REGISTERED NUMBER: 10528028 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

LEISURE RESORTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

G M Molloy

G F Gidman

K L Todd

REGISTERED OFFICE:

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

REGISTERED NUMBER:

10528028 (England and Wales)

AUDITORS:

Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

The directors present their strategic report for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company is that of operating holiday leisure parks, under the 'Leisure Resorts' brand, offering luxury holiday homes for sale or short term holiday letting, in a variety of locations across the North of England.

REVIEW OF BUSINESS

The company achieved a much improved performance in 2025, and reports a profit before tax of £314,742 (2024: loss of £1,951,861).

As at 31 December 2025 the company had shareholders funds of £238,229 (2024: £113,176).

In early 2025 the company implemented a restructuring process to consolidate the management team into a smaller central unit with a view to improving the company's performance. The company also continued its capital development programme during 2025, investing over £1million to expand and further enhance facilities on its holiday parks.

The directors and shareholders continue to support the company.

KEY PERFORMANCE INDICATORS

The company operates luxury holiday home parks with a combination of customer ownership and holiday hire units. The key performance indicators (KPI's) used by management are as follows:

- Revenue £14,977,936 (2024: £14,261,543)

- Gross margin (gross profit as a percentage of turnover) 60.1% (2024: 53.5%)

- EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) £1,802,546 (2024 £574,282)

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in the leisure industry and seeks to attract customers for UK holiday stays, and to invest in private holiday homes. Both of these areas represent discretionary expenditure by consumers and as such the company is exposed to the impacts of changing economic conditions, in particular by the increases in energy, fuel, interest rates, general cost of living and high inflation over the last few years. These factors all play a part in subduing demand for the industry's offering, along with the uncertainty in the UK economy due to worldwide factors. The company strives to differentiate itself from competitors by offering an extremely high standard of facilities at its holiday parks in order to maintain and improve performance.

The company is subject to a number of trading and operational risks including employment responsibilities, public and staff health & safety risk together with legal compliance obligations and competitive pressures. The company mitigates these risks by ensuring that good industry practice is always followed, and by maintaining adequate insurance cover where necessary.

The company also faces risk from competitors throughout the UK. The board constantly monitors the actions of competitors in order to be able to react quickly to changing conditions when necessary.

The directors continually monitor all business risks and have implemented a strategy for continuous improvement.

ON BEHALF OF THE BOARD:

G M Molloy - Director

31 July 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

G M Molloy

G F Gidman

Other changes in directors holding office are as follows:

E J Bristow - resigned 31 January 2025

K L Todd was appointed as a director after 31 December 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, bank loans, directors loans, trade creditors and trade debtors. The main purpose of these instruments are to ensure sufficient funds are available to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price or currency risk. The company's approach to managing other risks applicable to the financial instruments is detailed below.

Bank loans and loans from directors are obtained to finance capital expenditure planned by the company. Before a capital project is committed to and funds borrowed, each such project is carefully planned using the board's industry knowledge and experience, and a full risk assessment conducted alongside financial forecasting covering a range of possible scenarios.

Trade debtor balances are constantly monitored to ensure that payment is made in line with agreed terms.

Trade creditor liquidity risk is managed by agreeing payment terms with suppliers in advance of ordering goods and services, and ensuring that payments are made in line with those agreed terms to foster good relationships with suppliers and strengthening those relationships.The company aims to match outgoing payments to suppliers with expected income for the business, therefore ensuring sufficient funds are available to meet liabilities as they fall due.

ENGAGEMENT WITH EMPLOYEES

The company's policy is to keep employees informed on matters relevant to them through regular meetings and briefings.

The company ensures that its employees possess the tools and training they need to flourish in their individual roles. The directors recognise the contribution staff members make on a daily basis and encourage them to strive to achieve their full potential.

DISABLED PERSONS

It is the company's policy to give full and fair consideration to applications for employment received from disabled persons, having regard to their particular aptitudes and abilities.

The company is committed to providing equal opportunities of employment, training, career development and promotion of disabled existing and potential employees, including employees who may become disabled whilst employed by the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

G M Molloy - Director

31 July 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Matters on which we are required to report by exception

In the light of the 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 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in, including whether the company is complying with those legal and regulatory frameworks;

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and

-

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Companies Act 2006 and UK tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with relevant tax authorities and evaluating advice received from third party advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, data protection and employment law. We performed audit procedures to inquire of management whether the company is in compliance with these laws. This work included evaluating correspondence with third party consultants.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to:

-

testing material journal entries throughout the year and evaluating their business rationale;

-

reviewing key controls and account reconciliations;

-

testing material bank transactions for business rationale; and

-

on a sample basis, reviewing authorisation procedures of business expenditure, including review of supporting documentation.

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.

Rebecca Sygrove, FCCA (Senior Statutory Auditor)

for and on behalf of Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

31 July 2026

REVENUE

14,977,936

14,261,543

Cost of sales

5,973,377

6,629,328

GROSS PROFIT

9,004,559

7,632,215

Administrative expenses

8,070,925

8,892,200

OPERATING PROFIT/(LOSS)

4

933,634

(1,259,985

)

Interest receivable and similar income

18,188

59,427

951,822

(1,200,558

)

Interest payable and similar expenses

5

637,080

751,303

PROFIT/(LOSS) BEFORE TAXATION

314,742

(1,951,861

)

Tax on profit/(loss)

6

172,705

(260,139

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

142,037

(1,691,722

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

142,037

(1,691,722

)

FIXED ASSETS

Intangible assets

8

248,502

320,637

Property, plant and equipment

9

31,780,298

32,161,784

Investments

10

585,269

-

32,614,069

32,482,421

CURRENT ASSETS

Inventories

11

1,317,531

1,223,539

Debtors

12

1,177,465

832,896

Cash at bank and in hand

2,262,472

2,911,767

4,757,468

4,968,202

CREDITORS

Amounts falling due within one year

13

3,853,394

3,716,684

NET CURRENT ASSETS

904,074

1,251,518

TOTAL ASSETS LESS CURRENT LIABILITIES

33,518,143

33,733,939

CREDITORS

Amounts falling due after more than one year

14

(31,726,985

)

(32,240,539

)

PROVISIONS FOR LIABILITIES

18

(1,552,929

)

(1,380,224

)

NET ASSETS

238,229

113,176

CAPITAL AND RESERVES

Called up share capital

19

1,100

1,124

Share premium

20

70,542

87,502

Other reserves

20

64,909

46,007

Retained earnings

20

101,678

(21,457

)

SHAREHOLDERS' FUNDS

238,229

113,176

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

G M Molloy - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 January 2024

1,124

1,714,879

87,502

26,193

1,829,698

Changes in equity

Total comprehensive income

-

(1,711,536

)

-

19,814

(1,691,722

)

Dividends

-

(24,800

)

-

-

(24,800

)

Balance at 31 December 2024

1,124

(21,457

)

87,502

46,007

113,176

Changes in equity

Total comprehensive income

-

123,135

-

18,902

142,037

Cancellation of nil paid shares

-

-

(16,960

)

-

(16,960

)

Re-purchase of share capital

(24

)

-

-

-

(24

)

Balance at 31 December 2025

1,100

101,678

70,542

64,909

238,229

Cash flows from operating activities

Cash generated from operations

1

2,204,088

944,673

Interest paid

(603,902

)

(705,498

)

Interest element of hire purchase payments paid

(3,938

)

(8,983

)

Finance costs paid

(29,240

)

(36,822

)

Net cash from operating activities

1,567,008

193,370

Cash flows from investing activities

Purchase of intangible fixed assets

-

(31,358

)

Purchase of tangible fixed assets

(1,099,132

)

(2,247,491

)

Sale of tangible fixed assets

5,309

14,557

Interest received

18,188

59,427

Net cash from investing activities

(1,075,635

)

(2,204,865

)

Cash flows from financing activities

New loans in year

-

2,000,000

Loan repayments in year

(477,745

)

(97,048

)

Capital repayments in year

(50,798

)

(99,377

)

Amount withdrawn by directors

(612,125

)

(1,440,329

)

Equity dividends paid

-

(24,800

)

Net cash from financing activities

(1,140,668

)

338,446

Decrease in cash and cash equivalents

(649,295

)

(1,673,049

)

Cash and cash equivalents at beginning of year

2

2,911,767

4,584,816

Cash and cash equivalents at end of year

2

2,262,472

2,911,767

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit/(loss) before taxation

314,742

(1,951,861

)

Depreciation charges

858,538

1,831,280

Loss on disposal of fixed assets

10,374

2,987

Hire fleet transferred from fixed assets

678,529

766,741

Finance costs

637,080

751,303

Finance income

(18,188

)

(59,427

)

2,481,075

1,341,023

(Increase)/decrease in inventories

(93,992

)

447,299

Increase in trade and other debtors

(361,553

)

(108,563

)

Increase/(decrease) in trade and other creditors

178,558

(735,086

)

Cash generated from operations

2,204,088

944,673

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

2,262,472

2,911,767

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,911,767

4,584,816

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

2,911,767

(649,295

)

2,262,472

2,911,767

(649,295

)

2,262,472

Debt

Finance leases

(61,977

)

50,798

(11,179

)

Debts falling due within 1 year

(477,745

)

-

(477,745

)

Debts falling due after 1 year

(8,315,653

)

477,745

(7,837,908

)

(8,855,375

)

528,543

(8,326,832

)

Total

(5,943,608

)

(120,752

)

(6,064,360

)

1.	STATUTORY INFORMATION

Leisure Resorts 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.

Going concern

The financial statements have been prepared on the going concern basis of accounting, which assumes that the company is able to continue operating as a going concern.

The company is financed principally by long term loans from the controlling shareholder and Chief Executive Officer, G M Molloy. The company is reliant on this continued financial support and G M Molloy has confirmed that support will continue.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii. Inventory provisioning

The company purchases holiday homes both from manufacturers and second-hand from private individuals. It is necessary to consider the recoverability of the cost of this inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature, age and condition of the inventory, as well as applying assumptions around anticipated saleability of holiday homes.

Revenue

Revenue represents net invoiced sale of goods and services, excluding value added tax.

Revenue relating to site fees and insurance is deferred and released over the term of the chargeable period, with the deferred amount being recorded as a current liability.

Intangible fixed assets

Goodwill, being amounts paid in connection with the acquisition of businesses in 2017 and 2021, is being amortised evenly over its estimated useful life of ten years.

Website development

Website development costs are being amortised over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost, excluding land element

Plant and machinery

-

15% on reducing balance

Hire fleet

-

at variable rates on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

Hire fleet was previously depreciated at 15% on reducing balance. Upon review of this policy in 2025, the company has now changed the depreciation rate to 7.5% on reducing balance up to its retained residual value.The hire fleet had been written down too quickly on the previous policy and due to the fact that hire fleet when no longer used for hire are sold on at a market value it is more appropriate to depreciate up to a retained residual value as these units always hold a value for resale.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Other investments

Investments have been recognised at cost and should it be deemed necessary, impairment will be made to reflect the fair value.

Stocks

Stocks are valued at the lower of cost, market and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of income and retained earnings over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the statement of income and retained earnings over the period to which they relate.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the statement of income and retained earnings in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

4,154,684

4,325,690

Social security costs

357,653

320,886

Other pension costs

63,985

57,056

4,576,322

4,703,632

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

31.12.25

31.12.24

Directors

2

4

Park and administration staff

184

173

186

177

Company Share Option Plan (CSOP)

On 22 November 2021, the company awarded share options to 9 key employees enabling them to purchase up to an aggregate of 87 ordinary £1 shares in the company for a fixed price of £413.66 per share. These options are only exercisable in the event of a sale of the company within a 10 year period from the date of the award. If one of these employees leaves the business, their options will lapse. As at 1 January 2024, only 30 shares were still in place for 3 key employees. On 11 April 2024 a further 72 share options were awarded at a fixed price of £654. During the year end 31 December 2024, 25 of these shares lapsed due to an employee leaving the company, leaving options over 77 shares still in place overall for key employees. As at 31 December 2025 a further 25 of these shares lapsed due to an employee leaving the company, leaving options over 52 shares in place overall for key employees.

31.12.25

31.12.24

£

£

Directors' remuneration

100,320

432,977

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

Money purchase schemes

1

3

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

31.12.25

31.12.24

£

£

Depreciation - owned assets

786,403

1,748,470

Depreciation - assets on hire purchase contracts

-

10,675

Loss on disposal of fixed assets

10,374

2,987

Goodwill amortisation

67,999

67,999

Website amortisation

4,136

4,136

Auditors' remuneration

18,975

22,750

Auditors' remuneration for non audit work

16,288

20,225

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank loan interest

603,902

705,498

Hire purchase

3,938

8,983

Finance transaction costs

29,240

36,822

637,080

751,303

6.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Deferred tax

172,705

(260,139

)

Tax on profit/(loss)

172,705

(260,139

)

Reconciliation of total tax charge/(credit) 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

£

£

Profit/(loss) before tax

314,742

(1,951,861

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

78,686

(487,965

)

Effects of:

Expenses not deductible for tax purposes

556

850

Capital allowances in excess of depreciation

(97,289

)

-

Depreciation in excess of capital allowances

-

63,641

Adjustment for tax losses utilised/carried forward

18,047

423,474

Deferred tax charge/(credit)

172,705

(260,139

)

Total tax charge/(credit)

172,705

(260,139

)