REGISTERED NUMBER: 01777036 (England and Wales)

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2025

for

PKS (UK) Limited

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Consolidated Income Statement

4

Consolidated Balance Sheet

5

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

7

DIRECTORS:

Mr A Parkes

Mrs C Porter

Mr J Ogden

REGISTERED OFFICE:

Lincoln Road

Torksey Lock

Torksey

LINCOLN

Lincolnshire

LN1 2EL

REGISTERED NUMBER:

01777036 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

HSBC Bank plc

221 High Street

LINCOLN

Lincolnshire

LN1 1TS

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

Mr A Parkes

Mrs C Porter

Mr J Ogden

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs C Porter - Director

28 July 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PKS (UK) Limited for the year ended 30 November 2025 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and the related notes from the company's and the group's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PKS (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PKS (UK) Limited and state those matters that we have agreed to state to the Board of Directors of PKS (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PKS (UK) Limited the company and the group and the company's Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PKS (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PKS (UK) Limited. You consider that PKS (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PKS (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

30 July 2026

TURNOVER

12,900,210

10,808,302

Cost of sales

9,240,117

7,707,621

GROSS PROFIT

3,660,093

3,100,681

Administrative expenses

3,172,950

2,679,239

487,143

421,442

Other operating income

-

2,500

OPERATING PROFIT

487,143

423,942

Interest receivable and similar income

46,198

41,390

533,341

465,332

Gain/loss on revaluation of investment property

-

583,653

PROFIT BEFORE TAXATION

533,341

1,048,985

Tax on profit

127,049

211,533

PROFIT FOR THE FINANCIAL YEAR

406,292

837,452

Profit attributable to:

Owners of the parent

406,292

837,452

FIXED ASSETS

Tangible assets

5

2,167,005

2,150,337

Investments

6

4

4

Investment property

7

8,598,000

8,113,000

10,765,009

10,263,341

CURRENT ASSETS

Stocks

8

2,861,292

3,828,540

Debtors

9

473,375

290,127

Cash at bank and in hand

5,406,064

4,717,354

8,740,731

8,836,021

CREDITORS

Amounts falling due within one year

10

2,360,436

2,356,215

NET CURRENT ASSETS

6,380,295

6,479,806

TOTAL ASSETS LESS CURRENT LIABILITIES

17,145,304

16,743,147

PROVISIONS FOR LIABILITIES

172,866

177,001

NET ASSETS

16,972,438

16,566,146

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

16,972,436

16,566,144

SHAREHOLDERS' FUNDS

16,972,438

16,566,146

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2026 and were signed on its behalf by:

Mrs C Porter - Director

FIXED ASSETS

Tangible assets

5

1,719,096

1,727,745

Investments

6

5

5

Investment property

7

8,598,000

8,113,000

10,317,101

9,840,750

CURRENT ASSETS

Debtors

9

193,453

172,712

Cash at bank

2,155,070

2,104,404

2,348,523

2,277,116

CREDITORS

Amounts falling due within one year

10

303,205

291,736

NET CURRENT ASSETS

2,045,318

1,985,380

TOTAL ASSETS LESS CURRENT LIABILITIES

12,362,419

11,826,130

PROVISIONS FOR LIABILITIES

135,853

135,853

NET ASSETS

12,226,566

11,690,277

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

12,226,564

11,690,275

SHAREHOLDERS' FUNDS

12,226,566

11,690,277

Company's profit for the financial year

536,289

989,526

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2026 and were signed on its behalf by:

Mrs C Porter - Director

1.	STATUTORY INFORMATION

PKS (UK) 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 General 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to the reporting date.

Subsidiaries are entities controlled by the Company. Control exists where the Company has the power to govern the financial and operating policies of an entity so as to obtain economic benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date on which control passes to the Group or up to the date on which control ceases.

Uniform accounting policies are adopted throughout the Group. Where necessary, adjustments are made to the financial statements of subsidiary undertakings to ensure consistency with the accounting policies adopted by the Group.

All intra-group balances, transactions, income and expenses are eliminated in full on consolidation. Unrealised gains arising from intra-group transactions are eliminated in full.

Turnover

Turnover is represented by the net invoiced sales of caravans and camping accessories, excluding any value added tax, and net invoiced rental income from caravan sites and property ownership.

Deferred Income

Rents received are recognised in the calendar year to which they relate. Rents received in advance are shown under creditors.

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

-

4% on cost

Short leasehold

-

4% on cost

Long leasehold

-

Not provided as consists of land

Plant and machinery

-

25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Properties in the course of construction are included at cost to be revalued on completion. Property rented to group companies is not revalued but has been included in tangible fixed assets at cost and depreciated.

Stocks

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

The cost of work in progress and finished goods includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity.

Stocks held on consignment are recognised in the balance sheet at the lower of cost and net realisable value to the extent that the company has a right to the asset and a corresponding liability to pay for.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Operating leases

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Leasing

Rental income from operating leases is recognised on a straight line basis over the term of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2024 - 47 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 50 (2024 - 47 ) .

4.	INDIVIDUAL INCOME STATEMENT

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

5.	TANGIBLE FIXED ASSETS

Group

Freehold

Short

Long

property

leasehold

leasehold

£

£

£

COST

At 1 December 2024

2,170,570

600,472

117,000

Additions

-

10,467

-

Disposals

-

-

-

At 30 November 2025

2,170,570

610,939

117,000

DEPRECIATION

At 1 December 2024

442,825

369,161

-

Charge for year

8,649

25,607

-

Eliminated on disposal

-

-

-

At 30 November 2025

451,474

394,768

-

NET BOOK VALUE

At 30 November 2025

1,719,096

216,171

117,000

At 30 November 2024

1,727,745

231,311

117,000

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 December 2024

257,199

138,849

64,964

3,349,054

Additions

54,239

3,843

-

68,549

Disposals

(56,074

)

(3,646

)

-

(59,720

)

At 30 November 2025

255,364

139,046

64,964

3,357,883

DEPRECIATION

At 1 December 2024

209,573

120,246

56,912

1,198,717

Charge for year

12,153

4,494

577

51,480

Eliminated on disposal

(55,748

)

(3,571

)

-

(59,319

)

At 30 November 2025

165,978

121,169

57,489

1,190,878

NET BOOK VALUE

At 30 November 2025

89,386

17,877

7,475

2,167,005

At 30 November 2024

47,626

18,603

8,052

2,150,337

Company

Freehold

property

£

COST

At 1 December 2024

and 30 November 2025

2,170,570

DEPRECIATION

At 1 December 2024

442,825

Charge for year

8,649

At 30 November 2025

451,474

NET BOOK VALUE

At 30 November 2025

1,719,096

At 30 November 2024

1,727,745

6.	FIXED ASSET INVESTMENTS

Group

Other

investments

£

COST

At 1 December 2024

and 30 November 2025

4

NET BOOK VALUE

At 30 November 2025

4

At 30 November 2024

4

Company

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 December 2024

and 30 November 2025

1

4

5

NET BOOK VALUE

At 30 November 2025

1

4

5

At 30 November 2024

1

4

5

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

Subsidiary

Torksey Caravans Limited

Registered office:

Nature of business: Caravan & pine lodge sales, operate sites

%

Class of shares:

holding

Ordinary

100.00

7.	INVESTMENT PROPERTY

Group

Total

£

FAIR VALUE

At 1 December 2024

8,113,000

Additions

485,000

At 30 November 2025

8,598,000

NET BOOK VALUE

At 30 November 2025

8,598,000

At 30 November 2024

8,113,000

Company

Total

£

FAIR VALUE

At 1 December 2024

8,113,000

Additions

485,000

At 30 November 2025

8,598,000

NET BOOK VALUE

At 30 November 2025

8,598,000

At 30 November 2024

8,113,000

During the year all of the investment properties, apart from those under construction, were let or available for let under operating leases. Rents received under operating leases were £493,720 (2024: £427,439).

Investment properties were valued on an open market value of the freehold interest in the properties subject to the existing occupational leases on 30 November 2024 by Pygott & Crone. This was a full valuation. The directors consider that the value of the properties at 30 November 2025 to not be materially different from the valuation carried out on 30 November 2024,

If the investment properties were sold at this value there would be a additional charge to Corporation tax of approximately £135,853 (2024: £135,853).

Fair value at 30 November 2025 is represented by:

£

Valuation in 2016

3,630,000

Valuation in 2020

(300,000

)

Valuation in 2023

2,750,000

Valuation in 2024

2,033,000

Cost

485,000

8,598,000

If investment properties had not been revalued it would have been included at the following historical cost:

30/11/25

30/11/24

£

£

Cost

7,386,963

7,386,963

Aggregate depreciation

(2,916,517

)

(2,621,038

)

Investment Properties were valued on a fair value basis basis on 30 November 2024 by Pygott & Crone .

8.

STOCKS

Group

30/11/25

30/11/24

£

£

Stocks

2,716,806

3,683,604

Work-in-progress

144,486

144,936

2,861,292

3,828,540

The amount of consignment stock held within stock is £371,108 (2024 - £1,004,026).

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

30/11/25

30/11/24

30/11/25

30/11/24

£

£

£

£

Trade debtors

160,110

40,444

24,413

5,566

Other debtors

313,265

249,683

169,040

167,146

473,375

290,127

193,453

172,712

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

30/11/25

30/11/24

30/11/25

30/11/24

£

£

£

£

Trade creditors

1,303,207

1,478,336

6,287

5,737

Amounts owed to group undertakings

-

-

48,913

44,297

Taxation and social security

313,828

206,298

147,723

142,104

Other creditors

743,401

671,581

100,282

99,598

2,360,436

2,356,215

303,205

291,736

11.	SECURED DEBTS

The following secured debts are included within creditors:

Group

30/11/25

30/11/24

£

£

Consignment stock

371,108

1,004,026

Secured debts relate to consignment stock which are all secured on the assets to which the agreements relate.