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Company Registration Number: 01279666 ARMATHWAITE HALL HOTEL LIMITED FINANCIAL STATEMENTS 31 MARCH 2025
ARMATHWAITE HALL HOTEL LIMITED COMPANY INFORMATION
Directors | Mr C J Graves
| Ms C E Graves
Company secretary | Mr C J Graves
Registered number | 01279666
Registered office | Armathwaite Hall Hotel
| Bassenthwaite
| Keswick
| Cumbria
| CA12 4RE
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditor
| Montgomery Way
| Rosehill
| Carlisle
| Cumbria
| CA1 2UU
ARMATHWAITE HALL HOTEL LIMITED CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Directors' Responsibilities Statement | 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Analysis of Net Debt | 13
Notes to the Financial Statements | 14 - 27
ARMATHWAITE HALL HOTEL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present the strategic report for the year ended 31 March 2025
Business review
The directors are pleased with the results for the current year and believe the company will continue to trade very successfully, producing similar results year on year. The UK is experiencing a cost-of-living crisis caused by inflation and interest rate hikes. Therefore, customers do not have as much disposable income as before. Nevertheless, the Lake District remains a very sought after tourist destination. The hotel has a multitude of facilities to offer, and is a popular choice for destination weddings and spa days. The wildlife park continues to be a popular choice for the surrounding area, schools, and tourists, with no local competition. The directors seek to maintain the hotel to a very high standard, placing it in the luxury end of the market. The company has invested £93k in transforming the previous "Courtyard Brasserie" into "The Grill", and continuous works are always being done across the hotel, with further refurbishments done to bedrooms during 2024/25. The company remains in a strong financial position with net assets of £13.6m which is an increase of 6% on 2024. The company is continually assessing its market position and the directors actively seek ways to grow the business and take advantage of business opportunities as they arise. The company has taken advantage of interest rate rises on savings.
Principal risks and uncertainties
The company is not immune to risks and has procedures in place aimed to minimise the possibility and scale of specific risks that may impact on the company. A specific risk to the company is if a downturn in the tourist trade in the Lake District occurred there could be a significant effect on turnover and profitability. To mitigate this risk, the company ensures that the hotel and the grounds are maintained to exceptionally high standards and the company carries out promotional activity to position itself in such markets that it hopes would not be significantly affected.
Financial key performance indicators
Unit 2025 2024 Turnover £ 7,016,907 6,014,612 Turnover growth % 17 0 Gross profit margin % 41 40 Profit before tax £ 720,046 381,405 Net assets £ 13,329,875 12,831,725 The company can manage its affairs with the above basic KPIs no other KPIs are relevant to business decisions. This report was approved by the board and signed on its behalf.
................................................ Mr C J Graves Director
Date: 24 October 2025
Page 1
ARMATHWAITE HALL HOTEL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activity
The principal activity of the company continued to be that of operating a hotel, spa and wildlife park.
Results and dividends
The profit for the year, after taxation, amounted to £498,150 (2024 - £285,405). No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
Mr C J Graves
Ms C E Graves
Principal risks and uncertainties
The business' principal financial instruments comprise bank balances, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of the instruments is to finance the business' operations. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of the amounts outstanding of both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans comprise loans from the directors and from financial institutions. The interest rate and monthly repayments on the loans from financial institutions are variable. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments. The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.
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. Page 2
ARMATHWAITE HALL HOTEL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ Mr C J Graves Director
Date: 24 October 2025
Page 3
ARMATHWAITE HALL HOTEL LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The directors are responsible for preparing the Strategic Report, 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 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. Page 4
ARMATHWAITE HALL HOTEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMATHWAITE HALL HOTEL LIMITED
Opinion
We have audited the financial statements of Armathwaite Hall Hotel Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of financial position, the Statement of Cash Flows, the Statement of Changes in Equity 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 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 March 2025 and of its profit 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.
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 Report. 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. 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. Page 5
ARMATHWAITE HALL HOTEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMATHWAITE HALL HOTEL LIMITED (CONTINUED)
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 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 set out on page 4, 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 6
ARMATHWAITE HALL HOTEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMATHWAITE HALL HOTEL 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 obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation. - We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. - We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. - The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls. - We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. - We enquired of the directors and third-party advisors about actual and potential litigation and claims. - We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. - In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of joumal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 7
ARMATHWAITE HALL HOTEL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARMATHWAITE HALL HOTEL 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 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 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. David Harper (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditor Carlisle 24 October 2025 Page 8
ARMATHWAITE HALL HOTEL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 7,016,907 | 6,014,612
Cost of sales |  | (4,073,656) | (3,590,589)
Gross profit |  | 2,943,251 | 2,424,023
Administrative expenses |  | (2,140,749) | (1,984,203)
Other operating income | 4 | 72,194 | 50,322
Operating profit | 5 | 874,696 | 490,142
Interest receivable and similar income | 9 | 9,436 | 27,745
Interest payable and similar expenses | 10 | (164,086) | (136,482)
Profit before tax |  | 720,046 | 381,405
Tax on profit | 11 | (193,125) | (96,000)
Profit for the financial year |  | 526,921 | 285,405
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 14 to 27 form part of these financial statements.
Page 9
ARMATHWAITE HALL HOTEL LIMITED REGISTERED NUMBER: 01279666 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 16,817,994 |  | 16,744,093
|  |  | 16,817,994 |  | 16,744,093
Current assets |  |  |  |  |
Stocks | 14 | 216,188 |  | 157,207 |
Debtors: amounts falling due within one year | 15 | 290,940 |  | 316,579 |
Cash at bank and in hand | 16 | 2,347,318 |  | 2,150,517 |
|  | 2,854,446 |  | 2,624,303 |
Creditors: amounts falling due within one year | 17 | (5,810,904) |  | (3,568,641) |
Net current liabilities |  |  | (2,956,458) |  | (944,338)
Total assets less current liabilities |  |  | 13,861,536 |  | 15,799,755
Creditors: amounts falling due after more than one year | 18 |  | (322,394) |  | (2,815,099)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (180,496) |  | (152,931) |
|  |  | (180,496) |  | (152,931)
Net assets |  |  | 13,358,646 |  | 12,831,725
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100,000 |  | 100,000
Revaluation reserve |  |  | 5,729,347 |  | 5,729,347
Profit and loss account |  |  | 7,529,299 |  | 7,002,378
|  |  | 13,358,646 |  | 12,831,725
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Miss C E Graves
Director
Date: 24 October 2025
The notes on pages 14 to 27 form part of these financial statements. Page 10
ARMATHWAITE HALL HOTEL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 100,000 | 5,729,347 | 6,796,973 | 12,626,320
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 285,405 | 285,405
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (80,000) | (80,000)
At 1 April 2024 | 100,000 | 5,729,347 | 7,002,378 | 12,831,725
Profit for the year | - | - | 526,921 | 526,921
At 31 March 2025 | 100,000 | 5,729,347 | 7,529,299 | 13,358,646
| The notes on pages 14 to 27 form part of these financial statements.
Page 11
ARMATHWAITE HALL HOTEL LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 526,921 | 285,405
Adjustments for: |  |
Depreciation of tangible assets | 130,514 | 100,643
Interest paid | 164,086 | 136,482
Interest received | (9,436) | (27,745)
Taxation charge | 193,125 | 96,000
(Increase)/decrease in stocks | (58,981) | 27,934
Decrease in debtors | 169,255 | 268,450
Decrease in amounts owed by participating intrests | 22,957 | -
Increase/(decrease) in creditors | 319,696 | (86,614)
Corporation tax (paid) | (165,560) | (70,000)
Net cash generated from operating activities | 1,292,577 | 730,555
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (158,913) | (616,167)
Interest received | 9,436 | 27,745
Net cash from investing activities | (149,477) | (588,422)
Cash flows from financing activities |  |
Repayment of loans | (768,332) | (662,267)
Repayment of/new finance leases | (13,881) | (811)
Dividends paid | - | (80,000)
Interest paid | (164,086) | (136,482)
Net cash used in financing activities | (946,299) | (879,560)
Net increase/(decrease) in cash and cash equivalents | 196,801 | (737,427)
Cash and cash equivalents at beginning of year | 2,150,517 | 2,887,944
Cash and cash equivalents at the end of year | 2,347,318 | 2,150,517
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,347,318 | 2,150,517
| 2,347,318 | 2,150,517
Page 12
ARMATHWAITE HALL HOTEL LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
|  | At 1 April 2024 | Cash flows | At 31 March 2025
|  | £ | £ | £
Cash at bank and in hand | 2,150,517 | 196,801 | 2,347,318
Debt due after 1 year | (2,781,915) | 2,512,287 | (269,628)
Debt due within 1 year | (1,863,455) | (1,723,578) | (3,587,033)
Finance leases | (43,275) | (31,613) | (74,888)
| (2,538,128) | 953,897 | (1,584,231)
The notes on pages 14 to 27 form part of these financial statements.
Page 13
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies
| 1.1 | Company information
Armathwaite Hall Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Armathwaite Hall Hotel, Bassenthwaite, Keswick, Cumbria, England, CA12 4RE.
| 1.2 | 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2). The following principal accounting policies have been applied:
| 1.3 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 1.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 14
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies (continued)
| 1.5 | 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. Certain freehold property was previously revalued however the revalued amounts were treated as historical cost on transition to FRS 102. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | No depreciation charged as residual exceeds cost
|  |  |  | Motor vehicles | - | 25% reducing balance basis
|  |  |  | Fixtures and fittings | - | 5 years/15 years straight line basis
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.
| 1.6 | Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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. Page 15
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies (continued)
| 1.7 | Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. 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 complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
| 1.8 | 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 1.9 | 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.
| 1.10 | Taxation
Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilites are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. Page 16
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.Accounting policies (continued)
| 1.11 | 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.
| 1.12 | Retirement Benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
| 1.13 | Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other tactors 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Depreciation Depreciation is the main source of estimation uncertainty. Depreciation rates used are detailed earlier in the accounting policies. The rates used are reviewed annually to consider whether the rates remain appropriate. Page 17
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Hospitality | 4,872,345 | 4,143,315
| Spa | 1,175,576 | 1,000,471
| Wildlife Park | 968,986 | 870,826
|  | 7,016,907 | 6,014,612
| All turnover arose within the United Kingdom.
4. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 945 | -
| Net rents receivable | 71,249 | 50,322
|  | 72,194 | 50,322
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 99,056 | 96,811
| Depreciation of tangible fixed assets held under finance leases | 31,458 | 3,832
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 15,100 | 15,000
Page 18
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,650,094 | 2,258,331
| Social security costs | 233,798 | 200,977
| Cost of defined contribution scheme | 40,625 | 36,680
|  | 2,924,517 | 2,495,988
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Operational Activities | 123 | 115
|  | Administration and support | 3 | 3
|  | Other Departments | 2 | 2
|  |  | 128 | 120
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 45,660 | 60,598
|  | 45,660 | 60,598
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 9,436 | 27,745
|  | 9,436 | 27,745
Page 19
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest on bank overdrafts and loans | 55,814 | 100,263
| Other interest on financial liabilities | 106,000 | 36,000
| Interest on Finance leases and hire purchase contracts | 2,272 | 219
|  | 164,086 | 136,482
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 165,560 | 15,514
|  | 165,560 | 15,514
| Total current tax | 165,560 | 15,514
| Deferred tax |  |
| Origination and reversal of timing differences | 27,565 | 80,486
| Total deferred tax | 27,565 | 80,486
| Tax on profit | 193,125 | 96,000
Page 20
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 720,046 | 381,405
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 180,012 | 95,351
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 13,113 | 5,182
| Marginal relief | - | (4,533)
| Total tax charge for the year | 193,125 | 96,000
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends treated as equity - Final Paid | - | 80,000
|  | - | 80,000
Page 21
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Tangible fixed assets
|  | Freehold land and buildings | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 16,065,006 | 243,934 | 3,557,012 | 19,865,952
| Additions | 14,442 | 90,495 | 99,470 | 204,407
| At 31 March 2025 | 16,079,448 | 334,429 | 3,656,482 | 20,070,359
| Depreciation |  |  |  |
| At 1 April 2024 | - | 126,462 | 2,995,396 | 3,121,858
| Charge for the year on owned assets | - | 25,554 | 91,716 | 117,270
| Charge for the year on financed assets | - | 13,237 | - | 13,237
| At 31 March 2025 | - | 165,253 | 3,087,112 | 3,252,365
| Net book value |  |  |  |
| At 31 March 2025 | 16,079,448 | 169,176 | 569,370 | 16,817,994
| Freehold land and buildings with a carrying amount of £16,079,558 (2024 - £16,052,772) has the following restriction on title: National Westminster Bank PLC holds a fixed and floating charge over all property and undertakings of the company. The land and buildings are stated at deemed cost based on a previous UK GAAP revaluation on the date of transition to FRS 102. Had this class of asset been measured on a historical basis, their carrying amount would have been £10,260,106 (2024 - £10,245,664).
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 74,888 | 88,125
|  | 74,888 | 88,125
Page 22
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Livestock | 128,584 | 83,860
| Hotel and spa stock | 87,604 | 73,347
|  | 216,188 | 157,207
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 26,409 | 58,190
| Amounts owed by joint ventures and associated undertakings | - | 22,957
| Corporation tax recoverable | - | 194,486
| Prepayments and accrued income | 264,531 | 40,946
|  | 290,940 | 316,579
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,347,318 | 2,150,517
|  | 2,347,318 | 2,150,517
Page 23
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 162,281 | 162,282
| Other borrowings | 2,997,439 | 1,255,828
| Trade creditors | 292,958 | 221,884
| Corporation tax | 166,575 | -
| Other taxation and social security | 374,026 | 325,189
| Obligation under finance leases | 22,122 | 10,091
| Other creditors | 1,306,435 | 1,155,210
| Accruals and deferred income | 489,068 | 438,157
|  | 5,810,904 | 3,568,641
| Disclosure of the terms and conditions attached to the non-equity shares is made in note 22.
| Loans are secured over the assets of the company.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 269,628 | 1,031,915
| Obligation under finance leases | 52,766 | 33,184
| Other Borrowings | - | 1,750,000
|  | 322,394 | 2,815,099
Page 24
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 162,281 | 162,282
| Other loans | 1,247,439 | 1,255,828
| Preference shares | 1,750,000 | -
|  | 3,159,720 | 1,418,110
| Amounts falling due 1-5 years |  |
| Bank loans | 269,628 | 1,031,915
| Preference shares | - | 1,750,000
|  | 269,628 | 2,781,915
|  | 3,429,348 | 4,200,025
| The long-term loans are secured by a fixed and floating charge held by National Westminster Bank PLC over all property and undertakings of the company. The National Westminster Bank PLC term loan is denominated in sterling with a nominal interest rate of 2.25% plus the bank base rate, and the final instalment is due on 25/08/2025. The carrying amount at the year end is £431,909 (2024 - £1,194,197) Other borrowings A Director's loan with a carrying amount of £250,000 (2024 - £250,000) is denominated in sterling with a nominal interest rate of 2% plus the bank of England base rate. The final instalment is potentially due on 31 March 2026. Repayment of the loan can be demanded subject to giving at least 3 months notice. A loan from a company with a common director and shareholder with a carrying amount of £999,783 (2024 - £1,005,828) is denominated in sterling with a fixed interest rate of 3.6% per annum. The loan is repayable on demand.
Page 25
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Hire purchase and finance leases
| Minimum lease payments under finance leases fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 22,122 | 10,091
| Between 1-5 years | 52,776 | 33,184
|  | 74,898 | 43,275
| Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (152,931) | (72,445)
| Charged to profit or loss | (27,565) | (80,486)
| At end of year | (180,496) | (152,931)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (95,470) | (62,939)
| Capital gains | (89,993) | (89,992)
| Short term timing differences | 4,967 | -
|  | (180,496) | (152,931)
Page 26
ARMATHWAITE HALL HOTEL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as equity
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2024 - 100,000) Ordinary shares of £1.00 each | 100,000 | 100,000
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as debt
|  | Allotted, called up and fully paid |  |
|  | 1,750,000 (2024 - 1,750,000) Redeemable preference shares of £1.00 each | 1,750,000 | 1,750,000
23. | Pension commitments
The company operates a defined contributions 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 £40,625 (2024 - £36,680). Contributions totalling £19,868 (2024 - £15,365) were payable to the fund at the balance sheet date and are included in creditors.
24. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 4,809 | 14,348
| Later than 1 year and not later than 5 years | 7,022 | -
|  | 11,831 | 14,348
25. | Related party transactions
| Transactions with related parties During the year the company entered into the following transactions with related parties: There is a related party of which Mr C J Graves is a director and shareholder. The related party has sold goods to the company. The value of sales was £Nil (2024 - £1,419). At the year end the balance owed to Armathwaite Hall Hotel Limited was £Nil (2024 -£22,957). The related party also advanced a loan to Armathwaite Hall Hotel Limited. Interest is charged at 3.6% per annum £36,000 (2024 £36,000) and the loan is repayable on demand. At the year end the balance owed to the related party was £999,783 (2024 - £1,005,828).
Page 27