REGISTERED NUMBER: 07524136 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Hotel Polurrian (TSP Operations) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N P Chapman

Mrs J Long

A E Long

A J B Nares

REGISTERED OFFICE:

The Old Rectory

Rectory Road

Coleby

Lincoln

LN5 0AJ

REGISTERED NUMBER:

07524136 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Tangible assets

4

1,993,947

1,838,333

CURRENT ASSETS

Stocks

31,475

32,719

Debtors

5

283,883

209,135

Cash at bank and in hand

104,094

123,844

419,452

365,698

CREDITORS

Amounts falling due within one year

6

1,103,506

825,283

NET CURRENT LIABILITIES

(684,054

)

(459,585

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,309,893

1,378,748

CREDITORS

Amounts falling due after more than one year

7

2,772,050

2,234,777

NET LIABILITIES

(1,462,157

)

(856,029

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

(1,462,158

)

(856,030

)

SHAREHOLDERS' FUNDS

(1,462,157

)

(856,029

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

A E Long - Director

1.	STATUTORY INFORMATION

Hotel Polurrian (TSP Operations) 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company's continued operation depends on the financial support of its ultimate parent company. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. There was £2,684,777 outstanding at year end due to Travel Sector Property Limited.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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

Plant & machinery 5-10% Straight line

Computer equipment 25% Straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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 Statement of Comprehensive Income.

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.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 74 (2023 - 82 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

2,030,030

19,793

2,049,823

Additions

228,460

47,078

275,538

At 31 December 2024

2,258,490

66,871

2,325,361

DEPRECIATION

At 1 January 2024

208,760

2,730

211,490

Charge for year

107,703

12,221

119,924

At 31 December 2024

316,463

14,951

331,414

NET BOOK VALUE

At 31 December 2024

1,942,027

51,920

1,993,947

At 31 December 2023

1,821,270

17,063

1,838,333

Cost or valuation at 31 December 2024 is represented by:

Plant and

machinery

etc

£

Cost

2,325,361

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

27,591

23,991

Other debtors

192,329

185,144

219,920

209,135

Amounts falling due after more than one year:

Amounts owed by group undertakings

63,963

-

Aggregate amounts

283,883

209,135

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

177,116

129,649

Taxation and social security

201,606

33,743

Other creditors

724,784

661,891

1,103,506

825,283

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

2,772,050

2,234,777

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

300,000

-

Between one and five years

1,200,000

-

In more than five years

2,125,000

-

3,625,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Colcomb FCCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions and balances with companies which have common directorship are as follows:

LHM Luxury Hotel Management Limited

During the year, management fees of £164,989 were charged from LHM Luxury Hotel Management Limited of which £34 was outstanding at year end. The company also paid an advance of £15,192 for future management fees. A J B Nares and N P Chapman are directors of LHM Luxury Hotel Management Limited.

Carbis Club Limited

During the year, purchases of £848 were made from Carbis Club Limited. There was £1,017 oustanding at the year end due to Carbis Club Limited. A J B Nares and N P Chapman are directors of Carbis Club Limited.

Kingfisher Una Resort Limited

During the year purchases of £24,581 were made from Kingfisher Una Resort Limited. There was £3,192 outstanding at year end due to Kingfisher Una Resort Limited. A J B Nares and N P Chapman are directors of Kingfisher Una Resort Limited.

Knoll House Hotel Limited

During the year purchases of £7,425 were made from Knoll House Hotel Limited. There was £2,164 oustanding at year end due to Knoll House Hotel Limited. A J B Nares is a director of Knoll House Hotel Limited.

12.	ULTIMATE CONTROLLING PARTY

The parent company of Hotel Polurrian (TSP Operations) Limited is Loxley Collection (TSP Group) Limited, a company registered in England and Wales and the ultimate parent company is Travel Sector Property Limited, a company registered in England and Wales. Travel Sector Property Limited prepares group financial statements and copies can be obtained from its registered office at The Old Rectory, Rectory Road, Coleby, Lincoln, Lincolnshire, LN5 0AJ.