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REGISTERED NUMBER: 09182873 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Lympstone Manor Ltd

Lympstone Manor Ltd (Registered number: 09182873)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Lympstone Manor Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M A Caines
D G Kirk
S G Edwards
A G E Rowe
M C R Dart
W K Adams
R Rozario
W Knapp
R P Edwards
P S Whiteley


REGISTERED OFFICE: Lympstone Manor Hotel
Courtlands Lane
Exmouth
Devon
EX8 3NZ


REGISTERED NUMBER: 09182873 (England and Wales)


AUDITORS: Thompson Jenner LLP
Statutory Auditor
1 Colleton Crescent
Exeter
Devon
EX2 4DG


ACCOUNTANTS: Kirk Hills
Business Advisors
5 Barnfield Crescent
Exeter
Devon
EX1 1QT

Lympstone Manor Ltd (Registered number: 09182873)

Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Company is a five-star luxury country house hotel with 5 AA Rosettes, Michelin Star for the restaurant and an 11 acre vineyard. Our focus is on providing excellence in rooms and the culinary experience in both food and beverage. Attracting guests primarily in the leisure market mainly in the UK and internationally but also attracting the local business market. The now 27 bedroomed hotel is set within 28 acres of estate overlooking the river Exe Estuary.

Opened in April of 2017, these are the company's sixth year of accounts for a full year's trading.

2023 in the aftermath coronavirus, the continued war in Ukraine and living with realities of Brexit, we were optimistic that UK tourism would hold up and that we would continue to see high levels of tourism within both the domestic and international markets.

Rising utility costs, food/beverage inflation, rapid rise in interests rate, and another significant rise in National Living Wage (9.9%) all playing their part in a slowdown of activities within the sector as we headed out of the winter and into the spring. The cost of living crises also starting to bite into consumer spending, with what would also turnout be one of the UK's wettest summers. We carried a large and less flexible team into the year having worked hard to put one together previously and with the expectation of what we thought would be a busy year, the slow down caught us out, having to then reduce our team through both not replacing leavers and redundancies, as well as look to reduce expenditure.

As a result turnover was down on budget and indeed fell from the achieved £6.2 million in 2022 to £5.9 million, with rising cost and interest rates, resulted in a significant drop in EBITDA £(179,459) (2022 - £555,067) and net loss meaning we significantly reduced our reserves.

The autumn harvest from the Lympstone Manor Estate vineyard proved to be of high yield despite the wet weather, producing over 21,000 bottles of sparkling and over 6,000 bottles of still rose. We launched our first ever English sparkling wine, the "2020 Classic Cuvee" and still "2022 Rose" in October and to date, every wine that we have produce has been award winning. This year also saw the distillation of the grape pomace into an "Eau de Vie de Marc", which is also to be used as the base spirit for our own gin production. Both set to be launch in 2024 to celebrate our 7th year of opening.

When taking into account depreciation, a pre-tax loss of (£1,263,815) was recorded (2022 - loss of £395,461), these accounts however also represent the capitalization of assets which we have invested into the business through the creation and renovation of the hotel, restaurant, vineyard, shepherd huts and the pool house. These figures should therefore be seen in the context that these assets are depreciated quickly over the next few years.

The board of Directors whilst concerned about the loses in the year, remain confident that the business can recover back to a profit making business, with a restructuring of the business in line with expectations, forecasted projections and its overall performance. Additional funding if required will also be made available to help us through the winter months.

PRINCIPAL RISKS AND UNCERTAINTIES
The business faces a number of uncertainties, namely the continued volatility in the energy markets, inflation in both costs and wages. With Interest rates expecting to peak and then start to fall, this offers some comfort. The need to focus on growing our international trade is key in particular the American market as well as our domestic customer, though markets such as family & dog friendly stays as well as having attractive autumn and winter offers through accommodation lead promotions. The outlook for 2024 is modest at best, most likely flat with interest in pricing being the main driver of growth. As a result, our focus is to reduce where possible costs, (whilst not effecting the overall offer) and generating as much cash ensuring that we are back to a profit making business.


Lympstone Manor Ltd (Registered number: 09182873)

Strategic Report
for the Year Ended 31 December 2023

FUTURE DEVELOPMENTS
Whilst the priority in 2024 is to continue to consolidate our position. We will continue to plan for growth and in seeking to fund ongoing development plans, so our disciplined approach will continue to govern our strategy. The board feels confident that our plans for the expansion of the property are in line with our long-term goals and vision that I've set out for the business but will be subject to our ability to generate cash to fund such growth organically and or, by bringing in new/further investment.

Whilst there are several risks within the wider economy, there are also a number of opportunities, within both the UK and international markets driven by the continued development of the hotel and its strengthening brand recognition and reputation of delivering excellence through the expansion of offer and with it our appeal, these are subject to ensuring that we look to continue our investment in our people, produce and quality of delivery.

Plans and strategies are in place to ensure that we sustain our market share and attract new customers to the business. We continue to review this on a regular basis and adapt to the ever-changing circumstances.

ON BEHALF OF THE BOARD:





M A Caines - Director


24 September 2024

Lympstone Manor Ltd (Registered number: 09182873)

Report of the Directors
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a luxury hotel and restaurant.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M A Caines
D G Kirk
S G Edwards
A G E Rowe
M C R Dart
W K Adams
R Rozario
W Knapp
R P Edwards
P S Whiteley

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GOING CONCERN
We draw your attention to Note 2 in the financial statements which details the material uncertainty related to going concern.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Lympstone Manor Ltd (Registered number: 09182873)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Thompson Jenner LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M A Caines - Director


24 September 2024

Report of the Independent Auditors to the Members of
Lympstone Manor Ltd


Opinion
We have audited the financial statements of Lympstone Manor Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern
We draw attention to Note 2 in the financial statements, which indicates the steps the Directors have taken to provide the necessary cash flow to support the company and the going concern basis. The company is dependent on the continued support of the shareholders and Bankers.

As detailed in Note 2, to ensure that the company is able to meet its debt servicing and operating cash flow requirements, financial forecasts have been prepared for the period to 31 December 2025 based on reasonable assumptions and are regularly reviewed against actual performance. Forecasts are regularly reviewed against actual performance in order to ensure that the company can deliver on the forecasts and return a positive cash flow. In addition to this the company remains in close communication with the Bank.

Investors have introduced funds to the company on a short-term basis since the year end to ensure that the company can continue to trade within its debt servicing facilities.

As stated in Note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Going concern assessment
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors assessment of the entity's ability to continue to adopt the going concern basis of accounting included:

o A detailed review of forecasts prepared for the period to 31 December 2025. Audit work has been carried out on the assumptions underlying the forecasts and these have been reviewed in comparison to actual performance taking into consideration the key judgements incorporated into the forecasted projections.

o Discussions with the Directors and the company Bankers regarding their strategies to ensure the company continues as a going concern.

o Review of minutes of meetings after the year end to ensure any indications that the going concern basis may not be appropriate are identified.

Report of the Independent Auditors to the Members of
Lympstone Manor Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Lympstone Manor Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

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

The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

o the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

o we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the hotel and hospitality sector;

o we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

o we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with industry regulators, and inspecting legal correspondence; and

o identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

o making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

o considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

o performed analytical procedures to identify any unusual or unexpected relationships;

o tested journal entries to identify unusual transactions;

o assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

o investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

o agreeing financial statement disclosures to underlying supporting documentation;

o reading the minutes of those charged with governance;

o enquiring of management as to actual and potential litigation and claims; and

o reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.


Report of the Independent Auditors to the Members of
Lympstone Manor Ltd

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Mr Simon Lewis (Senior Statutory Auditor)
for and on behalf of Thompson Jenner LLP
Statutory Auditor
1 Colleton Crescent
Exeter
Devon
EX2 4DG

25 September 2024

Lympstone Manor Ltd (Registered number: 09182873)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 5,935,680 6,284,506

Cost of sales (3,583,826 ) (3,545,561 )
GROSS PROFIT 2,351,854 2,738,945

Administrative expenses (3,294,990 ) (2,958,592 )
(943,136 ) (219,647 )

Other operating income - 6,000
OPERATING LOSS 5 (943,136 ) (213,647 )


Interest payable and similar expenses 6 (320,679 ) (181,814 )
LOSS BEFORE TAXATION (1,263,815 ) (395,461 )

Tax on loss 7 - 21,280
LOSS FOR THE FINANCIAL YEAR (1,263,815 ) (374,181 )

Lympstone Manor Ltd (Registered number: 09182873)

Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

LOSS FOR THE YEAR (1,263,815 ) (374,181 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(1,263,815

)

(374,181

)

Lympstone Manor Ltd (Registered number: 09182873)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 7,262 8,507
Tangible assets 9 8,353,377 8,962,159
Investments 10 100 100
8,360,739 8,970,766

CURRENT ASSETS
Stocks 11 309,855 280,872
Debtors 12 179,775 355,963
Cash at bank and in hand 1,710 761,443
491,340 1,398,278
CREDITORS
Amounts falling due within one year 13 1,077,956 1,339,887
NET CURRENT (LIABILITIES)/ASSETS (586,616 ) 58,391
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,774,123

9,029,157

CREDITORS
Amounts falling due after more than one
year

14

4,149,878

4,141,097
NET ASSETS 3,624,245 4,888,060

CAPITAL AND RESERVES
Called up share capital 18 5,626,035 5,626,035
Retained earnings 19 (2,001,790 ) (737,975 )
SHAREHOLDERS' FUNDS 3,624,245 4,888,060

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





M A Caines - Director


Lympstone Manor Ltd (Registered number: 09182873)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 5,626,035 (363,794 ) 5,262,241

Changes in equity
Total comprehensive income - (374,181 ) (374,181 )
Balance at 31 December 2022 5,626,035 (737,975 ) 4,888,060

Changes in equity
Total comprehensive income - (1,263,815 ) (1,263,815 )
Balance at 31 December 2023 5,626,035 (2,001,790 ) 3,624,245

Lympstone Manor Ltd (Registered number: 09182873)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (333,197 ) 547,430
Interest paid (320,147 ) (181,542 )
Interest element of hire purchase payments
paid

(532

)

(272

)
Government grants - 6,000
Net cash from operating activities (653,876 ) 371,616

Cash flows from investing activities
Purchase of tangible fixed assets (153,650 ) (496,306 )
Sale of tangible fixed assets - 15,600
Net cash from investing activities (153,650 ) (480,706 )

Cash flows from financing activities
Loan repayments in year (60,661 ) (354,933 )
Capital repayments in year (3,810 ) 13,653
Inter company loans 452 -
Net cash from financing activities (64,019 ) (341,280 )

Decrease in cash and cash equivalents (871,545 ) (450,370 )
Cash and cash equivalents at beginning
of year

2

761,443

1,211,813

Cash and cash equivalents at end of year 2 (110,102 ) 761,443

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Loss before taxation (1,263,815 ) (395,461 )
Depreciation charges 763,677 768,714
Government grants - (6,000 )
Finance costs 320,679 181,814
(179,459 ) 549,067
Increase in stocks (28,983 ) (19,496 )
Decrease/(increase) in trade and other debtors 176,188 (25,200 )
(Decrease)/increase in trade and other creditors (300,943 ) 43,059
Cash generated from operations (333,197 ) 547,430

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,710 761,443
Bank overdrafts (111,812 ) -
(110,102 ) 761,443
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 761,443 1,211,813


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 761,443 (759,733 ) 1,710
Bank overdrafts - (111,812 ) (111,812 )
761,443 (871,545 ) (110,102 )
Debt
Finance leases (13,653 ) 3,810 (9,843 )
Debts falling due within 1 year (126,738 ) 73,252 (53,486 )
Debts falling due after 1 year (4,131,254 ) (12,591 ) (4,143,845 )
(4,271,645 ) 64,471 (4,207,174 )
Total (3,510,202 ) (807,074 ) (4,317,276 )

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements of the company are drawn up to either a 52 or 53 week period each year which is accordance with the company management accounts. This is in line with the Companies Act 2006 as the period end is never more than seven days before or after the year end date of 31 December each year.

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

Preparation of consolidated financial statements
The financial statements contain information about Lympstone Manor Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is excluded under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements;

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated lives. Asset residual values and useful lives are based on estimates and judgements and are reviewed and adjusted if necessary.

Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes or duty. The following criteria must be met before revenue is recognised:

Accommodation is recognised when a room is occupied; food and beverages are recognised when food and beverages are sold; sundry income and other revenues, consisting of items such as guest taxi's, membership and service charges are recognised at the point of sale.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Shepherds Huts - 5% on cost
Improvements to property - 25% on reducing balance, 15% on cost and 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on cost
Biological asset - vineyard - 20 years
Computer equipment - 33% on cost

At each balance sheet date, the company reviews the carrying value of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The company owns biological assets in the form of grape vines which are cultivated on land that they own. The cost of bringing the vines to maturity for the first 3 years of the vines life are capitalised. These costs include attributable overheads as well as capital items that would otherwise have the same economic life as the biological assets.

The biological assets are depreciated over 20 years once all the attributable costs from year 1 to 3 have been capitalised with the depreciation of the asset beginning in year 3 after the vines are planted in year 1. The method used to depreciate these assets takes into account that the 3rd and 4th year bringing a biological asset to maturity will offer restricted harvest before the asset will be matured in year 5. In year 3 the asset is depreciated by a third of the annual depreciation rate. In year 4 the asset is depreciated by two thirds and from year 5 the asset is depreciated by the full rate for the remaining 19 years.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling cost in bringing stocks to their present location and condition.

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the profit and loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Going concern
The Directors acknowledge the results for the year, particularly in the context of the challenging trading conditions facing the industry and volatility of global markets as a whole both during and after the period.

The Directors have prepared financial forecasts for the period to 31 December 2024 and 2025 which are based on reasonable assumptions. These forecasts have been reviewed and compared to current financial performance and take into consideration the key judgements and assumptions incorporated into the forecasted position. The forecasts show the ability for the business to continue to trade within its banking facility if it achieves the budgets established. The Board of Directors meet regularly to review actual business performance and will continuously adapt the forecasts where required based on any known changes to the operating performance and environment at that time.

The Board is comprised of a range of skilled and capable individuals who are experienced in operating businesses and therefore are very capable of taking the proactive and reactive measures needed to maximise the potential of the business. This may involve changes to marketing activities, commercial pricing reviews and continual cost management, these are all decisions that the Board will take as appropriate.

The company is dependent upon continued support from its Bankers. The Board of Directors are in close contact with the Bank and report to them regularly and have a clear communication channel to ensure the Bank are fully informed at all times. This information allows the Bank to have the information available such that it can continue to support the company through its ongoing facilities.

Although the Board of Directors have a clear plan in place to ensure the going concern basis remains appropriate, material uncertainties exist that may cast significant doubt upon the company's ability to continue as a going concern.

The analysis which has been carried out on the forecasts to 31 December 2025 indicate that should turnover and profitability remain down on expectations, a further cash inflow to the company will be needed in order to support the ongoing operating and financial cash flow commitments. This was required in the first quarter of 2024 and the company was able to raise funds through short-term investor loans, however this does create additional cash flow requirements in the future, although these can be managed if the forecasts are achieved. Whilst the forecasts are considered to be achievable in the current economic climate, the financial performance of the company has an element of uncertainty that the Board of Directors cannot control and this has been highlighted by recent events such as the Coronavirus pandemic and the cost of living crisis. Whilst the Board of Directors can take reactive steps to such events the impact cannot be predicted or accounted for.

Whilst the Board of Directors communicates regularly with the company's Bankers, there is no control over the internal bank policies and an element of uncertainty therefore exists over the continued support available.

The Board of Directors are determined to ensure the business is successful and believe that the actions that are being taken to maximise the commercial performance of the business will mitigate the uncertainties, and therefore the financial statements have been produced on a going concern basis.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Hotel accommodation 2,056,337 2,373,398
Food and beverage 3,164,143 3,289,042
Sundry and other revenues 715,200 622,066
5,935,680 6,284,506

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 5,935,680 6,284,506
5,935,680 6,284,506

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,493,593 2,408,857
Social security costs 228,313 220,589
Other pension costs 38,349 38,355
2,760,255 2,667,801

The average number of employees during the year was as follows:
31.12.23 31.12.22

Hotel 83 90
Operations and finance 7 8
90 98

31.12.23 31.12.22
£    £   
Directors' remuneration 151,567 145,005
Directors' pension contributions to money purchase schemes 2,782 2,548

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

5. OPERATING LOSS

The operating loss is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 759,574 763,659
Depreciation - assets on hire purchase contracts 2,858 3,810
Patents and licences amortisation 1,245 1,245
Auditors' remuneration 8,580 8,250

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 320,147 181,332
Other loan interest - 210
Hire purchase 532 272
320,679 181,814

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.12.23 31.12.22
£    £   
Deferred tax - (21,280 )
Tax on loss - (21,280 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Loss before tax (1,263,815 ) (395,461 )
Loss multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

(297,249

)

(75,138

)

Effects of:
Expenses not deductible for tax purposes 24 13
Depreciation in excess of capital allowances 104,702 51,004
Tax effect of losses carried forward 189,362 22,732
Tax effect of property losses carried forward 3,161 1,389
Tax effect of deferred tax on accelerated capital allowances - (21,280 )
Total tax credit - (21,280 )

The rate of Corporation tax changed to 25% on 1st April 2023. The average Corporation tax rate for the year was 23.520%.

8. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 12,450
AMORTISATION
At 1 January 2023 3,943
Amortisation for year 1,245
At 31 December 2023 5,188
NET BOOK VALUE
At 31 December 2023 7,262
At 31 December 2022 8,507

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS
Improvements
Freehold Shepherds to Plant and
property Huts property machinery
£    £    £    £   
COST
At 1 January 2023 2,260,677 605,591 8,462,597 479,428
Additions - - 23,306 54,232
At 31 December 2023 2,260,677 605,591 8,485,903 533,660
DEPRECIATION
At 1 January 2023 75,945 85,854 2,721,277 309,407
Charge for year 13,200 30,280 570,113 56,064
At 31 December 2023 89,145 116,134 3,291,390 365,471
NET BOOK VALUE
At 31 December 2023 2,171,532 489,457 5,194,513 168,189
At 31 December 2022 2,184,732 519,737 5,741,320 170,021

Fixtures Biological
and asset - Computer
fittings vineyard equipment Totals
£    £    £    £   
COST
At 1 January 2023 443,708 123,237 176,984 12,552,222
Additions 63,587 - 12,525 153,650
At 31 December 2023 507,295 123,237 189,509 12,705,872
DEPRECIATION
At 1 January 2023 228,629 12,324 156,627 3,590,063
Charge for year 68,930 6,162 17,683 762,432
At 31 December 2023 297,559 18,486 174,310 4,352,495
NET BOOK VALUE
At 31 December 2023 209,736 104,751 15,199 8,353,377
At 31 December 2022 215,079 110,913 20,357 8,962,159

Included within cost of freehold property is freehold land of £1,500,000 (2022:£1,500,000) which is not depreciated.

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 15,240
DEPRECIATION
At 1 January 2023 3,810
Charge for year 2,858
At 31 December 2023 6,668
NET BOOK VALUE
At 31 December 2023 8,572
At 31 December 2022 11,430

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Courtlands Mansion Limited
Registered office: Courtlands Lane, Exmouth, Devon, EX8 3NZ
Nature of business: Property Development
%
Class of shares: holding
Ordinary 'A' 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (807 ) (807 )
Loss for the year - (250 )

11. STOCKS
31.12.23 31.12.22
£    £   
Goods for resale 309,855 280,872

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 25,560 16,221
Other debtors 79,537 279,218
Prepayments 74,678 60,524
179,775 355,963

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 15) 165,298 126,738
Hire purchase contracts (see note 16) 3,810 3,810
Trade creditors 143,555 202,036
Amounts owed to group undertakings 8,148 7,696
Social security and other taxes 54,254 48,811
VAT 214,138 193,250
Other creditors 31,707 163,683
Creditors Deposits ledger 117,693 210,018
Gift voucher control 162,729 165,610
Packages control 1,297 1,114
Deferred income 1,600 -
Accrued expenses 173,727 217,121
1,077,956 1,339,887

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 15) 4,143,845 4,131,254
Hire purchase contracts (see note 16) 6,033 9,843
4,149,878 4,141,097

15. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 111,812 -
Bank loans 53,486 126,738
165,298 126,738

Amounts falling due between two and five years:
Bank loans 532,984 594,496

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,610,861 3,536,758

Bank loan due after five years is £3,610,861 (2022: £3,536,758). The loan is repayable by monthly capital repayments at an interest rate of 2.79% over base rate, terminating in 2041.

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 3,810 3,810
Between one and five years 6,033 9,843
9,843 13,653

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 27,507 28,973
Between one and five years 44,401 68,866
71,908 97,839

17. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft 111,812 -
Bank loans 4,197,331 4,257,992
Hire purchase contracts 9,843 13,653
4,318,986 4,271,645

The bank loan and overdraft is secured by a fixed and floating charge over the company's assets.

Hire purchase contracts are secured against the specific assets purchased under those agreements.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
103,500 Ordinary 'A' 0.01p 1,035 1,035
5,625,000 Ordinary 'B' £1 5,625,000 5,625,000
5,626,035 5,626,035

Ordinary 'A' shares have full voting rights. On winding up of the Company, each share is entitled to a distribution but only after Ordinary 'B' shares have been paid. These shares are not redeemable.

Ordinary 'B' shares have no voting rights. On winding up of the Company, Ordinary 'B' shares are entitled to be paid first to a maximum of the nominal value of the Ordinary 'B' shares. These shares are redeemable at the discretion of the board of directors.

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


19. RESERVES
Retained
earnings
£   

At 1 January 2023 (737,975 )
Deficit for the year (1,263,815 )
At 31 December 2023 (2,001,790 )

20. CAPITAL COMMITMENTS

At the year end the Company had capital commitments totalling £nil (2022: £20,000) in respect of the purchase of fixed assets.

Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


21. RELATED PARTY DISCLOSURES

Income and receivables from related parties

2023 Other

Sales of goods and services £Nil

Amounts receivable £7.552

2022

Sales of goods and services £Nil

Amounts receivable £7,552

Expenditure with and payables to related parties

2023 Other

Purchases of goods and services £309,898

Amounts payable £Nil

2022

Purchases of goods and services £317,524

Amounts payable £6,241

Loans from related parties


2023 Other

At start of period -
Advanced -
Repaid -
At end of period -

2022

At start of period £130,000
Advanced -
Repaid £130,000
At end of the period -

Loans to related parties

2023 Other

At start of period £80,000
Advanced -
Repaid £80,000
At end of period -

2022

At start of period £50,000
Advanced £180,000
Repaid £150,000
At end of period £80,000

These amounts are unsecured, interest free, have no fixed date for repayment and are repayable on demand.


Lympstone Manor Ltd (Registered number: 09182873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

During the year the company wrote off a loan to Maer Beach Limited of £250,000. The loan was interest free and has some common shareholders with Lympstone Manor Limited.

During the year, a total of key management personnel compensation of £ 383,364 (2022 - £ 297,729 ) was paid.