The directors present the strategic report for the year ended 30 November 2025.

Coastfields Leisure Limited continued its positive track record for growth throughout the November 2025 financial year, with revenue growing by 18.6%.

Holiday fleet bookings showed strong growth throughout the 2025 season, continuing to benefit from the investments made into Coastfields' letting fleet. This ongoing investment in parks and infrastructure continues to be a key focus for 2026 and beyond. Both caravan sales and food & beverage performance was positive and showed strong growth on the prior year, despite challenging industry conditions and inflationary pressures affecting these sectors.

The company is subject to the same risks as other companies in the industry, namely the weather, interest rates, inflationary pressures, competition and economic conditions, particularly those which have an impact on its customer base in the Midlands and the North of England. These risks can affect both the company's trading performance and also the value of its assets, their value largely determined by their ability to generate income. The company addresses these risks by diversifying the types of caravans, sites and facilities it offers to customers.

The company’s key financial and other performance indicators during the year were as follows:

Financial 2025 2024

Turnover £27,653,389 £23,318,406

Gross profit margin 30.6% 28.2%

Profit before tax £2,313,750 £1,500,150

The directors monitor a range of non-financial key performance indicators to assess the long-term sustainability and quality of the company's operations. During the year, customer satisfaction remained a primary focus, supported by continued investment in accommodation standards, guest facilities and staff training. Company wide occupancy grew 6pp compared to the prior year, reflecting the attractiveness of the company's holiday offerings as a result of the aforementioned ongoing investment. The company also maintained its commitment to employee development, health and safety and environmental sustainability.

Objectives and policies

The company's main financial instruments comprise a bank overdraft, bank loan, trade creditors and trade debtors. The bank loan has covenants and charges against the company's assets as required by the bank. These could be exercised if the company fails to meet its obligations and generate sufficient profits or cash flows to service the debt or comply with financial covenants. The main financial risks to the company, as with any other holiday park operator, continue to be liquidity and cashflow.

Credit risk

The credit risk to the company is the failure of customers to fulfil their financial obligations to the company. This exposure is reduced due to the large number of customers, managed by close credit control and monitoring the terms and conditions of credit.

Liquidity risk

Liquidity risk is the risk the company will be unable to generate sufficient cash resources in order to meet its financial obligations. The company manages this risk by ensuring that forecasts indicate sufficient cash resources will be generated and maintained in order to meet the required payments when they fall due.

Cash flow risk

The company faces the risk of fluctuating cash flows. Fixed and floating rate debt servicing arrangements are used to hedge the downside risk of interest rate rises and ensure short-term liabilities are able to be paid as they fall due.

The directors of Coastfields Leisure Limited acknowledge their duty under Section 172(1) of the Companies Act 2006 to act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole, whilst having regard to the interests of employees, suppliers, customers, local communities, the environment and the long-term consequences of business decisions.

Coastfields Leisure Limited is engaged principally in the operation of holiday parks and camping grounds, together with the operation of related hospitality facilities.

In carrying out their duties during the year, the directors considered the following principal stakeholders:

Employees

The directors recognise that the company's employees are fundamental to the delivery of high-quality customer service and the continued success of its holiday and leisure operations. The directors seek to maintain an open and positive working environment through regular communication, employee engagement and investment in training and development. The seasonal nature of the business requires effective workforce planning to ensure appropriate staffing levels while providing employment opportunities within the local area.

Customers and Holiday Home Owners

The company places considerable focus on customer satisfaction, guest experience and the services provided to holiday home owners. Investment decisions are made with a focus on improving facilities, maintaining high operational standards and enhancing the overall customer experience. Customer feedback is regularly reviewed and considered when determining operational priorities and future developments.

Suppliers and Business Partners

The directors aim to develop and maintain strong relationships with suppliers, contractors and service providers. The company seeks to deal fairly with all suppliers, make payments in accordance with agreed terms and work collaboratively with key partners to ensure continuity and quality of service across its holiday park operations.

Communities and the Environment

As a significant operator within coastal communities, the company recognises its role in supporting local employment, tourism and economic activity. The directors consider the impact of business decisions on local residents and communities and seek to operate the business responsibly. Environmental considerations are incorporated into decision-making processes where appropriate, including resource usage, waste management and the maintenance and development of park facilities.

Shareholders and Long-Term Success

The Board remains focused on the long-term sustainability and profitability of the business. Strategic decisions during the year were taken with regard to maintaining financial stability, investing in the company's asset base and preserving the quality and reputation of its holiday park portfolio. The directors balanced short-term operational requirements with longer-term objectives to generate sustainable value for shareholders.

Principal Decisions

During the year, the directors considered a range of significant operational and investment decisions, including ongoing investment in holiday park facilities, maintenance of property assets, customer amenities and infrastructure improvements. In making these decisions, the Board evaluated the likely long-term consequences, the interests of employees, customers, suppliers and local communities, together with the need to maintain high standards of business conduct and financial resilience.

The directors believe that, throughout the year ended 30 November 2025, they acted in a manner consistent with their duties under Section 172(1) of the Companies Act 2006 and in a way that promoted the long-term success of Coastfields Leisure Limited for the benefit of its shareholders as a whole.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 November 2025.

The principal activity of the company continued to be that of holiday park operators, caravan sales, operators of bars and related leisure activities.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The directors recognise that the commitment, skills and dedication of employees are fundamental to the continued success of Coastfields Leisure Limited. The company seeks to foster a positive working environment in which employees are treated fairly, with respect and provided with opportunities for development and progression.

The company is committed to keeping employees informed of matters affecting the performance and future development of the business through regular communication and engagement. Employee feedback is encouraged and considered in decision-making processes where appropriate.

The company promotes equal opportunities in recruitment, training and career development, regardless of age, disability, gender, race, religion or belief, sexual orientation, or any other protected characteristic. The company is committed to ensuring that all employees are able to realise their full potential and work in an inclusive environment.

The health, safety and wellbeing of employees remain a key priority. The company continues to maintain appropriate policies, procedures and training to support a safe and healthy workplace.

The company has reported on all of the emission sources required under the Streamlined Energy and Carbon Reporting requirements of the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. These sources fall within the company's financial statements. The reporting period is the year ended 30 November 2025, which is the same as the company's financial reporting period. This is the company's first year of reporting under these requirements and accordingly no comparative figures are presented.

Emissions have been calculated in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard, using the UK Government's 2025 greenhouse gas conversion factors for company reporting on a gross calorific value basis. Emissions from electricity are reported on a location-based approach using the UK grid average emission factor for electricity generated.

The reporting boundary comprises all energy purchased and consumed by the company in the United Kingdom in operating its holiday parks and central functions. Gas and other fuels combusted in equipment under the company's control are reported within Scope 1, together with fuel consumed for the purposes of transport. Electricity purchased by the company for its own use is reported within Scope 2. Electricity and gas which is separately metered and recharged to pitch hire customers on the basis of their own usage is excluded from the disclosure, as the company is not responsible for that consumption; energy provided to guests as part of an inclusive accommodation charge is included. Fugitive emissions, such as those from refrigerants, are not reported as this is not a requirement for unquoted companies.

Where verifiable data was not available for the whole population, consumption has been estimated using methods permitted by the Environmental Reporting Guidelines.

The company has selected turnover as the metric for its intensity ratio, as this is the measure most relevant to the company's operations and is consistent with the figures presented in the financial statements.

During the year the company continued its programme of investment in energy efficiency across its parks. The principal measures undertaken were the installation of LED lighting in both the newly installed market stalls and the upgraded facilities at Coastfields Holiday Village. The company also continued its efforts in improving energy efficiency by renewing it's electric fleet vans in the year. Staff awareness programmes and internal training programmes were run in order to improve employee practices and help improve energy efficiency. The company monitors energy consumption by park on a monthly basis and reviews it as part of its management reporting.

The company operates solar photovoltaic generation at one of it's sites, which generated 182,030 kWh of electricity during the year. This output is consumed within the company's own operations and is not exported to the grid.

The directors are responsible 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 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;

• 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 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the company's financial risk management objectives and policies, likely future developments and the directors' regard to the need to foster the company's business relationships.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Coastfields Leisure Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 30 November 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 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.

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.

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

The objectives of our audit include: to identify and assess the risk of material misstatement of the financial statements due to fraud or error; to obtain sufficient audit evidence regarding the assessed risk of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: Companies Act 2006, UK corporate tax laws and health and safety laws.

• We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management of the company. We corroborated our enquiries through our review of legal costs, associated papers and regulator correspondence, along with and consideration of the results of our audit procedures for the company.

• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

  • Identifying and assessing the design-effectiveness of controls management has in place to prevent and detect fraud;

  • Understanding how those charged with governance considered and addressed the potential override of controls or other inappropriate influence over the financial reporting process;

  • Challenging assumptions and judgements made by management in its significant accounting estimates;

  • Identifying and testing journal entries, in particular any journal entries posted outside of the financial team; and

  • Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Coastfields Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD. The principal place of business is Ingoldale Holiday Park, Beach Estate, Ingoldmells, Skegness, Lincs, PE25 1LL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken exemption from preparing group accounts under section 402 of the Companies Act 2006. This is on the grounds that, under section 405 of the Companies Act 2006, all of its subsidiary undertakings can be excluded from the consolidation as they are immaterial, dormant entities and accordingly group accounts are not necessary for the purpose of giving a true and fair view. Accordingly, these financial statements present information about the company and not about its group.

The directors have prepared cash flow forecasts and budgets covering a period of at least twelve months from the date of approval of these financial statements. Whilst the company reported net current liabilities of £true8,706,515 at the balance sheet date (2024 - £11,942,086), the directors consider the preparation of the financial statements on a going concern basis to be appropriate.

The company generated profits after tax of £1,609,704 during the year (2024 - £1,080,731) and had net assets of £21,567,412 (2024 - £20,194,348) at the balance sheet date. The net current liability position arises principally from the classification of certain liabilities due within one year and the timing of working capital movements.

The directors have reviewed the company's projected trading performance, cash flows and available financing facilities and are satisfied that the company will be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.

Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis in preparing these financial statements.

Turnover represents amounts receivable for goods and services provided in the normal course of business, exclusive of Value Added Tax.

Turnover from the sale of goods is recognised when the goods are sold, being the point at which the significant risks and rewards of ownership have passed to the buyer, the amount of turnover can be measured reliably, and it is probable that the economic benefits associated with the transaction will flow to the company.

Turnover from the sale of services is recognised in the period in which the services are provided, in line with the accounting period to which they relate, rather than when the related invoice is raised or cash is received.

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over 5 years on a straight line basis.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.

Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

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 of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors, there are no critical judgements or key sources of estimation uncertainty that give rise to a significant risk of material adjustment to the carrying amount of assets or liabilities in a subsequent accounting period.

All turnover arose in the United Kingdom.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Assets held under finance leases and hire purchase contracts

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

Revaluation

The fair value of the company's Freehold land and buildings were revalued on 23 December 2014 by an independent valuer. The company obtained a full valuation of its assets including all land and buildings held. The valuation was performed by an independent, qualified valuer and has been based on an open market valuation. This market value has been adopted as deemed cost under transition to FRS 102 as in the opinion of the directors the value of the asset would not have been significantly different at the date of transition.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Details of the company's subsidiaries at 30 November 2025 are as follows:

All of the company's subsidiaries are dormant and exemption from preparing group accounts has been taken in accordance with note 1.1.

Instruments measured at fair value through profit or loss comprise an interest rate swap designated as a cash flow hedge against the company's variable rate bank borrowings, which are repayable in instalments, with a final repayment date in August 2028.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Both current and non-current bank borrowings and bank overdrafts are secured by legal charges over land and buildings and a fixed and floating charge over the assets of the company.

Bank loans are repayable by equal monthly instalments, with a final repayment falling due in August 2028. Interest is chargeable on these loans at 2.35% over the Bank of England base rate.

Other loans include short term stock finance facilities repayable within 12 months from the date of drawdown and secured against the assets to which they relate, and a loan from a related pension scheme as disclosed in note 28. Balances outstanding at the year end amount to £1,984,750 (2024 - £2,467,103) and £399,783 (2024 - £288,502) respectively.

Finance lease obligations are secured against the assets to which they relate.

The following are the major deferred tax liabilities and assets recognised by the company:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The Ordinary 'A' shares, Ordinary 'B' shares, and Ordinary 'C' shares rank pari passu in all respects, including voting rights and distributions on a winding up, save that the directors of the company may, at their discretion, declare a dividend on any individual class of shares without being obliged to declare a dividend on the other classifications of shares, and/or may declare unequal dividends on the respective share classes.

Represents the amount paid for share capital in excess of its nominal value.

Represents the cumulative effective portion of gains and losses arising on hedging instruments designated as cash flow hedges.

Profit and loss reserves

Includes all current and prior period retained profits and losses, inclusive of cumulative unrealised gains and losses for assets shown at fair value at the balance sheet date.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company is controlled by Mrs L J Silvester by virtue of her majority share holding.

During the year, key management received advances / credits totalling £291,999 (2024 - £63,500) and made repayments of £90,272 (2024 - £150,657). At the balance sheet date, balances with key management personnel comprised a debtor balance of £207,205 (2024 - £15,521) and a creditor balance of £62,573 (2024 - £72,616). These balances are unsecured, interest free and repayable on demand.

Summary of transactions with entities where there is common significant influence or control

Sales were made to such entities during the year totalling £127,300 (2024 - £187,267). Purchases from such entities during the year totalled £162,449 (2024 - £88,561). At the balance sheet date, balances outstanding with such entities comprised a debtor balance of £191,510 (2024 - £143,735) and a creditor balance of £76,021 (2024 - £57,073).

Summary of transactions with related post employment benefit plans

The company rents property from a pension scheme of the which the directors are beneficiaries, and has a loan with the scheme. Rent payable during the year totalled £70,300 (2024 - £70,300). The loan balance attracts interest at a rate of 8%, is unsecured and is repayable by monthly instalments. Interest payable totalled £23,691 (2024 - £16,106) and the year end balance amounted to £399,783 (2024 - £288,502).