103,837
Social security costs
1,143,642
802,459
Pension costs
354,365
326,001
14,790,598
14,232,297
ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
739,389
623,808
Company pension contributions to defined contribution schemes
38,754
30,249
778,143
654,057

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024: 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
238,762
294,082
Company pension contributions to defined contribution schemes
11,922
11,677

Included within emoluments to the highest paid director is £64,857 (2024: £124,525) of deferred consideration amounts in respect of the sale to the Employee Ownership Trust in 2021. Excluding these payments, the highest paid director received emoluments of £173,905 (2024: £169,557).

8
Interest receivable and similar income
2025
2024
£
£
Interest on bank deposits
220,168
291,012
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
-
0
7,554
ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
229,484
611,096
Adjustments in respect of prior periods
-
0
(16,074)
Total current tax
229,484
595,022
Deferred tax
Origination and reversal of timing differences
(27,500)
(35,227)
Adjustment in respect of prior periods
-
0
13,500
Total deferred tax
(27,500)
(21,727)
Total tax charge
201,984
573,295

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
746,757
2,228,161
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
186,689
557,040
Effects of:
Expenses that are not deductible in determining taxable profit
5,947
1,581
Adjustments in respect of prior years
-
0
(16,074)
Permanent capital allowances in excess of depreciation
(371)
17,248
Depreciation on assets not qualifying for tax allowances
9,719
-
0
Deferred tax adjustments in respect of prior years
-
0
13,500
Taxation charge in the financial statements
201,984
573,295

ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
11
Employee Ownership Trust
2025
2024
£
£
Consideration paid on behalf of the Employee Ownership Trust to acquire
shares of parent company
1,500,000
2,880,000

On 24 October 2021, the shareholders of the parent company, Adventure Forest Group Limited elected to sell 90% of their shares to the Company's employees through the mechanism of an Employee Ownership Trust. Adventure Forest Limited made the payment of initial consideration and subsequent amounts for the deferred consideration payments.

During the year ended 31 December 2025 Adventure Forest Limited made payments against the deferred consideration totalling £1,500,000 (2024: £2,880,000), to the former shareholders. Adventure Forest Limited expects to make future payments of deferred consideration on an annual basis providing that the Company has sufficient distributable reserves and cash when the payments fall due.

12
Tangible fixed assets
Site construction
Assets under construction
Office equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
12,238,169
100,592
1,602,735
754,662
14,696,158
Additions
38,340
462,953
45,287
37,766
584,346
Disposals
(55,364)
-
0
(21,547)
(94,608)
(171,519)
Transfers
542,706
(542,706)
-
0
-
0
-
0
At 31 December 2025
12,763,851
20,839
1,626,475
697,820
15,108,985
Depreciation and impairment
At 1 January 2025
8,835,973
-
0
1,277,116
619,875
10,732,964
Depreciation charged in the year
841,696
-
0
200,778
58,555
1,101,029
Eliminated in respect of disposals
(55,364)
-
0
(21,547)
(65,286)
(142,197)
At 31 December 2025
9,622,305
-
0
1,456,347
613,144
11,691,796
Carrying amount
At 31 December 2025
3,141,546
20,839
170,128
84,676
3,417,189
At 31 December 2024
3,402,196
100,592
325,619
134,787
3,963,194
ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Oystershell Inc
241 East 4th Street, Suite 105, Frederick, MD 21701, USA
Holding company
Ordinary
100.00

The cost of investment in Oystershell Inc including long term loan notes was £1,622,000 however this was fully impaired during the year ended 31 December 2018. Therefore, the net book value of this investment at 31 December 2025 and 31 December 2024 is £Nil.

14
Stocks
2025
2024
£
£
Finished goods and goods for resale
755,519
742,185

There is no material difference between the replacement cost of stocks and the amounts stated above.

15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
153,418
170,177
Corporation tax recoverable
59,786
-
0
Other debtors
735,002
1,068,970
Prepayments and accrued income
892,772
604,485
1,840,978
1,843,632
16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
889,045
1,058,688
Corporation tax
-
0
283,619
Other taxation and social security
295,802
366,635
Other creditors
658,864
794,725
Accruals and deferred income
3,676,310
3,729,115
5,520,021
6,232,782
ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
17
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
158,408
185,529
Short term timing differences
(13,492)
(13,113)
144,916
172,416
2025
Movements in the year:
£
Liability at 1 January 2025
172,416
Credit to profit or loss
(27,500)
Liability at 31 December 2025
144,916
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
354,365
326,001

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. Contributions totalling £58,853 (2024: £53,959) were payable to the fund at the reporting date and are included in creditors.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,145
1,145
115
115
B Ordinary shares of 10p each
37
37
4
4
1,182
1,182
119
119

The Ordinary shares each carry one voting right, have no restrictions on dividends declared and have full right on a capital distribution. The B Ordinary shares carry no voting right, have no restriction on dividends declared and have no rights on a capital distribution.

ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
20
Profit and loss reserves

The Company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of the company's shares.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid, consideration to the former shareholders on transfer to the company to the Employee Ownership Trust and capital contributions from the parent company.

Other reserves

Other reserves represents capital contributions arising on the issue of share options by the parent company Adventure Forest Group Limited.

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

21
Financial commitments, guarantees and contingent liabilities

Clydesdale Bank PLC hold an All Assets Debenture over Adventure Forest Group Ltd (AFGL) shares in Adventure Forest Ltd (AFL) and trademarks owned, an All Assets Debenture over AFL, a charge over cash deposits and a pledge over 100% of its stock in Oystershell Inc. All AFL properties are mortgaged to Clydesdale.

22
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
952,198
1,176,727
Years 2-5
2,735,912
3,005,724
After 5 years
1,377,294
1,916,726
5,065,404
6,099,177
2025
2024
Future amounts receivable under operating leases:
£
£
Within 1 year
279,069
563,238
Years 2-5
931,376
980,500
After 5 years
101,839
334,524
1,312,284
1,878,262
ADVENTURE FOREST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
22
Operating lease commitments
(Continued)
- 25 -

The Company is the default guarantor for the lease at their site at Air Space, Stevenage. The lease at this site is being sub-let to Gravity Fitness (Stevenage) Limited with the guarantor of the sub-lease being Gravity Fitness Limited. In the event of Gravity Fitness (Stevenage) Limited being unable to meet their obligations of the lease and the sub-leases guarantor, Gravity Fitness Limited also being unable to meet the obligations of the lease, the Company as the tenant of the property will be responsible for all obligations for the remaining term of the lease. As at 31 December 2025, the total rental amounts guaranteed were £29,657 (2024: £213,132).

23
Related party transactions

The Company is a wholly owned subsidiary of Adventure Forest Group Limited and has taken advantage of the exemption conferred by FRS 102 s33 'Related party disclosures' not to disclose transactions with Adventure Forest Group Limited or other wholly owned subsidiaries within the group.

At the end of the year, no amounts were due either to, or from, the directors of the Company.

The Company considers the directors as key management personnel of the Company. Details of the directors remuneration is given in note 7 to the financial statements.

24
Events after the reporting date

During the year ended 31 December 2025, Adventure Forest Limited made payments against the deferred consideration totalling £1,500,000. On 20 February 2026, Adventure Forest Limited made a further payment of £1,150,265 against the deferred consideration from the distributable reserves generated in the year ended 31 December 2025. Adventure Forest Limited expects to make future payments of deferred consideration on an annual basis providing that the Company has sufficient distributable reserves and cash when the payments fall due.

25
Ultimate controlling party

The Company is a subsidiary undertaking and is controlled by Adventure Forest Group Limited. The consolidated financial statements of Adventure Forest Group Limited include the results of this Company. The consolidated financial statements are available to the public from Companies House and may be obtained from Unit 6, Fornham Business Court, The Drift, Fornham St Martin, Bury St Edmunds, Suffolk, IP31 1SL.

The ultimate controlling party is the Go Ape Employee Ownership Trust by virtue of their 90% ownership of the parent company Adventure Forest Group Limited.

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