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Registration number: 14424582

Warren Farm Holdings Ltd
Annual Report and Consolidated Financial Statements
for the Year Ended 31 December 2025

Warren Farm Holdings Ltd

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Consolidated Profit and Loss Account | 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10
Balance Sheet | 11
Consolidated Statement of Changes in Equity | 12
Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 33

Warren Farm Holdings Ltd

Company Information

Directors | Mr J H Harris Mr C J Harris Mr M H Harris

Registered office | Warren Farm Holiday Park Brean Sands Burnham On Sea Somerset TA8 2RP

Auditors | ML Audit LLP Statutory AuditorsWinchester House Deane Gate Avenue Taunton Somerset TA1 2UH

Warren Farm Holdings Ltd

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the group is that of a holding company.

Fair review of the business

Warren Farm Holdings Ltd is the parent of Warren Farm Holiday Centre Limited and the below wording is in relation to the subsidiary's performance.
The company has had a successful year and continues to maintain its reputation as a quality holiday centre in the South West.
The aim of the company is to continue to increase shareholder value and the directors intend to continue with the strategy of achieving sustainable performance. The measure to the extent by which this goal has been achieved is demonstrated by using “EBITDA”. For the year under review EBITDA was £1,593,340 (2024: £1,451,741).
Caravan Park
Overall, turnover has fallen by 3.3%, as compared to an increase of 14.0% in 2024.
The company has continued to see a good turnover. A gross profit margin of 46.6% was achieved, compared to 41.9% in 2024.
The caravan park has continued to develop the tourer pitches on site and has seen an increase in demand from customers for pitches that have individual attached ensuite pods.
Beachcomber Inn
The Beachcomber Inn has seen an increase in turnover of 11.9% (2024: 3.8%).
The Beachcomber Inn achieved a gross profit of 57.6%, as compared to 57.2% in 2024.
The directors feel that the company’s year end position is satisfactory.

Approved and authorised by the Board on 12 August 2026 and signed on its behalf by:

Mr J H Harris Director

Warren Farm Holdings Ltd

Directors' Report for the Year Ended 31 December 2025

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

Directors of the group

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

Mr J H Harris

Mr C J Harris

Mr M H Harris

Dividends

Dividends totalling £510,000 were paid during the year.

Financial instruments

Objectives and policies

The board is responsible for safeguarding the assets of the company and hence for taking reasonable steps to manage the company exposure to risk and thereby provide reasonable assurance that:
- its assets are safeguarded against unauthorised use or disposal;
- proper records are maintained and financial information used within the company is reliable;
- the company complies with relevant laws and regulations.
The company reviews its cash flows and financial costs through its reports to the Board of Directors. The company has historically not been exposed to significant price risk, credit risk, liquidity risk or cash flow risk.

Disclosure of information to the auditor

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

Future developments

The group aims to maintain a strong market presence as a holiday centre, with investment in and continual refurbishment of its facilities.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of ML Audit LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 12 August 2026 and signed on its behalf by:

Mr J H Harris Director |  |

Warren Farm Holdings Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company 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 apply them consistently;

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

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

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

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

Warren Farm Holdings Ltd

Independent Auditor's Report to the Members of Warren Farm Holdings Ltd

We have audited the financial statements of Warren Farm Holdings Ltd (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit
and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Warren Farm Holdings Ltd

Independent Auditor's Report to the Members of Warren Farm Holdings Ltd

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept 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 page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Warren Farm Holdings Ltd

Independent Auditor's Report to the Members of Warren Farm Holdings Ltd

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 framework that the company operates in and how the company is complying with the legal and regulatory framework;

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

• | 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;

• | undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business.

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.

A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/ description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Nigel Fry FCA (Senior Statutory Auditor)
For and on behalf of ML Audit LLP, Statutory Auditor
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

12 August 2026

Warren Farm Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 7,434,842 | 7,457,055
Cost of sales |  | (3,790,415) | (4,105,633)
Gross profit |  | 3,644,427 | 3,351,422
Administrative expenses |  | (2,690,459) | (2,675,319)
Other operating income | 4 | 435,208 | 582,313
Operating profit | 5 | 1,389,176 | 1,258,416
Other interest receivable and similar income | 6 | 20,671 | 24,996
Interest payable and similar expenses | 7 | (53,985) | (63,199)
|  | (33,314) | (38,203)
Profit before tax |  | 1,355,862 | 1,220,213
Tax on profit | 11 | (455,997) | (280,021)
Profit for the financial year |  | 899,865 | 940,192
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 899,865 | 940,192

The group has no recognised gains or losses for the year other than the results above.

Warren Farm Holdings Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025

| 2025 £ | 2024 £
Profit for the year | 899,865 | 940,192
Total comprehensive income for the year | 899,865 | 940,192
Total comprehensive income attributable to: |  |
Owners of the company | 899,865 | 940,192

Warren Farm Holdings Ltd

(Registration number: 14424582)
Consolidated Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 12 | (1,413,246) | (1,615,139)
Tangible assets | 13 | 20,413,793 | 20,067,921
Investment property | 14 | 1,821,920 | 1,821,920
|  | 20,822,467 | 20,274,702
Current assets |  |  |
Stocks | 16 | 182,804 | 321,630
Debtors | 17 | 184,850 | 116,365
Cash at bank and in hand | 18 | 116,580 | 71,776
|  | 484,234 | 509,771
Non-current assets |  |  |
Long-term debtors |  | 103,401 | 103,401
Creditors: Amounts falling due within one year | 19 | (516,789) | (537,641)
Net current assets |  | 70,846 | 75,531
Total assets less current liabilities |  | 20,893,313 | 20,350,233
Creditors: Amounts falling due after more than one year | 19 | (738,770) | (817,024)
Provisions for liabilities | 20 | (4,770,504) | (4,539,035)
Net assets |  | 15,384,039 | 14,994,174
Capital and reserves |  |  |
Called up share capital | 22 | 15,451,413 | 15,451,413
Profit and loss account |  | (67,374) | (457,239)
Total equity |  | 15,384,039 | 14,994,174

Approved and authorised by the Board on 12 August 2026 and signed on its behalf by:

Mr J H Harris Director |  |

Warren Farm Holdings Ltd

(Registration number: 14424582)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 15 | 18,053,433 | 18,053,433
Capital and reserves |  |  |
Called up share capital | 22 | 15,451,413 | 15,451,413
Profit and loss account |  | 2,602,020 | 2,602,020
Total equity |  | 18,053,433 | 18,053,433

The company made a profit after tax for the financial year of £510,000.

Approved and authorised by the Board on 12 August 2026 and signed on its behalf by:

Mr J H Harris Director |  |

Warren Farm Holdings Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 15,451,413 | (457,239) | 14,994,174
Profit for the year | - | 899,865 | 899,865
Dividends | - | (510,000) | (510,000)
At 31 December 2025 | 15,451,413 | (67,374) | 15,384,039

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 15,451,413 | (872,431) | 14,578,982
Profit for the year | - | 940,192 | 940,192
Dividends | - | (525,000) | (525,000)
At 31 December 2024 | 15,451,413 | (457,239) | 14,994,174

Warren Farm Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 15,451,413 | 2,602,020 | 18,053,433
Profit for the year | - | 510,000 | 510,000
Dividends | - | (510,000) | (510,000)
At 31 December 2025 | 15,451,413 | 2,602,020 | 18,053,433

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 15,451,413 | 2,602,020 | 18,053,433
Profit for the year | - | 525,000 | 525,000
Dividends | - | (525,000) | (525,000)
At 31 December 2024 | 15,451,413 | 2,602,020 | 18,053,433

Warren Farm Holdings Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 899,865 | 940,192
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 175,485 | 162,498
Loss on disposal of fixed assets |  | 8,008 | 5,831
Finance income | 6 | (20,671) | (24,996)
Finance costs | 7 | 53,985 | 63,199
Income tax expense | 11 | 455,997 | 280,021
|  | 1,572,669 | 1,426,745
Working capital adjustments |  |  |
Decrease in stocks | 16 | 138,826 | 149,521
Increase in trade debtors | 17 | (68,485) | (45,254)
Increase/(decrease) in trade creditors | 19 | 36,922 | (113,341)
Cash generated from operations |  | 1,679,932 | 1,417,671
Income taxes paid | 11 | (263,367) | (152,153)
Net cash flow from operating activities |  | 1,416,565 | 1,265,518
Cash flows from investing activities |  |  |
Interest received |  | 20,671 | 24,996
Acquisitions of tangible assets |  | (822,234) | (533,778)
Proceeds from sale of tangible assets |  | 90,976 | 52,462
Net cash flows from investing activities |  | (710,587) | (456,320)
Cash flows from financing activities |  |  |
Interest paid | 7 | (53,985) | (63,199)
Proceeds from bank borrowing draw downs |  | (65,837) | (58,419)
Dividends paid |  | (510,000) | (525,000)
Net cash flows from financing activities |  | (629,822) | (646,618)
Net increase in cash and cash equivalents |  | 76,156 | 162,580
Cash and cash equivalents at 1 January |  | 40,424 | (122,156)
Cash and cash equivalents at 31 December |  | 116,580 | 40,424

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

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

The address of its registered office is:
Warren Farm Holiday Park
Brean Sands
Burnham On Sea
Somerset
TA8 2RP

These financial statements were authorised for issue by the Board on 12 August 2026.

2 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

Warren Farm Holdings Limited has taken exemption from presenting its unconsolidated profit and loss account under section 408 of Companies Act 2006.
The company is a qualifying entity for the purposes of FRS102 and has taken the exemption available from presenting the parent company cash flow under FRS102 paragraph 1.12(B).
The company has also taken advantage of the exemption available under FRS102 S.33.1A in respect of disclosing transactions with wholly owned members of the group.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertaking drawn up to 31 December 2025.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis. As at the date of signing the financial statements, the directors confirm that the company is in a position to meet its liabilities for a period of 12 months and that there are no foreseeable events which may give rise to liabilities which exceeds the company’s ability to pay.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates..

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Depreciation
Tangible fixed asset depreciation has inherent estimation uncertainty due to varying useful lives together with difficulties in estimating the residual value. Most of the assets held have a variable market and, the useful lives will inevitably be impacted by the level of usage and the general conditions on the site. The carrying amount of tangible fixed assets at the period end was £20,413,793 (2024 - £20,067,921).
Goodwill
Goodwill amortisation has inherent estimation uncertainty due to a varying useful life together with difficulties in estimating the residual value. The carrying amount of negative goodwill at the period end was £1,413,246 (2024 - £1,615,139).
Investment valuation
The fair value of investments in subsidiaries are determined by the directors using their knowledge of the sector.
Periodically, the directors assess the value of investments carried at cost less impairment. This includes a review of the financial perfomance of the investment, along with consideration of the future projections and expectations.
Where appropriate, a provision is made for the diminution in value of an investment. The carrying amount is £18,053,433 (2024 - £18,053,433).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Negative goodwill

Where there is negative goodwill arising on the acquisition of an entity, the goodwill is carried in the balance sheet, within intangible assets, and amortised over a period of 10 years.

Amortisation

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

Asset class | Amortisation method and rate
Goodwill | 10% Straight line

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold property | 2% Straight line
Plant and machinery | 15% Reducing balance
Motor vehicles | 15% Reducing balance
Computer equipment | 33% Straight line

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.
The valuation was made by an independent valuer who holds a recognised professional qualification and has recent experience in the location and class of the investment property valued.

Business combinations

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

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtor and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market
rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
Financial assets that are measured at cost and amortised cost 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 Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between as asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set of the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Government grants

Grants are recognised in the financial statements when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.
Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Grants towards capital expenditure are initially recognised as deferred revenue and then released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3 | Turnover

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

| 2025 £ | 2024 £
Holiday activities | 3,970,021 | 3,747,332
Caravan sales | 1,824,212 | 2,243,896
Bar and food sales | 1,640,609 | 1,465,827
| 7,434,842 | 7,457,055

The group's turnover has been generated in UK markets.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

4 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2025 £ | 2024 £
Rents received | 146,503 | 134,025
Sundry receipts | 86,537 | 219,372
Winter storage | 55,746 | 57,196
Other operating income | 146,422 | 171,720
| 435,208 | 582,313

5 | Operating profit

Arrived at after charging/(crediting):

| 2025 £ | 2024 £
Amortisation expense | (201,893) | (201,893)
Depreciation expense | 377,378 | 364,391
Hire of plant and machinery | 21,061 | 6,710

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 20,671 | 24,996

7 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 53,985 | 63,199

8 | Staff costs

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

| 2025 £ | 2024 £
Wages and salaries | 1,413,367 | 1,364,989
Social security costs | 138,001 | 96,649
Pension costs, defined contribution scheme | 47,105 | 41,977
| 1,598,473 | 1,503,615

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

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

| 2025 No. | 2024 No.
Caravan Park | 27 | 30
Beachcomber Inn | 39 | 38
| 66 | 68

9 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 34,200 | 31,890
Contributions paid to money purchase schemes | 23,593 | 22,674
| 57,793 | 54,564

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

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 2 | 2

10 | Auditors' remuneration

| 2025 £ | 2024 £
Estimated money value of benefits in kind for audit services | 24,024 | 22,702

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

11 | Taxation

Tax charged in the income statement:

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 224,528 | 263,164
UK corporation tax adjustment to prior periods | - | (7,290)
| 224,528 | 255,874
Deferred taxation |  |
Arising from origination and reversal of timing differences | 231,469 | 24,147
Tax expense in the income statement | 455,997 | 280,021

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

| 2025 £ | 2024 £
Profit before tax | 1,355,862 | 1,220,213
Corporation tax at standard rate | 338,966 | 305,053
Increase in UK and foreign current tax from adjustment for prior periods | - | 7,290
Tax increase from effect of capital allowances and depreciation | 155,473 | -
Effect of revenues exempt from taxation | (127,500) | -
Effect of expense not deductible in determining taxable profit (tax loss) | 89,058 | (32,755)
Deferred tax expense from unrecognised tax loss or credit | - | 433
Total tax charge | 455,997 | 280,021

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Accelerated capital allowances | - | 863,535
Revaluation of property | - | 1,813,500
Deferred tax arising on business combinations | - | 2,093,469
| - | 4,770,504

2024 | Asset £ | Liability £
Accelerated capital allowances | - | 632,066
Revaluation of property | - | 1,813,500
Deferred tax arising on business combinations | - | 2,093,469
| - | 4,539,035

12 | Intangible assets

Group

| Goodwill £ | Total £
Cost or valuation
At 1 January 2025 | (2,018,925) | (2,018,925)
At 31 December 2025 | (2,018,925) | (2,018,925)
Amortisation
At 1 January 2025 | (403,786) | (403,786)
Amortisation credit | (201,893) | (201,893)
At 31 December 2025 | (605,679) | (605,679)
Carrying amount
At 31 December 2025 | (1,413,246) | (1,413,246)
At 31 December 2024 | (1,615,139) | (1,615,139)

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

13 | Tangible assets

Group

| Freehold property £ | Plant and machinery £ | Computer equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2025 | 19,985,260 | 613,392 | 1,302 | 160,028 | 20,759,982
Additions | 693,382 | 92,612 | - | 36,240 | 822,234
Disposals | (75,745) | (29,840) | - | (19,833) | (125,418)
At 31 December 2025 | 20,602,897 | 676,164 | 1,302 | 176,435 | 21,456,798
Depreciation
At 1 January 2025 | 511,718 | 148,547 | 715 | 31,081 | 692,061
Charge for the year | 272,526 | 80,384 | (58) | 24,526 | 377,378
Eliminated on disposal | - | (8,281) | - | (18,153) | (26,434)
At 31 December 2025 | 784,244 | 220,650 | 657 | 37,454 | 1,043,005
Carrying amount
At 31 December 2025 | 19,818,653 | 455,514 | 645 | 138,981 | 20,413,793
At 31 December 2024 | 19,473,542 | 464,845 | 587 | 128,947 | 20,067,921

Included within the net book value of land and buildings above is £19,818,653 (2024 - £19,473,542) in respect of freehold land and buildings.

Restriction on title and pledged as security

Tangible fixed assets with a carrying amount of £20,413,793 (2024 - £20,067,921) has been pledged as security for the subsidiary's bankers, Lloyds TSB Bank PLC, hold a Legal Charge dated 15 November 2012 incorporating a fixed and floating charge over all assets present and future.

14 | Investment properties

Group

| 2025 £
At 1 January | 1,821,920
At 31 December | 1,821,920

Amounts included in investment property with a carrying value of £1,821,920 have been pledged as security for bank loans for the subsidiary.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

15 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 18,053,433 | 18,053,433

Subsidiaries | £
Cost or valuation
At 1 January 2025 | 18,053,433
Carrying amount
At 31 December 2025 | 18,053,433
At 31 December 2024 | 18,053,433

Details of undertakings

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

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Warren Farm Holiday Centre Limited | Warren Farm Holiday Park Brean Sands Burnham On Sea Somerset TA8 2RP England and Wales | Ordinary shares | 100% | 100%

Subsidiary undertakings
Warren Farm Holiday Centre Limited The principal activity of Warren Farm Holiday Centre Limited is a holiday centre.

For the year ended 31 December 2025 Warren Farm Holiday Centre Limited was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

16 | Stocks

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Other inventories | 182,804 | 321,630 | - | -

Amounts included in stock with a carrying amount of £182,804 (2024 - £321,630) have been pledged as security for bank loans.

17 | Debtors

| Group | Company
Current | 2025 £ | 2024 £ | 2025 £ | 2024 £
Other debtors | 147,020 | 108,933 | - | -
Prepayments | 37,830 | 7,432 | - | -
| 184,850 | 116,365 | - | -

| Group | Company
Non-current | 2025 £ | 2024 £ | 2025 £ | 2024 £
Trade debtors | 103,401 | 103,401 | - | -
| 103,401 | 103,401 | - | -

Amounts included in debtors with a carrying amount of £250,421 (2024 - £212,334) have been pledged as security for bank loans.

18 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Cash on hand | 62,493 | 71,776 | - | -
Cash at bank | 54,087 | - | - | -
| 116,580 | 71,776 | - | -
Bank overdrafts | - | (31,352) | - | -
Cash and cash equivalents in statement of cash flows | 116,580 | 40,424 | - | -

Amounts included in cash and cash equivalents with a carrying value of £116,580 (2024 - £71,776) have been pledged as security for bank loans.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

19 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 23 | 70,835 | 89,770 | - | -
Trade creditors |  | 100,267 | 76,417 | - | -
Amounts due to related parties | 28 | 3,331 | - | - | -
Social security and other taxes |  | 15,376 | 9,858 | - | -
Other creditors |  | 72,246 | 70,523 | - | -
Accruals |  | 30,206 | 27,706 | - | -
Corporation tax liability | 11 | 224,528 | 263,367 | - | -
|  | 516,789 | 537,641 | - | -
Due after one year |  |  |  |  |
Loans and borrowings | 23 | 738,770 | 817,024 | - | -

20 | Provisions for liabilities

Group

| Deferred tax £ | Total £
At 1 January 2025 | 4,539,035 | 4,539,035
Additional provisions | 231,469 | 231,469
At 31 December 2025 | 4,770,504 | 4,770,504

21 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £47,105 (2024 - £41,977).

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

22 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary share capital of £1 each | 15,451,413 | 15,451,413 | 15,451,413 | 15,451,413

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: - Each share is entitled to one vote at all general meetings of the company and on a written resolution. - Each share is entitled to dividends, to be paid as the company may determine, and each share has equal rights to dividends. - Each share is entitled to equal rights, a return of capital on liquidation or otherwise. - The shares are non-redeemable.

23 | Loans and borrowings

Current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 70,835 | 58,418 | - | -
Bank overdrafts | - | 31,352 | - | -
| 70,835 | 89,770 | - | -

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 738,770 | 817,024 | - | -

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Bank borrowings

Group

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

| 2025 £ | 2024 £
After more than five years by instalments | 455,430 | 583,350

The full amount of the bank loan is secured by a fixed and floating charge over the undertakings and all property and assets present and future, including book debts, uncalled capital, buildings, fixtures, fixed plant & machinery of Warren Farm Holiday Centre Limited.

24 | Obligations under leases and hire purchase contracts

Group

Operating leases - lessor

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 146,503 | 138,970
Later than one year and not later than five years | 205,600 | 222,655
| 352,103 | 361,625

Total contingent rents recognised as income in the period are £144,178 (2024 - £134,025).

The leasing arrangements are for a number of buildings across the site at Warren Farm, both for residential and business use.

25 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £0.033 (2024 - £0.034) per ordinary share |  | 510,000 |  | 525,000

26 | Contingent liabilities

Group

At the year end the group's underwriters have given bonds to a local authority of the company to guarantee completion of the projects undertaken. The amount of these bonds at the year end are £46,385 (2024 - £46,385) outstanding. This facility is held in the sole name of Warren Farm Holiday Centre Limited.

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

27 | Commitments

Group

Capital commitments

The group has agreed to pay for the construction of a new amenity pods, which has not been provided for in the financial statements.
The total amount contracted for but not provided in the financial statements was £166,950 (2024 - £Nil).

Other financial commitments

The group has an obligation at the year end to pay for caravan stock that has not yet been delivered.
The total amount of other financial commitments not provided in the financial statements was £161,008 (2024 - £93,489).

28 | Related party transactions

Group

Loans to related parties

2025 | Other related parties £ | Total £
At start of period | 103,401 | 103,401
At end of period | 103,401 | 103,401

2024 | Other related parties £ | Total £
At start of period | 103,401 | 103,401
At end of period | 103,401 | 103,401

Terms of loans to related parties

Other related parties relates to companies owned and managed by direct relatives of one of the directors. All trading activities take place on standard commercial terms.
During the year, Stanley Moss Ltd provided marketing services to the group totalling £70,750 (2024: £61,450).

Warren Farm Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Loans from related parties

2024 | Other related parties £ | Total £
At start of period | 80,000 | 80,000
Advanced | (80,000) | (80,000)
At end of period | - | -

Terms of loans from related parties

Other related parties relates to companies owned and managed by direct relatives of one of the directors. All trading activities take place on standard commercial terms.

29 | Parent and ultimate parent undertaking

The ultimate controlling party is The Jonathan Harris CJH Discretionary Trust and The Jonathan Harris MMH Discretionary Trust by virtue of their majority shareholding.