Company No: 12531194 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	6,009		7,010
Tangible assets	4	9,200,907		9,057,901
Investment property	5	1,200,000		1,200,000
Investments	6	3,500,000		4,250,000
		13,906,916		14,514,911
Current assets
Stocks		61,750		29,843
Debtors	7	293,548		279,742
Cash at bank and in hand		1,071,516		168,660
		1,426,814		478,245
Creditors: amounts falling due within one year	8	( 1,381,799)		( 1,157,491)
Net current assets/(liabilities)		45,015		(679,246)
Total assets less current liabilities		13,951,931		13,835,665
Creditors: amounts falling due after more than one year	9	( 4,587,420)		( 4,610,264)
Provision for liabilities		( 439,433)		( 337,575)
Net assets		8,925,078		8,887,826
Capital and reserves
Called-up share capital		7,500,000		7,500,000
Profit and loss account		1,425,078		1,387,826
Total shareholder's funds		8,925,078		8,887,826

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Horning Pleasurecraft Limited (registered number: 12531194) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Clive Richardson Director

31 July 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Horning Pleasurecraft Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom. The principal place of business is Ferry View Estate, Lower St, Horning, Norwich, NR12 8PT.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	100 years straight line
Plant and machinery	20 % reducing balance
	20 years straight line
Vehicles	4 years straight line
Fixtures and fittings	20 % reducing balance
Office equipment	7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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 payments 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. Amounts 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholder.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	39		23

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 November 2024	10,012		10,012
At 31 October 2025	10,012		10,012
Accumulated amortisation
At 01 November 2024	3,002		3,002
Charge for the financial year	1,001		1,001
At 31 October 2025	4,003		4,003
Net book value
At 31 October 2025	6,009		6,009
At 31 October 2024	7,010		7,010

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 November 2024	5,703,329		3,321,490		37,095		200,000		4,969		9,266,883
Additions	153,005		377,757		1,500		1,795		4,653		538,710
Disposals	0		( 160,667)		0		0		0		( 160,667)
At 31 October 2025	5,856,334		3,538,580		38,595		201,795		9,622		9,644,926
Accumulated depreciation
At 01 November 2024	64,948		130,437		11,759		0		1,838		208,982
Charge for the financial year	26,382		165,710		9,649		40,239		1,090		243,070
Disposals	0		( 8,033)		0		0		0		( 8,033)
At 31 October 2025	91,330		288,114		21,408		40,239		2,928		444,019
Net book value
At 31 October 2025	5,765,004		3,250,466		17,187		161,556		6,694		9,200,907
At 31 October 2024	5,638,381		3,191,053		25,336		200,000		3,131		9,057,901

5. Investment property

	Investment property
	£
Valuation
As at 01 November 2024	1,200,000
As at 31 October 2025	1,200,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	787,500		787,500

6. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 November 2024	4,250,000		4,250,000
Disposals	( 750,000)		( 750,000)
At 31 October 2025	3,500,000		3,500,000
Carrying value at 31 October 2025	3,500,000		3,500,000
Carrying value at 31 October 2024	4,250,000		4,250,000

7. Debtors

	2025		2024
	£		£
Trade debtors	204,487		197,625
Amounts owed by associates	2,659		0
Prepayments	86,402		81,322
Other debtors	0		795
	293,548		279,742

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	15,800		15,800
Trade creditors	94,745		60,562
Amounts owed to Parent undertakings	198,184		187,586
Amounts owed to associates	0		3,221
Amounts owed to directors	592,383		413,632
Accruals and deferred income	373,632		362,581
Other taxation and social security	105,087		111,148
Other creditors	1,968		2,961
	1,381,799		1,157,491

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Amounts owed to Parent undertakings	2,974,220		2,981,264
Other loans	63,200		79,000
Other creditors	1,550,000		1,550,000
	4,587,420		4,610,264

There are no amounts included above in respect of which any security has been given by the small entity.

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	472		2,961

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Balance owed to a Director	601,722		413,632

At the year end the above balance was owed to a Director of the company. The amount is repayable on demand and no interest is charged.

Other related party transactions

	2025		2024
	£		£
Balance owed from/(to) a company	2,347		(3,221)

At the year end the above balance was owed from an associated company. The amount is repayable from the company on demand and no interest is charged.

The company has taken advantage of the exemption in section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned companies within the Group.