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REGISTERED NUMBER: 08321590 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2025

for

Blue Anchor Leisure Holdings Limited

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 7 |

| Consolidated Statement of Comprehensive Income | 11 |

| Consolidated Balance Sheet | 12 |

| Company Balance Sheet | 13 |

| Consolidated Statement of Changes in Equity | 14 |

| Company Statement of Changes in Equity | 15 |

| Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Financial Statements | 19 |

| Blue Anchor Leisure Holdings Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | P R F Holmes

| S Woodward

| J S Moses

| REGISTERED OFFICE: | Robin Hood Park

| South Road

| Chapel St Leonards

| Skegness

| Lincolnshire

| PE24 5TR

| REGISTERED NUMBER: | 08321590 (England and Wales)

| AUDITORS: | Duncan & Toplis Audit Limited

| Statutory Auditor

| Park House

| 37 Clarence Street

| Leicester

| Leicestershire

| LE1 3RW

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Group Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

Turnover has shown a small decrease for the group from £28,380,000 in 2024 to £26,738,000 in 2025, and pre tax profits have declined to £1,302,000 (2024 - £1,933,000), which is a decrease of 33% on last year. The directors are pleased with these results given the difficult trading conditions in the year with the increasing energy costs and inflationary pressures being faced in the economy.

Our business remains well financed and in a good position to take advantage of increases in demand as the inflationary pressures faced by customers decline.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the principal risks and uncertainties faced by the group are in the following categories:

Economic risk

The two biggest factors are caravan sales and holiday bookings. Caravan sales can be affected by customer confidence, interest rates and job uncertainty. Caravan sales have started to increase as the economic uncertainty of previous years starts to improve. Holiday bookings have also remained strong.

Competitor risk

The directors manage competition through close attention to customer service levels.

Financial risk

The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk.

SECTION 172(1) STATEMENT

The directors of the group act in accordance and reference to the duties detailed in Section 172 of the Companies Act 2006. These duties may be summaried as:

To act in good faith furthering the success of the group for the benefit of its key stakeholders.

This includes:

- considering both the short term and long term impact of their actions and the decision making process;

- taking account of the interests of the group's employees;

- considering the need to foster the group's relationships with their suppliers, customers and the wider community within which it operates;

- taking account of the impact of the group on its environment;

- maintaining the group's reputation for high standard of business conduct; and

- the need to act fairly regarding the group's stakeholders

Risk management

Directors endeavour to effectively identify, evaluate, mitigate and balance risk within the business. As the environment changes the directors continue to evolve their approach to risk management.

People

Our people are fundamental to the successful operation of the business. See section on 'Engaging with employees' within the Directors report.

Business relationships

Our approach on engagement and management of business relationships with suppliers and customers is discussed within the Directors report.

Community and the environment

We endeavour to use our position to create positive change for both the people and communities that we work with.

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Group Strategic Report

for the Year Ended 31 December 2025

FINANCIAL INSTRUMENTS

The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cashflow risk associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to price risk or liquidity risk.

The group is exposed to interest rate fluctuations on its secured bank loans but does not consider this to be material to the assessment of its financial position or profit.

The group has minimal exposure to foreign exchange risks as all significant material supplies are contracted in sterling.

FUTURE DEVELOPMENTS

We continue to improve and grow our business and predict another successful year in 2026.

ON BEHALF OF THE BOARD:

P R F Holmes - Director

7 May 2026

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the sale of new and used caravans and the operation of caravan parks along the east coast of Lincolnshire.

The subsidiary company, Alexander Finance Limited, holds land for resale.

DIVIDENDS

During the year, a dividend of £700,000 was recommended and paid (2024 - £2,500,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

P R F Holmes

S Woodward

J S Moses

ENGAGEMENT WITH EMPLOYEES

We operate an equal opportunities employment policy and take all precautions to ensure the health safety and welfare of our staff.

As a family-run business we know that our fantastic team is crucial to every success, We devote a lot of care in selecting the best people for each job and training them to ensure that they have the right skills to do that job. We aim to build trusting relationships where employees feel motivated and engaged and are encouraged to develop to realise their own potential through support and training.

Gender pay gap

The group 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 group and culture that attracts and retains the best people in out 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 functions.

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 for their particular aptitudes and abilities. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged, It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Customers

Our aim is to deliver the best customer experience, providing everything to ensure that family holidays are enjoyable and memorable. To achieve this we engage with our customers through a variety of channels including emails,website and social media. We ask for feedback from customers on all aspects of their interaction with us. We believe that engaging with our customers, we can understand what they value most and ensure that we are tailoring our services to match their expectations.

Suppliers

We work to develop long term relationships with our suppliers and are committed to supporting local businesses whenever practical. As with customers, suppliers are treated with respect and dealt with in a fair, honest and equitable manner.

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Report of the Directors

for the Year Ended 31 December 2025

STREAMLINED ENERGY AND CARBON REPORTING

The company is required to report under the Streamlined Energy and Carbon Reporting (SECR) framework under the Companies and Limited Liabilities Partnerships Regulations 2018. We have followed the governments guidance on how to measure and report greenhouse gas emissions and have used the 2025 UK Government's Conversion Factors for Company Reporting.

Greenhouse gas emissions and energy use data for the year 1 January 2025 to 31

December 2025

| 2025 |  |  | 2024 |  |

| kWh |  |  | kWh |  |

Energy consumption |  |

Aggregate of energy consumption in the year |  | 9,102,293 |  |  | 9,693,353 |  |

| 2025 |  |  | 2024 |  |

| tCO2e |  |  | tCO2e |  |

Scope 1 - direct emissions |  |

Gas |  | 887 |  |  | 927 |  |

Scope 2 - indirect emissions |  |

Electricity |  | 930 |  |  | 1,168 |  |

Total gross emissions |  | 1,817 |  |  | 2,095 |  |

Intensity ratio |  |

Tonnes CO2e per £ of revenue |  | 0.068 |  |  | 0.074 |  |

Intensity measurement

The chosen intensity measurement ratio is the gross emissions in metric tonne per £ of revenue in the year.

Measures taken to improve energy efficiency

The directors have reviewed the energy and carbon emissions of the company and are commencing a project to install electric car charging points at all sites.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Report of the Directors

for the Year Ended 31 December 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

P R F Holmes - Director

7 May 2026

Report of the Independent Auditors to the Members of

Blue Anchor Leisure Holdings Limited

Opinion

We have audited the financial statements of Blue Anchor Leisure Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 December 2025 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Blue Anchor Leisure Holdings Limited

Matters on which we are required to report by exception

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

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 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 pages five and six, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Blue Anchor Leisure Holdings Limited

Auditors' 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 a Report of the Auditors 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.

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

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

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- |  | Understanding the nature of the industry and sector, control environment and business performance; |

- |  | Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities; |

- |  | Understanding the company and group's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud; |

- |  | Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud; |

- |  | Understanding the legal and regulatory frameworks that the company and group operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation. |

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified.

- |  | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement; |

- |  | Enquiring of management, those charged with governance and, where applicable, the company and group's solicitors concerning actual and potential litigation and claims; |

- |  | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud |

- |  | Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators; |

- |  | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business. |

- |  | Communication of potential fraud risks to all engagement team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |

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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Report of the Independent Auditors to the Members of

Blue Anchor Leisure Holdings Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Mark Andrew Torr FCCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

15 May 2026

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Consolidated

Statement of Comprehensive

Income

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £'000 | £'000 |

TURNOVER | 3 | 26,738 |  | 28,380 |  |

Cost of sales | (22,372 | ) | (23,083 | ) |

GROSS PROFIT | 4,366 |  | 5,297 |  |

Administrative expenses | (2,093 | ) | (2,266 | ) |

OPERATING PROFIT | 5 | 2,273 |  | 3,031 |  |

Interest receivable and similar income | 18 |  | 21 |  |

2,291 |  | 3,052 |  |

Interest payable and similar expenses | 6 | (989 | ) | (1,119 | ) |

PROFIT BEFORE TAXATION | 1,302 |  | 1,933 |  |

Tax on profit | 7 | (391 | ) | (542 | ) |

PROFIT FOR THE FINANCIAL YEAR | 911 |  | 1,391 |  |

OTHER COMPREHENSIVE INCOME |

Deferred tax movement

Income tax relating to other comprehensive income | 61 |  | 33 |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 61 |  | 33 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 972 |  | 1,424 |  |

Profit attributable to:

Owners of the parent | 911 |  | 1,391 |  |

Total comprehensive income attributable to:

Owners of the parent | 972 |  | 1,424 |  |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Consolidated Balance Sheet

31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £'000 | £'000 |

FIXED ASSETS

Tangible assets | 10 | 87,070 |  | 86,533 |  |

Investments | 11 | - |  | - |  |

87,070 |  | 86,533 |  |

CURRENT ASSETS

Stocks | 12 | 2,835 |  | 2,493 |  |

Debtors | 13 | 5,584 |  | 5,163 |  |

Cash at bank and in hand | 20 |  | 19 |  |

8,439 |  | 7,675 |  |

CREDITORS

Amounts falling due within one year | 14 | (17,988 | ) | (17,375 | ) |

NET CURRENT LIABILITIES | (9,549 | ) | (9,700 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 77,521 |  | 76,833 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (9,036 | ) | (8,609 | ) |

PROVISIONS FOR LIABILITIES | 18 | (7,457 | ) | (7,468 | ) |

NET ASSETS | 61,028 |  | 60,756 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 8 |  | 8 |  |

Revaluation reserve | 20 | 28,696 |  | 28,635 |  |

Merger Reserve | 20 | 992 |  | 992 |  |

Retained earnings | 20 | 31,332 |  | 31,121 |  |

SHAREHOLDERS' FUNDS | 61,028 |  | 60,756 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2026 and were signed on its behalf by:

P R F Holmes - Director

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Company Balance Sheet

31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £'000 | £'000 |

FIXED ASSETS

Tangible assets | 10 | - |  | - |  |

Investments | 11 | 8 |  | 8 |  |

8 |  | 8 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8 |  | 8 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 8 |  | 8 |  |

SHAREHOLDERS' FUNDS | 8 |  | 8 |  |

Company's profit for the financial year | 700 |  | 2,500 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2026 and were signed on its behalf by:

P R F Holmes - Director

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Merger |  | Total

| capital |  | earnings |  | reserve |  | Reserve |  | equity

£'000 | £'000 | £'000 | £'000 | £'000 |

Balance at 1 January 2024 | 8 |  | 32,230 |  | 28,602 |  | 992 |  | 61,832 |  |

Changes in equity

Profit for the year | - |  | 1,391 |  | - |  | - |  | 1,391 |  |

Other comprehensive income | - |  | - |  | 33 |  | - |  | 33 |  |

Total comprehensive income | - |  | 1,391 |  | 33 |  | - |  | 1,424 |  |

Dividends | - |  | (2,500 | ) | - |  | - |  | (2,500 | ) |

Balance at 31 December 2024 | 8 |  | 31,121 |  | 28,635 |  | 992 |  | 60,756 |  |

Changes in equity

Profit for the year | - |  | 911 |  | - |  | - |  | 911 |  |

Other comprehensive income | - |  | - |  | 61 |  | - |  | 61 |  |

Total comprehensive income | - |  | 911 |  | 61 |  | - |  | 972 |  |

Dividends | - |  | (700 | ) | - |  | - |  | (700 | ) |

Balance at 31 December 2025 | 8 |  | 31,332 |  | 28,696 |  | 992 |  | 61,028 |  |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£'000 | £'000 | £'000 |

Balance at 1 January 2024 | 8 |  | - |  | 8 |  |

Changes in equity

Dividends | - |  | (2,500 | ) | (2,500 | ) |

Total comprehensive income | - |  | 2,500 |  | 2,500 |  |

Balance at 31 December 2024 | 8 |  | - |  | 8 |  |

Changes in equity

Dividends | - |  | (700 | ) | (700 | ) |

Total comprehensive income | - |  | 700 |  | 700 |  |

Balance at 31 December 2025 | 8 |  | - |  | 8 |  |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £'000 | £'000 |

Cash flows from operating activities

Cash generated from operations | 1 | 3,514 |  | 5,021 |  |

Interest paid | (989 | ) | (1,119 | ) |

Tax paid | (465 | ) | (212 | ) |

Net cash from operating activities | 2,060 |  | 3,690 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,855 | ) | (4,497 | ) |

Sale of tangible fixed assets | 108 |  | 62 |  |

Interest received | 18 |  | 21 |  |

Net cash from investing activities | (1,729 | ) | (4,414 | ) |

Cash flows from financing activities

New bank loans in year | 1,750 |  | 4,500 |  |

Bank loan repayments in year | (2,524 | ) | (1,478 | ) |

Amount introduced by directors | - |  | 1,721 |  |

Amount withdrawn by directors | (587 | ) | (21 | ) |

Equity dividends paid | (700 | ) | (2,500 | ) |

Net cash from financing activities | (2,061 | ) | 2,222 |  |

(Decrease)/increase in cash and cash equivalents | (1,730 | ) | 1,498 |  |

Cash and cash equivalents at beginning of year | 2 | (1,896 | ) | (3,394 | ) |

Cash and cash equivalents at end of year | 2 | (3,626 | ) | (1,896 | ) |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| Profit before taxation | 1,302 |  | 1,933 |  |

| Depreciation charges | 1,244 |  | 1,245 |  |

| (Profit)/loss on disposal of fixed assets | (32 | ) | 2 |  |

| Finance costs | 989 |  | 1,119 |  |

| Finance income | (18 | ) | (21 | ) |

3,485 |  | 4,278 |  |

| (Increase)/decrease in stocks | (342 | ) | 1,051 |  |

| Decrease/(increase) in trade and other debtors | 166 |  | (73 | ) |

| Increase/(decrease) in trade and other creditors | 205 |  | (235 | ) |

| Cash generated from operations | 3,514 |  | 5,021 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£'000 | £'000 |

| Cash and cash equivalents | 20 |  | 19 |  |

| Bank overdrafts | (3,646 | ) | (1,915 | ) |

(3,626 | ) | (1,896 | ) |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£'000 | £'000 |

| Cash and cash equivalents | 19 |  | 23 |  |

| Bank overdrafts | (1,915 | ) | (3,417 | ) |

(1,896 | ) | (3,394 | ) |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£'000 | £'000 | £'000 |

| Net cash |

| Cash at bank and in hand | 19 |  | 1 |  | 20 |  |

| Bank overdrafts | (1,915 | ) | (1,731 | ) | (3,646 | ) |

(1,896 | ) | (1,730 | ) | (3,626 | ) |

| Debt

| Debts falling due within 1 year | (3,465 | ) | 1,199 |  | (2,266 | ) |

| Debts falling due after 1 year | (8,609 | ) | (427 | ) | (9,036 | ) |

(12,074 | ) | 772 |  | (11,302 | ) |

| Total | (13,970 | ) | (958 | ) | (14,928 | ) |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Blue Anchor Leisure Holdings Limited is a private company limited by shares registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements are presented in sterling and all values are rounded to the nearest round thousand (£ ) except where otherwise stated.

| Basis of consolidation

| The consolidated financial statements present the results of the parent and its own subsidiaries ("the group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

| In accordance with the transitional exemption available in FRS102, the group has chosen not to retrospectively apply the standard to business combinations that occured before the date of transition to FRS102, being 1 January 2014. Therefore, the group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

| Significant judgements and estimates

| In the process of applying the group's accounting policies, the group is required to make certain judgements, estimates and assumptions that it believes are reasonable based on the information available. The significant judgements relate to the following:

| Tangible fixed assets

| Tangible fixed assets except freehold land are depreciated over the useful lives of the assets. Useful lives are based on management's estimates of the period that the assets will generate revenue, which are reviewed annually for continued appropriateness. The carrying values are tested for impairment when there are indications that the value of assets might be impaired. When carrying out impairment tests these would be based upon future anticipated income yields and these would be based upon management judgement. Future events could cause the assumptions to change and this could have an adverse effect on the future results of the group.

| Recoverability of trade debtors

| The estimates and assumptions used to assess the recoverability of trade debtors consist of the payments received against balances and payment history and the credit worthiness of the customer.

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover in respect of the specific revenue streams is recognised as follows:

| Caravan sales are included in turnover in the year in which they are contracted for by the customers.

| Site rentals are recognised in the year to which the income relates.

| Sales of log cabins are recognised upon completion.

| Other takings are recognised on receipt.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2% on cost

| Plant and machinery | - | 15% on cost

| Fixtures and fittings | - | 15% on cost and 10% on cost

| Motor vehicles | - | 25% on reducing balance

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Land is not depreciated.

| In previous years the group adopted a policy of revaluing its freehold properties. On adoption of FRS102 on 1 January 2015, the directors chose not to follow a revaluation policy and to recognise these at deemed cost.

| Stocks

| Caravan and sundry stock are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

| Land for sale is valued at the lower of cost and net realisable value.

| Financial instruments

| The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

| Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

| Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Going concern

| The balance sheet has net current liabilities of £9,549,000 (2024 - £9,700,000). Included in creditors is deferred income of £9,077,000 (2024 - £9,340,000) which relates to park rental and are non-refundable, being allocated to the statement of comprehensive income when earned.

| The directors have prepared forecasts which show that the group will continue to operate within its agreed bank facilities and will be able to meet its liabilities as and when they fall due. As a result the directors consider that there are no indicators to suggest that the company is not a going concern.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by class of business is given below:

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| Sale of caravans | 4,374 |  | 5,742 |  |

| Site rental | 15,714 |  | 15,841 |  |

| Log cabin sales | 1,117 |  | 1,155 |  |

| Other takings | 5,533 |  | 5,642 |  |

26,738 |  | 28,380 |  |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| Wages and salaries | 8,014 |  | 8,128 |  |

| Social security costs | 937 |  | 786 |  |

| Other pension costs | 217 |  | 227 |  |

9,168 |  | 9,141 |  |

| The average number of employees during the year was as follows:

| 31.12.25 |  | 31.12.24

| Holiday caravan site staff | 257 |  | 272 |  |

| Office and management | 18 |  | 21 |  |

275 |  | 293 |  |

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 570,008 |  | 598,154 |  |

| Directors' pension contributions to money purchase schemes | 18,752 |  | 18,177 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Emoluments etc | 334,279 |  | 351,541 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| Depreciation - owned assets | 1,242 |  | 1,245 |  |

| (Profit)/loss on disposal of fixed assets | (32 | ) | 2 |  |

| Auditors' remuneration | 29 |  | 29 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| Bank interest | 989 |  | 1,119 |  |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| Current tax:

| UK corporation tax | 341 |  | 466 |  |

| Deferred tax | 50 |  | 76 |  |

| Tax on profit | 391 |  | 542 |  |

| UK corporation tax has been charged at 25 % (2024 - 25 %).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| Profit before tax | 1,302 |  | 1,933 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 326 |  | 483 |  |

| Effects of:

| Expenses not deductible for tax purposes | 65 |  | 59 |  |

| deferred tax provision |

| Total tax charge | 391 |  | 542 |  |

| Tax effects relating to effects of other comprehensive income |

| 31.12.25 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Deferred tax movement | - |  | 61 |  | 61 |  |

| 31.12.24 |

| Gross |  | Tax |  | Net |

£'000 | £'000 | £'000 |

| Deferred tax movement | - |  | 33 |  | 33 |  |

| The UK corporation tax rate was 25% for the year ended 31 December 2025.

| Deferred tax has been calculated at 25%.

8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

9. | DIVIDENDS

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| Ordinary shares of £0.01 each

| Final | 700 |  | 2,500 |  |

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£'000 | £'000 | £'000 | £'000 | £'000 |

| COST

| At 1 January 2025 | 84,158 |  | 581 |  | 6,325 |  | 1,445 |  | 92,509 |  |

| Additions | 1,008 |  | 112 |  | 529 |  | 206 |  | 1,855 |  |

| Disposals | - |  | (112 | ) | (313 | ) | (188 | ) | (613 | ) |

| At 31 December 2025 | 85,166 |  | 581 |  | 6,541 |  | 1,463 |  | 93,751 |  |

| DEPRECIATION

| At 1 January 2025 | 1,780 |  | 302 |  | 3,035 |  | 859 |  | 5,976 |  |

| Charge for year | 260 |  | 98 |  | 705 |  | 179 |  | 1,242 |  |

| Eliminated on disposal | - |  | (112 | ) | (313 | ) | (112 | ) | (537 | ) |

| At 31 December 2025 | 2,040 |  | 288 |  | 3,427 |  | 926 |  | 6,681 |  |

| NET BOOK VALUE

| At 31 December 2025 | 83,126 |  | 293 |  | 3,114 |  | 537 |  | 87,070 |  |

| At 31 December 2024 | 82,378 |  | 279 |  | 3,290 |  | 586 |  | 86,533 |  |

| Included in cost of land and buildings is freehold land of £70,200,000 (2024 - £70,006,000) which is not depreciated.

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£'000 |

| COST

| At 1 January 2025

| and 31 December 2025 | 8 |  |

| NET BOOK VALUE

| At 31 December 2025 | 8 |  |

| At 31 December 2024 | 8 |  |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

11. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Blue Anchor Leisure Limited

| Registered office: Robin Hood Park, South Road, Chapel St. Leonards, Skegness, Lincolnshire, PE24 5TR

| Nature of business: Caravan site operator

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Alexander Finance Limited

| Registered office: Robin Hood Park, South Road, Chapel St Leonards, Skegness, Lincolnshire, PE24 5TR.

| Nature of business: Hire purchase finance debt recovery

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Robin Hood Caravan Camp (Lincs) Limited

| Registered office: Robin Hood Parl, South Road, Chapel St Leonards, Skegness, Lincolnshire, PE24 5TR.

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

12. | STOCKS

| Group |

| 31.12.25 |  | 31.12.24 |

£'000 | £'000 |

| Caravans and cabins | 1,834 |  | 1,537 |  |

| Sundry stock | 394 |  | 349 |  |

| Land for resale | 607 |  | 607 |  |

2,835 |  | 2,493 |  |

| Stock charged as an expense in the Statement of Comprehensive Income in the year amounted to £4,467,000 (2024 - £5,782,000).

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

| 31.12.25 |  | 31.12.24 |

£'000 | £'000 |

| Trade debtors | 3,828 |  | 4,003 |  |

| Other debtors | 115 |  | 137 |  |

| Directors' current accounts | 1,215 |  | 628 |  |

| Prepayments and accrued income | 426 |  | 395 |  |

5,584 |  | 5,163 |  |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

| 31.12.25 |  | 31.12.24 |

£'000 | £'000 |

| Bank loans and overdrafts (see note 16) | 4,512 |  | 3,980 |  |

| Other loans (see note 16) | 1,400 |  | 1,400 |  |

| Trade creditors | 1,130 |  | 883 |  |

| Tax | 184 |  | 308 |  |

| Social security and other taxes | 824 |  | 941 |  |

| Other creditors | 126 |  | 133 |  |

| Accruals and deferred income | 9,812 |  | 9,730 |  |

17,988 |  | 17,375 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

| 31.12.25 |  | 31.12.24 |

£'000 | £'000 |

| Bank loans (see note 16) | 9,036 |  | 8,609 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 31.12.25 |  | 31.12.24 |

£'000 | £'000 |

| Amounts falling due within one year or | on demand: |

| Bank overdrafts | 3,646 |  | 1,915 |  |

| Bank loans | 866 |  | 2,065 |  |

| Other loans | 1,400 |  | 1,400 |  |

5,912 |  | 5,380 |  |

| Amounts falling due between one and | two years: |

| Bank loans - 1-2 years | 2,302 |  | 1,289 |  |

| Amounts falling due between two and | five years: |

| Bank loans - 2-5 years | 3,876 |  | 5,746 |  |

| Amounts falling due in more than five | years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 2,858 |  | 1,574 |  |

| The loans are repayable quarterly until their maturity. Interest is charged on all loans at rates of between 1.85% and 2.65% above base rate.

| A new Natwest loan was taken out during the current year. The loan is repayable monthly by instalments until its maturity in March 2041. Interest is charged on the loan at 1.85% per annum above base rate. Base rate was 4.5% per annum when the loan was taken out.

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

17. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

| 31.12.25 |  | 31.12.24 |

£'000 | £'000 |

| Bank overdraft | 3,646 |  | 1,915 |  |

| Bank loans | 9,902 |  | 10,674 |  |

13,548 |  | 12,589 |  |

| Bank loans and overdrafts are secured on the group's freehold land and buildings.

18. | PROVISIONS FOR LIABILITIES

| Group |

| 31.12.25 |  | 31.12.24 |

£'000 | £'000 |

| Deferred tax

| Accelerated capital allowances | 1,164 |  | 1,114 |  |

| Other timing differences | 6,293 |  | 6,354 |  |

7,457 |  | 7,468 |  |

| Group

| Deferred |

| tax |

£'000 |

| Balance at 1 January 2025 | 7,469 |  |

| Provided during year | 50 |  |

| Revaluation reserve provision |

| Other comprehensive income | (62 | ) |

| Balance at 31 December 2025 | 7,457 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £'000 | £'000 |

| 767,901 | Ordinary | £0.01 | 8 |  | 8 |  |

| Blue Anchor Leisure Holdings Limited (Registered number: 08321590) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2025

20. | RESERVES

| The group's and company's capital and reserves are as follows:

| Called up share capital

| Called up share capital represents the nominal value of the shares issued.

| Revaluation reserve

| The reserve was established to recognise all gains and losses arising from revaluations of freehold properties in prior years. The group no longer revalues its properties on adoption of FRS102. All movements through this reserve will be as a result of adjustments for deferred taxation, depreciation adjustments and disposals or impairments of previously revalued properties.

| Merger Reserve

| This reserve is recognised on consolidation.

| Retained Earnings

| The retained earning represents cumulative profits or losses net of dividends paid and other adjustments.

21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

| 31.12.25 |  | 31.12.24

£'000 | £'000 |

| S Woodward

| Balance outstanding at start of year | 628 |  | 2,328 |  |

| Amounts advanced | 1,287 |  | 800 |  |

| Amounts repaid | (700 | ) | (2,500 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 1,215 |  | 628 |  |

| The above loan was repayable on demand and interest has been charged at the HMRC Official Rate. The interest charged during the year was £18,159 (2024 - £21,163).

22. | RELATED PARTY DISCLOSURES

| Other related parties |

| The amount due to Mrs P J Holmes at the balance sheet date and included in other loans was

| £1,400,000 (2024 - £1,400,000). Interest was payable at 2.5% above the bank base rate per annum.

| The amount of interest paid on the loan during the year was £96,466 (2024 - £106,745) and the

| creditor/accrual due at the year end in relation to interest was £15,074 (2024 - £16,963).

| Key management personnel are considered to be the directors of the company. Their remuneration is stated in Note 4.

23. | ULTIMATE CONTROLLING PARTY

| The controlling party is S W Trust.