Registration number:
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Stowford Leisure Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Stowford Leisure Ltd
Company Information
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Directors |
Mr A W Noall Mrs D J Noall |
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Registered office |
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Auditors |
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Stowford Leisure Ltd
Strategic Report for the Year Ended 31 January 2026
The directors present their strategic report for the year ended 31 January 2026.
Principal activity
The principal activity of the group is retail and servicing of touring caravans, motor homes and campers.
Fair review of the business
Turnover increased by 12% in the year ended 31 January 2026 compared with 2025 with a corresponding improvement in the gross profit margin of 1%. Costs have risen across several sections of the business but this is most predominantly seen in wages with the increase in employers national insurance implemented by the Government in April 2025. The company is also working with their manufactures to improve customer experience and reduce warranty claims on new stock sold.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2026 |
2025 |
|
Turnover |
£ |
15,003,327 |
13,358,972 |
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Gross profit margin |
% |
11 |
10 |
|
(Loss)/Profit before tax |
£ |
(3,443) |
(167,818) |
|
Net assets |
£ |
5,947,635 |
6,012,185 |
Principal risks and uncertainties
Purchasing of caravans, motorhomes and campervans are often seen as luxury expenditure and comes from available disposable income. A downturn in the economy plus rising cost of living prices has had an impact on customer demand. Management continues to monitor customer demand and manages stock levels in reaction to this. The directors also monitor cash requirements closely to ensure these factors can be managed effectively.
The business, in connection with the manufacturers, uses Black Horse and DF Capital for new caravan, motorhome and campervan funding. There is set criterion required by Black Horse and DF Capital on the administration of this finance which is managed and monitored by company management to ensure breaches do not occur.
Approved by the Board on
Mr A W Noall
Director
Stowford Leisure Ltd
Directors' Report for the Year Ended 31 January 2026
The directors present their report and the consolidated financial statements for the year ended 31 January 2026.
Directors of the group
The directors who held office during the year were as follows:
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Financial instruments
Objectives and policies
The business' principal financial instruments are bank balances, trade debtors, trade creditors and stocking loans. The main purpose of these instruments is to finance the business operations.
Stowford Leisure Ltd
Directors' Report for the Year Ended 31 January 2026
Price risk, credit risk, liquidity risk and cash flow risk
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. Where possible customers are required to pay for goods and services in advance. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to settle liabilities as they fall
due under normal trading terms.
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.
Approved by the Board on
Mr A W Noall
Director
Stowford Leisure Ltd
Independent Auditor's Report to the Members of Stowford Leisure Ltd
Opinion
We have audited the financial statements of Stowford Leisure Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026, 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, 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 January 2026 and of the group's loss 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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.
Stowford Leisure Ltd
Independent Auditor's Report to the Members of Stowford Leisure Ltd
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.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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 |
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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 3], 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.
Stowford Leisure Ltd
Independent Auditor's Report to the Members of Stowford Leisure 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
1. The nature of the industry and sector, control environment and business performance;
2. results of our enquiries of management about their own identification and assessment of the risks of irregularities;
3. any matters we identified having obtained and reviewed the group’s documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
4. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
Audit response to risks identified:
As a result of performing the above, we have not identified any contradictory evidence during our enquiries.
Stowford Leisure Ltd
Independent Auditor's Report to the Members of Stowford Leisure Ltd
Our procedures to respond to risks identified included the following:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance;
and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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.
For and on behalf of
30 Bear Street
Devon
EX32 7DD
Stowford Leisure Ltd
Consolidated Profit and Loss Account for the Year Ended 31 January 2026
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Note |
2026 |
2025 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
|
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Operating profit/(loss) |
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( |
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Other interest receivable and similar income |
- |
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Interest payable and similar expenses |
( |
( |
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(24,830) |
(18,155) |
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Loss before tax |
( |
( |
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Tax on loss |
( |
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Loss for the financial year |
( |
( |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
( |
( |
The group has no recognised gains or losses for the year other than the results above.
Stowford Leisure Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 January 2026
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2026 |
2025 |
|
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Loss for the year |
( |
( |
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Total comprehensive income for the year |
( |
( |
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Total comprehensive income attributable to: |
||
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Owners of the company |
( |
( |
Stowford Leisure Ltd
(Registration number: 12663030)
Consolidated Balance Sheet as at 31 January 2026
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Note |
2026 |
2025 |
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Fixed assets |
|||
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Tangible assets |
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Current assets |
|||
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Stocks |
|
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
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Called up share capital |
3,400,000 |
3,400,000 |
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Share premium reserve |
500,000 |
500,000 |
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Retained earnings |
2,047,635 |
2,112,185 |
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Equity attributable to owners of the company |
5,947,635 |
6,012,185 |
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Shareholders' funds |
5,947,635 |
6,012,185 |
Approved and authorised for issue by the
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Stowford Leisure Ltd
(Registration number: 12663030)
Balance Sheet as at 31 January 2026
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Note |
2026 |
2025 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
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Called up share capital |
3,400,000 |
3,400,000 |
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Share premium reserve |
500,000 |
500,000 |
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Retained earnings |
2,223,825 |
2,288,375 |
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Shareholders' funds |
6,123,825 |
6,188,375 |
The company made a loss after tax for the financial year of £14,550 (2025 - loss of £128,347).
Approved and authorised for issue by the
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Stowford Leisure Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 January 2026
Equity attributable to the parent company
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Share capital |
Share premium |
Retained earnings |
Total |
Total equity |
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At 1 February 2025 |
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|
|
|
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Loss for the year |
- |
- |
( |
( |
( |
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Dividends |
- |
- |
( |
( |
( |
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At 31 January 2026 |
|
|
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Share capital |
Share premium |
Retained earnings |
Total |
Total equity |
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At 1 February 2024 |
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Loss for the year |
- |
- |
( |
( |
( |
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Dividends |
- |
- |
( |
( |
( |
|
At 31 January 2025 |
3,400,000 |
500,000 |
2,112,185 |
6,012,185 |
6,012,185 |
Stowford Leisure Ltd
Statement of Changes in Equity for the Year Ended 31 January 2026
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 February 2025 |
|
|
|
|
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Loss for the year |
- |
- |
( |
( |
|
Dividends |
- |
- |
( |
( |
|
At 31 January 2026 |
|
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 February 2024 |
|
|
|
|
|
Loss for the year |
- |
- |
( |
( |
|
Dividends |
- |
- |
( |
( |
|
At 31 January 2025 |
3,400,000 |
500,000 |
2,288,375 |
6,188,375 |
Stowford Leisure Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 January 2026
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Note |
2026 |
2025 |
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Cash flows from operating activities |
|||
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Loss for the year |
( |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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Profit on disposal of tangible assets |
( |
( |
|
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Finance income |
- |
( |
|
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Finance costs |
|
|
|
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Corporation tax expense |
|
( |
|
|
|
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||
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Working capital adjustments |
|||
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Decrease in stocks |
|
|
|
|
(Increase)/decrease in trade debtors |
( |
|
|
|
(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
( |
|
|
|
Corporation tax received |
- |
|
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
- |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
(Repayment)/Proceeds on loans from related parties |
( |
( |
|
|
(Repayment)/Proceeds from other borrowings |
( |
|
|
|
Payments to hire purchase creditors |
( |
( |
|
|
Dividends paid on preference shares |
( |
( |
|
|
Ordinary dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
|
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 February |
|
|
|
|
Cash and cash equivalents at 31 January |
429,963 |
1,077,852 |
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Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
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.
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.
All amounts are in £'s.
Summary of disclosure exemptions
The parent company, as a qualifying entity, has taken advantage of the disclosure exemptions under FRS102 paragraph 1.12 not to include a statement of cashflows, nor disclosure of key management personnel compensation.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertaking drawn up to 31 January 2026. No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
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 subsidiary, 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 the subsidiary have been changed where necessary to ensure consistency with the policies adopted by the group.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
There are no judgements which management have made in the process of applying the accounting policies. |
Key sources of estimation uncertainty
There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
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.
Caravans, motorhomes and camper sales are recognised at the time of handover. Any money taken as deposits are recognised as deferred income.
Workshop income is recognised when the services are provided.
Other revenue sources are recognised at point of delivery of supply either by invoice or point of sale.
Tax
The tax expense for the period comprises 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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land |
Not depreciated |
|
Freehold buildings |
2% straight line basis |
|
Tenants improvements |
4% straight line basis |
|
Fixtures and fittings |
15% reducing balance basis |
|
Plant and machinery |
15% or 20% reducing balance basis |
|
Office equipment |
33.33% straight line basis |
|
Motor vehicles |
25% reducing balance basis |
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.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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 its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
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.
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 inventories 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 creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
The redeemable preference shares are redeemable at the option of the company and therefore has both equity and liability elements. The liability element is recognised at transaction price to reflect a market rate of interest to the preference shareholder. The equity element is calculated as the residual value being the difference between the proceeds from the issue of the shares less the liability component.
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.
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.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
Financial instruments
Classification
Recognition and measurement
Basic financial liabilities 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. 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. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.
Impairment
If there is 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.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Commissions received |
|
|
|
|
|
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2026 |
2025 |
|
|
Sub lease rental income |
|
|
|
Miscellaneous other operating income |
|
- |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2026 |
2025 |
|
|
Gain on disposal of Tangible assets |
|
|
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2026 |
2025 |
|
|
Other finance income |
- |
|
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Dividends paid on preference shares |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Directors and senior management |
|
|
|
Administration and support |
|
|
|
Sales, marketing and after sales support |
|
|
|
Service department |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2026 |
2025 |
|
|
Audit of these financial statements |
16,765 |
16,120 |
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2026 |
2025 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2025 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
- |
|
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
|
Total tax charge/(credit) |
|
( |
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Tangible assets |
Group
|
Freehold land and buildings |
Tenants improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost |
|||||||
|
At 1 February 2025 |
|
|
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
( |
( |
|
At 31 January 2026 |
|
|
|
|
|
|
|
|
Depreciation |
|||||||
|
At 1 February 2025 |
|
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
( |
( |
|
At 31 January 2026 |
|
|
|
|
|
|
|
|
Carrying amount |
|||||||
|
At 31 January 2026 |
|
|
|
|
|
|
|
|
At 31 January 2025 |
|
|
|
|
|
|
|
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
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:
|
2026 |
2025 |
|
|
Motor vehicles |
29,377 |
116,088 |
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
Company
|
Freehold land and buildings |
Tenants improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost |
|||||||
|
At 1 February 2025 |
|
|
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
( |
( |
|
At 31 January 2026 |
|
|
|
|
|
|
|
|
Depreciation |
|||||||
|
At 1 February 2025 |
|
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
( |
( |
|
At 31 January 2026 |
|
|
|
|
|
|
|
|
Carrying amount |
|||||||
|
At 31 January 2026 |
|
|
|
|
|
|
|
|
At 31 January 2025 |
|
|
|
|
|
|
|
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
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:
|
2026 |
2025 |
|
|
Motor vehicles |
29,377 |
116,088 |
|
Investments |
Company
|
2026 |
2025 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 February 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 January 2026 |
|
|
At 31 January 2025 |
|
Details of undertakings
Details of the investments 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 |
|
|
2026 |
2025 |
|||
|
Subsidiary undertakings |
||||
|
|
Stowford Leisure, West Down, Ilfracombe, Devon EX32 8NU UK |
|
|
|
|
Subsidiary undertakings |
|
Triseren Investments Ltd The principal activity of Triseren Investments Ltd is |
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Stocks |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Work in progress |
|
|
|
|
|
Goods for resale |
|
|
|
|
|
|
|
|
|
|
Included within goods for resale is new caravan, motorhome and campervan stock of £2,801,070 (2025 - £3,371,328) and within prepayments of £453,372 (2025 - £nil) which is pledged as security for liabilities under short term rolling stocking loans with 3rd party finance providers. The balances on the Stocking loans are separately disclosed within the loans and borrowings note (note 22). Under these arrangements, the finance providers pay the specified supplier for invoiced amounts and the Group subsequently repay the finance companies on agreed-upon extended terms. This new caravan, motorhome and campervan stock is recognised where stock is held but legal title has not passed at the date of transfer but will do so at a future date based on the earlier of the following events:
a) 360 days or 365 days after the date of original supply of the goods;
b) sale to a customer.
Deposits are paid to finance providers on the following terms, if a sale has not yet taken place:
10% deposit at 180 days, and either;
further 10% at 240 days, further 25% at 300 days and balance of 55% payable at 360 days, or
further 10% at 270 days and balance of 80% payable at 360 days,
Or:
18% deposit at 6 months spread evenly over the following 6 months, and balance of 82% payable at 12 months
Or:
15% deposit at 240 days, further 15% at 270 days and 300 days, further 25% at 330 days and balance of 30% at 360 days
Interest charges applied by the finance providers are at rates that range from bank base rate plus 2.75% to 3.69% and interest starts to be accrued from days ranging from 60 days to 300 days.
Deposits paid at the period end are deducted from the liability which is shown within Loans and borrowings.
There were no material non-cash changes in the carrying amounts of loans and borrowings under supplier finance arrangements.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Debtors |
|
Group |
Company |
|||
|
Current |
2026 |
2025 |
2026 |
2025 |
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Accrued income |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash on hand |
|
|
|
|
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Social security and VAT |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
- |
|
- |
|
|
|
Redeemable preference shares |
100,000 |
100,000 |
100,000 |
100,000 |
|
|
|
|
|
|
||
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 February 2025 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 January 2026 |
|
|
|
|
||
The deferred tax provision comprises the difference between accumulated depreciation and capital allowances.
Company
|
Deferred tax |
Total |
|
|
At 1 February 2025 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 January 2026 |
|
|
|
|
||
The deferred tax provision comprises the difference between accumulated depreciation and capital allowances.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
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 £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,500,000 |
|
2,500,000 |
|
|
|
900,000 |
|
900,000 |
|
|
|
|
|
|
Redeemable preference shares
|
The |
Rights
|
Ordinary shares have the following rights: |
|
Preference shares have the following rights: |
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Hire purchase contracts |
- |
|
- |
|
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Current loans and borrowings |
||||
|
Hire purchase contracts |
|
|
|
|
|
Other borrowings |
|
|
|
|
|
Loans from related parties |
2,252,609 |
2,492,955 |
2,252,609 |
2,492,955 |
|
|
|
|
|
|
Other borrowings are short term rolling stocking loans which are secured on the specific new caravans, motorhomes and campervans financed by 3rd party finance providers until the earlier of either just before a sale completion or 360 days or 365 days from purchase. Security under the hire purchase agreement is secured on the related assets. The aggregate of secured liabilities amounts to £3,886,480 (2025 - £4,030,855).
|
Obligations under leases and hire purchase contracts |
Group
Hire purchase contracts
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Total contingent rents recognised as income in the period are £
Company
Hire purchase contracts
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Total contingent rents recognised as income in the period are £
|
Dividends |
Interim dividends paid
|
2026 |
2025 |
|||
|
Interim dividend of £ |
|
|
||
Dividends in relation to preference shares are recognised within interest payable and similar expenses as shown in note 8.
Stowford Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 January 2026
|
Related party transactions |
Group
Key management compensation
|
2026 |
2025 |
|
|
Salaries and other short term employee benefits |
|
|
Dividends paid to directors
|
2026 |
2025 |
|||
|
Mr A W Noall |
||||
|
Dividends paid to director during the year |
20,000 |
20,000 |
||
|
Mrs D J Noall |
||||
|
Dividends paid to director during the year |
20,000 |
20,000 |
||
|
Other transactions with directors |
Balances owed to directors as at the year end totalled £2,252,609 (2025 - £2,492,955). There was no interest charged and these loans are repayable on demand.
Preference share dividends, which are included within interest payable and similar expenses within the profit and loss, of £20,000 were paid to Mrs D J Noall during the year (2025 - £20,000).