REGISTERED NUMBER: 03534966 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

ENSIGN LEISURE LIMITED

T/A

SLINFOLD GOLF & COUNTRY CLUB

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E P Blacker

L J Blacker

REGISTERED OFFICE:

Slinfold Golf & Country Club

Stane Street

Slinfold

Horsham

West Sussex

RH13 0RE

REGISTERED NUMBER:

03534966 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

8,085,274

8,054,543

CURRENT ASSETS

Stocks

41,312

41,731

Debtors

5

1,760,991

1,684,278

Cash at bank

113,453

48,939

1,915,756

1,774,948

CREDITORS

Amounts falling due within one year

6

5,475,945

1,060,310

NET CURRENT (LIABILITIES)/ASSETS

(3,560,189

)

714,638

TOTAL ASSETS LESS CURRENT LIABILITIES

4,525,085

8,769,181

CREDITORS

Amounts falling due after more than one year

7

(608,220

)

(4,815,392

)

PROVISIONS FOR LIABILITIES

(48,099

)

(6,188

)

NET ASSETS

3,868,766

3,947,601

CAPITAL AND RESERVES

Called up share capital

625,000

625,000

Revaluation reserve

216,652

216,652

Retained earnings

3,027,114

3,105,949

SHAREHOLDERS' FUNDS

3,868,766

3,947,601

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2026 and were signed on its behalf by:

E P Blacker - Director

L J Blacker - Director

1.	STATUTORY INFORMATION

Ensign Leisure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on the historical cost convention as modified by the revaluation of certain assets.

The presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£).

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

The company meets its working capital requirements through funding within group members and associated companies and there is no expectation that this funding will be withdrawn in the foreseeable future.

The company is also reliant on its bank lending. The facility in place at the year end expires during 2026. The directors are pleased to report that the re-financing of this loan has been agreed after the balance sheet date, as disclosed in the post balance sheet events note, securing the bank funding position of the company for the long-term.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance, from the rendering of services or sale of goods. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

The following criteria must also be met before turnover is recognised:

Membership income is spread over the period of the membership. Such income and deposits received relating to future accounting periods is treated as a creditor and recorded as turnover in the period to which it relates.

Green fees, bar and restaurant income, health and fitness treatments and other income is recognised at the time the goods are sold or the service is delivered.

Tangible fixed assets

Property, plant and equipment 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 and buildings

-

not provided

Course improvements

-

not provided

Plant and machinery

-

20% reducing balance

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 recognised in the income statement.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Freehold land and buildings and course improvements have not been depreciated as the directors consider their residual values at the end of their useful economic lives are at least equal to cost, as they are continually maintained to a high standard. This is periodically reviewed and adjusted prospectively if necessary.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value. A full valuation is obtained, where necessary, from a qualified valuer with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

At each reporting 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.

The sale of assets to leasing companies and the immediate leaseback of those assets where the risk and reward of the transaction mainly remains with the company is treated purely as a financing transaction.

Stocks

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

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee and retirement benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2024 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

land and

Course

Plant and

buildings

improvements

machinery

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2025

7,133,699

827,949

1,590,062

9,551,710

Additions

6,295

9,484

107,129

122,908

Disposals

-

-

(224

)

(224

)

At 31 December 2025

7,139,994

837,433

1,696,967

9,674,394

DEPRECIATION

At 1 January 2025

103,073

216,349

1,177,745

1,497,167

Charge for year

-

-

91,957

91,957

Eliminated on disposal

-

-

(4

)

(4

)

At 31 December 2025

103,073

216,349

1,269,698

1,589,120

NET BOOK VALUE

At 31 December 2025

7,036,921

621,084

427,269

8,085,274

At 31 December 2024

7,030,626

611,600

412,317

8,054,543

Land and buildings and course improvements were valued at 4 July 2023 by Colliers International Property Consultants Limited, independent valuers not connected with the company, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors believe the valuation is not materially different to the carrying value of these assets as at 31 December 2025.

Cost or valuation at 31 December 2025 is represented by:

Freehold

land and

Course

Plant and

buildings

improvements

machinery

Totals

£

£

£

£

Valuation in 2011

(836,700

)

-

-

(836,700

)

Valuation in 2013

1,450,000

-

-

1,450,000

Valuation in 2014

31,793

-

-

31,793

Valuation in 2015

(213,265

)

-

-

(213,265

)

Valuation in 2020

(1,618,425

)

-

-

(1,618,425

)

Valuation in 2022

1,403,249

-

-

1,403,249

Cost

6,923,342

837,433

1,696,967

9,457,742

7,139,994

837,433

1,696,967

9,674,394

Depreciation of £103,073 (2024: £103,073) has been charged under the historic cost model of freehold land and buildings.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 January 2025

248,246

Additions

55,250

Transfer to ownership

(50,331

)

At 31 December 2025

253,165

DEPRECIATION

At 1 January 2025

83,367

Charge for year

37,737

Transfer to ownership

(33,151

)

At 31 December 2025

87,953

NET BOOK VALUE

At 31 December 2025

165,212

At 31 December 2024

164,879

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,629

2,417

Amounts owed by group undertakings

1,423,578

1,474,377

Other debtors

47,435

-

Prepayments and accrued income

288,349

207,484

1,760,991

1,684,278

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 8)

4,561,922

74,512

Other loans (see note 8)

68,200

32,401

Hire purchase contracts (see note 9)

95,598

49,269

Trade creditors

160,943

147,365

Social security and other taxes

21,775

39,667

VAT

116,879

274,207

Other creditors

329,962

335,827

Accruals and deferred income

120,666

107,062

5,475,945

1,060,310

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 8)

-

4,561,888

Other loans (see note 8)

303,351

130,871

Hire purchase contracts (see note 9)

304,869

122,633

608,220

4,815,392

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

4,561,922

74,512

Other loans

68,200

32,401

4,630,122

106,913

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

4,561,888

Other loans - 1-2 years

84,478

29,030

84,478

4,590,918

Amounts falling due between two and five years:

Other loans - 2-5 years

218,873

101,841

During a previous period, the company obtained a loan under the UK Government-backed Coronavirus Business Interruption Loan Scheme ("CBILS"). The loan is subject to interest charges at a rate of 7.35% per annum, with the Government providing a Business Interruption payment to cover the first 12 months of interest payments. The Government has also provided a guarantee for £3,920,000 of the loan.

Bank loans are secured by an unlimited debenture and fixed and floating charge over the company's assets, together with a joint and several unlimited cross guarantee from the immediate parent company and fellow subsidiary and a joint and several capped personal guarantee from the directors and a former director. The bank loan has been re-financed after the year-end so will not all be due within one year.

Other loans is made up of three loans, which are repayable by equal instalments over repayment terms, with the interest payable at a rate of 18.4%, 22.9% and 22.6% per annum, respectively.

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

95,598

49,269

Between one and five years

304,869

122,633

400,467

171,902

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £119,398 (2024: £159,033).

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

11.	CAPITAL COMMITMENTS

As at 31 December 2025 the company had committed to capital expenditure of £440,000 relating to a major project at the company's freehold land and buildings. The project commenced in late 2025, but no formal costs have been issued or invoiced to the company, at the date of approving these financial statements, with further negotiations currently underway on the project. No costs or associated liabilities have been recognised in these financial statements as at 31 December 2025.

12.	RELATED PARTY DISCLOSURES

The two directors have provided an unsupported joint and several personal guarantee of £980,000 (2024: £980,000) with respect to the bank loan facilities of the company.

During the year, the company made a loan of £60,000 (2024: £Nil) to an entity under the joint control of the directors of the company. At the balance sheet date, an amount of £40,000 (2024: £Nil) was due from the related party. The loan is interest free and has no fixed repayment terms, but is repayable on demand.

During the year, the company incurred costs of £15,183 (2024: £Nil) on behalf of an entity under the joint control of the directors of the company. At the balance sheet date, an amount of £7,435 (2024: £Nil) was receivable from the related party in respect of amounts paid on their behalf.

13.	POST BALANCE SHEET EVENTS

After the balance sheet date, the company has re-financed its bank borrowing which was due to expire during 2026. A new secured facility of £5.6m, with interest charged at 3.8% per annum over the Bank of England's base rate, has been agreed for a 7 year period with a concessionary period of 24 months of interest only repayments.

14.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is British Ensign Golf Limited, a company controlled by its directors and no one party has ultimate control.

The largest and smallest group for which consolidated accounts including the company are drawn up is British Ensign Golf Limited. The registered office of British Ensign Golf Limited is Slinfold Golf & Country Club, Stane Street, Slinfold, Horsham, West Sussex, RH13 0RE.