Registration number: 10667155

Sandy Park Hotel Limited
(Registration number: 10667155)

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 10
Profit and Loss Account	11
Statement of Comprehensive Income	11
Balance Sheet	12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Financial Statements	15 to 29

Sandy Park Hotel Limited
(Registration number: 10667155)

Company Information

Directors

A G E Rowe CBE Hon LLD C J Over LLB M A P Rowe D H Langley

Registered office

Sandy Park Stadium Sandy Park Way Exeter Devon EX2 8WA

Auditors

Thompson Jenner LLP Statutory Auditors 1 Colleton Crescent Exeter Devon EX2 4DG

Sandy Park Hotel Limited
(Registration number: 10667155)

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the operation of Sandy Park Hotel.

Fair review of the business

The board of directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and profit margins.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	Year ending 31 December 2024	6 months ending 31 December 2023
Turnover	£	7,094,285	3,825,524
Turnover growth *	%	(7)	29
Gross profit margin	%	53	50

* - Turnover growth has been calculated on a pro-rata basis due to the short period of account for the previous period.

Principal risks and uncertainties

The board of directors undertake a regular review of the company have identified that the principal risks faced by Sandy Park Hotel Limited relate to competition and the effects of the current economic climate.

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... A G E Rowe CBE Hon LLD Director

Sandy Park Hotel Limited
(Registration number: 10667155)

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

A G E Rowe CBE Hon LLD

C J Over LLB

M A P Rowe

D H Langley

K T Northcott (ceased 24 January 2024)

Financial instruments

Objectives and policies

The company's principal financial instruments comprise the bank balance, trade creditors, trade debtor and bank borrowings. The main purpose of these instruments is to raise funds for the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The company's approach to managing risks applicable to the financial instruments is shown below.

In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank borrowings at various rates of interest.

Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Loans are provided by financial institutions. The interest rates and monthly repayments are variable. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the due instalments.

Future developments

The directors do not envisage the business of the company changing in the foreseeable future, but continually look for opportunities for further expansion.

Going concern

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

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Sandy Park Hotel Limited
(Registration number: 10667155)

Directors' Report for the Year Ended 31 December 2024

Approved and authorised by the Board on 29 September 2025 and signed on its behalf by:
 

......................................... A G E Rowe CBE Hon LLD Director

Sandy Park Hotel Limited
(Registration number: 10667155)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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.

Sandy Park Hotel Limited
(Registration number: 10667155)

Independent Auditor's Report to the Members of Sandy Park Hotel Limited

Opinion

We have audited the financial statements of Sandy Park Hotel Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2024 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 auditor 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.

Sandy Park Hotel Limited
(Registration number: 10667155)

Independent Auditor's Report to the Members of Sandy Park Hotel Limited

Material uncertainty related to going concern

We draw attention to the disclosures in note 2 to the financial statements concerning the company's ability to continue as a going conern.

As stated therein, the company’s existing lending facilities mature in May 2025 and renewal discussions with the company’s bankers are ongoing. The company remains dependent on the continued support of its banking partner and on the financial support of its shareholders to provide funding as and when required within the appropriate timeframes.

The directors have prepared financial forecasts covering the period to 31 December 2026. These forecasts are based on rationalised assumptions and have been compared to current financial performance and taking into consideration opportunities for growth as the hotel continues to mature. Forecasts are reviewed by the directors monthly against actual financial results, with due consideration given to key judgements and assumptions. Appropriate actions are taken in response to variances identified.

Should actual trading performance differ materially from the assumptions applied in the financial forecasts, the company may be unable to achieve the forecast results. This could lead to a requirement for additional funding beyond that currently anticipated.

These conditions, along with other matters as set out in note 2, indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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

Going concern assessment

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

- A detailed review of forecasts prepared for the period to 31 December 2026. Audit work has been carried out on the assumptions underlying the forecasts and these have been reviewed in comparison to actual performance taking into consideration the key judgements incorporated into the forecasted projections relating to the opportunities for growth as the hotel continues to mature.

- Discussions with the directors regarding their strategies to ensure the company continues as a going concern.

- Discussions with NatWest Bank Plc regarding the banks intention to continue to provide lending facitlities to the company.

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

Sandy Park Hotel Limited
(Registration number: 10667155)

Independent Auditor's Report to the Members of Sandy Park Hotel Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our 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 and the Directors' Report.

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

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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.

Sandy Park Hotel Limited
(Registration number: 10667155)

Independent Auditor's Report to the Members of Sandy Park Hotel Limited

Auditor 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.

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

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•	we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the hospitality sector;
•	we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, fire safety, food hygiene standards, Licensing Act 2003 and health and safety legislation;
•	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and
•	identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

•	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Sandy Park Hotel Limited
(Registration number: 10667155)

Independent Auditor's Report to the Members of Sandy Park Hotel Limited

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

•	performed analytical procedures to identify any unusual or unexpected relationships;
•	tested journal entries to identify unusual transactions;
•	assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•	investigated the rationale behind significant or unusual transactions.

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

•	agreeing financial statement disclosures to underlying supporting documentation;
•	reading the minutes of meetings of those charged with governance;
•	enquiring of management as to actual and potential litigation and claims; and
•	reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

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

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

......................................
Mr David Tucker (Senior Statutory Auditor)
For and on behalf of Thompson Jenner LLP, Statutory Auditor

1 Colleton Crescent
Exeter
Devon
EX2 4DG

30 September 2025

Sandy Park Hotel Limited
(Registration number: 10667155)

Profit and Loss Account for the Year Ended 31 December 2024

	Note	Year ending 31 December 2024 £	6 months ending 31 December 2023 £
Turnover	3	7,094,285	3,825,524
Cost of sales		(3,339,754)	(1,927,792)
Gross profit		3,754,531	1,897,732
Administrative expenses		(22,163,079)	(2,058,225)
Other operating income	4	172,370	17,732
Operating loss	5	(18,236,178)	(142,761)
Other interest receivable and similar income	6	2,451	573
Interest payable and similar expenses	7	(1,567,401)	(798,655)
Loss before tax		(19,801,128)	(940,843)
Taxation	10	(531,989)	-
Loss for the financial year		(20,333,117)	(940,843)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.