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REGISTERED NUMBER: 07229766 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

BOUTIQUE & BREAKFAST LIMITED

BOUTIQUE & BREAKFAST LIMITED (REGISTERED NUMBER: 07229766) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| BOUTIQUE & BREAKFAST LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | Mr M H Dorrien Smith

| Mr A R Dorrien Smith

| REGISTERED OFFICE: | Number 38 Clifton

| 38 Upper Belgrave Road

| Clifton

| BRISTOL

| BS8 2XN

| REGISTERED NUMBER: | 07229766 (England and Wales)

| AUDITORS: | Bronsens

| Chartered Certified Accountants

| Statutory Auditors

| Hillside

| Albion Street

| Chipping Norton

| Oxfordshire

| OX7 5BH

BOUTIQUE & BREAKFAST LIMITED (REGISTERED NUMBER: 07229766) |

BALANCE SHEET

30 APRIL 2025

| 30.4.25 | 30.4.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 2,449,938 |  | 2,752,410 |  |

2,449,938 |  | 2,752,410 |  |

CURRENT ASSETS

Stocks | 6,572 |  | 8,678 |  |

Debtors | 6 | 38,435 |  | 15,155 |  |

Cash at bank and in hand | 30,566 |  | 29,538 |  |

75,573 |  | 53,371 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,987,850 |  | 158,383 |  |

NET CURRENT LIABILITIES | (1,912,277 | ) | (105,012 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 537,661 |  | 2,647,398 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 1,216,587 |  | 2,999,706 |  |

NET LIABILITIES | (678,926 | ) | (352,308 | ) |

CAPITAL AND RESERVES

Called up share capital | 11 | 120 |  | 120 |  |

Retained earnings | (679,046 | ) | (352,428 | ) |

SHAREHOLDERS' FUNDS | (678,926 | ) | (352,308 | ) |

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2026 and were signed on its behalf by:

Mr A R Dorrien Smith - Director

BOUTIQUE & BREAKFAST LIMITED (REGISTERED NUMBER: 07229766) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Boutique & Breakfast Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The financial statements are presentation in Pound Sterling (£), which is the functional currency of the company, and rounded to the nearest £.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover represents income from room stays plus food and beverage sales (net of VAT) but excludes payments received for bookings received in advance.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Development costs are being amortised evenly over their estimated useful life of ten years.

| Tangible fixed assets

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

| Freehold property | - | in accordance with the property

| Fixtures and fittings | - | 33% on cost and 10% on cost

| The directors consider that the residual value of the freehold property is now less than cost. Depreciation has therefore been provided to bring the book value down to the estimated residual value of £2,400,000.

| Stocks

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

| Taxation

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

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

BOUTIQUE & BREAKFAST LIMITED (REGISTERED NUMBER: 07229766) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

| Going concern

| The financial statements have been prepared on a going concern basis on the understanding that the company has received assurances of support from its parent company, Tresco Island Limited, in that the parent will not to seek repayment of their group loan in preference to other creditors.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 14 (2024 - 9 ) .

4. | INTANGIBLE FIXED ASSETS

| Development |

| Goodwill |  | costs |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024

| and 30 April 2025 | 78,000 |  | 7,085 |  | 85,085 |  |

| AMORTISATION

| At 1 May 2024

| and 30 April 2025 | 78,000 |  | 7,085 |  | 85,085 |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  | - |  | - |  |

| At 30 April 2024 | - |  | - |  | - |  |

BOUTIQUE & BREAKFAST LIMITED (REGISTERED NUMBER: 07229766) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024 | 2,688,296 |  | 533,435 |  | 3,221,731 |  |

| Additions | - |  | 518 |  | 518 |  |

| At 30 April 2025 | 2,688,296 |  | 533,953 |  | 3,222,249 |  |

| DEPRECIATION

| At 1 May 2024 | - |  | 469,321 |  | 469,321 |  |

| Charge for year | 288,296 |  | 14,694 |  | 302,990 |  |

| At 30 April 2025 | 288,296 |  | 484,015 |  | 772,311 |  |

| NET BOOK VALUE

| At 30 April 2025 | 2,400,000 |  | 49,938 |  | 2,449,938 |  |

| At 30 April 2024 | 2,688,296 |  | 64,114 |  | 2,752,410 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.4.25 |  | 30.4.24

£ | £ |

| Other debtors | 2,076 |  | 2,076 |  |

| Prepayments | 36,359 |  | 13,079 |  |

38,435 |  | 15,155 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.4.25 |  | 30.4.24

£ | £ |

| Bank loans and overdrafts (see note 9) | 10,648 |  | 10,648 |  |

| Other loans (see note 9) | 120,000 |  | - |  |

| Trade creditors | 32,759 |  | 26,095 |  |

| Amounts owed to group undertakings | 1,760,228 |  | - |  |

| Social security and other taxes | 1,556 |  | 1,363 |  |

| VAT | 20,361 |  | 22,952 |  |

| Other creditors | 218 |  | 258 |  |

| Pension control | 449 |  | 548 |  |

| Directors' current accounts | 13,175 |  | 77,400 |  |

| Accrued expenses | 28,456 |  | 19,119 |  |

1,987,850 |  | 158,383 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 30.4.25 |  | 30.4.24

£ | £ |

| Bank loans (see note 9) | 1,587 |  | 1,461,396 |  |

| Other loans (see note 9) | - |  | 120,000 |  |

| Amounts owed to group undertakings | 1,215,000 |  | - |  |

| Directors' loan accounts | - |  | 1,418,310 |  |

1,216,587 |  | 2,999,706 |  |

BOUTIQUE & BREAKFAST LIMITED (REGISTERED NUMBER: 07229766) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

| 30.4.25 |  | 30.4.24

£ | £ |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Other loans more 5yrs non-inst | - |  | 120,000 |  |

9. | LOANS

| An analysis of the maturity of loans is given below:

| 30.4.25 |  | 30.4.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 10,648 |  | 10,648 |  |

| Other loans | 120,000 |  | - |  |

130,648 |  | 10,648 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 1,587 |  | 1,460,255 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | - |  | 1,141 |  |

| Amounts falling due in more than five years:

| Repayable otherwise than by instalments

| Other loans more 5yrs non-inst | - |  | 120,000 |  |

BOUTIQUE & BREAKFAST LIMITED (REGISTERED NUMBER: 07229766) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

| 30.4.25 |  | 30.4.24

£ | £ |

| Bank loans | 12,235 |  | 1,472,044 |  |

| The bank loan was secured by four separate charges.

| 1. Fixed and floating charge over the leasehold property known as 37 Upper Belgrave Road, Bristol and all of the property, assets and undertaking of the company. The debenture is in favour of Weatherbys Bank Limited and is dated 7 March 2017. The agreed loan facility available to drawdown amounts to £1,850,000.

| 2. Fixed and floating charge over the freehold property known as 38 Upper Belgrave Road, Bristol and all assets of the company. The debenture is in favour of Weatherbys Bank Limited and is dated 13 January 2016.

| 3. First legal mortgage over the freehold property known as 38 Upper Belgrave Road, Bristol and all assets of the company. The charge is in favour of Weatherbys Bank Limited and is dated 13 January 2016.

| 4. A directors personal guarantee amounting to £1,500,000.

| All four charges were satisfied on 27 December 2024.

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.4.25 |  | 30.4.24

| value: | £ | £ |

| 120 | Ordinary | £1 | 120 |  | 120 |  |

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

| The Report of the Auditors was unqualified.

| Mr Mark Nicholas Winks FCCA (Senior Statutory Auditor)

| for and on behalf of Bronsens

13. | PENSION COMMITMENTS

| The company operates a defined contribution scheme for its employees, during the year contributions of £2,429 (2024 - £2,341) were made to the scheme.

| At 30 April 2025 the sum of £449 (2024 - £548) is included in creditors in respect of these transactions.

14. | RELATED PARTY DISCLOSURES

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

BOUTIQUE & BREAKFAST LIMITED (REGISTERED NUMBER: 07229766) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

14. | RELATED PARTY DISCLOSURES - continued

| At the balance sheet date the directors were owed £13,175 (2024: 1,495,709). These loans are interest free and unsecured.

| At the balance sheet date the Mother of the directors was owed £120,000 (2024: £120,000), which is included in other creditors due within 1 year. The loan is interest free and unsecured.

15. | ULTIMATE CONTROLLING PARTY

| The company was under the control of the directors until 28 October 2024, when 100% of the shareholding was transferred to Tresco Island Limited, a company registered in England and Wales.

| Consolidated accounts can be obtained from the parent company's registered office, Peat House, Newham Road, Truro, Cornwall, TR1 2DP.