Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-31 2024-12-31 2024-12-31 false 5 2024-01-01 false No description of principal activity 5 false false 09541254 2024-01-01 2024-12-31 09541254 2022-10-01 2023-12-31 09541254 2024-12-31 09541254 2023-12-31 09541254 2022-10-01 09541254 c:CompanySecretary1 2024-01-01 2024-12-31 09541254 c:Director1 2024-01-01 2024-12-31 09541254 c:Director2 2024-01-01 2024-12-31 09541254 c:Director3 2024-01-01 2024-12-31 09541254 c:Director4 2024-01-01 2024-12-31 09541254 c:Director5 2024-01-01 2024-12-31 09541254 c:RegisteredOffice 2024-01-01 2024-12-31 09541254 d:Buildings 2024-01-01 2024-12-31 09541254 d:PlantMachinery 2024-01-01 2024-12-31 09541254 d:MotorVehicles 2024-01-01 2024-12-31 09541254 d:FurnitureFittings 2024-01-01 2024-12-31 09541254 d:OfficeEquipment 2024-01-01 2024-12-31 09541254 d:ComputerEquipment 2024-01-01 2024-12-31 09541254 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 09541254 d:FreeholdInvestmentProperty 2024-12-31 09541254 d:FreeholdInvestmentProperty 2023-12-31 09541254 d:CurrentFinancialInstruments 2024-12-31 09541254 d:CurrentFinancialInstruments 2023-12-31 09541254 d:Non-currentFinancialInstruments 2024-12-31 09541254 d:Non-currentFinancialInstruments 2023-12-31 09541254 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 09541254 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09541254 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 09541254 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09541254 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 09541254 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 09541254 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 09541254 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 09541254 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-12-31 09541254 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 09541254 d:ShareCapital 2024-01-01 2024-12-31 09541254 d:ShareCapital 2024-12-31 09541254 d:ShareCapital 2022-10-01 2023-12-31 09541254 d:ShareCapital 2023-12-31 09541254 d:ShareCapital 2022-10-01 09541254 d:SharePremium 2024-01-01 2024-12-31 09541254 d:SharePremium 2024-12-31 09541254 d:SharePremium 2022-10-01 2023-12-31 09541254 d:SharePremium 2023-12-31 09541254 d:SharePremium 2022-10-01 09541254 d:RevaluationReserve 2024-01-01 2024-12-31 09541254 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 09541254 d:RetainedEarningsAccumulatedLosses 2024-12-31 09541254 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-12-31 09541254 d:RetainedEarningsAccumulatedLosses 2023-12-31 09541254 d:RetainedEarningsAccumulatedLosses 2022-10-01 09541254 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 09541254 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 09541254 d:RetirementBenefitObligationsDeferredTax 2024-12-31 09541254 d:RetirementBenefitObligationsDeferredTax 2023-12-31 09541254 c:OrdinaryShareClass1 2024-01-01 2024-12-31 09541254 c:OrdinaryShareClass1 2024-12-31 09541254 c:OrdinaryShareClass1 2023-12-31 09541254 c:FRS102 2024-01-01 2024-12-31 09541254 c:Audited 2024-01-01 2024-12-31 09541254 c:FullAccounts 2024-01-01 2024-12-31 09541254 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09541254 d:Subsidiary1 2024-01-01 2024-12-31 09541254 d:Subsidiary1 1 2024-01-01 2024-12-31 09541254 c:Consolidated 2024-12-31 09541254 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 09541254 5 2024-01-01 2024-12-31 09541254 6 2024-01-01 2024-12-31 09541254 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09541254 TRUESTONE ARK LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TRUESTONE ARK LIMITED COMPANY INFORMATION
Directors | P N Szkiler
| B D Corley
| A J Mayhew
| A R Taylor
| I R Tanner
Company secretary | D Thornbury
Registered number | 09541254
Registered office | 20 St Dunstan’s Hill
| London
| EC3R 8HL
Independent auditors | UHY Hacker Young Fitch Limited
| Chartered Accountants and Statutory Auditors
| Suite 2.06, Custom House,
| Custom House Square
| Belfast
| BT1 3ET
TRUESTONE ARK LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditors' report | 6 - 9
Consolidated statement of comprehensive income | 10
Consolidated balance sheet | 11
Company balance sheet | 12 - 13
Consolidated statement of changes in equity | 14 - 15
Company statement of changes in equity | 16
Consolidated statement of cash flows | 17 - 18
Consolidated analysis of net debt | 19
Notes to the financial statements | 20 - 44
TRUESTONE ARK LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report for the year ended 31 December 2024.
Business review
Wealth Creation Truestone Ark Limited continues via its wholly owned subsidiary, Truestone Glenapp Castle Limited, to operate Glenapp Castle, a luxury five-star hotel in Ayrshire, Scotland 2024 was a strong trading year for Truestone Glenapp Castle Limited, achieving turnover of £5,126,333 and a profit after tax of £79,540, compared with a loss in 2023. The year marked a return to more stable and sustainable operations following several years of post-pandemic volatility within the hospitality sector. Occupancy rates reached approximately 71%, representing one of the highest levels in the hotel’s history, and average daily rates increased modestly year-on-year. The launch of The Azalea, Glenapp’s new restaurant, has been a significant success, further enhancing the guest experience and brand positioning. Glenapp Castle also received notable external recognition in 2024 - including the award of a Michelin Key and featuring in the BBC series “Amazing Hotels: Life Beyond the Lobby.” These achievements have helped elevate the property’s international profile and reinforced its reputation within the luxury hospitality market. The management team has continued to prioritise the development and retention of high-quality staff, resulting in the most stable workforce since reopening after the pandemic. Continued investment in training and welfare has contributed to improved guest satisfaction and operational consistency. Social Impact As part of the wider Truestone group, the Group remains committed to integrating social purpose alongside commercial success. The Company supports community development work in Sierra Leone through staff engagement initiatives and guest-driven contributions to the ACTB Foundation, supporting over 350 children through education and care in rural Sierra Leone. Within the business, there remains a strong emphasis on staff wellbeing, training, and opportunities for personal development, reflecting the Company’s belief that hospitality can be both a business and a platform for human flourishing.
Principal risks and uncertainties
The directors continue to monitor key risks affecting the business, including economic uncertainty, inflationary pressures, and the ongoing challenge of recruiting and retaining skilled hospitality staff. Nevertheless, Glenapp Castle operates at the upper end of the luxury market, where guests are typically less price-sensitive, and the directors believe that the business is well positioned to continue performing strongly. Liquidity management remains a focus, balancing investment in new facilities with maintaining adequate working capital. The Company continues to enjoy a constructive relationship with its principal lenders, who remain supportive of the vision and long-term objectives of the business.
Financial key performance indicators
The directors utilise a number of financial KPIs to ensure the efficient and consistent performance of our operation. The key KPIs are turnover and profitability. The group turnover for the year amounted to £5,126,333 (2023: £5,094,871 - a 15-month period). The group profit for the year, after taxation, amounted to £79,540 (2023: a £504,189 loss - a 15-month period). The directors are satisfied with the trading results, and it is anticipated that future profitability will continue to be generated following the ongoing investment in the property and people. Page 1
TRUESTONE ARK LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf.
P N Szkiler Director
Date: 31 October 2025
Page 2
TRUESTONE ARK LIMITED 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' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
TRUESTONE ARK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Going Concern
The consolidated financial statements have been prepared on a going concern basis. The Group made a consolidated profit for the year of £79,540, comprising a profit of £nil in the holding company and a profit of £79,540 in its subsidiary. As at 31 December 2024, the Group had consolidated reserves of £4,782,086. The subsidiary, Truestone Glenapp Castle Limited, made a profit in the year ended 31 December 2024 and although its balance sheet shows net liabilities, the directors are satisfied that this presentation reflects the long-term capital structure of the subsidiary rather than any operational weakness. The holding company has continued to provide financial support to the subsidiary and intends to do so going forward. A significant amount of convertible loan notes are due to expire on 30 June 2026. The directors have received confirmation from the two majority shareholders of their intention to continue supporting the business, including in relation to the convertible loan notes. Further discussions with noteholders regarding the convertible loan notes are scheduled to commence in December 2025, which will be after the approval of these financial statements. The directors intend to seek investor approval for either conversion of certain loan notes to equity or an extension to the term of these loan notes. Where conversion or extension is not agreed, the intention is to repay any outstanding amounts. The directors are in discussions with equity investors and with funding partners to provide additional liquidity to support ongoing working capital and refinancing requirements. The outcome of these discussions may impact the Group’s future financing arrangements. The directors have prepared detailed cash flow forecasts covering a period of at least 12 months from the date of approval of the financial statements. These forecasts indicate that the Group will have sufficient resources to meet its obligations as they fall due. Based on this assessment, and taking into account the continued support from shareholders, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
Results and dividends
The profit for the year, after taxation, amounted to £79,540 (2023 - loss £504,189). The directors do not recommend a dividend payment for the period.
Directors
The directors who served during the year were:
P N Szkiler
B D Corley
A J Mayhew
A R Taylor
I R Tanner
Future developments
The directors remain focused on consolidating the gains achieved in 2024 and delivering continued improvements in guest experience, operational efficiency, and profitability. Planned enhancements to the estate and guest facilities will further strengthen Glenapp’s positioning as one of the UK’s leading independent luxury hotels. Page 4
TRUESTONE ARK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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 and the Group'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 and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, UHY Hacker Young Fitch Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
P N Szkiler Director
Date: 31 October 2025
Page 5
TRUESTONE ARK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRUESTONE ARK LIMITED
Opinion
We have audited the financial statements of Truestone Ark Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent 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. Page 6
TRUESTONE ARK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRUESTONE ARK LIMITED (CONTINUED)
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.
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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company 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 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 7
TRUESTONE ARK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRUESTONE ARK 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 Group 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: 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. As part of the audit in accordance with ISAs (UK) we exercised professional judgement and maintained professional scepticism throughout the audit. 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 sector and 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 and taxation legislation. 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. We obtained an understanding of internal controls relevant to the audit in order to design audit procedures that were appropriate in the circumstances but not for the purpose of expressing an opinion of the effectiveness of the Company's internal controls. 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; evaluated the appropriateness of accounting policies used, including managements' use of the going concern basis of accounting, and the reasonableness of accounting estimates and related disclosures made by management; 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; and enquiring of management as to actual and potential litigation and claims. 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 8
TRUESTONE ARK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRUESTONE ARK 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. Scott McCullough FCA (Senior statutory auditor) for and on behalf of UHY Hacker Young Fitch Limited Chartered Accountants and Statutory Auditors Suite 2.06, Custom House, Custom House Square Belfast BT1 3ET 31 October 2025 Page 9
TRUESTONE ARK LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 15 month period ended 31 December 2023
Note | £ | £
Turnover | 4 | 5,126,333 | 5,094,871
Cost of sales |  | (2,913,598) | (2,959,786)
Gross profit |  | 2,212,735 | 2,135,085
Administrative expenses |  | (2,032,414) | (2,474,284)
Other operating income |  | 126,892 | 159,099
Operating profit/(loss) |  | 307,213 | (180,100)
Interest payable and similar expenses | 9 | (308,386) | (329,079)
Loss before tax |  | (1,173) | (509,179)
Tax on loss | 10 | 80,713 | 4,990
Profit/(loss) for the financial year |  | 79,540 | (504,189)
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 79,540 | (504,189)
Profit for the year attributable to: |  |  |
Owners of the parent company |  | (79,540) | 504,189
|  | (79,540) | 504,189
The notes on pages 20 to 44 form part of these financial statements.
Page 10
TRUESTONE ARK LIMITED REGISTERED NUMBER: 09541254 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 10,685,402 |  | 10,182,077
Investments | 12 |  | 2,500 |  | 2,500
|  |  | 10,687,902 |  | 10,184,577
Current assets |  |  |  |  |
Stocks | 14 | 89,992 |  | 94,012 |
Debtors: amounts falling due within one year | 15 | 606,576 |  | 532,199 |
Cash at bank and in hand | 16 | 144,291 |  | 72,886 |
|  | 840,859 |  | 699,097 |
Creditors: amounts falling due within one year | 17 | (2,620,779) |  | (2,402,789) |
Net current liabilities |  |  | (1,779,920) |  | (1,703,692)
Total assets less current liabilities |  |  | 8,907,982 |  | 8,480,885
Creditors: amounts falling due after more than one year | 18 |  | (4,035,896) |  | (3,793,308)
Provisions for liabilities |  |  |  |  |
Net assets excluding pension asset |  |  | 4,872,086 |  | 4,687,577
Net assets |  |  | 4,872,086 |  | 4,687,577
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 39,652 |  | 38,952
Share premium account | 23 |  | 4,246,404 |  | 4,142,135
Revaluation reserve | 23 |  | 2,949,751 |  | 2,949,751
Profit and loss account | 23 |  | (2,363,721) |  | (2,443,261)
Equity attributable to owners of the parent Company |  |  | 4,872,086 |  | 4,687,577
|  |  | 4,872,086 |  | 4,687,577
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P N Szkiler
Director
Date: 31 October 2025
The notes on pages 20 to 44 form part of these financial statements. Page 11
TRUESTONE ARK LIMITED REGISTERED NUMBER: 09541254 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 12 |  | 1 |  | 1
Investment property | 13 |  | 6,150,000 |  | 6,150,000
|  |  | 6,150,001 |  | 6,150,001
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 15 | 4,455,080 |  | 4,145,790 |
Debtors: amounts falling due within one year | 15 | - |  | 4,453 |
Cash at bank and in hand | 16 | 40,349 |  | 500 |
|  | 4,495,429 |  | 4,150,743 |
Creditors: amounts falling due within one year | 17 | (637,157) |  | (376,213) |
Net current assets |  |  | 3,858,272 |  | 3,774,530
Total assets less current liabilities |  |  | 10,008,273 |  | 9,924,531
Creditors: amounts falling due after more than one year | 18 |  | (1,971,000) |  | (1,885,000)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 21 | (190,440) |  | (297,667) |
|  |  | (190,440) |  | (297,667)
Net assets excluding pension asset |  |  | 7,846,833 |  | 7,741,864
Net assets |  |  | 7,846,833 |  | 7,741,864
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 39,652 |  | 38,952
Share premium account | 23 |  | 4,246,404 |  | 4,142,135
Profit and loss account brought forward |  | 3,560,777 |  | 3,680,791 |
Profit/(loss) for the year |  | - |  | (120,014) |
Profit and loss account carried forward |  |  | 3,560,777 |  | 3,560,777
|  |  | 7,846,833 |  | 7,741,864
Page 12
TRUESTONE ARK LIMITED REGISTERED NUMBER: 09541254 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P N Szkiler
Director
Date: 31 October 2025
The notes on pages 20 to 44 form part of these financial statements. Page 13
TRUESTONE ARK LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Equity attributable to owners of parent Company
| £ | £ | £ | £ | £
At 1 October 2022 | 38,952 | 4,142,135 | 2,949,751 | (1,939,072) | 5,191,766
Comprehensive income for the period |  |  |  |  |
Loss for the period | - | - | - | (504,189) | (504,189)
Other comprehensive income for the period | - | - | - | - | -
Total comprehensive income for the period | - | - | - | (504,189) | (504,189)
Total transactions with owners | - | - | - | - | -
| Total equity
| £
At 1 October 2022 | 5,191,766
Comprehensive income for the period |
Loss for the period | (504,189)
Other comprehensive income for the period | -
Total comprehensive income for the period | (504,189)
Total transactions with owners | -
At 1 January 2024 | 38,952 | 4,142,135 | 2,949,751 | (2,443,261) | 4,687,577
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 79,540 | 79,540
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | - | 79,540 | 79,540
Page 14
TRUESTONE ARK LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the year | 700 | 104,269 | - | - | 104,969
Total transactions with owners | 700 | 104,269 | - | - | 104,969
At 31 December 2024 | 39,652 | 4,246,404 | 2,949,751 | (2,363,721) | 4,872,086
At 1 January 2024 | 4,687,577
Comprehensive income for the year |
Profit for the year | 79,540
Other comprehensive income for the year | -
Total comprehensive income for the year | 79,540
Contributions by and distributions to owners |
Shares issued during the year | 104,969
Total transactions with owners | 104,969
At 31 December 2024 | 4,872,086
| The notes on pages 20 to 44 form part of these financial statements.
Page 15
TRUESTONE ARK LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 October 2022 | 38,952 | 4,142,135 | 3,680,791 | 7,861,878
Comprehensive income for the period |  |  |  |
Loss for the period | - | - | (120,014) | (120,014)
Other comprehensive income for the period | - | - | - | -
Total comprehensive income for the period | - | - | (120,014) | (120,014)
Total transactions with owners | - | - | - | -
At 1 January 2024 | 38,952 | 4,142,135 | 3,560,777 | 7,741,864
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | - | -
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 700 | 104,269 | - | 104,969
Total transactions with owners | 700 | 104,269 | - | 104,969
At 31 December 2024 | 39,652 | 4,246,404 | 3,560,777 | 7,846,833
| The notes on pages 20 to 44 form part of these financial statements.
Page 16
TRUESTONE ARK LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 15 month period ended 31 December 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | 79,540 | (504,189)
Adjustments for: |  |
Depreciation of tangible assets | 139,989 | 143,458
Loss on disposal of tangible assets | (8,569) | 685
Interest paid | 308,387 | 329,080
Taxation charge | (80,713) | (4,990)
Decrease/(increase) in stocks | 4,020 | (12,280)
Decrease/(increase) in debtors | 6,336 | (72,356)
Increase/(decrease) in creditors | 42,617 | (77,866)
Net cash generated from operating activities | 491,607 | (198,458)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (652,162) | (421,212)
Sale of tangible fixed assets | 17,417 | 440
HP interest paid | (5,252) | (8,676)
Net cash from investing activities | (639,997) | (429,448)
Cash flows from financing activities |  |
Issue of ordinary shares | 104,969 | -
Repayment of loans | (20,186) | (85,414)
Purchase of debenture loans | 310,000 | -
Repayment of debenture loans | - | (50,000)
Other new loans | 219,382 | 585,932
Interest paid | (303,135) | (320,404)
Net cash used in financing activities | 311,030 | 130,114
Net increase/(decrease) in cash and cash equivalents | 162,640 | (497,792)
Cash and cash equivalents at beginning of year | (253,070) | 244,723
Cash and cash equivalents at the end of year | (90,430) | (253,069)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 144,291 | 72,886
Bank overdrafts | (234,721) | (325,955)
Page 17
TRUESTONE ARK LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
|  | 2024 | 2023
|  | £ | £
| (90,430) | (253,069)
The notes on pages 20 to 44 form part of these financial statements.
Page 18
TRUESTONE ARK LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
|  | At 1 January 2024 | Cash flows | At 31 December 2024
|  | £ | £ | £
Cash at bank and in hand | 72,886 | 71,405 | 144,291
Bank overdrafts | (325,956) | 91,235 | (234,721)
Debt due after 1 year | (3,793,308) | (242,588) | (4,035,896)
Debt due within 1 year | (489,076) | (251,814) | (740,890)
| (4,535,454) | (331,762) | (4,867,216)
The notes on pages 20 to 44 form part of these financial statements.
Page 19
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
The company is a private company limited by share capital, incorporated in England and Wales. The company's registered office address can be found on the Company Information page. 2.Accounting policies
| 2.1 | 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2019.
| 2.3 | Going concern
These financial statements have been prepared on a going concern basis. Additional information to support the use of the going concern basis is stated in note 24. Page 20
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group 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 Revenue 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 revenue can be measured reliably; ∙it is probable that the Group 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.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 21
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 22
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | 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. Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - |  | not provided
|  |  |  | Plant and machinery | - |  | straight line over 7 years
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - |  | straight line over 7 years
|  |  |  | Office equipment | - |  | straight line over 5 years
|  |  |  | Computer equipment | - |  | straight line over 3 years
|  |  |  | Other fixed assets | - |  | not depreciated
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. Other fixed assets are recorded at cost and are not depreciated. The directors consider that these assets do not suffer from measurable physical deterioration or obsolescence. The carrying values are reviewed periodically to ensure they remain appropriate and do not exceed recoverable amounts. In accordance with FRS 102 Section 27, the directors perform an annual impairment review to ensure that the carrying value remains appropriate and does not exceed the recoverable amount. This approach is considered reasonable given the nature of the asset and the expected residual value. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 23
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.12 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 24
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | 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 Consolidated 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 Group's cash management.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Page 25
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 26
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | 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 amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors 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 of the revision and future periods where the revision affects both the current and future periods. The items in the financial statements where these judgements and estimates have been made include: Useful lives of tangible fixed assets Long-lived assets comprising of property, plant and machinery, art and antiques, fixtures and fittings and motor vehicles represents a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumptions, physical condition and expected useful economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charges for the financial year. Assessing indicators of impairment At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. Establishing fair value of investment properties Investment properties are initially measured at cost, comprising the purchase price and any directly attributable expenditure, and are subsequently remeasured to fair value at each reporting date with changes in fair value recognised in profit or loss. When the fair value of investment properties cannot be measured based on the price of a recent transaction for an identical asset or liability, their fair value is measured using valuation techniques and models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as market rent, vacancy rate, yield requirement and inflation. Changes in assumptions about these factors could affect the reported fair value of investment properties. Deferred Tax The recognition of deferred tax assets requires management to make significant judgments regarding the availability of future taxable profits against which deductible temporary differences and unused tax losses can be utilised. Deferred tax assets are recognised only to the extent that it is probable that sufficient taxable profits will be available in future periods. Key assumptions include: - Forecasts of future taxable income based on expected operational performance and strategic plans; - The timing and nature of reversal of temporary differences; - The impact of any changes in tax legislation or rates. Where there is uncertainty regarding the recoverability of deferred tax assets, management considers all available evidence, including historical profitability and future projections. If it becomes apparent that sufficient taxable profits may not be available, the deferred tax asset may be reduced accordingly Page 27
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 15 month period ended 31 December 2023
|  |  |  |  | £ | £
| Rooms and services | 2,727,098 | 2,804,297
| Food and beverage | 1,070,205 | 1,085,078
| Wine sales | 552,236 | 648,556
| Boat income | 315,473 | 109,298
| Concierge services | 438,597 | 431,200
| Merchandise sales | 22,724 | 16,442
|  | 5,126,333 | 5,094,871
5. | Other operating income
|  |  |  |  | 2024 | 15 month period ended 31 December 2023
|  |  |  |  | £ | £
| Miscellaneous other operating income | 67,844 | 112,611
| Net rents receivable | 59,048 | 46,488
|  | 126,892 | 159,099
6. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2024 | 15 month period ended 31 December 2023
|  |  |  |  | £ | £
| Auditors' remuneration | 26,570 | 25,510
| Legal and professional | 117,175 | 76,117
| Depreciation of tangible fixed assets | 139,989 | 143,458
| (Profit)/Loss on disposal of property, plant and equipment | (8,569) | 685
Page 28
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 15 month period ended 31 December 2023
|  |  |  |  | £ | £
| Fees payable to the Group's auditors for the audit of the Group's annual financial statements | 9,780 | 9,360
8. | Employees
| Staff costs were as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Wages and salaries | 2,142,060 | 2,464,774
| Cost of defined contribution scheme | 45,882 | 49,097
|  | 2,187,942 | 2,513,871
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Directors | 5 | 5 | 5 | 5
|  | Employees | 67 | 68 | - | -
|  |  | 72 | 73 | 5 | 5
Page 29
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 15 month period ended 31 December 2023
|  |  |  |  | £ | £
| Bank interest payable | 183,197 | 185,090
| Other loan interest payable | 119,937 | 135,313
| Finance leases and hire purchase contracts | 5,252 | 8,676
|  | 308,386 | 329,079
10. | Taxation
|  |  |  |  | 2024 | 15 month period ended 31 December 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | (80,713) | (4,990)
| Total deferred tax | (80,713) | (4,990)
| Tax on loss | (80,713) | (4,990)
Page 30
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the year/period
| The tax assessed for the year/period is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:
|  |  |  |  | 2024 | 15 month period ended 31 December 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (1,174) | (509,180)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | (294) | (127,295)
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 1,020 | 3,611
| Capital allowances for year/period in excess of depreciation | 87,262 | 6,805
| Utilisation of tax losses | 12,045 | 11,924
| Short-term timing difference leading to an increase (decrease) in taxation | (80,713) | (4,990)
| Other timing differences leading to an increase (decrease) in taxation | (100,033) | 104,955
| Total tax charge for the year/period | (80,713) | (4,990)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 31
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 9,441,747 | 358,602 | 76,332 | 351,387 | 64,442
| Additions | 160,527 | 417,724 | - | 44,319 | 4,926
| Disposals | - | - | (43,437) | - | -
| At 31 December 2024 | 9,602,274 | 776,326 | 32,895 | 395,706 | 69,368
| Depreciation |  |  |  |  |
| At 1 January 2024 | - | 187,828 | 47,921 | 203,761 | 56,036
| Charge for the year on owned assets | - | 72,788 | 6,864 | 42,689 | 7,859
| Disposals | - | - | (34,589) | - | -
| At 31 December 2024 | - | 260,616 | 20,196 | 246,450 | 63,895
| Net book value |  |  |  |  |
| At 31 December 2024 | 9,602,274 | 515,710 | 12,699 | 149,256 | 5,473
| At 31 December 2023 | 9,441,747 | 170,774 | 28,411 | 147,626 | 8,406
Page 32
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11.Tangible fixed assets (continued)
|  | Computer equipment | Other fixed assets | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 66,563 | 381,070 | 10,740,143
| Additions | 22,066 | 2,600 | 652,162
| Disposals | - | - | (43,437)
| At 31 December 2024 | 88,629 | 383,670 | 11,348,868
| Depreciation |  |  |
| At 1 January 2024 | 62,520 | - | 558,066
| Charge for the year on owned assets | 9,789 | - | 139,989
| Disposals | - | - | (34,589)
| At 31 December 2024 | 72,309 | - | 663,466
| Net book value |  |  |
| At 31 December 2024 | 16,320 | 383,670 | 10,685,402
| At 31 December 2023 | 4,043 | 381,070 | 10,182,077
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Freehold property | 9,602,274 | 9,441,747
|  | 9,602,274 | 9,441,747
Page 33
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11.Tangible fixed assets (continued)
| Freehold property The fair value of the group's land and buildings was revalued on 7 February 2022 by an independent valuer. The property at Glenapp Castle was valued by Christie & Co on 7 February 2022 at £9,000,000 on an open market basis. In the directors’ opinion, additional capital expenditure made during the period ended 31 December 2024 will generate additional income and profits in the future and has been included in addition to Christie & Co’s valuation. In accordance with FRS 102 Section 27, the directors perform an annual impairment review to ensure that the carrying value remains appropriate and does not exceed the recoverable amount. This approach is considered reasonable given the nature of the asset and the expected residual value. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £6,924,506 (2023 - £6,763,979). Capitalised Staff Wages During the year, staff costs amounting to £44,141 (2023: £79,838) were capitalised as part of the cost of the property. These costs relate to wages and salaries, employer’s national insurance contributions, and pension contributions directly attributable to the development and enhancement of the asset. Other Fixed Assets Other fixed assets relate to antiques and collectibles which are recorded at cost and are not depreciated. The directors consider that these assets do not suffer from measurable physical deterioration or obsolescence. The carrying values are reviewed periodically to ensure they remain appropriate and do not exceed recoverable amounts. In accordance with FRS 102 Section 27, the directors perform an annual impairment review to ensure that the carrying value remains appropriate and does not exceed the recoverable amount. This approach is considered reasonable given the nature of the asset and the expected residual value.
12. | Fixed asset investments
| Group
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 January 2024 | 2,500
| At 31 December 2024 | 2,500
Page 34
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 1
| At 31 December 2024 | 1
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Truestone Glenapp Castle Limited | 6th floor, 60 Gracechurch Street, London, EC3V 0HR | The principal activity of Truestone Glenapp Castle Limited is hospitality and leisure. | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| Truestone Glenapp Castle Limited | (1,969,544) | 79,540
Page 35
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Investment property
| Group
| Company
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 6,150,000
| At 31 December 2024 | 6,150,000
| At 31 December 2024
| The property at Glenapp Castle was valued by Christie & Co on 7 February 2022 at £9,000,000 on an open market basis. Investment property includes £6,150,000 relating the Glenapp Castle property and the remainder is included in the accounts of Truestone Glenapp Castle Limited, the company’s subsidiary. Christie & Co are an independent valuer. Carrying amount of investment property rented to another group entity The carrying amount of investment property rented to another group entity was £6,150,000 (2023 - £6,150,000).
14. | Stocks
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Raw materials and consumables | 89,992 | 94,012
|  | 89,992 | 94,012
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 36
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Amounts falling due after more than one year |  |  |  |
| Amounts owed by group undertakings | - | - | 4,455,080 | 4,145,790
|  | - | - | 4,455,080 | 4,145,790
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Trade debtors | 47,702 | 42,528 | - | -
| Other debtors | 81,376 | 44,510 | - | 4,453
| Prepayments and accrued income | 107,452 | 155,828 | - | -
| Deferred taxation | 370,046 | 289,333 | - | -
|  | 606,576 | 532,199 | - | 4,453
| Included within Group Other Debtors is an amount of £54,636 (2023 - £nil) in relation to architects' fees in connection with the proposed thermal treatment facility. These costs have been recognised as a predevelopment expenditure and are expected to be capitalised as part of the overall project cost upon commencement of construction, subject to meeting the recognition criteria under FRS 102.
16. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 144,291 | 72,886 | 40,349 | 500
| Less: bank overdrafts | (234,721) | (325,956) | - | -
|  | (90,430) | (253,070) | 40,349 | 500
Page 37
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Debenture loans | 60,000 | 100,000 | 60,000 | 100,000
| Bank overdrafts | 234,721 | 325,956 | - | -
| Bank loans | 77,717 | 43,773 | - | -
| Other loans | 504,000 | 231,336 | 485,000 | 200,000
| Trade creditors | 222,937 | 228,804 | - | 1,152
| Other taxation and social security | 185,916 | 202,648 | - | -
| Other creditors | 111,032 | 122,094 | 11,548 | 7,796
| Accruals and deferred income | 1,224,456 | 1,148,178 | 80,609 | 67,265
|  | 2,620,779 | 2,402,789 | 637,157 | 376,213
18. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Debentures loans | 950,000 | 600,000 | 950,000 | 600,000
| Bank loans | 1,836,958 | 1,891,088 | - | -
| Other loans | 1,248,938 | 1,302,220 | 1,021,000 | 1,285,000
|  | 4,035,896 | 3,793,308 | 1,971,000 | 1,885,000
Page 38
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 77,717 | 43,773 | - | -
| Other loans | 504,000 | 231,336 | 485,000 | 200,000
| Debenture loans | 60,000 | 100,000 | 60,000 | 100,000
|  | 641,717 | 375,109 | 545,000 | 300,000
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 61,768 | 47,968 | - | -
| Other loans | 1,048,092 | 100,000 | 1,021,000 | 100,000
| Debenture loans | 950,000 | - | 950,000 | -
|  | 2,059,860 | 147,968 | 1,971,000 | 100,000
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 193,734 | 169,414 | - | -
| Other loans | 88,390 | 1,202,220 | - | 1,185,000
| Debenture loans | - | 600,000 | - | 600,000
|  | 282,124 | 1,971,634 | - | 1,785,000
| Amounts falling due after more than 5 years |  |  |  |
| Bank loans | 1,581,456 | 1,673,706 | - | -
| Other loans | 112,456 | - | - | -
|  | 1,693,912 | 1,673,706 | - | -
|  | 4,677,613 | 4,168,417 | 2,516,000 | 2,185,000
Page 39
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19.Loans (continued)
| Group Bank borrowings Bank loans are denominated in GBP with a nominal interest rate of 2.95% plus the Bank of England base rate. Bank loans are secured by a fixed and floating charge over the Group's assets. Other borrowings Debentures are denominated in GBP with a nominal interest rate of 5.75%. Debentures are secured by a fixed and floating charge over the Group's assets. Company Other borrowings Debentures are denominated in GBP with a nominal interest rate of 5.75% or 7.5%. Debentures are secured by a fixed and floating charge over the Group's assets.
20. | Financial instruments
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 144,291 | 72,886 | - | 500
| Financial assets measured at fair value through profit or loss comprise of cash at the bank and on hand.
Page 40
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Deferred taxation
| Group
|  | 2024
|  | £
| At beginning of year | 289,333
| Charged to profit or loss | 107,227
| Utilised in year | (26,514)
| At end of year | 370,046
| Company
|  | 2024
|  | £
| At beginning of year | (297,667)
| Charged to profit or loss | 107,227
| At end of year | (190,440)
| The deferred tax asset is made up as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Tax losses carried forward | 370,046 | 289,333 | (190,440) | (297,667)
|  | 370,046 | 289,333 | (190,440) | (297,667)
22. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3,965,166 (2023 - 3,895,188) Ordinary shares of £0.01 each | 39,652 | 38,952
On 31 December 2024, the company issued 69,978 Ordinary shares of £0.01 each at a price of £1.50 per share. The total consideration received was £104,969, of which £699.78 was credited to share capital and £104,269.22 to the share premium account. No direct issue costs were incurred. Page 41
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Reserves
Share premium account This reserve includes any premium received on issued share capital. Revaluation reserve This reserve includes all revaluation gains on the leasehold property. Profit and loss account This reserve includes all current and prior period retained profits and losses.
24. | Going Concern
The consolidated financial statements have been prepared on a going concern basis. The Group made a consolidated profit for the year of £79,540, comprising a profit of £nil in the holding company and a profit of £79,540 in its subsidiary. As at 31 December 2024, the Group had consolidated reserves of £4,782,086. The subsidiary, Truestone Glenapp Castle Limited, made a profit in the year ended 31 December 2024 and although its balance sheet shows net liabilities, the directors are satisfied that this presentation reflects the long-term capital structure of the subsidiary rather than any operational weakness. The holding company has continued to provide financial support to the subsidiary and intends to do so going forward. A significant amount of convertible loan notes are due to expire on 30 June 2026. The directors have received confirmation from the two majority shareholders of their intention to continue supporting the business, including in relation to the convertible loan notes. Further discussions with noteholders regarding the convertible loan notes are scheduled to commence in December 2025, which will be after the approval of these financial statements. The directors intend to seek investor approval for either conversion of certain loan notes to equity or an extension to the term of these loan notes. Where conversion or extension is not agreed, the intention is to repay any outstanding amounts. The directors are in discussions with equity investors and with funding partners to provide additional liquidity to support ongoing working capital and refinancing requirements. The outcome of these discussions may impact the Group’s future financing arrangements. The directors have prepared detailed cash flow forecasts covering a period of at least 12 months from the date of approval of the financial statements. These forecasts indicate that the Group will have sufficient resources to meet its obligations as they fall due. Based on this assessment, and taking into account the continued support from shareholders, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
25. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £45,882 (2023 - £49,097). Contributions totalling £8,298 (2023 - £5,235) were payable to the fund at the balance sheet date and are included in creditors. Page 42
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
26. | Related party transactions
| Group
|  | Sales to related parties | Purchases from related parties | Amounts owed from related parties | Amounts owed to related parties
|  | £ | £ | £ | £
| Entities with joint control or significant interest |  |  |  |
| 2024 | 25,000 | 11,531 | - | 787,226
| 2023 | 26,000 | 19,518 | - | 775,735
| Entities controlled by key management |  |  |  |
| 2024 | - | - | - | -
| 2023 | - | 18,000 | - | 107,563
| Other related parties |  |  |  |
| 2024 | - | - | - | -
| 2023 | - | - | 154 | -
| Terms of loans from related parties Loans from entities with joint control or significant influence are both secured and unsecured, interest bearing and interest free and have repayment terms set. Loans from key management are unsecured, interest free and repayable on demand. Loans from entities under common control are unsecured and interest bearing. Some of these loans have repayment terms set whilst some are repayable on demand.
Page 43
TRUESTONE ARK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
. | Related party transactions (continued)
| Company 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 its wholly owned subsidiary.
|  | Sales to related parties | Purchases from related parties | Amounts owed from related parties | Amounts owed to related parties
|  | £ | £ | £ | £
| Entities with joint control or significant interest |  |  |  |
| 2024 | - | 11,531 | - | 606,819
| 2023 | - | 19,518 | - | 745,864
| Entities controlled by key management |  |  |  |
| 2024 | - | 6,259 | - | 509,630
| 2023 | - | 3,371 | - | 103,371
| Other related parties |  |  |  |
| 2024 | - | 7,500 | - | 153,341
| 2023 | - | 7,500 | 4,453 | 152,040
| Terms of loans from related parties Loans from entities with joint control or significant influence are both secured and unsecured, interest bearing and have repayment terms set. Loans from key management are unsecured, interest free and repayable on demand. Loans from entities under common control are unsecured and interest bearing. Some of these loans have repayment terms set whilst some are repayable on demand.
27. | Controlling party
The ultimate controlling party is P N Szkiler.
Page 44