Great Leisure Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

Great Leisure Ltd

(Registration number: 03863701)
Statement of Financial Position as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	1,431,435	1,481,015
Current assets
Stocks		18,277	52,735
Debtors	6	106,721	77,538
Cash at bank and in hand		97,030	66,893
		222,028	197,166
Creditors: Amounts falling due within one year	7	(52,660)	(50,866)
Net current assets		169,368	146,300
Total assets less current liabilities		1,600,803	1,627,315
Creditors: Amounts falling due after more than one year	7	(200,000)	(200,000)
Provisions for liabilities		(78,772)	(84,527)
Net assets		1,322,031	1,342,788
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,321,931	1,342,688
Shareholders' funds		1,322,031	1,342,788

For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 24 July 2026 and signed on its behalf by:
 

Mrs T A Harper Company secretary and director

Great Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Smytham Manor
Little Torrington
Torrington
Devon
EX38 8PU

Principal activity

The principal activity of the company is to provide holiday accommodation, holiday home sales and a range of leisure facilities.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Great Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and property	Not depreciated
Building site and improvements	6.67% Straight line
Lodges	2% Straight line
Fixtures, fittings and equipment	25% Reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Great Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Great Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 12).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 November 2024	5,050	5,050
At 31 October 2025	5,050	5,050
Amortisation
At 1 November 2024	5,050	5,050
At 31 October 2025	5,050	5,050
Carrying amount
At 31 October 2025	-	-

Great Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

5	Tangible assets

	Freehold property £	Long leasehold property £	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 November 2024	1,192,476	496,463	410,328	105,891	35,744	2,240,902
Additions	-	-	50,704	-	-	50,704
Disposals	-	-	(17,375)	-	-	(17,375)
At 31 October 2025	1,192,476	496,463	443,657	105,891	35,744	2,274,231
Depreciation
At 1 November 2024	202,399	176,593	316,206	44,478	20,211	759,887
Charge for the year	36,937	17,741	35,084	2,118	3,884	95,764
Eliminated on disposal	-	-	(12,855)	-	-	(12,855)
At 31 October 2025	239,336	194,334	338,435	46,596	24,095	842,796
Carrying amount
At 31 October 2025	953,140	302,129	105,222	59,295	11,649	1,431,435
At 31 October 2024	990,077	319,870	94,122	61,413	15,533	1,481,015

Included within the net book value of land and buildings above is £953,140 (2024 - £990,077) in respect of freehold land and buildings and £302,129 (2024 - £319,870) in respect of long leasehold land and buildings.
 

6

Debtors

	2025 £	2024 £
Trade debtors	101,254	67,693
Prepayments	5,467	5,648
Income tax asset	-	4,197
	106,721	77,538

Great Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	20,404	6,957
Taxation and social security	17,633	10,426
Accruals and deferred income	6,257	5,797
Other creditors	8,366	27,686
	52,660	50,866

Creditors: amounts falling due after more than one year

	2025 £	2024 £
Due after one year
Loans and borrowings	200,000	200,000

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Related party transactions

2025	At 1 November 2024 £	Advances to director £	Repayments by director £	At 31 October 2025 £
The Directors	(27,686)	27,320	(8,000)	(8,366)

2024	At 1 November 2023 £	Advances to director £	Repayments by director £	At 31 October 2024 £
The Directors	1,187	9,127	(38,000)	(27,686)

The loans are repayable on demand and are interest free.