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SBL Parks & Leisure Holdings Limited
Annual Report and Consolidated Financial Statements
Year Ended 31 October 2025

Registration number: 11876205

SBL Parks & Leisure Holdings Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Director's Report | 4
Statement of Director's Responsibilities | 5
Independent Auditor's Report | 6 to 9
Consolidated Profit and Loss Account | 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Balance Sheet | 12
Balance Sheet | 13
Consolidated Statement of Changes in Equity | 14
Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Notes to the Financial Statements | 17 to 33

SBL Parks & Leisure Holdings Limited

Company Information

Director | Mr M J Taylor

Registered office | South West Caravan Centre The Airfield Winkleigh EX19 8DW

Auditors | PKF Francis Clark Statutory Auditor Melville Building East Unit 18, 23 Royal William Yard Plymouth Devon PL1 3GW

SBL Parks & Leisure Holdings Limited

Strategic Report

Year Ended 31 October 2025

The director presents his strategic report for the year ended 31 October 2025.

Principal activity

The principal activity of the company is that of a holding company. The principal activity of the group is the retailing and refurbishing of caravans and operating caravan parks.

Fair review of the business

The 2025 trading year presented a blend of challenges and opportunities for the business, shaped by broader economic pressures and shifting consumer behaviours. Despite ongoing headwinds, including sustained high interest rates that continued to dampen retail spending, the business demonstrated strong resilience and operational adaptability. Holiday parks across the UK reported increases in customer traffic, driven largely by increased domestic travel preferences compared with overseas holidays. Although the late timing of the national budget temporarily disrupted early‑season activity, market conditions have gradually shown signs of recovery with emerging indicators of slow but steady growth.
Growth in the domestic letting market continues to drive operators to expand and modernize their fleets to improve returns from short breaks, holiday stays, and on‑park ancillary revenue. Demand remains resilient, particularly within the 55–75 demographic, which has been comparatively insulated from inflationary and interest‑rate pressures. Ongoing global uncertainty and inconsistent overseas travel conditions have further strengthened the UK’s position as a reliable, year‑round holiday destination.
Late‑season softness resulted in a manageable level of stock carryover, with some units sold at reduced margins and higher interest costs on excess stock, impacting overall profitability. These effects have now largely been absorbed. We expect stock levels to normalize in the coming months, supporting a stable and more strategically balanced outlook for the forthcoming season.
The used caravan market remains highly competitive, driven by reduced stock availability as parks increasingly retain pre‑owned units either for resale or for conversion into flexible fleet inventory. Rising refurbishment costs have increased overheads; however, the business has succeeded in maintaining margins. Looking ahead, similar sales volumes are anticipated. While market competition may require selective pricing adjustments, demand remains strong among loyal, value‑focused customer groups.
Advance bookings for the upcoming season are trending ahead of last year, with peak dates demonstrating strong performance. Pricing flexibility remains essential for sustaining competitiveness. The company continues its selective fleet strategy, investing in parks showing growth potential while reducing units in other areas to stimulate retail sales. Demand remains strong in the premium accommodation segment, including lodges, cottages, bungalows, and apartments.
Recruitment of high quality staff remains challenging across the sector, however the company continues prioritising the hiring and training of staff. Investment in capability‑building remains central to the business’s ability to sustain growth, service excellence, and future market share expansion.
Despite obstacles faced during the year, the business continues to demonstrate resilience. Signs of economic stabilisation in the UK support a cautiously optimistic outlook. Focus on operational excellence, customer value, and strategic investment positions the business for sustainable growth in the evolving market landscape.

SBL Parks & Leisure Holdings Limited

Strategic Report

Year Ended 31 October 2025

The balance sheet remains strong, and the Directors consider that the results are encouraging considering what has been another challenging year whilst there are still conflicts around the world and with the UK’s economic turbulence. we are gradually settling back to pre-pandemic trading, and we remain confident that our balance sheet for this year will continue to be positive.

The group's key financial and other performance indicators during the year were as follows:

| Unit | 2025 | 2024
Sales | £m | 26 | 25
Gross profit | % | 18 | 20
Profit before tax | £m | - | 1
Net profit margin | % | - | 2

Principal risks and uncertainties

Below are the principal risks that could impact the groups business model and future performance.
The directors are aware that the principal risks to the company relate to the wider economic uncertainties and may influence the demand for products and holidays.
Multiple interest rate rises and inclement weather can play a substantial role in depressing the market and inefficient production in the manufacturing process could have an impact on our product supply.

Approved by the director on 22 June 2026 and signed on its behalf by:

......................................... Mr M J Taylor Director |  |

SBL Parks & Leisure Holdings Limited

Director's Report

Year Ended 31 October 2025

The director presents his report and the for the year ended 31 October 2025.

Director of the group

The director who held office during the year was as follows:

Mr M J Taylor

Financial risk management objectives and policies

The main risks facing the company are set out below:

Price risk, credit risk, liquidity risk and cash flow risk

The group considers the major financial risks of the business to be linked to liquidity, cash flow and cyclical changes in the economy. The group mitigates these risks by carefully managing cash, stock and debt levels through forecasting and budgeting. The group also maintains close contact with its bank keeping them informed of developments and changes within the business. The experience of management enables the company to respond to changes in the economy and to adapt the group's strategy accordingly.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 22 June 2026

......................................... Mr M J Taylor Director

SBL Parks & Leisure Holdings Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

• | select suitable accounting policies and apply them consistently;

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

• | state whether applicable UK 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.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SBL Parks & Leisure Holdings Limited

Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited

Opinion

We have audited the financial statements of SBL Parks & Leisure Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 October 2025 and of the group's loss 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 director 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.

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.

SBL Parks & Leisure Holdings Limited

Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited

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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Director's 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 Director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent company financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of director's remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities set out on page 5, the director is 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 director determines 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 director is responsible for assessing the group’s and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

SBL Parks & Leisure Holdings Limited

Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company.
We identified the principal risks of non-compliance with laws and regulations as relating to the laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls, and determined that the principal risks were related to fraudulent financial reporting.
We discussed with management how the compliance with these laws and regulations is monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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.

SBL Parks & Leisure Holdings Limited

Independent Auditor's Report to the Members of SBL Parks & Leisure Holdings Limited

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 Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

22 June 2026

SBL Parks & Leisure Holdings Limited

Consolidated Profit and Loss Account

Year Ended 31 October 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 26,184,583 | 24,712,760
Cost of sales |  | (21,536,933) | (19,724,868)
Gross profit |  | 4,647,650 | 4,987,892
Administrative expenses |  | (3,891,158) | (3,757,063)
Operating profit | 4 | 756,492 | 1,230,829
Other interest receivable and similar income |  | - | 8,211
Interest payable and similar charges | 8 | (674,986) | (552,913)
|  | (674,986) | (544,702)
Profit before tax |  | 81,506 | 686,127
Taxation | 9 | (122,814) | (220,750)
(Loss)/profit for the financial year |  | (41,308) | 465,377
Profit/(loss) attributable to: |  |  |
Owners of the company |  | (41,308) | 465,377

SBL Parks & Leisure Holdings Limited

Consolidated Statement of Comprehensive Income

Year Ended 31 October 2025

| 2025 £ | 2024 £
(Loss)/profit for the year | (41,308) | 465,377
Deferred tax movement on revalued fixed assets | 24,378 | 24,378
Total comprehensive income for the year | (16,930) | 489,755
Total comprehensive income attributable to: |  |
Owners of the company | (16,930) | 489,755

SBL Parks & Leisure Holdings Limited

Consolidated Balance Sheet

31 October 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 10 | 55,374 | 50,090
Tangible assets | 11 | 19,800,176 | 20,014,048
|  | 19,855,550 | 20,064,138
Current assets |  |  |
Stocks | 13 | 8,729,488 | 10,902,891
Debtors | 14 | 8,194,440 | 7,104,180
Cash at bank and in hand |  | 26,283 | 103,867
|  | 16,950,211 | 18,110,938
Creditors: Amounts falling due within one year | 16 | (13,787,956) | (16,417,717)
Net current assets |  | 3,162,255 | 1,693,221
Total assets less current liabilities |  | 23,017,805 | 21,757,359
Creditors: Amounts falling due after more than one year | 16 | (11,516,778) | (10,112,138)
Provisions for liabilities | 20 | (1,278,045) | (1,244,709)
Net assets |  | 10,222,982 | 10,400,512
Capital and reserves |  |  |
Called up share capital | 22 | 100 | 100
Revaluation reserve |  | 1,874,728 | 1,850,350
Merger reserve |  | 724,565 | 724,565
Profit and loss account |  | 7,623,589 | 7,825,497
Equity attributable to owners of the company |  | 10,222,982 | 10,400,512
Total equity |  | 10,222,982 | 10,400,512

Approved and authorised by the director on 22 June 2026

......................................... Mr M J Taylor Director

Company Registration Number: 11876205

SBL Parks & Leisure Holdings Limited

Balance Sheet

31 October 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 12 | 9,550,099 | 9,550,099
Current assets |  |  |
Cash at bank and in hand |  | 1 | 1
Creditors: Amounts falling due within one year | 16 | (1,500,000) | (1,500,000)
Net current liabilities |  | (1,499,999) | (1,499,999)
Total assets less current liabilities |  | 8,050,100 | 8,050,100
Creditors: Amounts falling due after more than one year | 16 | (8,050,000) | (8,050,000)
Net assets |  | 100 | 100
Capital and reserves |  |  |
Called up share capital | 22 | 100 | 100
Shareholders' funds |  | 100 | 100

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £160,600 (2024 - profit of £191,600).

Approved and authorised by the director on 22 June 2026

......................................... Mr M J Taylor Director

Company Registration Number: 11876205

SBL Parks & Leisure Holdings Limited

Consolidated Statement of Changes in Equity

Year Ended 31 October 2025

| Share capital £ | Revaluation reserve £ | Merger reserve £ | Profit and loss account £ | Total £
At 1 November 2024 | 100 | 1,850,350 | 724,565 | 7,825,497 | 10,400,512
Loss for the year | - | - | - | (41,308) | (41,308)
Other comprehensive income | - | 24,378 | - | - | 24,378
Total comprehensive income | - | 24,378 | - | (41,308) | (16,930)
Dividends | - | - | - | (160,600) | (160,600)
At 31 October 2025 | 100 | 1,874,728 | 724,565 | 7,623,589 | 10,222,982

| Share capital £ | Revaluation reserve £ | Merger reserve £ | Profit and loss account £ | Total £
At 1 November 2023 | 100 | 1,825,972 | 724,565 | 7,551,720 | 10,102,357
Profit for the year | - | - | - | 465,377 | 465,377
Other comprehensive income | - | 24,378 | - | - | 24,378
Total comprehensive income | - | 24,378 | - | 465,377 | 489,755
Dividends | - | - | - | (191,600) | (191,600)
At 31 October 2024 | 100 | 1,850,350 | 724,565 | 7,825,497 | 10,400,512

SBL Parks & Leisure Holdings Limited

Statement of Changes in Equity

Year Ended 31 October 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 November 2024 | 100 | - | 100
Profit for the year | - | 160,600 | 160,600
Dividends | - | (160,600) | (160,600)
At 31 October 2025 | 100 | - | 100

| Share capital £ | Profit and loss account £ | Total £
At 1 November 2023 | 100 | - | 100
Profit for the year | - | 191,600 | 191,600
Dividends | - | (191,600) | (191,600)
At 31 October 2024 | 100 | - | 100

SBL Parks & Leisure Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 31 October 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
(Loss)/profit for the year |  | (41,308) | 465,377
Adjustments to cash flows from non-cash items; |  |  |
Depreciation and amortisation | 4 | 451,729 | 443,694
Profit on disposal of tangible assets |  | (143,024) | -
Finance income |  | - | (8,211)
Finance costs | 8 | 674,986 | 552,913
Income tax expense | 9 | 122,814 | 220,750
|  | 1,065,197 | 1,674,523
Working capital adjustments |  |  |
Decrease in stocks | 13 | 2,173,403 | 3,992,082
(Increase)/decrease in trade debtors | 14 | (1,117,994) | 1,400,216
Increase/(decrease) in trade creditors | 16 | 989,024 | (9,008,541)
Cash generated from operations |  | 3,109,630 | (1,941,720)
Income taxes received/(paid) | 9 | 33,907 | (254,471)
Net cash flow from operating activities |  | 3,143,537 | (2,196,191)
Cash flows from investing activities |  |  |
Interest received |  | - | 8,211
Acquisitions of tangible assets |  | (62,739) | (1,700,253)
Proceeds from sale of tangible assets |  | 184,290 | -
Acquisition of intangible assets | 10 | (14,000) | (48,989)
Net cash flows from investing activities |  | 107,551 | (1,741,031)
Cash flows from financing activities |  |  |
Interest paid | 8 | (649,685) | (490,756)
Proceeds from bank borrowing draw downs |  | - | 1,050,000
Repayment of bank borrowing |  | (352,796) | (353,115)
Proceeds from other borrowing draw downs |  | 774,402 | 2,568,868
Repayment of other borrowing |  | (1,886,347) | (735,082)
Payments to finance lease creditors |  | (84,300) | (103,503)
Interest on preference shares |  | (9,050) | (9,050)
Dividends paid |  | (160,600) | (191,600)
Net cash flows from financing activities |  | (2,368,376) | 1,735,762
Net increase/(decrease) in cash and cash equivalents |  | 882,712 | (2,201,460)
Cash and cash equivalents at 1 November |  | (2,192,725) | 8,735
Cash and cash equivalents at 31 October | 15 | (1,310,013) | (2,192,725)

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
South West Caravan Centre
The Airfield
Winkleigh
EX19 8DW
England

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2025.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Judgements

The company obtains periodic independent valuations of its freehold property and caravan fleet asset classes to ensure that carrying value in the financial statements does not differ materially from fair value. The directors have judged that based on the latest valuation obtained the fair value of freehold property and the caravan fleet considered individually does not differ materially from the carrying value of these assets at year end.

Key sources of estimation uncertainty

The directors estimate the recovery of all amounts included in trade debtors and provide for a bad debt provision. This estimate is subject to increased uncertainty due to the long credit terms offered to customers. As at the year end the company has estimated that the potential bad debt provision is immaterial to the accounts.

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 group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group 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 group's activities.

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 corporation 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 group operates and generates taxable income.

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.

Tangible assets

Tangible assets are stated in the balance sheet 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 | Not depreciated
Freehold and long leasehold buildings | 2% straight line
Fixtures and fittings | 10% reducing balance
Motor vehicles | 25% reducing balance
Caravan fleet | 10 - 15% reducing balance
Plant and machinery | 10% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

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

Asset class | Amortisation method and rate
Website | 20% Straight line

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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 stocks 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3 | Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

| 2025 £
Sale of goods | 22,773,453
Rendering of services | 3,411,130
| 26,184,583

The analysis of the group's turnover for the year by market is as follows:

| 2025 £
UK | 24,607,602
Europe | 1,576,981
| 26,184,583

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 443,013 | 435,795
Amortisation expense | 8,716 | 7,899
Operating lease expense - property | 30,612 | 30,000
Operating lease expense - plant and machinery | 942 | 2,403
Operating lease expense - other | 118,746 | 73,854
Profit on disposal of property, plant and equipment | (143,024) | -

5 | Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 1,698,433 | 1,660,546
Social security costs | 196,354 | 170,054
Pension costs, defined contribution scheme | 44,220 | 33,287
| 1,939,007 | 1,863,887

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 26 | 25
Administration and support | 36 | 37
| 62 | 62

6 | Director's remuneration

The director's remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 22,764 | 18,738
Contributions paid to money purchase schemes | 151 | 118
| 22,915 | 18,856

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 1 | 1

7 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of these financial statements | 2,500 | 2,500
Audit of the financial statements of subsidiaries of the company pursuant to legislation | 16,275 | 16,128
| 18,775 | 18,628

8 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 649,685 | 529,714
Interest on preference shares | 9,050 | 9,050
Interest on obligations under finance leases and hire purchase contracts | 16,251 | 14,149
| 674,986 | 552,913

9 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 65,100 | 225,239
Deferred taxation |  |
Arising from origination and reversal of timing differences | 57,714 | (4,489)
Tax expense in the income statement | 122,814 | 220,750

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 81,506 | 686,127
Corporation tax at standard rate | 20,377 | 171,531
Effect of expense not deductible in determining taxable profit (tax loss) | 102,437 | 49,219
Total tax charge | 122,814 | 220,750

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Liability £
Differences between accumulated depreciation and capital allowances | 495,201
Deferred tax on revalued property, plant and equipment | 782,844
| 1,278,045

2024 | Liability £
Differences between accumulated depreciation and capital allowances | 437,487
Deferred tax on revalued property, plant and equipment | 807,222
| 1,244,709

Tax relating to items recognised in other comprehensive income or equity - group

| 2025 £ | 2024 £
Deferred tax related to items recognised as items of other comprehensive income | (24,378) | (24,378)

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

10 | Intangible assets

Group & company

| Website £
Cost or valuation
At 1 November 2024 | 63,989
Additions acquired separately | 14,000
At 31 October 2025 | 77,989
Amortisation
At 1 November 2024 | 13,899
Amortisation charge | 8,716
At 31 October 2025 | 22,615
Carrying amount
At 31 October 2025 | 55,374
At 31 October 2024 | 50,090

11 | Tangible assets

Group

| Land and buildings £ | Plant and machinery £ | Fixtures and fittings £ | Motor vehicles £ | Caravan fleet £ | Total £
Cost or valuation
At 1 November 2024 | 19,804,827 | 1,338,020 | 463,332 | 169,650 | 1,844,382 | 23,620,211
Additions | 3,824 | 6,003 | 4,624 | 4,500 | 251,456 | 270,407
Disposals | - | - | - | (14,221) | (199,567) | (213,788)
At 31 October 2025 | 19,808,651 | 1,344,023 | 467,956 | 159,929 | 1,896,271 | 23,676,830
Depreciation
At 1 November 2024 | 1,141,192 | 856,812 | 316,547 | 134,921 | 1,156,691 | 3,606,163
Charge for the year | 246,175 | 51,772 | 14,984 | 4,276 | 125,806 | 443,013
Eliminated on disposal | - | - | - | (13,153) | (159,369) | (172,522)
At 31 October 2025 | 1,387,367 | 908,584 | 331,531 | 126,044 | 1,123,128 | 3,876,654
Carrying amount
At 31 October 2025 | 18,421,284 | 435,439 | 136,425 | 33,885 | 773,143 | 19,800,176
At 31 October 2024 | 18,663,635 | 481,208 | 146,785 | 34,729 | 687,691 | 20,014,048

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Included within the net book value of land and buildings above is £18,421,283 in respect of freehold land and buildings and £1 in respect of short leasehold land and buildings.

Revaluation

The fair value of the company's Freehold land and buildings and Caravan fleet was revalued on 2 March 2023 by an independent valuer.
The valuation was performed based on market value of the assets. Based on this valuation the fair value of the assets was found not to be materially different from the carrying value in the financial statements. Owing to the age of the assets it has not been possible to identify the carrying amount under the historical cost model..

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Caravan fleet | 193,080 | 87,947

Restriction on title and pledged as security

All fixed assets of the group with a carrying amount of £19,800,176 (2024 - £20,014,048) has been pledged as security for the bank loans.

12 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 9,550,099 | 9,550,099

Subsidiaries | £
Cost or valuation
At 1 November 2024 | 9,550,099
At 31 October 2025 | 9,550,099
Carrying amount
At 31 October 2025 | 9,550,099
At 31 October 2024 | 9,550,099

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
3T's Leisure Limited | The South West Caravan Centre The Airfield Winkleigh Devon EX19 8DW England and Wales |
Ordinary shares
100%
100%

Subsidiary undertakings
3T's Leisure Limited The principal activity of 3T's Leisure Limited is that of retailing and refurbishing caravans and operating caravan parks.

13 | Stocks

| Group
| 2025 £ | 2024 £
Work in progress | 75,448 | 81,157
Other inventories | 8,654,040 | 10,821,734
| 8,729,488 | 10,902,891

14 | Debtors

|  | Group
| Note | 2025 £ | 2024 £
Trade debtors |  | 7,713,610 | 6,477,425
Other debtors |  | 316,193 | 489,388
Prepayments |  | 164,637 | 109,633
Income tax asset | 9 | - | 27,734
|  | 8,194,440 | 7,104,180

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

15 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Cash on hand | 25,007 | 17,591 | 1 | 1
Cash at bank | 1,276 | 86,276 | - | -
| 26,283 | 103,867 | 1 | 1
Bank overdrafts | (1,336,296) | (2,296,592) | - | -
Cash and cash equivalents in statement of cash flows | (1,310,013) | (2,192,725) | 1 | 1

16 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 17 | 5,150,244 | 8,840,303 | 1,000,000 | 1,000,000
Trade creditors |  | 8,320,750 | 7,104,882 | - | -
Amounts due to group undertakings | 24 | - | - | 500,000 | 500,000
Corporation tax | 9 | 60,136 | - | - | -
Social security and other taxes |  | 68,826 | 119,376 | - | -
Outstanding defined contribution pension costs |  | 8,895 | 7,355 | - | -
Other creditors |  | 70,469 | 102,020 | - | -
Accrued expenses |  | 108,636 | 243,781 | - | -
|  | 13,787,956 | 16,417,717 | 1,500,000 | 1,500,000
Due after one year |  |  |  |  |
Loans and borrowings | 17 | 11,516,778 | 10,112,138 | 8,050,000 | 8,050,000

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

17 | Loans and borrowings

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 2,872,813 | - | - | -
Hire purchase contracts | 338,303 | 228,352 | - | -
Redeemable preference shares | 8,050,000 | 8,050,000 | 8,050,000 | 8,050,000
Other borrowings | 255,662 | 1,833,786 | - | -
| 11,516,778 | 10,112,138 | 8,050,000 | 8,050,000

Current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 2,267,357 | 5,492,966 | - | -
Bank overdrafts | 1,336,296 | 2,296,592 | - | -
Hire purchase contracts | 80,412 | 50,745 | - | -
Redeemable preference shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000
Other borrowings | 466,179 | - | - | -
| 5,150,244 | 8,840,303 | 1,000,000 | 1,000,000

Group

Other borrowings

Hire purchase contracts are secured against the assets to which they relate.

Included in the loans and borrowings are the following amounts due after more than five years:

| 2025 £ | 2024 £
After more than five years by instalments | 367,520 | 25,372

Bank loans and overdrafts

The bank loans are repayable by instalments with the final instalment scheduled to be paid within 2-20 years from the balance sheet date. Interest is chargeable on six of bank loans at 2.0% above the bank base rate. There is one bank loan at 3.75% above base rate and three of the loans range frrom 2.2% - 2.4% above base rate. The loans are secured by a First Legal Charge over the Freehold Property of the company and additional charges over all other assets of the company.

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

During the year, financial covenants were breached and waived by the bank. Therefore the loans and borrowings have been disclosed as over and under a year.
On 1 February 2026, two loans were refinanced resulting in current loans as at the year end of £1,800,805 being reclassified as non-current.

18 | Analysis of changes in net debt

Group

| At 1 November 2024 | Cash flow | Other non cash changes | At 31 October 2025
| £ | £ | £ | £
Cash at bank and on hand | 103,867 | (77,584) | - | 26,283
Bank overdrafts | (2,296,592) | 960,296 | - | (1,336,296)
Cash and cash equivalents | (2,192,725) | 882,712 | - | (1,310,013)
Bank loans | (7,326,752) | 1,464,741 | - | (5,862,011)
Hire purchase contracts | (279,097) | 68,049 | (207,667) | (418,715)
Preference shares | (9,050,000) | - | - | (9,050,000)
Net debt | (18,848,574) | 2,415,502 | (207,667) | (16,640,739)

19 | Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 99,593 | 62,894
Later than one year and not later than five years | 366,926 | 251,576
Later than five years | 55,049 | 31,447
| 521,568 | 345,917

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 38,836 | 57,466
Later than one year and not later than five years | 31,858 | 32,553
| 70,694 | 90,019

The amount of non-cancellable operating lease payments recognised as an expense during the year was £118,747 (2024 - £107,454).

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

20 | Provisions for liabilities

Group

| Deferred tax £
At 1 November 2024 | 1,244,709
Increase in existing provisions | 33,336
At 31 October 2025 | 1,278,045

21 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £44,220.
Contributions totalling £8,895 were payable to the scheme at the end of the year and are included in creditors.

22 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A of £0.01 each | 9,000 | 90.00 | 9,000 | 90.00
Ordinary B of £0.01 each | 500 | 5.00 | 500 | 5.00
Ordinary C of £0.01 each | 50 | 0.50 | 50 | 0.50
Ordinary D of £0.01 each | 225 | 2.25 | 225 | 2.25
Ordinary E of £0.01 each | 225 | 2.25 | 225 | 2.25
| 10,000 | 100 | 10,000 | 100

Redeemable preference shares

The Preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry no voting rights.

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: All ordinary shares have identical rights and rank pari passu. Dividends may be paid to the holders of one or more classes of shares to the exclusion of the other classes and at different rates.
Preference shares have the following rights, preferences and restrictions: The preference shares are redeemable at the option of the holder but to protect the liquidity of the company each shareholder is entitled to redeem a maximum of £500,000 per annum, on a calendar year basis, without the approval of the company.

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

23 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £313 per each Ordinary B shares |  | 156,600 |  | 156,600
Interim dividend of £Nil (2024 - £620) per each Ordinary C shares |  | - |  | 31,000
Interim dividend of £9 per each Ordinary D shares |  | 2,000 |  | 2,000
Interim dividend of £9 per each Ordinary E Shares |  | 2,000 |  | 2,000
|  | 160,600 |  | 191,600

24 | Related party transactions

Group

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with wholly owned members of the group.

Key management compensation

| 2025 £ | 2024 £
Salaries and other short term employee benefits | 230,454 | 221,726

Transactions with the director

2025 | At 1 November 2024 £ | Advances to director £ | Repayments by director £ | At 31 October 2025 £
Director 1
Interest free, unsecured and repayable on demand | 165,980 | 871,041 | (1,011,885) | 25,136

2024 | At 1 November 2023 £ | Advances to director £ | Repayments by director £ | At 31 October 2024 £
Director 1
Interest free, unsecured and repayable on demand | 201,681 | 331,061 | (366,761) | 165,980

SBL Parks & Leisure Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2025

25 | Parent and ultimate parent undertaking

The ultimate controlling party is Mr M J Taylor by virtue of shares held by the John and Sylvia Taylor Settlement Trust (in which he is the beneficiary) and his individual shareholding in the company.