Ruda Holiday Park Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 9
Statement of Comprehensive Income	10
Statement of Financial Position	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 to 20

Ruda Holiday Park Limited

Company Information

Directors

Mr M W J Steer-Fowler Mr J E A Steer-Fowler

Company secretary

Mr O J J Steer-Fowler

Registered office

Liberty Court Roundswell Business Park Barnstaple Devon EX31 3TL

Auditors

Westcotts Plym House 3 Longbridge Road Marsh Mills Plymouth Devon PL6 8LT

Ruda Holiday Park Limited

Strategic Report for the Period from 1 April 2025 to 31 October 2025

The directors present their strategic report for the period from 1 April 2025 to 31 October 2025.

Principal Activity

The company owns and operates an award winning holiday park in Devon, and is part of one of the largest family-owned groups in the UK, providing accommodation, holiday home sales, and a wide range of leisure facilities.

Parent Company

The ultimate parent company is John Fowler Holdings Limited (registration 10051064) which is owned and controlled by Dr J M W Steer-Fowler.

Business Review and analysis

The results for the year reflect trading for 5 months of the year following the acquision of the Ruda Holiday Park at Croyde from Park Dean Resorts at the end of June 2025. This multimillion-pound deal was supported by the group's long-term financial partners HSBC, and represents the largest single asset expansion in our 73-year history.

Principal risks and uncertainties

The key areas of risk to our business relate to economic conditions, credit, and interest rates.

The directors continue to monitor its business indicators and consider alternative options in relation to all areas of supply, particularly those identified as underperforming. In response to changes in demand regular adjustments are made between the mix of holiday homes offered for sale and those retained for letting. Pitch values for static caravans have settled at around £32,190 in 2025, representing a course correction toward pre-pandemic levels.

A credit policy has been put into place to reduce potential exposure. Risk from credit however is considered minimal, as transactions with customers are settled in advance.

The short to medium term risk of inflation and rises in interest rates are being continually reviewed,and measures adopted to negate risk taken as considered necessary.

At the balance sheet date there were no significant areas of risk which were not covered.

Environmental and social matters

Information about environmental matters, the company's employees and human rights have not been provided as the directors do not believe that this is fundamental to gain an understanding of the business.

Approved and authorised by the Board on 31 July 2026 and signed on its behalf by:
 

......................................... Mr J E A Steer-Fowler Director

Ruda Holiday Park Limited

Directors' Report for the Period from 1 April 2025 to 31 October 2025

The directors present their report and the financial statements for the period from 1 April 2025 to 31 October 2025.

Incorporation

The company was incorporated on 1 April 2025.

Directors of the company

The directors who held office during the period were as follows:

Mr S Richards (appointed 1 April 2025 and ceased 25 June 2025)

Mr K D Davis (appointed 1 April 2025 and ceased 25 June 2025)

Mr M W J Steer-Fowler (appointed 25 June 2025)

Mr J E A Steer-Fowler (appointed 25 June 2025)

Results

Pre-tax profits for the Group were £3,110,677 on a turnover of £43,365,221. Full results are detailed within the Statement of Financial Position for our consolidated Group accounts.

Dividends

The Directors do not recommend the payment of a dividend.

Disclosure of Information in the Strategic Report

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, to set out in the company’s strategic report information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors’ Report.

Employment of disabled persons

We take all reasonable precautions to ensure full and fair consideration to all applications for employment by disabled persons, having regard to their particular aptitudes and abilities, for continuing the employment of, and for arranging appropriate training for, employees of the company who have become disabled during the period when they were employed by the company, and otherwise for the training, career development and promotion of disabled persons employed by the company.

Employee involvement

We operate an equal opportunities employment policy and take all reasonable precautions to ensure the health safety and welfare of our staff. Our policy is to discuss and consult with employees for their ideas and on matters likely to affect them, through regular meetings with management and directors. Training and career development remain at the forefront of our employment programme, and our results and a strong future is only made possible through our team of dedicated staff to whom we are sincerely grateful.

Gender Pay Gap

The company strives to ensure that everyone regardless of age, gender, background, race or ethnicity, has an equal opportunity to develop and progress within our organisation. Our desire is to create a company and culture that attracts and retains the best people in our industry, and reflects the communities we are part of. It is important for us therefore to maintain a balance between male and
female employees across our different grades and functions, as is currently reflected in our gender pay reporting. A detailed analysis is available at our website.

Ruda Holiday Park Limited

Directors' Report for the Period from 1 April 2025 to 31 October 2025 (continued)

Health and Safety

The Company takes all reasonable precautions to ensure the health and wellbeing of its staff, and it is pleasing to report yet again an excellent safety record for the period.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 31 July 2026 and signed on its behalf by:
 

Mr J E A Steer-Fowler Director

Ruda Holiday Park Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. As explained in note 2 these financial statements have not been prepared on a a going concern basis.

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.

Ruda Holiday Park Limited

Independent Auditor's Report to the Members of Ruda Holiday Park Limited

Opinion

We have audited the financial statements of Ruda Holiday Park Limited (the 'company') for the period from 1 April 2025 to 31 October 2025, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the period 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 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.

Emphasis of matter

We draw your attention to note 2 in the financial statements, which indicates that since year end, the trade and assets of the company have been hived up into John Fowler Holidays Limited. Accordingly, these financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of a basis other than the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Ruda Holiday Park Limited

Independent Auditor's Report to the Members of Ruda Holiday Park Limited (continued)

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 5], 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 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.

Ruda Holiday Park Limited

Independent Auditor's Report to the Members of Ruda Holiday Park Limited (continued)

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

•	We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management ,and inspection of the company's correspondence. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.
•	The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation.
•	Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
	As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
•	Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
•	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
•	Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
•	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Ruda Holiday Park Limited

Independent Auditor's Report to the Members of Ruda Holiday Park Limited (continued)

•	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
	We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

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.

......................................
Emma Mills ACA (Senior Statutory Auditor)
For and on behalf of Westcotts, Statutory Auditor
 Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

31 July 2026

Ruda Holiday Park Limited

Statement of Comprehensive Income for the Period from 1 April 2025 to 31 October 2025

	Note	2025 £
Turnover	3	6,258,341
Cost of sales		(487,207)
Gross profit		5,771,134
Administrative expenses		(3,060,425)
Operating profit	4	2,710,709
Profit before tax		2,710,709
Tax on profit	7	(473,014)
Profit for the financial period		2,237,695

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

Ruda Holiday Park Limited

(Registration number: 16357814)
Statement of Financial Position as at 31 October 2025

	Note	2025 £
Fixed assets
Tangible assets	8	62,531,372
Current assets
Stocks	9	195,862
Debtors	10	298,730
Cash at bank and in hand	11	300,779
		795,371
Creditors: Amounts falling due within one year	12	(60,975,201)
Net current liabilities		(60,179,830)
Total assets less current liabilities		2,351,542
Provisions for liabilities	13	(113,846)
Net assets		2,237,696
Capital and reserves
Called up share capital		1
Profit and loss account	16	2,237,695
Shareholders' funds		2,237,696

Approved and authorised by the Board on 31 July 2026 and signed on its behalf by:
 

Mr J E A Steer-Fowler Director

Ruda Holiday Park Limited

Statement of Changes in Equity for the Period from 1 April 2025 to 31 October 2025

	Share capital £	Profit and loss account £	Total £
Profit for the period	-	2,237,695	2,237,695
New share capital subscribed	1	-	1
At 31 October 2025	1	2,237,695	2,237,696