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REGISTERED NUMBER: 06528816 (England and Wales)















That Torquay Company Limited

Directors' Report and

Consolidated Financial Statements

for the Year Ended 31 December 2023






That Torquay Company Limited (Registered number: 06528816)

Contents of the Consolidated Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Directors' Report 2

Accountants' Report 3

Consolidated Income Statement 4

Consolidated Balance Sheet 5

Company Balance Sheet 7

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


That Torquay Company Limited

Company Information
for the year ended 31 December 2023







Directors: R S Kelvin CBE
L D Page
S A Brown
P S Tisdale





Registered office: 18 Albert Road
Bournemouth
BH1 1BZ





Registered number: 06528816 (England and Wales)





Accountants: Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP

That Torquay Company Limited (Registered number: 06528816)

Directors' Report
for the year ended 31 December 2023


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

Principal activity
The principal activity of the group includes operating hotels, office space rental, retail space rental and financial intermediary for group companies.

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

R S Kelvin CBE
L D Page
S A Brown
P S Tisdale

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





S A Brown - Director


31 October 2024

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
That Torquay Company Limited



In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of That Torquay Company Limited for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and the related notes from the company's and the group's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of That Torquay Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of That Torquay Company Limited and state those matters that we have agreed to state to the Board of Directors of That Torquay Company Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the group and the company's Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that That Torquay Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of That Torquay Company Limited. You consider that That Torquay Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of That Torquay Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP


31 October 2024

That Torquay Company Limited (Registered number: 06528816)

Consolidated
Income Statement
for the year ended 31 December 2023

2023 2022
£ £

Turnover 3,288,878 3,177,907

Cost of sales (1,149,323 ) (1,072,483 )
Gross profit 2,139,555 2,105,424

Administrative expenses (2,940,236 ) (2,510,195 )
(800,681 ) (404,771 )

Other operating income 276,368 285,175
Operating loss (524,313 ) (119,596 )


Interest payable and similar expenses (1,309,102 ) (984,498 )
Loss before taxation (1,833,415 ) (1,104,094 )

Tax on loss - -
Loss for the financial year (1,833,415 ) (1,104,094 )

Loss attributable to:
Owners of the parent (1,833,415 ) (1,104,094 )

That Torquay Company Limited (Registered number: 06528816)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 5 28,688,743 29,590,993
Investments 6 - -
28,688,743 29,590,993

Current assets
Stocks 5,953 7,807
Debtors 7 539,703 649,485
Cash at bank and in hand 315,402 699,743
861,058 1,357,035
Creditors
Amounts falling due within one year 8 17,109,951 16,326,456
Net current liabilities (16,248,893 ) (14,969,421 )
Total assets less current liabilities 12,439,850 14,621,572

Creditors
Amounts falling due after more than one
year

9

(19,450,779

)

(19,799,086

)

Provisions for liabilities (170,175 ) (170,175 )
Net liabilities (7,181,104 ) (5,347,689 )

Capital and reserves
Called up share capital 10 100 100
Retained earnings (7,181,204 ) (5,347,789 )
Shareholders' funds (7,181,104 ) (5,347,689 )

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

That Torquay Company Limited (Registered number: 06528816)

Consolidated Balance Sheet - continued
31 December 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





S A Brown - Director


That Torquay Company Limited (Registered number: 06528816)

Company Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 5 - -
Investments 6 100 100
100 100

Current assets
Debtors 7 20,532,198 20,048,144
Cash at bank 9 909
20,532,207 20,049,053
Creditors
Amounts falling due within one year 8 24,629,554 23,984,067
Net current liabilities (4,097,347 ) (3,935,014 )
Total assets less current liabilities (4,097,247 ) (3,934,914 )

Capital and reserves
Called up share capital 10 100 100
Retained earnings (4,097,347 ) (3,935,014 )
Shareholders' funds (4,097,247 ) (3,934,914 )

Company's loss for the financial year (162,333 ) (71,955 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





S A Brown - Director


That Torquay Company Limited (Registered number: 06528816)

Consolidated 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 100 (3,689,831 ) (3,689,731 )
Prior year adjustment - (553,864 ) (553,864 )
As restated 100 (4,243,695 ) (4,243,595 )

Changes in equity
Total comprehensive income - (1,104,094 ) (1,104,094 )
Balance at 31 December 2022 100 (5,347,789 ) (5,347,689 )

Changes in equity
Total comprehensive income - (1,833,415 ) (1,833,415 )
Balance at 31 December 2023 100 (7,181,204 ) (7,181,104 )

That Torquay Company Limited (Registered number: 06528816)

Company 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 100 (3,863,059 ) (3,862,959 )

Changes in equity
Total comprehensive income - (71,955 ) (71,955 )
Balance at 31 December 2022 100 (3,935,014 ) (3,934,914 )

Changes in equity
Total comprehensive income - (162,333 ) (162,333 )
Balance at 31 December 2023 100 (4,097,347 ) (4,097,247 )

That Torquay Company Limited (Registered number: 06528816)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023


1. Statutory information

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

2. Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
Although the group has net liabilities of £4,097,247 the ultimate controlling party has provided continued support to the group. As such, at the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Hence, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The consolidated group financial statements consist of the financial statements of the parent company That Torquay Company Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

That Torquay Company Limited (Registered number: 06528816)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

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

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

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

Management charge
Management recharges are levied from That Topco Limited, a company connected by way of common directorships. The recharge which includes salary and overhead costs is based on managements estimate of the amount of time spend on the affairs of That Torquay Company Limited and its group companies.

Recoverability of intercompany balances
The company has balances due from related companies connected by common ownership. Management are of the opinion that these balances are fully recoverable and therefore no provision has been made against these balances.

Depreciation
The directors consider the depreciation policy to be a crucial accounting estimate. The expected useful life of all fixed asset categories are reviewed annually by management based on industry experience and are considered reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, to the date when the service is provided and is shown net of VAT and trade discounts.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Recharges and interest disbursements are recognised in respect of loan arrangement services supplied during the year. Revenue from recharges is recognised when the facility is made available.

That Torquay Company Limited (Registered number: 06528816)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

Freehold property125 years
Plant and machinery15 & 25 years
Fixtures, fitting and equipment12 years

Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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

Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.


That Torquay Company Limited (Registered number: 06528816)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

3. Employees and directors

The average number of employees for the group during the year was 43 (2022 - 45), and for the company was 4 (2022 - 4).

4. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


That Torquay Company Limited (Registered number: 06528816)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


5. Tangible fixed assets

Group
Fixtures
Freehold Plant and and
property machinery fittings Totals
£ £ £ £
Cost
At 1 January 2023 21,205,057 5,216,903 4,566,220 30,988,180
Additions 10,001 - 51,228 61,229
Disposals (120,000 ) (4,897 ) - (124,897 )
At 31 December 2023 21,095,058 5,212,006 4,617,448 30,924,512
Depreciation
At 1 January 2023 303,966 484,698 608,523 1,397,187
Charge for year 169,697 286,882 382,003 838,582
At 31 December 2023 473,663 771,580 990,526 2,235,769
Net book value
At 31 December 2023 20,621,395 4,440,426 3,626,922 28,688,743
At 31 December 2022 20,901,091 4,732,205 3,957,697 29,590,993

The Royal Bank of Scotland PLC and Torbay Council have fixed and floating charges over the group's assets.

6. Fixed asset investments

Company
Shares in
group
undertakings
£
Cost
At 1 January 2023
and 31 December 2023 100
Net book value
At 31 December 2023 100
At 31 December 2022 100

That Torquay Company Limited (Registered number: 06528816)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


6. Fixed asset investments - continued

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

Subsidiary

Details of the company's subsidiaries at 31 December 2023 are as follows:


Name of undertaking Registered office Class of % Held % Held
shares held Direct Indirect


That Torquay H1 Limited
8 Albert Raod, Bournemouth,
BH1 1BZ

Ordinary

100.00

-
That Torquay H2 Limited As above Ordinary - 100.00
That Torquay Ground Floor Limited As above Ordinary - 100.00
That Torquay Hotel Limited As above Ordinary - 100.00
That Torquay Offices Limited As above Ordinary - 100.00



7. Debtors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 62,397 162,970 - -
Amounts owed by group undertakings 130,756 128,726 20,516,026 20,034,544
Other debtors 346,550 357,789 16,172 13,600
539,703 649,485 20,532,198 20,048,144

The Royal Bank of Scotland PLC and Torbay Council have fixed and floating charges over the group and company's assets.

8. Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts 1,349,948 1,377,093 - -
Trade creditors 344,425 284,836 38,655 100,992
Amounts owed to group undertakings 538,377 - 10,515,831 10,142,095
Taxation and social security 59,828 16,363 - -
Other creditors 14,817,373 14,648,164 14,075,068 13,740,980
17,109,951 16,326,456 24,629,554 23,984,067

Included in creditors due within one year are loans of £1,349,948 (2022 - £1,377,093) which are secured over the company and group assets.

That Torquay Company Limited (Registered number: 06528816)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


9. Creditors: amounts falling due after more than one year

Group
2023 2022
£ £
Bank loans 9,056,605 9,651,553
Other creditors 10,394,174 10,147,533
19,450,779 19,799,086

Amounts falling due in more than five years:

Group
2023 2022
£ £
Repayable by instalments
Bank loans more 5 yr by instal 7,076,813 7,671,761

Included in creditors due in more than one year are loans of £18,306,605 (2022 - £18,901,553) which are secured over the company and group assets.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1.00 100 100

11. 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 in the year and amounted to £12,328 (2022 - £3,847). At the year end £8,344 (2022 - £1,927 payable) was receivable and included in creditors.

12. Related party disclosures

The company has taken advantage of exemption of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned group companies where consolidated accounts are prepared.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties 2023 2022
Balance Balance
£ £
Group
Parent company - not consolidated 130,756 127,658

Other information
Included in creditors due after more than one year, is an amount of £1,144,174 (2022 - £897,533) owed to a director. Included in creditors due in less than one year, is an amount of £10,740,338 (2022 - £10,294,338) owed to a director.

A personal guarantee of £9.25m has been given, by a director, in respect of the loans.

That Torquay Company Limited (Registered number: 06528816)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


13. Ultimate parent company

The company's ultimate parent company is That Holdco Limited, a company incorporated in England and Wales.