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Registered number: 05617470









TRENYTHON MANOR LEISURE LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TRENYTHON MANOR LEISURE LIMITED
 

CONTENTS



Page
Company Information
1
Directors' Report
2 - 4
Independent Auditors' Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12 - 13
Notes to the Financial Statements
14 - 28

 
TRENYTHON MANOR LEISURE LIMITED
 
 
COMPANY INFORMATION


Director
G C Peires (appointed 30 September 2023)




Company secretary
Mapa Management & Administration Services Limited



Registered number
05617470



Registered office
Hallswelle House
1 Hallswelle Road

London

NW11 0DH




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA




Bankers
Barclays Bank plc
Edgeware Group 9

Leicester

Leicestershire

LE87 2BB




Solicitors
PCB Lawyers LLP
70 Baker Street

London

W1U 7DL




Page 1

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the company is that of hotel ownership and management together with the sale of vacation properties.

Review of developments and future prospects

The result for the year is shown in the Statement of Comprehensive Income. The directors are satisfied with the result of the year and expect the company to be well-positioned in 2024.

Results and dividends

The loss for the year, after taxation, amounted to £350,222 (2022 - loss £55,769).

The directors do not recommend the payment of a dividend (2022: £Nil) and the retained (loss)/profit for the year  has been transferred to reserves.
Page 2

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

H M O'Donnell (resigned 30 September 2023)
G Wilding (resigned 31 October 2023)
G C Peires (appointed 30 September 2023)


Going concern

The directors are fully aware of their duty to assess the Company’s going concern status and have attended to this with particular care in consideration of the current economic outlook.  The Company is part of the wider IDILIQ Group of companies. The ultimate parent company, Bejenno Holding Ltd, has confirmed its intention to continue to provide ongoing support to the Company as required. Having considered the ability of Bejenno Holding Ltd to provide that support, based on the confirmation received, the directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.  
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Principal risks and uncertainties

Liquidity risk
In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the Company uses group debt finance.

Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the Company's debtors are shown in Note 9 to the financial statements.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 24 January 2025 and signed on its behalf.
 





G C Peires
Director
Page 4

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE LIMITED
 

Opinion


We have audited the financial statements of Trenython Manor Leisure Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 6

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


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

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; 
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


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


Page 8

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE LIMITED (CONTINUED)


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 2006Our 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.





M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

24 January 2025
Page 9

 
TRENYTHON MANOR LEISURE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
2,530,233
2,856,558

Cost of sales
  
(308,330)
(351,873)

Gross profit
  
2,221,903
2,504,685

Administrative expenses
  
(2,589,294)
(2,509,929)

Operating loss
  
(367,391)
(5,244)

Tax on loss
 6 
17,169
(50,525)

Loss for the financial year
  
(350,222)
(55,769)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(350,222)
(55,769)

The notes on pages 14 to 28 form part of these financial statements.
Page 10

 
TRENYTHON MANOR LEISURE LIMITED
REGISTERED NUMBER: 05617470

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
1,420,342
1,588,252

  
1,420,342
1,588,252

Current assets
  

Stocks
 8 
85,569
294,736

Debtors: amounts falling due within one year
 9 
157,396
931,606

Cash at bank and in hand
 10 
112,432
39,504

  
355,397
1,265,846

Creditors: amounts falling due within one year
 11 
(467,997)
(2,678,964)

Net current liabilities
  
 
 
(112,600)
 
 
(1,413,118)

Total assets less current liabilities
  
1,307,742
175,134

Provisions for liabilities
  

Deferred tax
 12 
(101,203)
(118,372)

  
 
 
(101,203)
 
 
(118,372)

Net assets
  
1,206,539
56,762


Capital and reserves
  

Called up share capital 
 13 
1,500,000
1

Profit and loss account
  
(293,461)
56,761

  
1,206,539
56,762


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 January 2025.




G C Peires
Director

The notes on pages 14 to 28 form part of these financial statements.
Page 11

 
TRENYTHON MANOR LEISURE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
56,761
56,762


Comprehensive income for the year

Loss for the year

-
(350,222)
(350,222)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(350,222)
(350,222)


Contributions by and distributions to owners

Shares issued during the year
1,499,999
-
1,499,999


Total transactions with owners
1,499,999
-
1,499,999


At 31 December 2023
1,500,000
(293,461)
1,206,539


The notes on pages 14 to 28 form part of these financial statements.
Page 12

 
TRENYTHON MANOR LEISURE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1
112,530
112,531


Comprehensive income for the year

Loss for the year

-
(55,769)
(55,769)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(55,769)
(55,769)


Total transactions with owners
-
-
-


At 31 December 2022
1
56,761
56,762


The notes on pages 14 to 28 form part of these financial statements.
Page 13

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Trenython Manor Leisure Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act 2006. The Company is private company limited by shares registered in England and Wales. The address of the Company's registered office is shown on page 1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

 
2.2

Going concern

The directors are fully aware of their duty to assess the Company’s going concern status and have attended to this with particular care in consideration of the current economic outlook.  The Company is part of the wider IDILIQ Group of companies. The ultimate parent company, Bejenno Holding Ltd, has confirmed its intention to continue to provide ongoing support to the company as required. Having considered the ability of Bejenno Holding Ltd to provide that support, based on the confirmation received, the directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.  
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Page 14

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue represents amounts derived from the provision of goods and services which fall within the Company's ordinary activities after deduction of discounts and Value Added Tax. Revenue relating to travel arrangements and similar bookings is recognised at the date of departure. Income from hospitality services is recognised at the point of sale. Resort maintenance fee income is recognised as it falls due except for that received in respect of future years, which is deferred to the appropriate period.

 
2.5

Leases

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 16

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

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

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
4%
straight line
Plant and machinery
-
33%
straight line
Motor vehicles
-
33%
straight line
Fixtures and fittings
-
33%
straight line
Office equipment
-
33%
straight line

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

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

 
2.9

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Page 17

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 18

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loansand other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financingtransaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
-  at fair value with changes recognised in the Profit and Loss Account if the shares are publicly traded or their fair value can otherwise be measured reliably;
-  at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 19

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. No such revisions have been required in the current period. The directors have not identified any critical accounting judgements or key sources of estimation uncertainty.


4.


Turnover

Turnover represents amounts derived from the provision of goods and services, within the UK, which fall within the company's ordinary activities after deduction of discouts and Value Added Tax. Revenue is recognised at the point of sale of goods or provisions of services.
The provision of services includes accomodation income, commercial income and maintenance fees totalling £1,702,547 (2022: £2,239,669). The sale of goods includes food and beverages totalling £827,686 (2022: £616,889).


5.


Employees

2023
2022
£
£

Wages and salaries
1,430,506
1,426,221

Social security costs
110,300
101,930

Cost of defined contribution scheme
25,952
25,390

1,566,758
1,553,541


The average monthly number of employees, including directors, during the year was 87 (2022 - 90).

Page 20

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(17,169)
50,525

Total deferred tax
(17,169)
50,525


Taxation on (loss)/profit on ordinary activities
(17,169)
50,525

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard average rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(367,391)
(5,244)


Loss on ordinary activities multiplied by standard average rate of corporation tax in the UK of 23.52% (2022 - 19%)
(86,412)
(996)

Effects of:


Expenses not deductible for tax purposes
-
18,142

Capital allowances for year in excess of depreciation
21,923
(29,239)

Deferred Tax
-
50,525

Unutilised loses
51,377
11,689

Other timing differences
(4,057)
404

Total tax charge for the year
(17,169)
50,525
Page 21
 


 
TRENYTHON MANOR LEISURE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


7.


Tangible fixed assets






Freehold land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
3,709,149
129,854
33,894
661,228
88,366


Additions
18,091
-
5,083
891
-



At 31 December 2023

3,727,240
129,854
38,977
662,119
88,366



Depreciation


At 1 January 2023
2,245,833
82,361
29,709
598,509
77,827


Charge for the year on owned assets
142,731
4,021
5,012
33,834
6,377



At 31 December 2023

2,388,564
86,382
34,721
632,343
84,204



Net book value



At 31 December 2023
1,338,676
43,472
4,256
29,776
4,162



At 31 December 2022
1,463,316
47,493
4,185
62,719
10,539
Page 22
 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           7.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
4,622,491


Additions
24,065



At 31 December 2023

4,646,556



Depreciation


At 1 January 2023
3,034,239


Charge for the year on owned assets
191,975



At 31 December 2023

3,226,214



Net book value



At 31 December 2023
1,420,342



At 31 December 2022
1,588,252

Land with a cost of £87,500 (2022: £87,500) has not been depreciated.

Page 23

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Stocks

2023
2022
£
£

Raw materials and consumables
85,569
294,736

85,569
294,736


There is no material difference between the balance sheet value of stock and its replacement cost.


9.


Debtors

2023
2022
£
£


Trade debtors
56,594
50,257

Amounts owed by group undertakings
27,907
550,391

Amounts owed by related party undertakings
-
205,934

Other debtors
59,913
27,062

Prepayments and accrued income
12,982
97,962

157,396
931,606


Amounts owed by group and related party undertakings are interest free and repayable on demand.


10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
112,432
39,504

112,432
39,504


Page 24

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
103,724
211,096

Amounts owed to group undertakings
148,739
2,048,737

Amounts owed to related party undertakings
3,809
195,285

Other taxation and social security
4,875
52,921

Other creditors
35,450
21,677

Accruals and deferred income
171,400
149,248

467,997
2,678,964


Amounts owed to group and related party undertakings are interest free and repayable on demand.


12.


Deferred taxation




2023


£






At beginning of year
(118,372)


Utilised in year
17,169



At end of year
(101,203)

The deferred tax balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(101,724)
(118,904)

Other timing differences
521
532

(101,203)
(118,372)

Comprising:

Liability
(101,203)
(118,372)

(101,203)
(118,372)


A potential deferred tax asset of £51,377 (2022: £Nil) relating to losses has not been recognised
as there is insufficient evidence that the asset will be recovered. The asset would only be recovered if
there were sufficient profits of the same trade to utilise the losses.

Page 25

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,500,000 (2022 - 1) Ordinary Share Capital shares of £1.00 each
1,500,000
1


1,499,999 Ordinary shares of £1 each, issued and authorised in current financial year, to rank pari passu in all respects with the existing ordinary shares.


14.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and building


Not later than 1 year
57,645
92,333

57,645
92,333

Plant and machinery


Not later than 1 year
5,807
10,223

Later than 1 year and not later than 5 years
-
17,422

5,807
27,645

Page 26

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Related party transactions


During the year the company made the following related party transactions:

Sales to related party
Sales to related party
Operating and other costs from related party
Operating and other costs from related party
Amounts owed (to)/by related party at 31 December
Amounts owed (to)/by related party at 31 December
£ - 2023
£ - 2022
£ - 2023
£ - 2022
£ - 2023
£ - 2022
Group Companies

CLC Resort Management Ltd

1,116,241

1,684,031

-
 
-
 
(128,544)

(2,029,856)

Duchally House Leisure Ltd

-

-

-
 
-
 
-

399,336

Trenyton Manor Resorts Ltd

-

-

-
 
-
 
(20,195)

(3,000)

RMF Europe Ltd

-

6,470

-
 
-
 
2,074

(2,481)

Hustyns Leisure Ltd

-

-

-
 
-
 
1,327

(987)

Hustyns Investment Ltd

-

-

-
 
-
 
-

(9,482)

Trenython Investments Ltd

-

-

-
 
-
 
24,506

151,055

RMF Andalusian Management, S.I.

-

-

-
 
(1,457)
 
-

(2,931)

Related Companies

CLC Resort Development Ltd

7,077

161,510

-
 
-
 
(3,809)

190,986

Holiday Leisure Ltd

-

-

-
 
-
 
-

300

Jade Realty Ltd

-

-

-
 
(18,377)
 
-

(128,088)

Jade Properties Management, SLU

-

-

-
 
(65,687)
 
-

(67,197)

HF Hotelbetriebs Ltd

-

-

-
 
-
 
-

14,648



16.


Post balance sheet events

 As of 19 June 2024, the company has reached an agreement for the sale of the hotel. The sale price exceeded £2 million, which includes, in addition to the hotel and the land on which it is located, the remaining fixed assets involved in its operation (see Note 7 of these financial statements). The amount is net of deductions primarily related to customer deposits and professional fees.

Page 27

 
TRENYTHON MANOR LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Controlling party

The ultimate parent company is Bejenno Holding Limited, a company incorporated in Cyprus.
The immediate parent company is Trenython Manor Resorts Limited, incorporated in the Isle of Man, which is exempt from preparing consolidated financial statements.
The registered office address of Trenython Manor Resorts Limited is 19-21 Circular Road, Douglas, IM1 1AF, Isle of Man.
In the opinion of the directors, the ultimate controlling party is Cavendish Trustees Limited.
 
Page 28