115 false false false false true false false false false false false true false false false false false false 2024-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 66,601 347,903 xbrli:pure xbrli:shares iso4217:GBP 09212743 2024-03-01 2025-02-28 09212743 2025-02-28 09212743 2024-02-29 09212743 2022-11-01 2024-02-29 09212743 2024-02-29 09212743 2022-10-31 09212743 core:LandBuildings 2024-03-01 2025-02-28 09212743 core:FurnitureFittings 2024-03-01 2025-02-28 09212743 core:MotorVehicles 2024-03-01 2025-02-28 09212743 bus:RegisteredOffice 2024-03-01 2025-02-28 09212743 bus:OrdinaryShareClass1 2024-03-01 2025-02-28 09212743 bus:LeadAgentIfApplicable 2024-03-01 2025-02-28 09212743 bus:Director1 2024-03-01 2025-02-28 09212743 bus:Director3 2024-03-01 2025-02-28 09212743 bus:Director4 2024-03-01 2025-02-28 09212743 core:WithinOneYear 2025-02-28 09212743 core:WithinOneYear 2024-02-29 09212743 core:LandBuildings 2024-02-29 09212743 core:FurnitureFittings 2024-02-29 09212743 core:MotorVehicles 2024-02-29 09212743 core:LandBuildings 2025-02-28 09212743 core:FurnitureFittings 2025-02-28 09212743 core:MotorVehicles 2025-02-28 09212743 core:ShareCapital 2022-11-01 2024-02-29 09212743 core:RetainedEarningsAccumulatedLosses 2022-11-01 2024-02-29 09212743 core:RetainedEarningsAccumulatedLosses 2024-03-01 2025-02-28 09212743 core:UKTax 2024-03-01 2025-02-28 09212743 bus:AllOrdinaryShares 2022-11-01 2024-02-29 09212743 core:ShareCapital 2025-02-28 09212743 core:ShareCapital 2024-02-29 09212743 core:SharePremium 2025-02-28 09212743 core:SharePremium 2024-02-29 09212743 core:RetainedEarningsAccumulatedLosses 2025-02-28 09212743 core:RetainedEarningsAccumulatedLosses 2024-02-29 09212743 core:ShareCapital 2022-10-31 09212743 core:SharePremium 2022-10-31 09212743 core:RetainedEarningsAccumulatedLosses 2022-10-31 09212743 core:LandBuildings 2024-02-29 09212743 core:FurnitureFittings 2024-02-29 09212743 core:MotorVehicles 2024-02-29 09212743 bus:LeadAgentIfApplicable 2022-11-01 2024-02-29 09212743 bus:MediumEntities 2024-03-01 2025-02-28 09212743 bus:Audited 2024-03-01 2025-02-28 09212743 bus:Medium-sizedCompaniesRegimeForAccounts 2024-03-01 2025-02-28 09212743 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 09212743 bus:FullAccounts 2024-03-01 2025-02-28 09212743 bus:OrdinaryShareClass1 2025-02-28 09212743 bus:OrdinaryShareClass1 2024-02-29 09212743 core:KeyManagementIndividualGroup1 2024-03-01 2025-02-28 09212743 core:KeyManagementIndividualGroup1 2022-11-01 2024-02-29 09212743 core:ComputerEquipment 2024-03-01 2025-02-28 09212743 core:IntangibleAssetsOtherThanGoodwill 2024-02-29 09212743 core:IntangibleAssetsOtherThanGoodwill 2024-03-01 2025-02-28 09212743 core:IntangibleAssetsOtherThanGoodwill 2025-02-28 09212743 core:ComputerEquipment 2024-02-29 09212743 core:ComputerEquipment 2025-02-28 09212743 core:ShareCapital 2024-03-01 2025-02-28
COMPANY REGISTRATION NUMBER: 09212743
Belle Isle Hotels (Cornwall) Management Limited
Financial Statements
28 February 2025
Belle Isle Hotels (Cornwall) Management Limited
Financial Statements
Year ended 28 February 2025
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
5
Independent auditor's report to the members
6
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14
Belle Isle Hotels (Cornwall) Management Limited
Officers and Professional Advisers
The board of directors
M T Rudrum
Y L Ho
S S Lee
Registered office
The Cornwall Hotel Spa and Estate
Pentewan Road
Tregorrick
St Austell
Cornwall
England
PL26 7AB
Auditor
Wills Bingley LLP
Chartered accountants & statutory auditor
St Denys House
22 East Hill
St Austell
Cornwall
PL25 4TR
Belle Isle Hotels (Cornwall) Management Limited
Strategic Report
Year ended 28 February 2025
The year ended 28 February 2025 has been a productive year with the introduction of new projects and investment expenditure relating to the new solar project and gym refurbishment. The company's outlook has improved with increased liquidity, and improved efficiency indicated by an increase in working capital and a reduction in the cash operating cycle. The profitability is considerably better than in the prior year, and shareholders’ funds have remained steady. We are excited about the future of the Company and its prospects, and there are plans for growth in the future, in the spa & leisure facilities and the completion of the 36 lodges located within the resort. The main risks to the company's financial objectives apply to the Hotel/ Spa and Leisure Industry as a whole, the company is susceptible to the rising costs of utilities (which will be partly offset with the installation of the solar PV array), and the costs of living, more so than other industries, as the supply of heat, light and facilities to the consumer is constant. Revenue is also impacted by rising costs as booking levels are dependent on disposable income, which is reduced in times of high inflation. In addition, the company is exposed to risks of future pandemics, breakdown of equipment, and damage to property. Despite such rising costs, the company has been able to reduce their expenditure in the period, regardless the company maintains sufficient reserves and capital structure to respond appropriately to all the risks identified above without facing undue financial pressures.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
M T Rudrum
Director
Registered office:
The Cornwall Hotel Spa and Estate
Pentewan Road
Tregorrick
St Austell
Cornwall
England
PL26 7AB
Belle Isle Hotels (Cornwall) Management Limited
Directors' Report
Year ended 28 February 2025
The directors present their report and the financial statements of the company for the year ended 28 February 2025 .
Principal activities
The principal activity of the company was that of operating a luxury hotel and spa until 31 July 2022, from 1 August 2022 and in the year the Company operated the hotel on behalf of a third party.
Directors
The directors who served the company during the year were as follows:
M T Rudrum
Y L Ho
S S Lee
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Disclosure of information to auditors
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditors, Wills Bingley Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board of directors on 15 May 2025 and signed on behalf of the board by:
M T Rudrum
Director
Registered office:
The Cornwall Hotel Spa and Estate
Pentewan Road
Tregorrick
St Austell
Cornwall
England
PL26 7AB
Belle Isle Hotels (Cornwall) Management Limited
Directors' Responsibilities Statement
Year ended 28 February 2025
The directors are responsible for preparing the strategic report, 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 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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.
Belle Isle Hotels (Cornwall) Management Limited
Independent Auditor's Report to the Members of Belle Isle Hotels (Cornwall) Management Limited
Year ended 28 February 2025
Opinion
We have audited the financial statements of Belle Isle Hotels (Cornwall) Management Limited (the 'company') for the year ended 28 February 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 28 February 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's 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 auditor’s 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 have considered the nature of the sector, control environment and financial performance; - We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the Company; - We have reviewed the documentation of key processes and controls, and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation; - We have obtained and reviewed the Company's documentation of their policies and procedures relating to: - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulation. - We have considered the matters discussed among the audit engagement team regarding now and where fraud might occur in the financial statements and any potential indicators of fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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 override of internal control. - 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 the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company'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 company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.
Jonathan Ian Wood
(Senior Statutory Auditor)
For and on behalf of
Wills Bingley LLP
Chartered accountants & statutory auditor
St Denys House
22 East Hill
St Austell
Cornwall
PL25 4TR
15 May 2025
Belle Isle Hotels (Cornwall) Management Limited
Statement of Comprehensive Income
Year ended 28 February 2025
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
Note
£
£
Turnover
4
4,624,061
5,937,557
Cost of sales
2,476,111
3,766,899
------------
------------
Gross profit
2,147,950
2,170,658
Administrative expenses
2,115,487
2,518,561
Insurance claims
5
30,902
------------
------------
Operating profit/(loss)
6
63,365
( 347,903)
------------
------------
Profit/(loss) before taxation
63,365
( 347,903)
Tax on profit/(loss)
10
( 3,236)
--------
---------
Profit/(loss) for the financial year and total comprehensive income
66,601
( 347,903)
--------
---------
All the activities of the company are from continuing operations.
Belle Isle Hotels (Cornwall) Management Limited
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
£
Fixed assets
Intangible assets
12
52,569
37,685
Tangible assets
13
11,258,914
11,347,713
-------------
-------------
11,311,483
11,385,398
Current assets
Stocks
14
25,418
27,983
Debtors
15
281,099
274,341
Cash at bank and in hand
674,737
564,966
---------
---------
981,254
867,290
Creditors: amounts falling due within one year
16
919,020
945,572
---------
---------
Net current assets/(liabilities)
62,234
( 78,282)
-------------
-------------
Total assets less current liabilities
11,373,717
11,307,116
-------------
-------------
Net assets
11,373,717
11,307,116
-------------
-------------
Capital and reserves
Called up share capital
18
11,357,979
11,357,979
Share premium account
19
256,473
256,473
Profit and loss account
19
( 240,735)
( 307,336)
-------------
-------------
Shareholders funds
11,373,717
11,307,116
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
M T Rudrum
Director
Company registration number: 09212743
Belle Isle Hotels (Cornwall) Management Limited
Statement of Changes in Equity
Year ended 28 February 2025
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 November 2022
3
256,473
49,471
305,947
Loss for the year
( 347,903)
( 347,903)
----
---------
---------
---------
Total comprehensive income for the year
( 347,903)
( 347,903)
Issue of shares
11,357,976
11,357,976
Dividends paid and payable
11
( 8,904)
( 8,904)
-------------
---------
---------
-------------
Total investments by and distributions to owners
11,357,976
( 8,904)
11,349,072
At 29 February 2024
11,357,979
256,473
( 307,336)
11,307,116
Profit for the year
66,601
66,601
-------------
---------
---------
-------------
Total comprehensive income for the year
66,601
66,601
-------------
---------
---------
-------------
At 28 February 2025
11,357,979
256,473
( 240,735)
11,373,717
-------------
---------
---------
-------------
Belle Isle Hotels (Cornwall) Management Limited
Statement of Cash Flows
Year ended 28 February 2025
2025
2024
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
66,601
( 347,903)
Adjustments for:
Depreciation of tangible assets
220,553
189,581
Tax on profit/(loss)
( 3,236)
Accrued expenses
10,349
106,935
Changes in:
Stocks
2,565
( 27,983)
Trade and other debtors
23,925
( 153,017)
Trade and other creditors
( 36,901)
371,711
---------
---------
Cash generated from operations
283,856
139,324
Interest received
( 30,683)
Tax received
3,236
---------
---------
Net cash from operating activities
256,409
139,324
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 133,754)
( 12,777,813)
Proceeds from sale of tangible assets
2,000
Purchase of intangible assets
( 14,884)
( 37,685)
Depreciation on transfers
1,240,519
---------
-------------
Net cash used in investing activities
( 146,638)
( 11,574,979)
---------
-------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
11,357,976
Dividends paid
( 8,904)
---------
-------------
Net cash from financing activities
11,349,072
---------
-------------
Net increase/(decrease) in cash and cash equivalents
109,771
( 86,583)
Cash and cash equivalents at beginning of year
564,966
651,549
---------
---------
Cash and cash equivalents at end of year
674,737
564,966
---------
---------
Belle Isle Hotels (Cornwall) Management Limited
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Cornwall Hotel Spa and Estate, Pentewan Road, Tregorrick, St Austell, Cornwall, PL26 7AB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
1 Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2 Going concern
The Company made a profit after tax of £66,601 during the period ended 28 February 2025.
The Directors have considered the performance and forecasts for the Company operating as a management company and the intentions of the prospective new owners and are of the opinion that it is appropriate that the financial statements have been prepared on a going concern basis.
3 Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
4 Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
5 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty of 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.
6 Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
7 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
8 Current and deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
9 Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
10 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
11 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long-term leasehold property
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor Vehicles
-
20% straight line
Computer equipment
-
20% straight line
12 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
13 Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition off financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
14 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
£
£
Sale of goods
1,304,116
1,123,737
Rendering of services
3,100,847
4,561,681
Commissions
40,601
Woodlands Home Rental
186,140
186,628
Sundry Income
32,958
24,910
------------
------------
4,624,061
5,937,557
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Insurance claims
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
£
£
Other operating income
30,902
--------
----
6. Operating profit/(loss)
Operating profit or loss is stated after charging:
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
£
£
Depreciation of tangible assets
220,553
189,581
Impairment of trade debtors
1,067
---------
---------
7. Auditor's remuneration
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
£
£
Fees payable for the audit of the financial statements
20,000
20,000
--------
--------
8. Staff costs
The average number of persons employed by the company during the year amounted to 115 (2024: 115 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
£
£
Wages and salaries
1,726,217
1,470,026
Social security costs
125,465
113,528
Other pension costs
36,598
40,177
------------
------------
1,888,280
1,623,731
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
£
£
Remuneration
91,876
125,151
--------
---------
10. Tax on profit/(loss)
Major components of tax income
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
£
£
Current tax:
UK current tax income
( 3,236)
-------
----
Tax on profit/(loss)
( 3,236)
-------
----
Reconciliation of tax income
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2024: the same as) the standard rate of corporation tax in the UK of 19 % (2024: 19 %).
Period from
Year to
1 Nov 22 to
28 Feb 25
29 Feb 24
£
£
Profit/(loss) on ordinary activities before taxation
63,365
( 347,903)
--------
---------
Adjustment to tax charge in respect of prior periods
( 3,236)
--------
---------
11. Dividends
2025
2024
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
8,904
----
-------
12. Intangible assets
Pre-Development expenditure
Projects in progress
Total
£
£
£
Cost
At 1 March 2024
19,600
18,085
37,685
Additions
14,884
14,884
--------
--------
--------
At 28 February 2025
19,600
32,969
52,569
--------
--------
--------
Amortisation
At 1 March 2024 and 28 February 2025
--------
--------
--------
Carrying amount
At 28 February 2025
19,600
32,969
52,569
--------
--------
--------
At 29 February 2024
19,600
18,085
37,685
--------
--------
--------
13. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2024
11,702,196
815,458
50,885
209,274
12,777,813
Additions
18,525
88,105
27,124
133,754
Disposals
( 2,625)
( 2,625)
-------------
---------
--------
---------
-------------
At 28 February 2025
11,720,721
900,938
50,885
236,398
12,908,942
-------------
---------
--------
---------
-------------
Depreciation
At 1 March 2024
488,777
726,218
41,451
173,654
1,430,100
Charge for the year
185,623
19,731
2,678
12,521
220,553
Disposals
( 625)
( 625)
-------------
---------
--------
---------
-------------
At 28 February 2025
674,400
745,324
44,129
186,175
1,650,028
-------------
---------
--------
---------
-------------
Carrying amount
At 28 February 2025
11,046,321
155,614
6,756
50,223
11,258,914
-------------
---------
--------
---------
-------------
At 29 February 2024
11,213,419
89,240
9,434
35,620
11,347,713
-------------
---------
--------
---------
-------------
14. Stocks
2025
2024
£
£
Raw materials and consumables
25,418
27,983
--------
--------
15. Debtors
2025
2024
£
£
Trade debtors
57,814
75,661
Prepayments and accrued income
160,804
113,053
Other debtors
62,481
85,627
---------
---------
281,099
274,341
---------
---------
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.
16. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
141,266
166,240
Accruals and deferred income
159,384
149,035
Social security and other taxes
82,102
169,872
Other creditors
536,268
460,425
---------
---------
919,020
945,572
---------
---------
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.
17. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 36,598 (2024: £ 40,177 ).
18. Called up share capital
Authorised share capital
2025
2024
No.
£
No.
£
Ordinary shares of £ 1 each
11,357,979
11,357,979
11,357,979
11,357,979
-------------
-------------
-------------
-------------
Issued, called up and fully paid
2025
2024
No.
£
No.
£
Ordinary shares of £ 1 each
11,357,979
11,357,979
11,357,979
11,357,979
-------------
-------------
-------------
-------------
19. Reserves
Called up share capital - This reserve records the nominal value of the shares sold. Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
20. Analysis of changes in net debt
At 1 Mar 2024
Cash flows
At 28 Feb 2025
£
£
£
Cash at bank and in hand
564,966
109,771
674,737
---------
---------
---------
21. Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £36,598 (2024: £40,177). Contributions totalling £4,548 (2024: £4,847) were payable to the fund at the balance sheet date and are included in creditors.
22. Directors' advances, credits and guarantees
At the year end, a director owed the Company £nil (2024: £nil).
23. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2025
2024
2025
2024
£
£
£
£
Mark Trevor Rudrum (Previous Shareholder)
8,904
----
-------
----
----
During the year, no dividend (2024:£nil) were paid to the shareholder of the company, Atlan Holdings Bhd. During the financial year 2024, dividends amounting to £8,904 was paid to Mark Trevor Rudrum, the previous shareholder of the company. Belle Isle Hotels (Cornwall) Management Ltd is a subsidiary of Atlan Holdings Bhd. Atlan Holdings Bhd. owns 100% of the share capital of Belle Isle Hotels (Cornwall) Management Ltd.