REGISTERED NUMBER: 10441137 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Trident Hotels (South Lakes) 1 Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

8

DIRECTORS:

A M Ashall

P Urmston

REGISTERED OFFICE:

Holiday Inn Express

Market Street

Barrow-in-Furness

Cumbria

LA14 2LR

REGISTERED NUMBER:

10441137 (England and Wales)

ACCOUNTANTS:

Voisey & Co LLP

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Tangible assets

4

159,102

174,511

CURRENT ASSETS

Stocks

7,484

7,600

Debtors

5

124,116

108,187

Cash at bank and in hand

281,213

149,827

412,813

265,614

CREDITORS

Amounts falling due within one year

6

872,197

984,891

NET CURRENT LIABILITIES

(459,384

)

(719,277

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(300,282

)

(544,766

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(300,283

)

(544,767

)

(300,282

)

(544,766

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared 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 19 September 2025 and were signed on its behalf by:

A M Ashall - Director

1.	STATUTORY INFORMATION

Trident Hotels (South Lakes) 1 Ltd 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

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include valuation of work in progress - including adjustments on review of recoverability.

The directors have considered key assumptions concerning the future and other key sources of estimation and uncertainty at the end of the reporting period and do not consider there are any areas where there is a material risk of adjustment to the carrying amounts of assets and liabilities within the next financial year.

Going concern basis

The forecasts for 2025-26 show the hotel achieving an increase in profits after settlement of rental payments to the parent LLP. In addition the parent undertaking, Trident Hotels (South Lakes) Investments LLP has indicated that it will continue providing loan funding to the company. The directors are satisfied that the above enables the company to continue trading and developing its operations for the foreseeable future and to meet its liabilities and contractual commitments as they fall due. The directors have therefore prepared the financial statements on a going concern basis.

Turnover

The turnover shown in the profit and loss account represents amounts receivable during the period, excluding VAT, from hotel operations (room revenues, bar sales and other activities associated with running of the hotel). Hotel income is recognised in the period of stay. Amounts invoiced in advance are included in deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

10% on cost

Stocks

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party

Classification of financial liabilities

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

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2024 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2024

240,539

Additions

6,767

At 31 March 2025

247,306

DEPRECIATION

At 1 April 2024

66,028

Charge for year

22,176

At 31 March 2025

88,204

NET BOOK VALUE

At 31 March 2025

159,102

At 31 March 2024

174,511

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

7,057

17,856

Other debtors

-

196

Prepayments and accrued income

117,059

90,135

124,116

108,187

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

244,426

157,943

Amounts owed to group undertakings

230,948

440,948

Amounts owed to participating interests

165,060

171,560

Social security and other taxes

16,675

14,358

VAT

72,926

46,457

Other creditors

24,073

22,615

Accruals and deferred income

118,089

131,010

872,197

984,891

7.	RELATED PARTY DISCLOSURES

Trident Hotels (South Lakes) Investments LLP

A limited liability partnership which is the company's parent undertaking.

The company has entered into a long lease of the property from LLP (the parent undertaking) and rent of £618,000 (2024 £607,500) was due in the year and at the year end £Nil (2024 £Nil) remained outstanding.

In the year the company made repayments of working capital loans of £210,000 (2024 £115,195).

At the year end date the total amount outstanding amounted to £230,948 (2024 £440,948).

Ashall Projects (Barrow) Limited

A subsidiary company of Ashall Projects Limited, one of the LLP members.

The related company has provided interest free advances and at the year end date the amount outstanding amounted to £115,060 (2024 £112,560).

The related company has also provided an additional working capital advance at an interest rate of 5% and the loan outstanding at the year end date amounted to £50,000 (2024 £50,000) and interest charges amounted to £2,500 (2024 £2,500).

Ashall Developments (South Lakes) Limited

A company in which directors A M Ashall and S A Atkinson have shareholding interests.

The related company has provided access to an additional car park for hotel guests and the rent on the car park in the year amounted to £30,000 (2024 £30,000) and at the year end date the amount outstanding amounted to £Nil (2024 £9,000).

8.	ULTIMATE CONTROLLING PARTY

The company is a wholly-owned subsidiary of Trident Hotels (South Lakes) Investments LLP, a limited liability partnership registered in England and Wales.

One of the directors, Mr A M Ashall has a controlling interest in the equity of the LLP as a result of the combination of his direct interests and indirect interests through shareholdings interests in Ashall Projects Limited and Ashall Hillside Limited.

9.

CHARGES

Trident Hotels (South Lakes) Investments LLP has entered into a loan agreement with Coutts & Company in order to acquire the hotel property. The loan is secured by way of fixed and floating charges over Trident Hotels (South Lakes) 1 Limited under the terms of a composite debenture agreement between the parties.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trident Hotels (South Lakes) 1 Ltd for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Trident Hotels (South Lakes) 1 Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Trident Hotels (South Lakes) 1 Ltd and state those matters that we have agreed to state to the Board of Directors of Trident Hotels (South Lakes) 1 Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trident Hotels (South Lakes) 1 Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Trident Hotels (South Lakes) 1 Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trident Hotels (South Lakes) 1 Ltd. You consider that Trident Hotels (South Lakes) 1 Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Trident Hotels (South Lakes) 1 Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Voisey & Co LLP

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

19 September 2025