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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Veladail Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7-12 Half Moon Street, Mayfair, London, W1J 7BH. The company's business address is Bushey Hall Golf Club, Bushey Hall Drive, Bushey, Hertfordshire, WD23 2EP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

The company has net liabilities of £true4,619,789 (2024: £4,408,556) as at 31 December 2025.

The company's parent undertaking, Veladail Hotels Limited, has pledged its continuing support to the company. As at the balance sheet date, the company owed its parent £7,668,193 (2024: £7,468,193), all of which is included within current liabilities. The company has no external borrowing.

The company operated as a golf course until October 2019, when activities were suspended to enable the progression of redevelopment plans. During the year ended 31 December 2025, the company continued with its plans to pursue redevelopment opportunities for the site, having previously, during 2024, entered into a promotional agreement with a developer. Under this agreement, following the grant of planning permission, the company would retain pre-emption rights over the land, while the promoter would be granted the right to purchase the land under certain conditions should the company decide not to exercise its rights.

Following the grant of planning permission in February 2026, the directors are actively considering the future of the site, including both development and disposal options. As no final decision has been made and the timing and outcome of this decision remain uncertain, these circumstances give rise to a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

The directors consider that the value of the underlying asset, together with the continuing financial support of the parent undertaking, provides the company with sufficient resources to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

The directors have considered the company’s financial position and future plans and, notwithstanding the uncertainties described above, are of the opinion that it remains appropriate to prepare the financial statements on a going concern basis until a final decision has been made.

There were no sales during the year ended 31 December 2025 (2024: £nil).

Other income comprises fees recharged to third parties in accordance with the terms of agreements in place. Such income is recognised when the related services have been provided and the amounts are contractually due and billable under the agreement.

Income is measured at the fair value of the consideration receivable, net of VAT and any other applicable taxes.

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

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

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

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 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.

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.

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 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.

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

Development cost

Development costs incurred in relation to the development of land, including planning, design, legal, and associated professional fees, are recognised as an asset when the company has control over the asset as a result of past events, it is probable that future economic benefits associated with the asset will flow to the company, and the costs can be measured reliably.

Development costs incurred prior to the granting of planning permission, or in respect of projects that are subsequently abandoned, do not meet the definition of an asset and are therefore expensed as incurred or written off.

Development costs incurred after planning permission has been granted, and for which it is probable that future economic benefits will flow to the company, are considered for capitalisation in accordance with FRS 102. Such costs are included within tangible fixed assets, investment property, inventory, or prepayments, depending on the nature and intended use of the expenditure.

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The classification of assets requires the exercise of judgement by the company’s management. In particular, land represents the company’s primary tangible asset.

During the period of redevelopment planning, the land shall be classified based on management’s intentions at the reporting date and assumptions regarding its future use. Until planning permission is obtained and a final decision is made by management regarding the land’s future function, the classification reflects the land’s current status and the anticipated outcomes under the redevelopment proposals.

Management will reassess the classification of the land upon receipt of planning permission and will adjust the accounting treatment in accordance with the decided future use.

In preparing the financial statements, management exercised significant judgement in determining the appropriate accounting treatment of development expenditure incurred on projects that had been granted planning permission, subsequently abandoned, or remained at the planning stage.

Under FRS 102, an asset is defined as a resource controlled by the entity as a result of past events, from which future economic benefits are expected to flow. Management assessed whether the development expenditure met this definition, taking into account both the degree of control over the resource and the probability that future economic benefits would arise.

Development costs incurred prior to the granting of planning permission, or in respect of projects that are subsequently abandoned, do not meet the definition of an asset and are therefore expensed as incurred or written off.

Development costs incurred after planning permission has been granted, and for which it is probable that future economic benefits will flow to the company, are considered for capitalisation in accordance with FRS 102. Such costs are included within tangible fixed assets, investment property, inventory, or prepayments, depending on the nature and intended use of the expenditure.

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

The company operated as a golf course until October 2019, when activities were suspended to facilitate the progression of redevelopment plans. During the year ended 31 December 2025, the company continued its engagement with the relevant planning authorities, including the resubmission of redevelopment proposals, and continued to fulfil its obligations under the promotional agreement entered in to with a developer in 2024. Under this agreement, upon obtaining planning permission, the company shall retain pre-emption rights over the land, while the promoter shall have the right to purchase the land under certain conditions should the company elect not to exercise these rights.

The land and building costs amounting to £2,000,000 represent the deemed cost of the land following the disposal of the clubhouse building as part of the progression of the development project. The original cost of the land, prior to revaluation and the transition to FRS 102, was £836,164 (2024: £836,164).

The prepayments amounting to £1,009,295 (2024: £1,009,295) represent Community Infrastructure Levy (CIL) payments made in respect of development projects that had commenced following the granting of planning permission. The project was subsequently suspended while the company pursued alternative development plans.

In accordance with the Community Infrastructure Levy Regulations 2010, these payments are expected to be either credited against future development schemes upon approval of the alternative project, or recovered through the disposal of the land, which already benefits from existing planning permission.

During the year ended 31 December 2024, the company entered into a promoter agreement in respect of land development. Under the terms of this agreement, the promoter may become entitled to a fee if specific conditions are satisfied, including the granting of planning permission, the market valuation of the land meeting a minimum value as defined in the agreement, and the company exercising its pre-emption rights in relation to the land.

As part of the same agreement, the company is also obligated to refund rechargeable costs amounting to £458,679 as at 31 December 2025 (2024: £362,792) if the pre-emption rights are exercised.

As at the reporting date, these conditions had not been fully satisfied and, accordingly, no present obligation exists. No provision has therefore been recognised in the financial statements. The potential obligation represents a contingent liability, which may arise in future periods should the relevant conditions be met, and the amount of any future payment cannot be reliably estimated at this stage.

The company obtained planning permission in February 2026 for the development of its land and property, which does not include the continued operation of the golf course.

As referred to elsewhere in these financial statements, the company entered in to a promotional agreement with a third party in 2024. In accordance with the terms of that agreement, the company retains pre-emption rights over the land, while the promoter has the right to purchase the land under certain conditions should the company decide not to exercise its rights. As at the signing date, neither the pre-emption rights had been exercised nor had the land been disposed of to the promoter.

The ultimate parent company is Veladail Hotels Limited, a company registered in England and Wales. The ultimate holding company is Arrow Trading & Investments Est 1920, a company incorporated in Vaduz.

Veladail Hotels Limited prepares group financial statements and copies can be obtained from: 7-12 Half Moon Street, Mayfair, London, W1J 7BH.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

Material uncertainty relating to going concern

We draw attention to Note 1.2 of the financial statements, which explains that, during the year ended 31 December 2025, the company continued the development of its site. Following the successful grant of planning permission after the year end, the directors are considering the future strategy for the site, including either its further development or its potential sale. Should the site be sold, the company may subsequently be placed into liquidation.

As set out in Note 1.2, these events and conditions indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.