Head office
Parkdean Holidays plc
2nd Floor
One Gosforth Park Way
Gosforth Business Park
Newcastle-upon-Tyne
NE12 8ET
Tel: 0191 256 0700
Fax: 0191 268 6004
Website: www.parkdeanholidays.co.uk
Investors’ website: www.parkdeanholidaysplc.com
Holiday park locations
1  Grannie’s Heilan’ Hame
2  Nairn Lochloy
3  Tummel Valley
4  Wemyss Bay
5  Sundrum Castle
6  Southerness
7  Pendine Sands 
8  Trecco Bay
9  Ruda
10 St Minver
11 Newquay
12 White Acres
13 Crantock Beach
14 Holywell Bay
15 Sea Acres
16 Challaborough Bay
17 T orquay
18 West Bay
19 Warmwell
20 Cherry Tree
Parkdean Holidays plc
Annual Report and Accounts 2004
Award winning holiday parks
Parkdean Holidays plc Annual Report and Accounts 2004 Designed and produced by College Design, London  www.collegedesign.com
Sundrum Castle Holiday Park 01
Parkdean Holidays plc 
Annual Report and Accounts 2004
Financial Highlights
•
T urnover increased to £60.38m (£51.91m: 2003) including £3.23m 
from acquisitions
•
Operating profit increased to £12.87m despite absorbing winter losses 
for White Acres and Sea Acres and head office move and expansion
•
Like-for-like operating profit grew by 10.2% over 2003
•
Pre-tax profit increased to £9.05m
•
Basic earnings per share 15.25p
•
Proposed final dividend increased by 10% to 3.3p
– T otal dividend 5.5p, 10% higher than 2003
Operations
•
£9.96 million invested in the estate 
•
Six new parks acquired during the year for £47 .05m
•
Enter 2005 with 40% more pitches than in 2004 
•
Booking pattern since return from festive holidays in-line with expectations
Parkdean Holidays plc is a UK focused holiday park operator
owning 20 parks in Scotland, Wales, South West England and 
East Anglia. The company benefits from complementary income
streams from holiday sales, on-park retail outlets, caravan holiday
home sales and owner income.
Contents
01 Financial Highlights
02 Chairman’s Statement
04 Chief Executive’s Review
09 Financial Review
14 Directors
15 Advisers
16 Directors’ Report
18 Remuneration Report
21 Corporate Governance
23 Independent Auditors’ Report 
24 Group Profit and Loss Account
25 Group Balance Sheet
26 Company Balance Sheet
27 Group Statement of Cash Flows
29 Accounting Policies
31 Notes to the Financial Statements
43 Notice of Annual General Meeting 02
Parkdean Holidays plc 
Annual Report and Accounts 2004
Chairman’s Statement
Graham Wilson
Chairman
The financial year ending 31 October
2004 marked Parkdean Holidays’ 
fifth anniversary and the Group’s third
Annual Report as a public company.
During the year under review Parkdean
has continued to successfully deliver
on its key strategic objectives resulting
in increased shareholder returns, 
both in terms of capital growth and
dividend payments.
The Group continues to invest in the
holiday parks under its stewardship and
to improve their financial performance
whilst acquiring additional holiday parks
and maintaining an appropriate balance
of personnel and systems resources
required for the management of an
expanding portfolio of parks. The Board 
is also mindful of its responsibility to
shareholders to maintain a satisfactory
financial balance between the use of
bank debt and shareholders’ equity.
Results
Group turnover increased from £51.91 m
in 2003 to £60.38m in 2004. Turnover
from acquisitions made during 2004
accounted for £3.23m of this increase,
primarily from Southerness. Turnover at
the 14 parks owned for the whole year
increased by 10.1% to £57 .15m.
Group operating profit for 2004
increased to £12.87m including £0.66m
from acquisitions. Operating profit from
the 14 parks owned for the whole year
increased from £12.02m in 2003 to
£12.21m in 2004. This increase in
operating profit arises despite winter
costs for White Acres and Sea Acres
impacting for the first time in 2004 – 
both parks were acquired in May 2003 
– and incremental costs for the new
reservations and administration centre 
in Newcastle upon Tyne.
The increase in 2004 pre-tax profit 
of £0.07m to £9.05m understates the
significant improvement in performance 
in the 14 parks owned for all of 2004
where like-for-like operating profit 
grew by 10.2% as described in the
Financial Review.
Earnings per share and dividends
Basic earnings per share amounted to
15.25p; fully diluted earnings per share
amounted to 14.70p.
An interim dividend of 2.20p per share
(2003: 2.00p) was paid to shareholders
on 22 September 2004. The Directors
are recommending a final dividend of
3.30p per share on all ordinary shares in
issue to shareholders on the register at 
4 March 2005, payable on 31 March 2005.
The total dividend of 5.5p per share is a
10% increase over 2003 and is covered
2.4 times.
Acquisitions and development
The Group began the year under review
with 14 parks covering 871 acres with 
a total of 6,546 pitches.
During the year £9.96m was invested 
in the existing estate, continuing our 
hire fleet improvement programme and
developing new pitches and recreational
and leisure facilities as well as investment
in IT systems and hardware.
Southerness Holiday Village was
acquired for £5.30m in March and 
Cherry Tree, Warmwell, Torquay, Pendine
Sands and Wemyss Bay holiday parks
were bought for £41.75m immediately
prior to the year-end.  03
At 31 October 2004 the estate of 20
parks covered 1,315 acres with a total 
of 9,189 pitches. 
The Group is beginning 2005 with total
pitch numbers 40% higher than 2004.
There are correspondingly 40% more 
hire fleet, 63% more private pitches 
and 10% less touring pitches. Clearly,
operating profit for 2005 will be
significantly enhanced by this expansion
in the estate.
Capital resources 
The acquisitions referred to above 
have been substantially funded by the
draw-down of the acquisition facility 
of £32.90m available to the Group. 
In addition the Company successfully
placed 10.35m new ordinary shares 
at £2.00 each to raise £19.83m net 
of expenses, on 20 October 2004.
The directors are currently well
advanced in discussions with a
syndicate of banks to put in place 
a new agreement providing increased
debt facilities to the Group. 
People
The directors continue to strengthen 
the management team as and when
appropriate. The directors wish to record
their appreciation of the efforts of all 
our staff in the achievement of a good 
set of results in 2004 and in the wider
development of the Group.
Outlook
Parkdean Holidays’ 2005 brochure was
launched in late November 2004 with all
20 parks featured. The directors intend 
to provide shareholders with an update
on holiday sales at the Annual General
Meeting on 4 March 2005.
The primary task for 2005 is to ensure
the satisfactory performance of the
existing portfolio of 20 parks, with 
special emphasis on the five new parks
integrated into the Group since late
October 2004. The directors will
continue to seek appropriately priced
acquisitions whilst simultaneously
pursuing organic growth opportunities 
to further enhance shareholder value.
Graham Wilson
Chairman
11 January 2005
Parkdean Holidays plc 
Annual Report and Accounts 2004
Turnover (£’000)
60,376
51,908
42,212
28,607
15,279
00 01 02 03 04
EBITDA (£’000)
17 ,269
15,372
1 1 ,219
7 ,627
5,063
00 01 02 03 04
Operating profit (£’000)
12,866
12,017
8,622
5,845
4, 193
00 01 02 03 04 04
2004 has been a year of significant
progress for the Group, with the
acquisition of six holiday parks
increasing our portfolio to 20 parks.
Like-for-like operating profit grew by
10.2% after allowing for the first year
winter costs at White Acres and Sea
Acres. The Group also relocated at the
beginning of the year to a new central
office in Newcastle upon Tyne and the
management team was strengthened
with the appointment of directors of
operations and human resources. 
Our management team have again
demonstrated their ability to grow
revenues and profits from the existing
estate whilst completing acquisitions and
a range of capital expenditure projects.
The Group remains focused upon the
domestic market and will continue to 
seek further growth opportunities in 
2005 and beyond. This growth will be
achieved by improving profitability in the
existing estate by capitalising on organic
growth opportunities, particularly beyond
2005, and by appropriate acquisitions.
The directors remain highly selective in
choosing acquisition targets and will only
acquire parks meeting our returns criteria.
Parkdean’s estate of 20 holiday parks
now covers 1,315 acres with a total of
9,189 pitches including 2,795 hire fleet
pitches, 5,104 private pitches and 1,290
touring pitches. This represents a 40%
increase over 2003. 
Holiday sales
Total revenue from holiday sales,
including income from touring, camping,
insurance and subletting of privately
owned caravans grew to £20.46m 
in 2004. Of this revenue, £0.55m 
came from the six parks acquired during
the year. Revenue from holiday sales
represented 33.9% of Group turnover
and a 46.4% share of total contribution
after direct wages and marketing costs. 
The core group of parks has performed
well in a highly competitive environment
with like-for-like holiday hire revenue at
the existing 14 parks in company owned
hire fleet of £16.45m, being 8.1% higher
than the previous year. This growth was
gained by a combination of higher
achieved tariff at peak season and
improved occupancy in the autumn 
driven by short breaks. 
We continue to focus on direct sales with
only 13.5% of our holiday hire revenue
sold via agents.
Parkdean occupies a unique position
within the UK holiday park market with 
in excess of one third of the caravan 
hire fleet in the existing parks being
double-glazed, centrally heated units.
Continued investment in this higher
specification of accommodation will help
to grow holiday tariff further in both the
spring and autumn and it is our intention
to invest in 68 double-glazed and
centrally heated units at the newly
acquired parks for 2005.
Touring revenue in the existing 14 parks
also grew by 7 .2% in 2004 to £1.75m,
underlining our successful investment 
in the touring facilities across the Group
in 2004. 
Sales of personal and car breakdown
insurance and cancellation cover of
£0.84m were 4.5% higher than the
previous year, a reflection of the slightly
higher number of holidays sold directly.
2005 will see the introduction of
regulations by the Financial Services
Authority (FSA) covering the sale and
administration of insurance products 
and Parkdean has been granted FSA
approval to operate in this area. 
Parkdean Holidays plc 
Annual Report and Accounts 2004
Chief Executive’s Review
John Waterworth
Chief Executive 05
Parkdean Holidays plc 
Annual Report and Accounts 2004
Turnover by sector
Holiday hire 33.9%
Retail 24.7%
Caravan sales 30.1%
Owner income 1 1.3%
Contribution by sector
Holiday hire 46.4%
Retail 21.6%
Caravan sales 14.3%
Owner income 17 .7%
Caravan sales
Caravan sales continued to be buoyant 
in 2004, with turnover of £18.19m
achieved, 30.1% of the Group’s turnover.
£1.34m came from the six parks acquired
during the financial year. Caravan sales
provided a 14.3% share of the total
contribution after direct wages and
marketing costs.
During the course of the year, caravan
sales were successfully introduced at
Ruda in Devon for the first time with the
sale of 20 units. The Company also
continued to develop additional pitches 
at Newquay where a total of 53 units
were sold during the year. Turnover at 
the existing parks grew by 14.2% to
£16.85m in 2004. 
Caravan sales opportunities at White
Acres, Sea Acres, Crantock Beach,
Holywell Bay and Torquay remain under
review – all pitches on these parks are
currently used for holiday hire or touring.
The Group has gained planning consent
at St Minver for a development of 32
lodges and these pitches will be
developed for the 2005 season with
some being available for private sale. 
The progress of this development will 
be reviewed with a view to introducing
the sale of lodges at other parks in the
future. All caravans and lodges sold 
by Parkdean are for holiday use only.
Owner income
Owner income of £6.80m was 
achieved last year, representing 11.3% 
of turnover and a 17 .7% share of the 
total contribution after direct wages 
and marketing costs. £0.44m of this
revenue came from the six newly acquired
parks. The Group now has in excess of
5,000 owners providing a robust and
transparent income stream for the Group.
The Group is introducing our “Owners
Select” service across the expanded
estate for the 2005 season providing
improved information and service to 
our holiday homeowners.  Retail
Retail income totalled £14.92m in 2004,
a 24.7% share of turnover and a 21.6%
share of the total contribution post direct
wages and marketing. Retail income at
the six newly acquired parks was £0.90m
in 2004.
The Directors are particularly pleased 
with the growth in revenue in the 
Group’s bars and food areas targeted 
for improvement in 2004. Revenue grew
by 7 .0% over 2004 in the bars at the
existing 14 parks and margin after wages
grew by 8.1%. Food sales grew by 9.6%
although the achieved margin after wages
remained flat as a better value offering
was promoted to increase daytime 
use of facilities and improve customer
satisfaction. The Group’s management
team have been particularly focused 
on improving the quality of our food 
and beverage product in 2004; the
provision of strong on-park retail and
leisure offering is a core element of 
our overall holiday product.
On-park revenue from other areas of 
the business, including sports activities,
amusements and membership fees were
at a similar level to the previous year on 
a like-for-like basis. 
The outlook for 2005
The Group’s capital expenditure plans
focus upon the replacement of 274
holiday hire caravans, 136 of which 
will be double-glazed with either warm 
air or central heating. The Group will be
spending £1.3m on “catch-up” capital
expenditure on the six newly acquired
parks, mainly on upgrading infrastructure.
32 new lodge pitches will be developed
at St Minver as outlined earlier and
£0.55m will be invested in further
upgrading our financial and holiday
booking systems to better manage the
enlarged Group. Total capital expenditure
for 2005 is anticipated to be £10m, 
a similar level to 2004, albeit across 
a larger Group.
Parkdean’s holiday brochure featuring 
all 20 parks has now been distributed 
to the 480,000 enquirers and customers
on our database. This brochure has been
distributed later than in previous years
due to our desire to include the recently
acquired parks. This conscious decision
has resulted in an anticipated lag in
bookings from our database. Booking
patterns since the return to work after 
the Christmas and New Y ear break,
demonstrate a sufficient level of holiday
demand to recover this shortfall in the 
first quarter.
The Directors are pleased with the
integration of the six parks acquired
during the year and the enthusiasm of 
the management and staff. Substantial
progress has been made on this winter’s
capital expenditure programme, with
many of the Group’s new hire fleet now
being in situ at our parks. 2005 has an
early Easter and the board are pleased
with the progress across the Group 
in preparing for the coming season.
John Waterworth
Chief Executive
11 January 2005
06/07
Parkdean Holidays plc 
Annual Report and Accounts 2004
Chief Executive’s Review continued
Timeline
Oct 2004
Acquisition of Wemyss Bay, Cherry
Tree, Pendine Sands, Warmwell and
Torquay Holiday Parks for £41.75m 
Mar 2004
Acquisition of Southerness Holiday
Village for £5.3m
Nov 2003
Group central office relocated to
Gosforth, increasing telesales and
administration capability
May 2003
Acquisition of White Acres and Sea
Acres for £18.50m
May 2002
Flotation on AIM at £1.00 per share
Mar 2002
Ruda Holiday Park acquired for
£15.00m
Nov 2001
First consolidated brochure for
2002 season launched featuring all
11 of the Group’s parks
Mar 2001
Creation of a central office based in
Newcastle to manage administration
of the business
Mar 2001
Acquisition of Grannie’s Heilan’
Hame, Nairn Lochloy, Tummel Valley,
Sundrum Castle, St Minver, West
Bay and Challaborough Bay Holiday
Parks for £15.50m. Name changed
to Parkdean Holidays
July 2000
Acquisition of Crantock Beach,
Newquay and Holywell Bay Holiday
Parks for £4.23m
Nov 1999
Company formed as Premier Dawn
Limited with MBO of Trecco Bay
Holiday Park for £21.35m
Listing Putsborough caravan at Ruda Holiday Park Warmwell Holiday Park The 2004 profit and loss account
reports on trading for the 14 parks
owned for the full year, including a 
full year for White Acres and Sea 
Acres acquired on 2 May 2003, with
those parks’ winter costs impacting 
for the first time. Also included is
seven months’ trading for Southerness
Holiday Village, acquired on 24 March
2004, therefore not including its winter
costs, and 12 days trading for the five
parks acquired from Bourne Leisure 
on 20 October 2004.
Trading performance
Group turnover increased to £60.38m
from £51.91m in 2003. This included
£3.23m from the six holiday parks
acquired during the year. Turnover on 
the 14 existing parks grew by 10.1% 
to £57 .15m. 
Group operating profit increased to
£12.87m in 2004 from £12.02m last
year. Operating profit from the ongoing
business increased to £12.21m from
£12.02m in 2003 despite absorbing
White Acres and Sea Acres winter 
costs for the first time and additional
central costs following relocation of our
reservations and administrative centre 
in Newcastle upon Tyne. The six parks
acquired in 2004 generated operating
profit of £0.66m, the vast majority of
which was generated by Southerness.
The operating profit for the 14 parks 
owned for the whole of 2004 grew by
10.2% over 2003 “pro-forma” operating
profit for the same 14 parks. White Acres
and Sea Acres are estimated to have
incurred an operating loss of £0.95m 
in the period prior to their acquisition 
by Parkdean in 2003. 
Interest
Interest charges increased to £3.81m 
in 2004 from £3.04m in 2003. This
increase arose as a result of the full 
year effect of the debt drawn down and
assumed on the Pactrem acquisition in
May 2003, interest on the debt drawn 
to fund the Southerness acquisition 
on 24 March 2004 and 12 days’ 
interest on the debt drawn to part 
fund the acquisition of five holiday 
parks on 20 October 2004. 
Pre-tax profit
The pre-tax profit achieved by the 
Group in 2004 was £9.05m, compared
to £8.98m in 2003. 
Taxation
As anticipated, the effective taxation rate
for 2004 remained the same as 2003 
at 33%. The tax on profit on ordinary
activities for 2004 is £2.99m, compared
to £2.97m in 2003. 
Shareholder returns
Basic earnings per share in 2004 
were 15.25p.
Diluted earnings per share in 2004
amounted to 14.70p compared to
16.52p in 2003.
The board is recommending a final
dividend for 2004 of 3.30p per share,
making a total for 2004 of 5.50p per
share, a 10% increase over 2003. 
All shares in issue on 31 October 2004,
including the 10.35m shares placed 
on 20 October 2004, will qualify for the 
final dividend. This results in dividend
cover falling from 3.0 times in 2003 
to 2.4 times in 2004.
08/09
Parkdean Holidays plc 
Annual Report and Accounts 2004
Financial Review
Michael Norden
Finance Director Cash flow
The Group generated £17 .50m 
from operating activities compared to
£13.66m in 2003. This principally arose
from the EBITDA for the period, which
was £17 .27m compared with £15.37m 
in 2003. There was negligible net
movement in working capital in 2004.
Interest payments of £3.58m were made
in 2004, with taxation paid increasing
from £1.33m in 2003 to £2.37m in
2004. Of total gross capital expenditure
of £9.96m, £8.14m was paid from cash
resources with the remainder largely
being funded via hire purchase contracts.
The Group made the first scheduled
repayment of term debt of £1.25m to 
its bankers and repaid £1.09m of
outstanding hire purchase contracts 
in the year. 
During the year the Group settled 
a liability for deferred acquisition
consideration of £3.00m, relating 
to Pactrem. In addition a net sum 
of £49.30m was expended on the
acquisition of six holiday parks. This 
was funded by the draw down of long
term loans totalling £36.50m and the 
net proceeds of £19.83m from the
placing of 10.35m new ordinary shares
on 20 October 2004.
The net increase of cash in the year 
was £3.26m, compared to £1.83m
generated in 2003. This resulted in 
a cashbook balance of £6.45m at 
31 October 2004.
Capital expenditure
Capital expenditure totalling £9.82m 
net of disposals was incurred in 2004.
This included the replacement of 176
caravan holiday homes, the addition of 
8 new lodges and 42 additional caravan
holiday homes for hire. A total of 125 
new caravan bases were created around
the estate and a further 110 bases were
upgraded. In addition facilities for touring
caravans were improved at a number 
of parks.
Further significant expenditure 
was incurred in the development of
recreational, leisure and retail facilities.
This expenditure included a new indoor
swimming pool and flume at Sundrum
Castle, multi sports areas at several 
parks and improvements to retail outlets
at Ruda, Trecco Bay, Grannie’s Heilan’
Hame and West Bay.
In the second half of the year the Group
invested in additional works including
£0.19m in the first stages of improved 
IT systems for holiday reservations.
Acquisitions
The Group completed two acquisitions
during 2004.
On 24 March 2004 the Group acquired
the share capital of Southerness Holiday
Village (Holdings) Limited, the owner 
of Southerness Holiday Village, for a net
cash consideration of £5.30m. This was
fully funded by debt from the Group’s
acquisition facility. 
On 20 October 2004 the Group
acquired five holiday parks from Bourne
Leisure. The consideration was £41.75m
and was funded by £25.73m from the
Group’s acquisition facility and the
placing of 10.35m ordinary shares 
at £2.00 each raising £19.83m net 
of expenses. 
10/ 11
Parkdean Holidays plc 
Annual Report and Accounts 2004
Financial Review continued  Croyde Bay, North Devon Funding
Net debt at 31 October 2004 was
£73.32m compared to £43.22m at the
end of 2003. The main increase in debt
was due to the debt drawn to fund the
acquisition of six parks in 2004. 
Gearing, calculated by reference to 
net debt, rose slightly to 116.7% at 
31 October 2004 from 109.6% in 2003.
The Group’s current banking facilities
comprise utilised debt facilities 
of £77 .25m, including a £32.90m
revolving acquisition facility, along 
with additional £15.25m revolving
credit and ancillary facilities. 
The Directors are at an advanced 
stage in discussions likely to result in 
an expanded debt facility being made
available to the Group in the first half 
of 2005. Successful completion of these
discussions will result in unamortised
financing issue costs of £0.8m being
written off in the first half of 2005.
The Group has taken out further interest
rate protection following the draw down
of the acquisition facility in October 2004
and now has between 74% and 81% 
of its long term debt hedged until 
31 October 2008.
Shareholders’ funds
The Group’s balance sheet has again
strengthened significantly during the 
year. Net assets of £39.44m at 31
October 2003 increased to £62.82m 
at 31 October 2004. Of this increase 
in net assets, £3.6m represented
retained profit for 2004 and £19.83m
arose from the net proceeds of the
placing of 10.35m new ordinary shares
on 20 October 2004.
Developments in accounting policies
The Group has adopted the Amendment
to Financial Reporting Standard 5
(FRS5), “Reporting the substance 
of transactions” , application note G –
Revenue Recognition, which was issued
in November 2003. As a result the Group
no longer recognises gross turnover 
and cost of sales arising in supermarkets
operated by concessionaires on the
Group’s holiday parks. This decision 
has resulted in an adjustment to turnover
and cost of sales in the comparative
figures for 2003, with no profit effect.
Note 1 to these Financial Statements
provides a full explanation.
Under the London Stock Exchange rules
for AIM companies, Parkdean Holidays
plc will be required to adopt International
Financial Reporting Standards for the
year ending 31 October 2008. The
directors are reviewing the requirements
of the new standards to ensure the
Group is able to implement them at the
appropriate time. 
Michael Norden
Finance Director
11 January 2005
12/1 3
Parkdean Holidays plc 
Annual Report and Accounts 2004
Financial Review continued 14
Parkdean Holidays plc 
Annual Report and Accounts 2004
Directors 
1 Graham Wilson FCA, 51
Chairman
Graham has 25 years experience in the
holiday park sector. In 1989 he led the
management buy-out of Beazer’s holiday
subsidiary by Parkdean Leisure, which
then floated in 1993. In 1995 Parkdean
Leisure was acquired by Vardon plc 
and he joined the Vardon main board. 
In 1998 Vardon sold the holiday division
to Rank plc and Graham left the company.
Graham established Parkdean Holidays
for the acquisition of Trecco Bay Holiday
Park in November 1999. Graham is also
Non-executive Chairman of Amdega,
BNS Telecom and Premier Direct plc and
a Non-executive Director of Goals Soccer
Centres plc.
2 John Waterworth, 41
Chief Executive
John has more than 19 years experience
in the leisure industry, including spells
with Warner Holidays and Granada
Entertainments. He joined Parkdean
Leisure as a holiday park General
Manager in 1992 and rapidly rose
through the Parkdean Leisure
management structure, becoming
Operations Director in 1995. Shortly
before the sale of Parkdean Leisure to
Rank plc, John had left Parkdean Leisure
and taken up the position of General
Manager for Butlins at Skegness. When
Graham Wilson set up the Company, 
he invited John to take the Managing
Director’s post and pursue the “buy 
and build” strategy.
3 Michael Norden FCCA, 37
Finance Director
Michael joined Parkdean Leisure as
Group Financial Controller in 1995 until
its sale to Rank in 1998. His previous
experience also includes that of Group
Financial Controller at Stadium plc. He
joined Parkdean Holidays in May 2000
and was promoted to Finance Director in
July 2001. Michael has been responsible
for recruiting a strong central finance
team and for the installation of the
controls, systems and management
reporting necessary in a fast moving 
cash generative business.
4 David Stonehouse FCA, 49
Non-executive Director
David joined the Parkdean Holidays
board on flotation, having acted for the
Company as a consultant since January
2002. He has wide public company
experience gained in executive positions
at Quality Care Homes PLC, Sunderland
plc and Newcastle United PLC. David 
is Chairman of Newcastle based
accountants UNW and Chief Executive 
of Technology Services Group Limited.
1
2
3
4
5
6 15
Advisers
Registered office
2nd Floor
One Gosforth Park Way
Gosforth Business Park
Newcastle upon Tyne
NE12 8ET
Independent auditors
Ernst & Y oung LLP
Citygate
St James’ Boulevard
Newcastle upon Tyne
NE1 4JD
Financial advisers
MacArthur and Co Limited
60 Lombard Street
London
EC3V 9EA
Bankers
N M Rothschild & Sons
Limited
82 King Street
Manchester
M2 4WQ
Bank of Scotland
19/21 Spring Gardens
Manchester
M2 1FB
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Financial public relations
College Hill
78 Cannon Street
London
EC4N 6HH
Solicitors
Dickinson Dees
St. Ann’s Wharf
112 Quayside
Newcastle upon Tyne
NE99 1SB
Morisons
Erskine House
68 Queen Street
Edinburgh
EH2 4NN
Nominated Adviser 
& Broker
Charles Stanley & 
Co. Limited
25 Luke Street
London 
EC2A 4AR
Parkdean Holidays plc 
Annual Report and Accounts 2004
5 Nick Magoolagan, 45
Non-executive Director
Nick and his equal partner sold their
100% interest in Welcome Holidays
Limited, the fast growing cottage holiday
booking agency, to Cendant in 2002.
Nick has many years experience in the
direct selling of holidays and specialises
in marketing holidays on the internet. 
Nick joined the Parkdean Holidays board
on flotation.
6 Judith Archibold, 43
Company Secretary
Judith joined Parkdean Holidays as 
in-house solicitor in September 2002 
and became Company Secretary in
November 2002. She is a qualified
solicitor with over 15 years experience
dealing with all aspects of company and
business law. Prior to joining Parkdean
Holidays, Judith worked as a senior
associate at Dickinson Dees and as 
a senior legal advisor at venture capital
company, 3i. 16
Parkdean Holidays plc 
Annual Report and Accounts 2004
Directors’ Report
The directors present their report and the Group financial statements for the year ended 31 October 2004.
Principal activity
The principal activity of the Group is the ownership and management of caravan and camping holiday parks.
Review of the business, results and dividends and future developments 
A review of the business, results and dividends, and likely future developments of the Group are contained in the other information presented 
on pages 1 to 13 with these financial statements.
Political and charitable donations
The Group made no political donations and made donations of £4,090 (2003: £4,047) to various charities in the year to 31 October 2004. 
Employee involvement
Regular meetings are held between local management and employees to allow for the free flow of information and ideas.
The Company operates a share save scheme to encourage the involvement of employees in the Company’s performance. All employees can
participate in the share save scheme, once they have been employed for a qualifying period.
Disabled employees
The Group gives full consideration to applications for employment from disabled persons where the requirements of the role can be adequately
fulfilled by a handicapped or disabled person. Where an existing employee becomes disabled, the Group’s policy is to provide continuing
employment under normal terms and conditions wherever possible.
Directors and their interests
The directors who served during the financial year and their interests in the share capital of the Company were as follows:
At 31 October 2004 At 31 October 2003
20p Ordinary shares 20p Ordinary shares
Graham Wilson 592,606 592,606
John Waterworth 598,835 598,835
Michael Norden 72,741 72, 7 41
David Stonehouse 28,494 28,494
Nick Magoolagan 275,000 275,000
There has been no change in the directors’ interests in the share capital of the Company since 31 October 2004.
The directors’ interests in options to purchase or subscribe for share capital of the Company are disclosed in the Remuneration Report.
Major interests in shares
At 6 January 2005, the Company had been notified of the following shareholdings representing 3% or more of the Company’s ordinary 
share capital:
% holding No of shares
Deutsche Asset Management 9.45 4,705,000
Framlington Investment Management Limited 7 .87 3,918,550
Merrill Lynch Investment Managers 7 .63 3,798,970
Scottish Widows Investment Partnership 6.88 3,427 ,000
Morley Fund Management 6.65 3,312,739
F&C Asset Management 4.97 2,473,679
Investec Asset Management 4.93 2,453,613
Insight Asset Management 3.45 1,715,170
Gartmore Investment Management 3.21 1,599,913 Parkdean Holidays plc 
Annual Report and Accounts 2004
17
Creditor payment policy 
It is the Group’s policy that payments to suppliers are made in accordance with the terms and conditions agreed between the Group and its
suppliers, provided all trading terms and conditions are met. 
At 31 October 2004 the Group had an average of 20 days purchases outstanding in trade creditors (2003: 26 days).
Statement of directors’ responsibilities in respect of the financial statements
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs 
of the Group and of the Company and of the profit or loss of the Group for that period. In preparing those financial statements, the directors are
required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent; 
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial
statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position
of the Group and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for
safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditors
A resolution to re-appoint Ernst & Y oung LLP as the Company’s auditors will be put to the forthcoming Annual General Meeting.
By order of the Board
Judith Archibold
Secretary
11 January 2005 18
Parkdean Holidays plc 
Annual Report and Accounts 2004
Remuneration Report
As an AIM listed company, Parkdean Holidays plc is not required to comply with Schedule 7A of the Companies Act. However, the directors
feel it is appropriate to present the following information to shareholders.
Remuneration committee and advisers
The Company’s remuneration committee is chaired by David Stonehouse and its other member is Nick Magoolagan. 
The committee makes recommendations to the board on an overall remuneration package for executive directors and other senior executives 
in order to retain, attract and motivate high quality executives capable of achieving the Group’s objectives. 
Remuneration policy
The remuneration package consists of basic salary, benefits, share options, performance related bonuses and pensions. Consideration 
is given by the committee to pay and employment policies for the whole business, especially when determining annual salary increases. 
The details of individual components of the remuneration package are discussed below.
Basic salary and benefits:
Salary and benefits are reviewed annually in December and become effective from the following 1 January. Benefits principally comprise 
a car, pension and private healthcare.
The fees for non-executive directors are determined by the board within the limits stipulated in the Articles of Association. The non-executive
directors are not involved in any discussions or decision about their own remuneration. Graham Wilson’s remuneration is determined by the 
non-executive directors. 
Performance related bonuses:
Bonuses are awarded to the executive directors based on fixed formulae relating to the Group’s financial performance, determined in advance
by the remuneration committee.
Executive share options:
The Company operates an executive share option scheme, the Parkdean Holidays plc Executive Share Option Scheme 2002, pursuant 
to which directors and senior executives may be granted options to acquire ordinary shares in the Company at a fixed option price.
Savings related share option scheme:
The Company operates a share save scheme in which all employees and executive directors, once they have been employed for a qualifying
period, can participate. Monthly amounts are saved by employees, who are granted options to subscribe for shares. Employees are then entitled
to exercise options from 3 or 5 years following grant at a price of 81p per share for the options granted in 2002 and 121p per share for the
options granted in 2003. 
All three executive directors have chosen to save the maximum amount allowed under the scheme and as a result each executive director holds
options over 20,432 shares. These are exercisable from 30 September 2007 at a price of 81p per share.
Pension contributions:
The Company makes contributions of 12.5% of basic salary into personal pension schemes for John Waterworth and Michael Norden.
Service agreements
All service agreements for the executive directors are terminable on 12 months’ notice by either party. The service agreements for the 
non-executive directors can be terminated by the director at any time without notice, and by the Company giving 12 months’ notice. Parkdean Holidays plc 
Annual Report and Accounts 2004
19
Performance graph
The graph below shows the total shareholder return in terms of the change in value (with dividends reinvested) of an initial investment of £100
on 30 May 2002 (date of first admission to AIM) in a holding of the Company’s shares against a corresponding investment in a hypothetical
holding of shares in the companies represented in the FTSE All-Share index. The FTSE All Share Index was selected as it represents a broad
equity market index.
Directors’ remuneration
The remuneration of the directors is as follows:
Basic salary Benefit Pension Total Total
and fees Bonuses in kind
(1)
contributions 2004 2003
£000 £000 £000 £000 £000 £000
Executive directors
Graham Wilson 85 10 – – 95 85
John Waterworth 149 40 16 19 224 194
Michael Norden 82 10 10 10 112 105
Non-executive directors
David Stonehouse 29 – – – 29 24
Nick Magoolagan 23 – – – 23 20
Total 368 60 26 29 483 428
(1) 
The remuneration packages of John Waterworth and Michael Norden include non-cash benefits including the provision of a company car, fuel and private
healthcare.
50
100
150
200
250
300
30 May 02 31 Oct 02 31 Oct 03 31 Oct 04
Parkdean Total Return v FTSE All-Share Total Return
£
Total shareholder return
FTSE All Share Index 20
Parkdean Holidays plc 
Annual Report and Accounts 2004
Remuneration Report 
continued
Interests in options
The interests of the directors in share options are as follows:
At Granted Exercised At
1 November during the during the 31 October
Exercise 2003 year year 2004
Price No. No. No. No.
Graham Wilson (a) £1.00 300,000 – – 300,000
(b) £1.47 200,000 – – 200,000
(c) £2.25 – 200,000 – 200,000
John Waterworth (a) £1.00 500,000 – – 500,000
(b) £1.47 500,000 – – 500,000
(c) £2.25 – 500,000 – 500,000
Michael Norden (a) £1.00 200,000 – – 200,000
(b) £1.47 200,000 – – 200,000
(c) £2.25 – 200,000 – 200,000
David Stonehouse (a) £1.00 70,000 – – 70,000
The options are exercisable between the following dates:
(a) 30 May 2005 and 30 May 2012;
(b) 5 June 2006 and 5 June 2013; and
(c) the announcement of preliminary results for the year ending 31 October 2007 and the announcement of the preliminary results for the year
ending 31 October 2013.
The directors may only exercise the options marked (b) above if the Group’s earnings per share at the time of exercise is greater than a target
based on 6% compound annual growth from a notional base of 12.6 pence per share in 2003. 
The directors may only exercise the options marked (c) above if the Group’s earnings per share at the time of exercise is greater than a target
based on 9% compound annual growth (adjusted for the impact of acquisitions) from a notional base of 17 pence per share for the year ending
31 October 2005.
The market price of the Company’s shares on 31 October 2004 was £2.26. The highest and lowest market prices during the year for each
share option that is unexpired at the end of the year are as follows:
Highest Lowest
Company share price £2.47 £1.75
The interests of the directors to subscribe for or acquire ordinary shares have not changed since the year end.
By order of the board
Judith Archibold
Secretary
11 January 2005 Parkdean Holidays plc 
Annual Report and Accounts 2004
21
Corporate Governance
Parkdean Holidays plc is listed on AIM and is not subject to the requirements of the Combined Code on corporate governance, nor is it
required to disclose its specific policies in relation to corporate governance. However, the directors are committed to delivering high standards
of corporate governance to the Company’s shareholders and other stakeholders including employees, suppliers and the wider community. 
The board of directors operates within the framework described below.
The workings of the board and its committees
The board of directors
The board currently comprises the Executive Chairman, the Chief Executive, the Finance Director and two independent non-executive directors.
The biographies of each director and the Company Secretary appear on pages 14 and 15.
The directors demonstrate a range of experience and calibre sufficient to ensure appropriate independent judgement on issues of strategy,
performance, resources and standards of conduct vital to the continued success of the Group. 
The board is responsible to shareholders for the proper management of the Group. A statement of the directors’ responsibilities in respect 
of the financial statements is given on page 17 .
The full board generally meets at least bi-monthly, with the executive directors meeting more frequently. The board reviews trading performance,
ensures adequate funding and human resources are in place, sets and monitors strategy, examines major acquisition possibilities, reviews and
monitors management performance and ensures that the Company’s obligations to shareholders and others are met, reporting to shareholders
where considered necessary. The non-executive directors have a particular responsibility to ensure strategies proposed by the executive directors
are fully considered and performance of management is monitored and assessed. To enable the board to discharge its duties, all directors
receive appropriate and timely information. Briefing papers are distributed to all directors in advance of board meetings. The Chairman ensures
that the directors take independent professional advice as required.
The following committees deal with the specific aspects of the Group’s affairs.
Remuneration committee
The remuneration committee chairman is David Stonehouse and its other member is Nick Magoolagan with Graham Wilson normally attending
as an invitee. The remuneration committee is responsible for making recommendations to the board, within agreed terms of reference, regarding
the Group’s framework of executive remuneration. The committee determines the contract terms, remuneration and other benefits for each of 
the executive directors, including performance related bonus schemes, pension rights and compensation payments. The board of directors
(excluding non-executive directors) determines the remuneration of the non-executive directors.
Further details of the Group’s policies on remuneration and service contracts are given in the report on directors’ remuneration on pages 18 to 20.
Audit committee
The audit committee, which is chaired by David Stonehouse, comprises both non-executive directors, and meets not less than three times
annually. The committee provides a forum for reporting by the Group’s external and internal auditors. Meetings are also attended, by invitation, 
by John Waterworth and Michael Norden.
The Company has an established internal audit function whose primary responsibility is to formalise internal audit procedures and provide
continuous independent review of the Group’s internal controls and business practices. The internal audit function reports to the audit
committee on a regular basis. 
Nominations committee
The Company has appointed a nominations committee, chaired by the Chairman, Graham Wilson and also comprising the two non-executive
directors. The committee will evaluate the balance of skills, knowledge and experience on the board and prepare descriptions of the role and
capabilities required for any future board appointments and develop and monitor the process of such appointments. 22
Parkdean Holidays plc 
Annual Report and Accounts 2004
Corporate Governance
continued 
Shareholder relations
Communications with shareholders are given a high priority by the board of directors who take responsibility for ensuring a satisfactory dialogue
takes place.
The operating and financial reviews on pages 4 to 13 include a detailed review of the business and planned future developments. 
The executive directors meet with the Company’s institutional shareholders following the announcement of interim and final results and at other
appropriate times. The Chairman ensures that the views of shareholders are communicated to the board as a whole. The directors are also in
regular contact with stockbrokers’ analysts. The Group has developed a web site containing investor information to improve communications
with individual investors and other interested parties.
The Annual General Meeting is a major opportunity for communication with private and institutional investors. The Chairman aims to ensure all
members of the board attend the Annual General Meeting to answer shareholders’ relevant questions. Details of the resolutions to be proposed
at the Annual General Meeting, to be held on 4 March 2005, are set on pages 43 to 44.
Internal control
The directors acknowledge their responsibility for the Group’s system of internal control and for reviewing its effectiveness. The system of
internal control is designed to manage the risk of failure to achieve the Group’s strategic objectives. It cannot totally eliminate the risk of failure
but will provide reasonable, although not absolute, assurance against material misstatement or loss.
The Group’s key risk management processes and system of internal control procedures include the following:
• Management structure: Authority to operate the various holiday parks is delegated to local management within limits set by the board. These
procedures are supplemented by operating standards set by the senior management, as required for the business as a whole.
• Identification and evaluation of business risks: The major financial, commercial, legal, regulatory and operating risks within the Group are
identified through daily, weekly and monthly reporting procedures. The internal auditor regularly reviews these risks to ensure they are being
effectively managed and appropriately insured, and reports his findings to the audit committee.
• Information and financial reporting systems: The Group’s financial reporting procedures include detailed operational budgets for the year ahead
and a three-year plan, reviewed and approved by the board. Performance is monitored throughout the year through the weekly and monthly
reporting of key performance indicators together with information on key risk areas. Relevant action is then taken including the preparation 
of updated forecasts for the year.
• Investment appraisal: A budgetary process and authorisation levels regulate capital expenditure. For expenditure beyond specified levels,
detailed written proposals are submitted to the board. Commercial, legal and financial due diligence work is carried out when a new business
is to be acquired.
• Audit committee: The audit committee, through reports by the internal auditor, monitors the internal controls in force and identifies any
perceived gaps in the control environment. The audit committee also considers and determines relevant action in respect of control issues
raised by internal or external auditors.
As an AIM listed company the board is not required to make a statement on the effectiveness of its internal controls; however the directors
believe it is useful to highlight the following processes which take place on an ongoing basis:
• Review of reports prepared throughout the year by the internal auditor.
• Weekly and monthly reporting of financial information including profit and loss accounts, balance sheets, cash flow statements and other key
performance indicators.
• Regular reporting to the board on certain specific matters including treasury management, insurance, legal and health and safety issues.
• The Chairman of the audit committee reports the outcome of audit committee meetings to the full board of directors. Parkdean Holidays plc 
Annual Report and Accounts 2004
23
Independent Auditors’ Report 
to the Members of Parkdean Holidays plc
We have audited the Group’s financial statements for the year ended 31 October 2004, which comprise the Group Profit and Loss Account,
Group Balance Sheet, Company Balance Sheet, Group Statement of Cash Flows, Accounting Policies and the related notes 1 to 23. These
financial statements have been prepared on the basis of the accounting policies set out therein.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. 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.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the Annual Report, including the financial statements which are prepared in accordance with
applicable United Kingdom law and accounting standards as set out in the Statement of Directors’ Responsibilities in relation to the financial
statements.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom
Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with
the Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the
Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if
information specified by law regarding directors’ remuneration and transactions with the Group is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. This other
information comprises Financial Highlights, Chairman’s Statement, Chief Executives Review, Financial Review, Directors and Advisers, Directors’
Report, Remuneration Report, Corporate Governance and Notice of Annual General Meeting. We consider the implications for our report if we
become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any
other information.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment 
of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting
policies are appropriate to the Group’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide 
us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by
fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial
statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 October 2004
and of the profit of the Group for the year then ended and have been properly prepared in accordance with the Companies Act 1985.
Ernst & Young LLP
Registered Auditor
Newcastle upon Tyne
11 January 2005 24
Parkdean Holidays plc 
Annual Report and Accounts 2004
Group Profit and Loss Account
for the year ended 31 October 2004
2003
2004 (restated)
Notes £000 £000
Group turnover 1 60,376 51,908
Continuing operations: 
– ongoing 57 ,147 51,908
– acquisitions 3,229 –
Cost of sales 2c) (17 ,935) (15,019)
Gross profit 42,441 36,889
Administrative expenses 2c) (29,575) (24,872)
Group operating profit 2a) 12,866 12,017
Continuing operations: 
– ongoing 12,205 12,017
– acquisitions 661 –
Interest payable and similar charges 5 (3,814) (3,036)
Profit on ordinary activities before taxation 9,052 8,981
Tax on profit on ordinary activities 6 (2,985) (2,973)
Profit on ordinary activities after taxation 6,067 6,008
Dividends 8 (2,511) (1,972)
Retained profit for the financial year 21 3,556 4,036
Earnings per share
Basic earnings per share (pence) 9 15.25 16.72
Diluted earnings per share (pence) 9 14.70 16.52
There were no recognised gains or losses other than the profit on ordinary activities after taxation for the year.  Parkdean Holidays plc 
Annual Report and Accounts 2004
25
Group Balance Sheet
at 31 October 2004
2004 2003
Notes £000 £000
Fixed assets
Tangible assets 10 148,242 90,830
148,242 90,830
Current assets
Stocks 12 4,213 2,970
Debtors 13 4,617 1,866
Cash at bank and in hand 14 6,445 3,187
15,275 8,023
Creditors: amounts falling due within one year 15 (19,659) (15,440)
Net current liabilities (4,384) (7 ,417)
Total assets less current liabilities 143,858 83,413
Creditors: amounts falling due after more than one year 16 (76,315) (41,572)
Provisions for liabilities and charges
Deferred taxation 19 (4,725) (2,405)
62,818 39,436
Capital and reserves
Called up equity share capital 20 9,957 7,88 7
Share premium account 21 41,629 23,873
Profit and loss account 21 11,232 7,6 7 6
Equity shareholders’ funds 21 62,818 39,436
The financial statements on pages 24 to 42 were approved by the board of directors on 11 January 2005 and were signed on its behalf by:
John Waterworth Michael Norden
Director Director 26
Parkdean Holidays plc 
Annual Report and Accounts 2004
Company Balance Sheet
at 31 October 2004
2004 2003
Notes £000 £000
Fixed assets
Investments 11 75,842 52,437
75,842 52,437
Current assets
Debtors
– amounts due within one year 13 67 257
– amounts due from subsidiary undertakings 
after more than one year 58,231 26,573
Cash at bank and in hand 4,841 1,262
63,139 28,092
Creditors: amounts falling due within one year 15 (11,245) (7 ,012)
Net current assets 51,894 21,080
Total assets less current liabilities 127 ,736 73,517
Creditors: amounts falling due after more than one year 16 (74,052) (39,872)
53,684 33,645
Capital and reserves
Called up equity share capital 20 9,957 7,88 7
Share premium account 21 41,629 23,873
Profit and loss account 21 2,098 1,885
Equity shareholders’ funds 21 53,684 33,645
The financial statements on pages 24 to 42 were approved by the board of directors on 11 January 2005 and were signed on its behalf by:
John Waterworth Michael Norden
Director Director Parkdean Holidays plc 
Annual Report and Accounts 2004
27
Group Statement of Cash Flows
for the year ended 31 October 2004
2004 2003
Notes £000 £000
Net cash inflow from operating activities 2b) 17 ,501 13,659
Returns on investments and servicing of finance
Interest paid (3,368) (2,857)
Interest element of finance lease and hire purchase payments (209) (101)
Payment of issue costs on long term loans – (1,178)
Net cash outflow from returns on investments and
servicing of finance (3,577) (4,136)
Taxation
UK corporation tax paid (2,373) (1,332)
Capital expenditure and financial investment
Purchase of tangible fixed assets (8,140) (5,205)
Disposal of tangible fixed assets 166 230
Net cash outflow from capital expenditure 
and financial investment (7 ,974) (4,975)
Acquisitions
Purchase of subsidiary undertakings (51,130) (10,889)
Cash/(overdraft) acquired with subsidiary undertakings 1,832 (1,448)
Payment of deferred consideration (3,000) –
Net cash outflow on acquisitions (52,298) (12,337)
Equity dividends paid (2,051) (1,081)
Net cash outflow before financing (50,772) (10,202)
Financing
Issue of ordinary share capital 20,700 8,330
Share issue costs (829) (439)
New long term loans 36,500 7 ,000
Repayment of long term loans (1,250) (2,357)
Capital element of finance lease and hire purchase payments (1,091) (503)
Net cash inflow from financing 54,030 12,031
Increase in cash 14 3,258 1,829 28
Parkdean Holidays plc 
Annual Report and Accounts 2004
Group Statement of Cash Flows
for the year ended 31 October 2004
Reconciliation of net cash flow to movement in net debt
2004 2003
Notes £000 £000
Cash flows:
Increase in cash 3,258 1,829
New long term loans (36,500) (7 ,000)
Payment of issue costs on long term loans – 1,178
Repayment of long term loans 1,250 2,357
Capital element of finance lease rental payments 1,091 503
Payment of deferred consideration 3,000 –
Changes in net debt resulting from cash flows (27 ,901) (1,133)
Acquisitions:
Finance leases acquired – (2,627)
Long term loans acquired – (2,357)
Deferred consideration arising – (3,000)
Other non cash changes:
Amortisation of issue costs on long term loans (180) (119)
New finance leases introduced (2,012) –
Decrease in accrual for issue costs on long term loans – (300)
Movement in net debt 14 (30,093) (9,536)
Net debt at 1 November (43,225) (33,689)
Net debt at 31 October 14 (73,318) (43,225) Parkdean Holidays plc 
Annual Report and Accounts 2004
29
Accounting Policies
for the year ended 31 October 2004
Basis of preparation
The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. The
accounting polices have been applied consistently through the year and the prior year apart from the change in accounting policy for the
recognition of revenue following first time application of FRS5 Application Note G Revenue Recognition. This does not have an effect on
reported profit. Further details are given in Note 1.
Basis of consolidation
The Group financial statements consolidate the financial statements of Parkdean Holidays plc and all its subsidiary undertakings drawn up 
to 31 October each year. No profit and loss account is presented for Parkdean Holidays plc as permitted by Section 230 of the Companies 
Act 1985.
Subsidiary undertakings have been included in the Group financial statements using the acquisition method of accounting. Accordingly, 
the Group profit and loss account and the Group statement of cash flows include the results and cash flows for Southerness Holiday Village
(Holdings) Limited and its subsidiary Southerness Holiday Village Limited for the period from acquisition, 24 March 2004, to 31 October 2004.
Similarly, the Group profit and loss account and the Group statement of cash flows include the results and cash flows for Cherry Tree Holiday
Park, Pendine Sands Holiday Park, Torquay Holiday Park, Warmwell Holiday Park and Wemyss Bay Holiday Park for the period since
acquisition, 20 October 2004, to 31 October 2004.
Goodwill
Should positive goodwill arise on the acquisition of subsidiary undertakings it is capitalised, classified as an asset on the balance sheet and
amortised on a straight line basis over its useful economic life of 20 years. It is reviewed for impairment at the end of the first financial year
following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. 
Investments
Investments in subsidiary undertakings are included in the Company’s financial statements valued at the lower of cost and the directors’
estimate of net realisable value.
Depreciation
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual
value, of each asset evenly over its expected useful life in monthly instalments, as follows:
Freehold land – land not depreciated, site services over 10 – 25 years
Leasehold land – over the period to the end of the lease
Freehold and leasehold buildings – over 10 – 50 years
Plant and equipment – over 3 – 15 years
Caravans and lodges – over 10 – 20 years
Motor vehicles – over 4 years
Stocks
Stocks are stated at the lower of purchase cost on a first in, first out basis or net realisable value. Stocks include caravans previously held for
use as hire fleet in the business but now available for resale.
Revenue recognition
Revenue from holidays is recognised over the period of the holiday. Revenue from insurance products is recognised when the Group has
fulfilled all of its contractual obligations. Revenue from concession operations is included gross in turnover if the Group is in substance acting 
as principal. Where the Group is in substance acting as agent, only the Group’s share of revenue under concession arrangements is recognised
in turnover. Revenue from caravan sales is recognised when the Group has fulfilled all of its obligations which is typically when all proceeds 
have been received and the keys are handed over. Revenue from pitch fees is recognised evenly over a twelve month period to the date of the
next renewal. 
Taxation
The charge for taxation is based on the profit for the year and takes into account taxation deferred because of timing differences in the treatment
of certain items for taxation and accounting purposes.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions
or events that result in an obligation to pay more tax or a right to pay less tax in the future have occurred at the balance sheet date with the
following exceptions:
• Provision is made for gains on disposal of fixed assets that have been rolled over into replacement assets only where, at the balance sheet
date, there is a commitment to dispose of the replacement assets.
• Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences can be deducted. 30
Parkdean Holidays plc 
Annual Report and Accounts 2004
Accounting Policies
continued
Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences
reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. 
Related party transactions
The Company has taken advantage of available exemptions from disclosure of related party transactions which are eliminated on consolidation.
Leasing and hire purchase commitments
Assets obtained under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives.
The interest element of hire purchase obligations is charged to the profit and loss account over the period of the agreement and represents 
a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Share options
The Company has taken advantage of the exemption in UITF17 (revised) Employee Share Schemes from applying the Abstract to the
Company’s Inland Revenue approved SAYE scheme.
Pension costs
The Group contributes to the defined contribution pension plans of individual employees. Contributions are charged to the profit and loss
account as they become payable in accordance with the rules of the plans.
Finance costs
Finance costs are deducted from loans and are charged to the profit and loss account over the life of the instrument.
Derivative instruments
The Group uses interest rate swaps, caps and floor arrangements to manage its interest rate exposure.
The Group’s criteria for interest rate swaps are:
• the instrument must be related to an asset or liability; and
• it must change the character of the interest rate by converting a variable rate to a fixed rate or vice versa.
Interest rate swaps are not revalued to fair value or shown on the Group balance sheet at the year end. If terminated early, the gain or loss is
recognised in full at that time. Parkdean Holidays plc 
Annual Report and Accounts 2004
31
Notes to the Financial Statements
for the year ended 31 October 2004
1. Group turnover and segmental analysis
Turnover represents the amount derived from the provision of goods and services falling within the Group’s activities after deduction of trade
discounts and value added tax.
Turnover, profit before tax and net assets are attributable to one continuing activity, the management of caravan and camping holiday parks, 
and arises wholly within the UK. All income streams result from the activity of managing caravan and camping holiday parks.
During the year, Financial Reporting Standard 5 Application Note G – Revenue Recognition has become mandatory and has been adopted by
the Group. The Group has determined that shop concession income demonstrates the attributes of an agency arrangement as defined in the
application note. As a result, only the Group’s share of such income is recognised in turnover, where previously this has been recorded gross.
This change in policy has resulted in a reduction in turnover and cost of sales as shown below. There is no effect on reported profit. 
2004 2003
£000 £000
Turnover including gross concession sales 62,819 53,581
Adjustment for concession sales – impact of applying FRS5 (2,443) (1,673)
Turnover (2003: as restated) 60,376 51,908
2004 2003
£000 £000
Cost of sales including cost of concession sales 20,378 16,692
Adjustment for concession sales – impact of applying FRS5 (2,443) (1,673)
Cost of sales (2003: as restated) 17 ,935 15,019
2. Group operating profit
a) This is stated after charging/(crediting):
2004 2003
£000 £000
Auditors’ remuneration:
– audit services 84 65
– non audit services 63 30
Profit on disposal of tangible fixed assets (24) –
Depreciation of owned fixed assets 3,904 3,135
Depreciation of assets held under hire purchase contracts 499 220
Operating lease rentals:
– plant and machinery 240 176
Fees paid to the auditors in respect of the acquisitions were £368,000 (2003: £209,000). The non-audit remuneration relates primarily to
taxation services.
b) Reconciliation of operating profit to net cash inflow from operating activities:
2004 2003
£000 £000
Operating profit 12,866 12,017
Depreciation 4,403 3,355
Profit on disposal of tangible fixed assets (24) –
Increase in stocks (58) (734)
Decrease/(increase) in debtors 1,351 (132)
Decrease in creditors (1,037) (847)
Net cash inflow from operating activities 17 ,501 13,659 32
Parkdean Holidays plc 
Annual Report and Accounts 2004
Notes to the Financial Statements
continued
2. Group operating profit (continued)
c) Analysis of results between ongoing operations and acquisitions during the year:
2003
2004 (restated)
£000 £000
Cost of sales:
– ongoing 16,693 15,019
– acquisitions 1,242 –
17 ,935 15,019
Administrative expenses:
– ongoing 28,249 24,872
– acquisitions 1,326 –
29,575 24,872
3. Staff costs
2004 2003
£000 £000
Wages and salaries 10,733 9,066
Social security costs 933 709
Other pension costs 247 214
11,913 9,989
The monthly average number of employees was as follows:
2004 2003
No. No.
Full time 292 273
Seasonal 638 617
930 890
4. Directors’ emoluments
2004 2003
£000 £000
Emoluments 454 405
Contributions paid to money purchase pension schemes 29 23
2004 2003
No. No.
Members of money purchase pension schemes 2 2
The emoluments of the highest paid Director were £205,000 (2003: £179,000) and the pension contributions were £19,000 (2003: £15,000).
5. Interest payable and similar charges
2004 2003
£000 £000
Bank loans and overdrafts 3,425 2,816
Finance charges payable under finance leases and hire purchase contracts 209 101
Amortisation of finance costs 180 119
3,814 3,036 Parkdean Holidays plc 
Annual Report and Accounts 2004
33
6. Tax on profit on ordinary activities
(a) Analysis of tax charge in the year
2004 2003
£000 £000
Current tax:
UK Corporation tax at 30% (2003: 30%) 2,417 2,478
Deferred tax (capital allowances in excess of depreciation):
Origination and reversal of timing differences 614 510
Adjustment in respect of prior periods (46) (15)
568 495
Tax on profit on ordinary activities 2,985 2,973
(b) Factors affecting tax charge for the year
The tax for the year is higher (2003: higher) than the standard rate of corporation tax in the UK (30%). The differences are explained below.
2004 2003
£000 £000
Profit on ordinary activities before taxation 9,052 8,981
Profit on ordinary activities before taxation multiplied by standard rate of
corporation tax in the UK of 30% (2003: 30%) 2,716 2,694
Effects of:
Depreciation of non qualifying assets 297 261
Expenses not deductible for tax purposes 18 33
Capital allowances in advance of depreciation (614) (510)
Total current tax 2,417 2,478
The effective tax rate was 33.0% (2003: 33.1%) principally as a result of some depreciation on non qualifying fixed assets and expenses not
being deductible for tax purposes.
(c) Factors that may affect future tax charges
No provision has been made for deferred tax on gains recognised on revaluing land and buildings to their fair value on acquisitions. Such tax
would become payable only if the property was sold without it being possible to claim rollover relief. The total amount un-provided is £14.0m,
(2003: £9.4m). It is not envisaged that any of this tax will become payable in the foreseeable future.
7 . Profit attributable to members of the parent undertaking
The profit on ordinary activities after taxation of the parent undertaking was £2,724,000 for the year ended 31 October 2004 (2003: £2,861,000).
8. Dividends
2004 2003
£000 £000
Interim paid of 2.2p per share (2003: 2.0p) 868 789
Final proposed of 3.3p per share (2003: 3.0p) 1,643 1,183
2,511 1,972
If approved at the AGM, the final dividend will be paid on 31 March 2005 to shareholders on the register on 4 March 2005.
9. Earnings per share
2004 2003
Profit attributable to equity shareholders (£000) 6,067 6,008
Weighted average number of ordinary shares (No.) 39,772,604 35,923,671
Basic earnings per share (pence per share) 15.25 16.72
Weighted average diluting effect of employee share options (No.) 1,485,708 455,048
Diluted weighted average number of ordinary shares (No.) 41,258,312 36,378,719
Diluted earnings per share (pence per share) 14.70 16.52 34
Parkdean Holidays plc 
Annual Report and Accounts 2004
Notes to the Financial Statements
continued
10. Tangible fixed assets
Caravans,
plant,
Freehold Leasehold machinery
land and land and and
buildings buildings equipment Total
Group £000 £000 £000 £000
Cost:
At 1 November 2003 55,763 24,746 19,877 100,386
Acquisitions 48,130 – 3,870 52,000
Additions 2,529 1,122 6,306 9,957
Disposals – – (940) (940)
At 31 October 2004 106,422 25,868 29,113 161,403
Depreciation:
At 1 November 2003 953 2,092 6,511 9,556
Provided during the year 769 681 2,953 4,403
Disposals – – (798) (798)
At 31 October 2004 1,722 2,773 8,666 13,161
Net book value:
At 31 October 2004 104,700 23,095 20,447 148,242
At 31 October 2003 54,810 22,654 13,366 90,830
The net book value of caravans, plant and machinery above includes an amount of £4,836,000 (2003: £3,321,000) in respect of assets held
under finance leases and hire purchase contracts.
11. Fixed asset investments
Subsidiary
undertakings
Company £000
Cost:
At 1 November 2003 52,437
Acquisitions:
Additions 23,405
Transfer of group undertakings:
Additions 13,839
Disposals (13,839)
At 31 October 2004 75,842
Details of the investments in subsidiary undertakings are as follows:
Proportion of
voting rights
Name of Company Holding and shares held Nature of business
Upperbay Limited Ordinary shares 100% Operation of holiday parks
Newquay Holiday Parks Limited* Ordinary shares 100% Dormant
Premier Dawn Properties Limited Ordinary shares 100% Property holding
Premier Dawn (EBT) Limited Ordinary shares 100% Dormant
Parkdean Leisure Limited* Ordinary shares 100% Dormant
Parkdean Holiday Parks Limited Ordinary shares 100% Operation of holiday parks
Preference Shares 100%
Parkdean Holidays (South West) Limited* Ordinary shares 100% Dormant
Preference Shares 100%
Ruda Holiday Park Limited* Ordinary shares 100% Dormant
Texcourt Limited* Ordinary shares 100% Dormant
Pactrem Limited* Ordinary shares 100% Operation of holiday parks
Southerness Holiday Village (Holdings) Limited Ordinary shares 100% Holding company
(formerly Border Travel Services (Holdings) Limited)
Southerness Holiday Village Limited* Ordinary shares 100% Operation of holiday parks
Parkdean Caravan Parks Limited Ordinary Shares 100% Operation of holiday parks
Wemyss Bay Caravan Park Limited Ordinary Shares 100% Property holding
Parkdean Properties Limited (formerly Haven Leisure (PH) Limited) Ordinary Shares 100% Property holding
* held by subsidiary undertaking Parkdean Holidays plc 
Annual Report and Accounts 2004
35
11. Fixed asset investments (continued)
Analysis of transfer of group undertakings:
During the year Parkdean Holidays plc transferred all of its interest in shares in Pactrem Limited to Parkdean Holiday Parks Limited. Parkdean
Holiday Parks Limited issued 8,634 ordinary shares of £1 each to Parkdean Holidays plc as consideration for the shares in Pactrem Limited.
The shares were issued at premium of £1,602 per share, giving a total consideration of £13,839,000, equal to the book value of the investment
transferred. No profit or loss has been recognised on the transfer of the investments in shares.
All of the trading assets and liabilities of Pactrem Limited were transferred to Parkdean Holiday Parks Limited with effect from 1 November 2003.
Analysis of the acquisition of Southerness Holiday Village (Holdings) Limited (formerly Border Travel Services (Holdings) Limited):
Alignment of
accounting Fair value
Book value Revaluations policies (e) to Group
£000 £000 £000 £000
Tangible fixed assets 3,266 2,985(a) – 6,251
Stocks 429 (44)(b) 91 476
Debtors 529 (61)(c) (82) 386
Cash 1,805 – – 1,805
Creditors (622) (267)(d) (63) (952)
Deferred taxation (76) – – (76)
Net assets 5,331 2,613 (54) 7 ,890
Discharged by:
Cash consideration* 5,385
Consideration for working capital 2,136
Costs associated with the acquisition 369
7,890
* including £100,000 for separate property
On 24 March 2004, Border Travel Services (Holdings) Limited was acquired and immediately changed its name to Southerness Holiday 
Village (Holdings) Limited. This company owns Southerness Holiday Village Limited, which owns Southerness Holiday Village, a holiday park 
in Dumfries and Galloway. The table above shows the consolidated opening position of the group of new companies. Adjustments have been
made to reflect a provisional assessment of the fair value of the separable assets and liabilities acquired as follows:
Revaluations:
a) Valuation of fixed assets to reflect the directors’ assessment of fair value. The adjustment reflects an increase in the value of land by £2,481,000
and an increase in the value of other fixed assets of £504,000. 
b) Adjustment to value stock at lower of cost and net realisable value.
c) Assessment of provision for bad and doubtful debts.
d) Recognition of accruals.
Alignment of accounting policies:
e) To align with the Group’s revenue recognition policies.
Southerness Holiday Village was previously part of a company that prepared financial statements to 1 December each year. Due to the 
seasonal nature of the holiday park industry, losses arise during the closed season. The results of Southerness Holiday Village for the period
from 2 December 2003 to 24 March 2004 reported a loss after taxation of £31,000. The profit after taxation for the financial year ended 
1 December 2003 was £376,000.
Further analysis of the pre-acquisition results, including cash flow information is not available. 36
Parkdean Holidays plc 
Annual Report and Accounts 2004
Notes to the Financial Statements
continued
11. Fixed asset investments (continued)
Analysis of the acquisition of Cherry Tree Holiday Park, Pendine Sands Holiday Park, Torquay Holiday Park, Warmwell Holiday Park and 
Wemyss Bay Holiday Park:
Provisional
fair value
Book value Revaluations to Group
£000 £000 £000
Tangible fixed assets 32,176 13,573(a) 45,749
Stocks 865 (156)(b) 709
Debtors 3,941 (225)(c) 3,716
Cash 27 – 27
Creditors (3,941) (470)(d) (4,411) 
Deferred taxation (1,676) – (1,676)
Net assets 31,392 12,722 44,114
Discharged by:
Cash consideration 41,750
Adjustment to consideration for cash and stocks on the parks 892
Costs associated with the acquisition 1,472
44,114
On 20 October 2004, Parkdean Caravan Parks Limited, a newly incorporated subsidiary of Parkdean Holidays plc, acquired the business 
trade assets and liabilities of Cherry Tree Holiday Park in Norfolk, Pendine Sands Holiday Park in South Wales, Torquay Holiday Park in Devon,
Warmwell Holiday Park in Dorset and Wemyss Bay Holiday Park in Scotland. At the same time Parkdean Holidays plc acquired the entire share
capital of Wemyss Bay Caravan Park Limited, a company owning the property of Wemyss Bay Holiday Park, and Haven Leisure (PH) Limited, 
a company owning the properties at Cherry Tree Holiday Park and Warmwell Holiday Park. Haven Leisure (PH) Limited immediately changed 
its name to Parkdean Properties Limited.
The table above shows the consolidated opening position of the companies and the parks acquired. Adjustments have been made to reflect 
a provisional assessment of the fair value of the separable assets and liabilities acquired as follows:
Revaluations:
a) Valuation of fixed assets to reflect the directors’ assessment of fair value. The adjustment reflects an increase in the value of land of £8,936,000
and an increase in the value of other tangible fixed assets of £4,637 ,000.
b) Adjustment to value of stock at lower of cost and net realisable value.
c) Assessment of provision for bad and doubtful debts.
d) Recognition of accruals.
The fair values are provisional at this stage due to the proximity of the acquisition to the year end.
Prior to 20 October 2004, the five acquired parks were included within companies that prepared financial statements to 31 December each
year. During the period from 1 January 2004 to 20 October 2004, the five parks together generated turnover of £20,536,000 and operating
profit of £4,354,000. The total operating profit generated by the five parks during the year ended 31 December 2003 was £3,762,000.
Further analysis of the pre-acquisition results, including cash flow information is not available as the parks were not held in separate 
statutory companies. Parkdean Holidays plc 
Annual Report and Accounts 2004
37
12. Stocks
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Retail 199 264 – –
Caravans 3,197 2,317 – –
Other 817 389 – –
4,213 2,970 – –
In the opinion of the directors, there is no material difference between the replacement cost of stock and the amounts above.
13. Debtors
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Trade debtors 1,741 685 – –
Other debtors 1,190 101 67 253
Prepayments and accrued income 1,686 1,080 – 4
4,617 1,866 67 257
14. Analysis of net debt
At Other At
1 November Cash non-cash 31 October
2003 flow changes 2004
Group £000 £000 £000 £000
Cash at bank and in hand 3,187 3,258 – 6,445
Term loans due within one year (1,091) 1,250 (2,500) (2,341)
Deferred consideration due within one year (3,000) 3,000 – –
Term loans due after more than one year (39,872) (36,500) 2,320 (74,052)
Finance leases and hire purchase contracts (2,449) 1,091 (2,012) (3,370)
(43,225) (27 ,901) (2,192) (73,318)
15. Creditors: amounts falling due within one year
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Current instalment due on loans (note 17) 2,341 1,091 2,341 1,091
Deferred acquisition consideration – 3,000 – 3,000
Obligations under finance leases and hire purchase contracts 1,107 749 – –
Trade creditors 2,362 2,844 – –
Amounts due to subsidiary undertakings – – 5,165 1,025
Corporation tax 1,010 966 849 575
Other taxes and social security costs 772 349 – –
Other creditors 1,619 956 – –
Accruals and deferred income 8,805 4,302 1,247 138
Proposed dividend 1,643 1,183 1,643 1,183
19,659 15,440 11,245 7 ,012 38
Parkdean Holidays plc 
Annual Report and Accounts 2004
Notes to the Financial Statements
continued
16. Creditors: amounts falling due after more than one year
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Loans (note 17) 74,052 39,872 74,052 39,872
Obligations under finance leases and hire purchase contracts 2,263 1,700 – –
76,315 41,572 74,052 39,872
The Group maturity analysis of obligations under finance leases and hire purchase agreements is presented in Note 18 Financial instruments
and derivatives.
17 . Loans
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
N M Rothschild & Sons Limited
Term loans
‘A’ – LIBOR + 1.5% repayable on 31 October 2012 18,750 20,000 18,750 20,000
‘B’ – LIBOR + 1.5% repayable on 31 October 2012 10,600 7 ,000 10,600 7 ,000
‘C’ – LIBOR + 1.5% repayable on 31 October 2012 32,900 – 32,900 –
62,250 27 ,000 62,250 27 ,000
Vendor Loan Notes
Unsecured A1 Loan Notes 2012 – Fixed 4.5% interest* 11,500 11,500 11,500 11,500
Unsecured A2 Loan Notes 2012 – Fixed 4.5% interest* 1,500 1,500 1,500 1,500
Secured B Loan Notes 2007 – Fixed 8%** 2,000 2,000 2,000 2,000
Total Loans Outstanding 77 ,250 42,000 77 ,250 42,000
Less: un-amortised issue costs (857) (1,037) (857) (1,037)
Less: included in creditors: amounts falling due within one year (note 15) (2,341) (1,091) (2,341) (1,091)
Due after more than one year (note 16) 74,052 39,872 74,052 39,872
* Guaranteed by an un-drawn facility with NM Rothschild & Sons until 31 October 2012 and repayable on 15 March 2012
** Guaranteed by an un-drawn facility with NM Rothschild & Sons until 31 October 2012 and repayable on 15 March 2007
The maturity analysis of the loans is presented in Note 18 Financial instruments and derivatives and is the same for both Group and Company.  Parkdean Holidays plc 
Annual Report and Accounts 2004
39
18. Financial instruments and derivatives
The Group’s principal financial instruments, other than derivatives, comprise bank and other loans, finance leases and hire purchase contracts,
cash and short term deposits. The main purpose of these financial instruments is to fund the Group’s operations; in addition loan notes have
been used to finance acquisitions. The Group has various other financial instruments such as trade debtors and creditors that arise directly from
its operations. The disclosures below exclude short term debtors and creditors.
The Group also enters into derivative transactions in the form of interest swaps, caps and floors. The purpose of these transactions is to manage
interest rate risks arising from the Group’s sources of finance.
It is, and has been throughout the period under review, the Group’s policy that no trading in financial instruments shall be undertaken.
The main risks arising from the Group’s financial instruments are interest rate risk and liquidity risk. The board reviews and agrees policies for
managing each of these risks and they are summarised below.
Interest rate risk
The Group borrows at both fixed and floating rates of interest and uses interest rate swaps, caps and floors to generate an appropriate interest
rate profile to manage the Group’s exposure to interest rate fluctuations. The directors periodically review the Group’s interest rate profile, with
detailed review following the issuance and redemption of debt instruments and on significant changes in interest rates, and takes action where
appropriate by using the financial instruments noted above.
Liquidity risk
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans, finance leases and hire
purchase contracts and revolving credit facilities.
The business of the Group is seasonal and therefore is subject to large fluctuations in its cash requirements. Winter costs and the annual 
capital expenditure programme ensure that the Group’s peak working capital requirement usually occurs between March and May each year.
The funding for this is achieved by partial utilisation of a £15.25m (2003: £15.25m) revolving credit facility available until 31 October 2012. 
At 31 October 2004 none (2003: none) of this facility was drawn. This facility is included within the maturity analysis of un-drawn borrowing
facilities presented below.
Interest rate risk profile of financial liabilities
The Group has financial instruments as at 31 October 2004 subject to fixed and floating interest rates as follows:
Finance leases
and hire 
Long term purchase Total Total
loans agreements 2004 2003 2003
% share £000 £000 £000 % share £000
Fixed rate liabilities 52.1% 38,176 3,370 41,546 55.3% 24,015
Floating rate liabilities 47 .9% 38,217 – 38,217 44.7% 19,397
Total 100.0% 76,393 3,370 79,763 100.0% 43,412
The disclosures above include unamortised issue costs of the long term loans of £857 ,000 (2003: £1,037 ,000).
Analysis of the fixed interest rate profile is as follows (excluding finance leases and hire purchase agreements):
2004 2003
Weighted average fixed interest rate (%) 5.97% 4.5%
Weighted average period for which rate is fixed (years) 4.32 years 5.89 years
The £62.25m NM Rothschild and Sons Limited term loans subject to floating interest rates (2003: £27m) are protected using a combination of
swaps and floors. £23.50m (2003: £7m) of these term loans were protected at 31 October 2004 under these arrangements and are classified
within fixed rate loans for the purposes of the disclosure above with the remaining £38.75m (2003: £20m) classified within floating rate loans.
The fixed rate long term loans include £15m vendor loan notes (2003: £15m) guaranteed by bank facilities, which, if drawn, would have floating
rates attached. 
Interest rate risk profile of financial assets
The Group’s financial assets comprise cash and on a seasonal basis, cash deposits (see note 14). Where headroom allows, the Group places
deposits on call at daily and monthly rates. 40
Parkdean Holidays plc 
Annual Report and Accounts 2004
Notes to the Financial Statements
continued
18. Financial instruments and derivatives (continued)
Maturity analysis of financial liabilities
Long Long
term term Finance
loans Issue loans leases and Total
(gross) costs (net) HP contracts 2004
2004 £000 £000 £000 £000 £000
Amounts repayable:
In one year or less or on demand 2,500 (159) 2,341 1,107 3,448
In more than one year but not more than two years 2,750 (159) 2,591 943 3,534
In more than two years but not more than five years 17 ,000 (477) 16,523 1,212 17 ,735
In more than five years 55,000 (62) 54,938 108 55,046
77 ,250 (857) 76,393 3,370 79,763
Long Long
term term Finance
loans Issue loans leases and Total
(gross) costs (net) HP contracts 2003
2003 £000 £000 £000 £000 £000
Amounts repayable:
In one year or less or on demand 1,250 (159) 1,091 749 1,840
In more than one year but not more than two years 2,500 (159) 2,341 649 2,990
In more than two years but not more than five years 11,750 (477) 11,273 829 12,102
In more than five years 26,500 (242) 26,258 222 26,480
42,000 (1,037) 40,963 2,449 43,412 
Maturity analysis of un-drawn committed borrowing facilities
The Group has the following un-drawn borrowing facilities available with the following expiry profile.
2004 2003
£000 £000
In more than two years:
To fund acquisitions and organic capital expenditure – 32,900
To fund organic capital expenditure – 600
To fund working capital 15,250 15,250
To guarantee vendor loan notes and deferred consideration 15,000 18,000
30,250 66,750
Fair value of financial instruments
Book value Fair value
2004 2003 2004 2003
£000 £000 £000 £000
Non-derivatives:
Cash at bank and in hand 6,445 3,187 6,445 3,187
Long term loans (76,393) (40,963) (74,903) (39,473)
Finance leases and hire purchase contracts (3,370) (2,449) (3,286) (2,455)
Derivatives used to hedge interest rate risk:
Assets – – 216 328
Liabilities – – (482) (214)
The fair values of the derivatives were obtained from the issuing banks. The fixed rate loans and the finance leases and hire purchase contracts
have been valued using a discounted cash flow calculation. The discount rate used was the interest rate paid on the NM Rothschild & Sons
Limited term loans at the year end. Parkdean Holidays plc 
Annual Report and Accounts 2004
41
18. Financial instruments and derivatives (continued)
Hedges
Unrecognised
Total net
Gains Losses gains/losses
£000 £000 £000
Unrecognised gains and losses on hedges at 1 November 2002 – (495) (495)
Gains and losses arising in previous years that were recognised in 2003 – 87 87
Changes in value arising in 2003 and unrecognised during 2003 – 522 522
Gains and losses arising before 1 November 2002 and
during 2003 that were not recognised at 31 October 2003 – 114 114
Transfer of gains and losses position 328 (328) –
Unrecognised gains and losses on hedges at 1 November 2003 328 (214) 114
Gains and losses arising in previous years that were recognised in 2004 (63) 119 56
Changes in value arising in 2004 and unrecognised during 2004 (49) (387) (436)
Unrecognised gains and losses on hedges at 31 October 2004 216 (482) (266)
of which:
Gains and losses expected to be recognised in 2005 89 (140) (51)
19. Provisions for liabilities and charges
Deferred taxation
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
At 1 November 2,405 1,534 – –
Acquired 1,752 376 – –
Charge for the year 568 495 – –
At 31 October 4,725 2,405 – –
Capital allowances in advance of depreciation 4,725 2,405 – –
20. Called up equity share capital
Group and Company
2004 2004 2003 2003
No. £000 No. £000
Authorised
Equity – Ordinary shares of 20p each 56,000,000 11,200 56,000,000 11,200
2004 2004 2003 2003
No. £000 No. £000
Allotted and fully paid 
Equity – Ordinary shares of 20p each 49,783,260 9,957 39,433,260 7 ,887
On 20 October 2004, 10,350,000 new ordinary shares of 20p each were issued and admitted to trading on AIM, including 6,406,675 
ordinary shares of 20p each issued by way of a vendor placing as consideration for the acquisition of Parkdean Properties Limited (formerly
Haven Leisure (PH) Limited) and Wemyss Bay Caravan Park Limited (see Note 11). All of the new shares issued rank pari passu with the
existing issued ordinary shares. The new shares were issued at £2.00 each. The premium on the issue of the new shares of £18,630,000 
less issue costs of £874,000 has been credited to the share premium account.
At 31 October 2004, options had been granted and were still outstanding under the Company’s share option schemes. These options are
exercisable for a total of 4,442,285 (2003: 3,215,688) ordinary shares in periods between 2005 and 2013 (2003: 2005 and 2013) at prices
ranging from 81p to 225p (2003: 81p to 146.5p) per share. During the year, options were granted for 1,300,000 (2003: 1,240,000) shares
under the executive share option scheme, options lapsed for 20,000 shares under the executive share option scheme. No options were granted
under the share save scheme (2003: 201,676) and options lapsed for 53,403 shares under the share save scheme. No options were exercised
during the year (2003: nil). 42
Parkdean Holidays plc 
Annual Report and Accounts 2004
Notes to the Financial Statements
continued
21. Reconciliation of movement in equity shareholders’ funds
Total
Called up Share Profit equity
equity premium and loss shareholders’
share capital account account funds
Group £000 £000 £000 £000
At 1 November 2002 6,487 17 ,382 3,640 27 ,509
Issue of ordinary shares 1,400 6,491 – 7 ,891
Profit on ordinary activities after taxation – – 6,008 6,008
Dividends – – (1,972) (1,972) 
At 1 November 2003 7 ,887 23,873 7 ,676 39,436
Issue of ordinary shares 2,070 17 ,756 – 19,826
Profit on ordinary activities after taxation – – 6,067 6,067
Dividends – – (2,511) (2,511)
At 31 October 2004 9,957 41,629 11,232 62,818
Total
Called up Share Profit equity
equity premium and loss shareholders’
share capital account account funds
Company £000 £000 £000 £000
At 1 November 2002 6,487 17 ,382 996 24,865
Issue of ordinary shares 1,400 6,491 – 7 ,891
Profit on ordinary activities after taxation – – 2,861 2,861
Dividends – – (1,972) (1,972) 
At 1 November 2003 7 ,887 23,873 1,885 33,645
Issue of ordinary shares 2,070 17 ,756 – 19,826
Profit on ordinary activities after taxation – – 2,724 2,724
Dividends – – (2,511) (2,511)
At 31 October 2004 9,957 41,629 2,098 53,684
22. Capital and other commitments
(a) Capital commitments
Amounts contracted for but not provided in the financial statements in respect of subsidiary undertakings amounted to £4,261,000 
(2003: £4,830,000).
(b) Other financial commitments
At 31 October 2004 the Group annual commitments under non-cancellable operating leases were as follows:
Plant and machinery
2004 2003
£000 £000
Operating leases which expire:
Within one year 27 100
In two to five years 111 83
In more than five years 12 –
150 183
(c) Pension commitments
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an
independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to
£247 ,000 (2003: £214,000). There were no contributions outstanding at 31 October 2004 or 31 October 2003.
23. Guarantees and contingent liabilities
The companies in the Group have provided a composite guarantee and debenture and supplemental deed in which the assets of each company
are charged against the borrowings of other companies in the Group.
The Group sells caravan holiday homes sited on the Group’s holiday parks to private customers. A proportion of these caravan sales are funded
in part by third party finance companies. An obligation may arise as a consequence of default by the Group’s customer resulting in the Group
being required to purchase the caravan from the finance company at a price based on an agreed formula. These caravan holiday homes are
immediately written down to trade values. In due course the caravans are resold in the normal course of trade and the financial impact to the
Group is insignificant. Parkdean Holidays plc 
Annual Report and Accounts 2004
43
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the annual general meeting of Parkdean Holidays plc (the “Company”) will be held at the offices of Dickinson
Dees at St Ann’s Wharf, 112 Quayside, Newcastle upon Tyne NE99 1SB at 11.00am on Friday 4 March 2005 for the following purposes:
1. To consider and approve the accounts and reports of the directors and auditors of the Company for the year ended 31 October 2004.
2. To declare a final dividend of 3.3 pence per ordinary share.
3. To re-appoint Mr D C Stonehouse as a director of the Company.
4. To re-appoint Mr N M Magoolagan as a director of the Company.
5. To re-appoint Ernst & Y oung LLP as the auditors of the Company and to authorise the directors to agree their remuneration.
As special business to consider and if thought fit pass the following resolutions of which resolutions 6 and 7 will be proposed as ordinary
resolutions and resolutions 8 and 9 will be proposed as special resolutions.
6. That the authorised share capital of the Company be increased to £15,000,000 by the creation of 19,000,000 ordinary shares of 
20 pence each. 
7 . That in substitution for the authority granted to the directors pursuant to an ordinary resolution passed at the extraordinary general meeting
of the Company held on 5 August 2003, the directors be generally and unconditionally authorised for the purpose of section 80 of the
Companies Act 1985 (the “Act”) to exercise all the powers of the Company to allot relevant securities (within the meaning of section 80 
of the Act) up to an aggregate nominal amount of £3,318,884 provided that this authority shall expire on the day preceding the fifth
anniversary of the date of this resolution save that the Company may before such expiry make an offer or agreement which would or might
require relevant securities to be allotted after such expiry and the directors may allot relevant securities in pursuance of such offer or
agreement notwithstanding that the authority conferred by this resolution has expired. 
All authorities previously conferred under section 80 of the Act are revoked, but such revocation shall not have retrospective effect.
8. That subject to the passing of the resolution numbered 7 in the notice containing this resolution and in substitution for the authority granted
to the directors pursuant to a special resolution passed at the annual general meeting of the Company held on 5 March 2004, the directors
be empowered pursuant to section 95 of the Companies Act 1985 (the “Act”) to allot equity securities (as defined in section 94(2) of the
Act) for cash pursuant to the authority so conferred as if section 89(1) of the Act did not apply to any such allotment, provided that this
power shall be limited to:
8.1. the allotment of equity securities in connection with any rights issue, open offer or other pre-emptive offer to holders of equity securities
in proportion (as nearly as may be practicable) to their respective holdings of such equity securities, but subject to such exclusions 
or other arrangements as the directors may deem necessary or expedient in relation to fractional entitlements or any legal or practical
problems under the laws of any territory or the requirements of any regulatory body or stock exchange in any territory or any other matter
whatsoever; and
8.2. otherwise than pursuant to paragraph 8.1 above, the allotment of equity securities up to an aggregate nominal amount of £995,665
being 10% of the nominal value of the existing issued share capital and shall expire on the conclusion of the next annual general meeting
of the Company after the passing of this resolution except that the Company may before such expiry make an offer or agreement which
would or might require equity securities to be allotted after such expiry and the directors may allot equity securities in pursuance of any
such offer or agreement notwithstanding that the power conferred by this resolution has expired. All powers previously conferred under
section 95 of the Act are revoked, but such revocation shall not have retrospective effect.
9. That the directors be authorised:
9.1. to exercise the power contained in the articles of association of the Company to offer holders of ordinary shares the right to elect to
receive new ordinary shares, credited as fully paid, instead of cash in respect of any dividend (or part thereof) paid or declared during
the period commencing on the date hereof and expiring two months following the conclusion of the next annual general meeting of the
Company after the passing of this resolution; and 44
Parkdean Holidays plc 
Annual Report and Accounts 2004
Notice of Annual General Meeting
continued
9.2. to determine the basis of allotment of new ordinary shares in respect of any such dividend so that the Relevant Value of such new ordinary
shares shall be nearly as possible equal to (but not in excess of) the cash amount a holder of ordinary shares would have received by
way of dividend and for these purposes the Relevant Value shall be the average of the highest and lowest prices for bargains transacted
in such shares, as derived from the Appendix the Daily Official List on the day when the ordinary shares are first quoted “ex” the relevant
dividend and on the four subsequent dealing days, adjusted (if need be) as the auditors may consider appropriate. 
11 January 2005
By order of the board
Judith Archibold
Secretary
Registered office:
2nd Floor
One Gosforth Park Way
Gosforth Business Park
Newcastle upon Tyne
NE12 8ET
Notes
1. A member entitled to attend and vote at the meeting convened by the above notice is entitled to appoint one or more proxies to attend, and
on a poll to vote instead of him. A proxy need not be a member of the Company.
2. A form of proxy is enclosed. To be effective, it must be deposited at the office of the Company’s registrars, Capita Registrars, Proxy Department,
The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, so as to be received not later than 48 hours before the time appointed for
holding the meeting. Completion of the proxy does not preclude a member from subsequently attending and voting at the meeting in person
if he or she wishes.
3. To be entitled to attend and vote at the meeting (and for the purpose of determining the number of votes cast), members must be entered
on the Company’s register of members no later than 5.00pm on Wednesday 2 March 2005.
Explanatory notes on the resolutions constituting special business
These notes are intended to explain the special business to be transacted at the annual general meeting.
Resolution 6: Increase in share capital
This resolution would increase the authorised share capital from £11,200,000 to £15,000,000 by creating an additional 19,000,000 ordinary
shares of 20 pence. The Company wishes to maintain an appropriate level of capital to maintain and develop its business. It is intended that the
additional share capital created by this resolution would be used to satisfy the exercise of options granted under the Company’s employee share
schemes and to develop the Company’s business in line with its stated policy of expanding by way of acquisition.
Resolution 7: Authority to allot shares 
Resolution 7 would allow the Directors to allot unissued ordinary shares and securities convertible into shares (“relevant securities”) up to a
maximum aggregate nominal amount of £3,318,884. This represents approximately one third of the issued share capital as at 31 October 2004
(the date to which the Company’s last audited accounts are drawn). The authority will expire on the day preceding the fifth anniversary of the
date of the resolution. The directors have no current intention of exercising this authority.
Resolution 8: Disapplication of pre-emption rights
This resolution replaces the authority of the directors to allot shares that was given to them by the special resolution passed at the annual general
meeting of the Company on 5 March 2004. The resolution is conditional upon the passing of resolution number 7 .
Resolution 8 would allow the Directors to allot equity securities for cash, without the need first to offer such equity securities to existing shareholders.
The authority, which disapplies the statutory pre-emption provisions contained in section 89 of the Companies Act 1985 (the “Act”), would remain in
force until the end of the annual general meeting of the Company in 2006.
The requirement imposed by section 89 of the Act would not apply to allotments in connection with a rights or similar issue or where the strict
application of section 89 could give rise to practical problems, for example, the issue of shares in a foreign jurisdiction. The proposed limit on
the nominal value of the ordinary shares that may be allotted for cash, otherwise than in connection with a rights issue, is £995,665 which
represents 10% of the issued share capital at the date of the notice of annual general meeting. The directors have no current intention of
exercising this authority.
Resolution 9: Authority to offer a scrip dividend
This resolution gives the directors authority to offer scrip dividends as an alternative to cash dividends. It is not currently the directors’ intention
to offer such an alternative but they would like the flexibility to do so.
Documents available for inspection
Copies of the directors’ service contracts and the register of directors’ (and their families’) interests in the shares of the Company are available
for inspection at the registered office of the Company during usual business hours on any weekday (excluding Saturdays and public holidays)
and will be available for inspection during the annual general meeting and for a period of at least 30 minutes before the meeting commences. Designed and produced by College Design, London  www.collegedesign.com
Sundrum Castle Holiday Park  
Head office
Parkdean Holidays plc
2nd Floor
One Gosforth Park Way
Gosforth Business Park
Newcastle-upon-Tyne
NE12 8ET
Tel: 0191 256 0700
Fax: 0191 268 6004
Website: www.parkdeanholidays.co.uk
Investors’ website: www.parkdeanholidaysplc.com
Holiday park locations
1  Grannie’s Heilan’ Hame
2  Nairn Lochloy
3  Tummel Valley
4  Wemyss Bay
5  Sundrum Castle
6  Southerness
7  Pendine Sands 
8  Trecco Bay
9  Ruda
10 St Minver
11 Newquay
12 White Acres
13 Crantock Beach
14 Holywell Bay
15 Sea Acres
16 Challaborough Bay
17 T orquay
18 West Bay
19 Warmwell
20 Cherry Tree
Parkdean Holidays plc
Annual Report and Accounts 2004
Award winning holiday parks
Parkdean Holidays plc Annual Report and Accounts 2004