ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: SC585188

WOOD LEISURE HOLIDAY PARKS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

WOOD LEISURE HOLIDAY PARKS LIMITED

COMPANY INFORMATION

Directors	Mrs R A W Dishington
	Mrs S L W MacGregor
	Mrs K J W Thomson
	Mr C C Wood
	Mrs M A Wood


Company secretary	Mrs R A W Dishington


Registered number	SC585188


Registered office	Wood Leisure Head Office
	Blairgowrie Holiday Park
	Rattray
	Blairgowrie
	Perthshire
	PH10 7AL


Independent auditors	Sumer Auditco Limited
	Chartered Accountants & Statutory Auditors
	14 City Quay
	Dundee
	DD1 3JA

WOOD LEISURE HOLIDAY PARKS LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 7
Statement of income and retained earnings	8
Statement of financial position	9
Statement of cash flows	10
Analysis of net debt	11
Notes to the financial statements	12 - 26

WOOD LEISURE HOLIDAY PARKS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2026

Introduction

Wood Leisure is a multi-generational, family-owned and managed business with six top quality holiday parks in some of the most scenic areas of Scotland. Now 45 years since the Wood family founded the business, Wood Leisure are proud of their reputation for customer service and exceptional standards, numerous awards and experienced and committed personnel.

Business review

In 2025 we continued to be impacted by high interest rates, inflation in every sector, spiralling prices for gas and electricity and ever-increasing employee costs. The Real Living wage which we are proud to champion, will challenge us, coupled with the astonishing increase in costs created by the rise in National Insurance contributions now thrust on to the business. The day one rights imposed on us and changes to sick leave etc in new Employee Rights legislation further compounds our challenges and is definitely a disincentive to create more positions in the company. Whatever tactics the government think they are using to stimulate growth, they are certainly not stimulating growth in the hospitality and leisure sector. The Rates revaluation in Scotland alone has raised our costs for business rates across the holiday parks, some by almost 50%. Should we attempt to pass on these huge costs to our customers, we would certainly not be able to fill our touring pitches, not be able to attract visitors to our holiday hire caravans and lodges and not be able to sell our holiday homes because of resultant excessive pitch fees. In short we would not be competitive. We are definitely feeling the squeeze on profits for re-investment and capital growth.

As if all these governmental measures were not enough, the bombshell of Inheritance Tax legislation undermined the very fabric of family businesses across the UK, threatening to sabotage the future of all successful family companies in favour of big faceless corporations.

Thankfully, demand for our holiday parks has continued to be good throughout 2025 despite the cost-of-living pressures suffered by our customers. Our Loyalty Programme which rewards our regular visitors has encouraged repeat visits and cross-selling across Wood Leisure holiday parks. Coupled with our reputation for customer care, our focus on family values, commitment to our employees, our branding, marketing and our award-winning continue to keep the spotlight on Wood Leisure and help to generate new enquiries and bookings.

Sustainability and environmental impact are priorities for the Family as we progress towards Net Zero. All of the holiday parks offer EV chargers, operate a fleet of electric vehicles and electric park machinery and equipment. The installation of PIR lighting throughout our facilities and "Hive" remote heating controls in our holiday homes mean that we can monitor utility use and solar and biomass systems enhance our "green" credentials. Recycling in all its forms is prioritised throughout Wood Leisure demonstrated effectively in the programme of renovation of our existing holiday hire lodges and the re-use of these furnishings to upgrade our staff accommodations. Our commitment to the environment is further demonstrated by our promotion of Play it Green, planting trees throughout the world to off-set our carbon footprint.
CHAS, a much-loved Scottish charity providing respite care for terminally ill children and teenagers, continues to be our fundraising focus. Wood Leisure's Highland COO, Woody, highlights the fundraising and was also instrumental to our prestigious award of "Parks Make Places" rewarding our local community involvement.

Employee retention and progression are paramount to the success of the business so training and promotional opportunities, support for well-being and mental health, flexible working options and social interactions are key. Our brand new Hub and HR platform highlight our commitment to our highly valued teams and give the opportunity to streamline processes, enhance GDPR, promote our staff benefits, incentives and rewards, vital to attracting new skilled talent.

Page 1

WOOD LEISURE HOLIDAY PARKS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2026

Principal risks and uncertainties

Our Health and Safety Team continue to respond to ongoing compliance legislation to ensure the safety and security of our teams and our guests.

Major risk factors continue - high inflation and high interest rates stifling growth and re-investment. Retaining skilled and trained employees in hospitality is an on-going challenge and the spiralling costs and stresses of staffing continue to frustrate the management.

The Scottish Government's proposed visitor levy will also cost, confuse and create unfairness in the accommodation sector and regional variations in tariffs threaten to heavily burden leisure businesses like Wood Leisure operating across different areas of Scotland.

On-going conflicts in Europe and more recently the Middle East threaten to impact hugely on all of us by cutting off routes for the shipment of essential commodities and huge price increases in fuel costs. The uncertainty and nervousness these wars create inhibits forward holiday bookings and also inhibits investment in holiday homes. On a positive note, this uncertainty may actually create more of a demand for holidays in the UK and discourage overseas travel. Wood Leisure is poised to capitalise if home-based holidays become more popular - a brand new, upgraded website is almost ready to launch.

Future Focus

Wood Leisure continue to focus on perfecting the holiday park experience offered to our guests and our holiday home owners. The Family strive to offer exceptional and personalised customer experiences and industry-leading facilities and accommodations.

Faskally Woods, officially opened by First Minister John Swinney in Spring 2025 is now emulating Wood Leisure's very high standards and this new holiday park is creating huge positivity for the future of Wood Leisure.

Financial key performance indicators

The Company measures KPIs on a monthly basis as part of its internal control processes and management accounts function.

The KPIs are on turnover, profitability and performance.

Other key performance indicators

There are no other key performance indicators that the Company uses to measure performance.

This report was approved by the board on 9 October 2026 and signed on its behalf.

Mr C C Wood

Director

Page 2

WOOD LEISURE HOLIDAY PARKS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JANUARY 2026

The directors present their report and the financial statements for the year ended 31 January 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £229,404 (2025 - £698,487).

Dividends of £61,200 were paid during the year (2025 - £81,600).

Directors

The directors who served during the year were:

Mrs R A W Dishington

Mrs S L W MacGregor

Mrs K J W Thomson

Mr C C Wood

Mrs M A Wood

Page 3

WOOD LEISURE HOLIDAY PARKS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2026

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 October 2026 and signed on its behalf.

Mr C C Wood

Director

Page 4

WOOD LEISURE HOLIDAY PARKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED

Opinion

We have audited the financial statements of Wood Leisure Holiday Parks Limited (the 'Company') for the year ended 31 January 2026, which comprise the Statement of income and retained earnings, the Analysis of net debt, the Statement of financial position, the Statement of cash flows and the related notes, 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 Company's affairs as at 31 January 2026 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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.

Page 5

WOOD LEISURE HOLIDAY PARKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and 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.

Matters on which we are required to report by exception

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.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement 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.

Page 6

WOOD LEISURE HOLIDAY PARKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD LEISURE HOLIDAY PARKS LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Auditors' 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 Auditors' 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.

Douglas Rae (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA

12 October 2026

Page 7

WOOD LEISURE HOLIDAY PARKS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 JANUARY 2026

	2026	2025
	£	£


Turnover		10,812,729	8,275,539
Cost of sales		(2,351,967)	(1,783,218)
Gross profit		8,460,762	6,492,321
Administrative expenses		(7,775,321)	(5,677,366)
Operating profit	5	685,441	814,955
Interest receivable and similar income	8	39,078	108,200
Interest payable and similar expenses	9	(221,906)	(176,911)
Profit before tax		502,613	746,244
Tax on profit	10	(273,209)	(47,757)
Profit after tax		229,404	698,487



Retained earnings at the beginning of the year	5,337,400	4,720,513
Profit for the year	229,404	698,487
Dividends declared and paid	(61,200)	(81,600)
Retained earnings at the end of the year	5,505,604	5,337,400

The notes on pages 12 to 26 form part of these financial statements.

Page 8

WOOD LEISURE HOLIDAY PARKS LIMITED

REGISTERED NUMBER: SC585188

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2026

		2026		2025
		£		£

Fixed assets
Intangible fixed assets			1,800,000		2,400,000
Tangible fixed assets			19,834,085		20,041,039
Fixed asset investments			200		200
			21,634,285		22,441,239
Current assets
Stocks	15	747,112		846,914
Debtors: amounts falling due within one year	16	551,110		531,291
Cash at bank and in hand		1,919,805		2,140,015
		3,218,027		3,518,220
Creditors: amounts falling due within one year	17	(4,079,935)		(3,418,763)
Net current (liabilities)/assets			(861,908)		99,457
Total assets less current liabilities			20,772,377		22,540,696
Creditors: amounts falling due after more than one year	18		(4,414,006)		(6,352,310)
Provisions for liabilities
Deferred tax	20	(451,552)		(449,771)
			(451,552)		(449,771)
Net assets			15,906,819		15,738,615

Capital and reserves
Called up share capital	21	10,200	10,200
Share premium account	22	10,391,015	10,391,015
Profit and loss account	22	5,505,604	5,337,400
		15,906,819	15,738,615

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2026.

Mrs R A W Dishington

Director

The notes on pages 12 to 26 form part of these financial statements.

Page 9

WOOD LEISURE HOLIDAY PARKS LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2026

			2026	2025
			£	£

Cash flows from operating activities
Profit for the financial year	229,404	698,487
Adjustments for:
Amortisation of intangible assets	600,000	600,000
Depreciation of tangible assets	791,568	855,198
Loss on disposal of tangible assets	(7,684)	(1,109,062)
Interest paid	221,906	176,911
Interest received	(39,078)	(108,200)
Taxation charge	273,209	47,757
Decrease in stocks	99,802	516,143
(Increase)/decrease in debtors	(36,288)	324,509
Increase in creditors	392,576	363,983
Corporation tax received/(paid)	16,469	(286,793)
Net cash generated from operating activities	2,541,884	2,078,933

Cash flows from investing activities
Purchase of intangible fixed assets	-	(3,000,000)
Purchase of tangible fixed assets	(906,331)	(7,724,583)
Sale of tangible fixed assets	329,401	4,342,564
Interest received	39,078	108,200
Net cash from investing activities	(537,852)	(6,273,819)
Cash flows from financing activities
New secured loans	-	6,500,000
Repayment of loans	(1,941,136)	(95,604)
Dividends paid	(61,200)	(81,600)
Interest paid	(221,906)	(176,911)
Net cash used in financing activities	(2,224,242)	6,145,885
Net (decrease)/increase in cash and cash equivalents	(220,210)	1,950,999
Cash and cash equivalents at beginning of year	2,140,015	189,016
Cash and cash equivalents at the end of year	1,919,805	2,140,015

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,919,805	2,140,015

The notes on pages 12 to 26 form part of these financial statements.

Page 10

WOOD LEISURE HOLIDAY PARKS LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 JANUARY 2026


At 1 February 2025	Cash flows	At 31 January 2026
£	£	£

Cash at bank and in hand	2,140,015	(220,210)	1,919,805
Debt due after 1 year	(6,377,862)	1,938,304	(4,439,558)
Debt due within 1 year	(1,175,388)	7,990	(1,167,398)
	(5,413,235)	1,726,084	(3,687,151)

The notes on pages 12 to 26 form part of these financial statements.

Page 11

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

1.	General information

Wood Leisure Holiday Parks Limited is a private company, limited by shares, domiciled in Scotland with registration number SC585188. The registered office is Wood Leisure Head Office, Blairgowrie Holiday Park, Rattray, Blairgowrie, Perthshire, United Kingdom, PH10 7AL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Enter text here - user input

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 12

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial
Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 14

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as listed.

Depreciation is provided on the following basis:

Freehold land & buildings	-	0-10% reducing balance
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Equipment	-	33% straight line
Hot tubs	-	33% straight line
Caravans	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 15

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Judgement is used to assess whether there has been any impairment to the value of investments, stock, debtors and fixed assets in the year.

Intangible fixed assets are amortised over their useful lives. The actual lives of the assets are assessed annually and may vary depending on a number factors. In re-assessing asset lives, factors such as contractual or other legal rights are taken into account.

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and the residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.


Supply of services	6,555,257	5,106,844
Sale of goods	4,256,667	3,158,440
Other government grants	805	10,255
	10,812,729	8,275,539

Depreciation of tangible fixed assets	791,568	855,198
Amortisation of intangible assets, including goodwill	600,000	600,000
Defined contribution pension cost	45,189	38,311

Page 17

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Wages and salaries	3,249,385	2,707,083
Social security costs	384,555	264,029
Cost of defined contribution scheme	45,189	38,311
	3,679,129	3,009,423

The average monthly number of employees, including the directors, during the year was as follows:

	2026	2025
	No.	No.

Head office staff	43	36
Park/ site staff	69	50

	112	86

7.	Directors' remuneration
		2026	2025
		£	£

Directors' emoluments	500,709	560,668

	The highest paid director received remuneration of £129,396 (2025 - £152,388).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2025 - £NIL).

Page 18

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

8.	Interest receivable
		2026	2025
		£	£

Other interest receivable

39,078

108,200

9.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	228,778	170,036
Other loan interest payable	3	-
Other interest payable	(6,875)	6,875
	221,906	176,911

Page 19

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Corporation tax
Current tax on profits for the year	271,428	-
Adjustments in respect of previous periods	-	(16,469)

Total current tax	271,428	(16,469)

	Deferred tax
	Origination and reversal of timing differences	1,781	64,226


	Tax on profit	273,209	47,757

Profit on ordinary activities before tax

502,613

746,244

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	125,653	186,561
Effects of:
Non-tax deductible amortisation of goodwill and impairment	150,000	150,000
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,021	22,875
Capital allowances for year in excess of depreciation	(3,517)	(99,275)
Utilisation of tax losses	-	17,134
Adjustments to tax charge in respect of prior periods	-	(16,469)
Short-term timing difference leading to an increase (decrease) in taxation	(808)	(29)
Book profit on chargeable assets	(1,921)	(277,266)
Changes in provisions leading to an increase (decrease) in the tax charge	1,781	64,226
Total tax charge for the year	273,209	47,757

Factors that may affect future tax charges

The only factors affecting tax charges are those imposed by HMRC.

Page 20

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

11.	Dividends
		2026	2025
		£	£

Dividends - ordinary

61,200

81,600

12.	Intangible assets

		Goodwill
		£

	At 1 February 2025	3,017,214
	At 31 January 2026	3,017,214

	At 1 February 2025	617,214
	Charge for the year on owned assets	600,000
	At 31 January 2026	1,217,214
	Net book value
	At 31 January 2026	1,800,000
	At 31 January 2025	2,400,000

Page 21


		WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026

13.

Tangible fixed assets

	Freehold land & buildings	Plant and machinery	Motor vehicles	Fixtures and fittings	Equipment	Hot tubs	Caravans	Total
	£	£	£	£	£	£	£	£
Cost or valuation
At 1 February 2025	17,408,575	700,254	710,824	65,211	80,379	86,309	3,744,926	22,796,478
Additions	14,094	35,168	199,299	8,441	400	22,680	626,249	906,331
Disposals	-	(1,056)	(132,237)	-	-	-	(416,584)	(549,877)
At 31 January 2026	17,422,669	734,366	777,886	73,652	80,779	108,989	3,954,591	23,152,932
Depreciation
At 1 February 2025	88,628	287,466	333,816	17,482	60,897	80,799	1,886,351	2,755,439
Charge for the year	9,011	67,152	128,510	8,428	10,933	11,088	556,446	791,568
Disposals	-	(718)	(69,965)	-	-	-	(157,477)	(228,160)
At 31 January 2026	97,639	353,900	392,361	25,910	71,830	91,887	2,285,320	3,318,847
Net book value
At 31 January 2026	17,325,030	380,466	385,525	47,742	8,949	17,102	1,669,271	19,834,085
At 31 January 2025	17,319,947	412,788	377,008	47,729	19,482	5,510	1,858,575	20,041,039

Page 22

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

14.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 February 2025	200
	At 31 January 2026	200

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Wood Leisure Limited	14 City Quay, Dundee, DD1 3JA	Ordinary	100%
	The Holiday Park GART Limited	Wood Leisure Head Office, Blairgowrie, PH10 7AL	Ordinary	100%

The aggregate of the share capital and reserves as at 31 January 2026 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

	Wood Leisure Limited	100	-
	The Holiday Park GART Limited	100	-

Page 23

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

15.	Stocks
		2026	2025
		£	£

	Finished goods and goods for resale	747,112	846,914

16.

Debtors

					2026	2025
					£	£


Trade debtors	1,661	321,649
Other debtors	-	66,553
Prepayments and accrued income	549,449	143,089
	551,110	531,291

17.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Bank loans	144,858	147,690
Trade creditors	966,064	471,415
Corporation tax	271,428	-
Other taxation and social security	79,902	146,065
Other creditors	1,062,668	1,065,501
Accruals and deferred income	1,555,015	1,588,092
	4,079,935	3,418,763

18.	Creditors: Amounts falling due after more than one year
		2026	2025
		£	£

	Bank loans	4,414,006	6,352,310

Bank loan is secured in favour of The Royal Bank of Scotland Plc, who hold a bond and floating charge over the assets of the company, and a standard security over the land and buildings of the company.

Term loan of £6,500,000 was borrowed in a previous period. The year end 2026 carrying amount of the loan is £4,558,864 (2025 - £6,500,000). The loan is repayable in 2045 via 240 equal instalments commencing six months from the initial drawn down date.

Interest is charged at a market rate.

Page 24

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Amounts falling due within one year
Bank loans	144,858	147,690
Amounts falling due 1-2 years
Bank loans	153,030	190,774
Amounts falling due 2-5 years
Bank loans	512,108	651,269
Amounts falling due after more than 5 years
Bank loans	3,748,868	5,510,267
	4,558,864	6,500,000

20.	Deferred taxation

		2026
		£

	At beginning of year	(449,771)
	Charged to the profit or loss	(1,781)
	At end of year	(451,552)

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

Accelerated capital allowances

(451,552)

(449,771)

21.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

10,200 (2025 - 10,200) Ordinary shares of £1 each	10,200	10,200

Page 25

WOOD LEISURE HOLIDAY PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

22.

Reserves

Share premium account

The balance on this account equates to the additional price paid in excess of par value of the share capital of the company when the shares were initially issued.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

23.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £45,189 (2025 - £38,311). Contributions totalling £11,811 (2025 - £8,733) were payable to the fund at the reporting date and are included in creditors.

24.	Related party transactions
	Key management personnel include all directors and a number of senior managers who together have authority and responsibility for planning, directing and controlling the activities of the Company. The total compensation paid to key management personnel for services provided to the Company during the period, was £974,896 (2025 - £1,060,589).

25.	Controlling party

The Company has no ultimate controlling party.

The Company is exempt from producing consolidated accounts under the Companies Act 2006 section 405, as a result of both subsidiary undertakings being dormant companies whose assets are not material to the overall true and fair view of the financial statements.

Page 26