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Registered number: 05617470 TRENYTHON MANOR LEISURE LIMITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TRENYTHON MANOR LEISURE LIMITED CONTENTS
| Page
Company Information | 1
Director's Report | 2 - 4
Independent Auditors' Report | 5 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12 - 13
Notes to the Financial Statements | 14 - 27
TRENYTHON MANOR LEISURE LIMITED COMPANY INFORMATION
Director | G C Peires
Company secretary | Mapa Management & Administration Services Limited
Registered number | 05617470
Registered office | Hallswelle House
| 1 Hallswelle Road
| London
| NW11 0DH
Independent auditors | White Hart Associates (London) Limited
| Chartered Accountants and Statutory Auditors
| 2nd Floor, Nucleus House
| 2 Lower Mortlake Road
| Richmond
| TW9 2JA
Bankers | Barclays Bank plc
| Edgeware Group 9
| Leicester
| Leicestershire
| LE87 2BB
Solicitors | PCB Lawyers LLP
| 70 Baker Street
| London
| W1U 7DL
Page 1
TRENYTHON MANOR LEISURE LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The director presents his report and the financial statements for the year ended 31 December 2024.
Director's responsibilities statement
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The director is responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Director's Reports may differ from legislation in other jurisdictions.
Principal activity
The principal activity of the company is that of hotel ownership and management together with the sale of vacation properties.
Review of developments and future prospects
The result for the year is shown in the Statement of Comprehensive Income. The directors are satisfied with the result of the year and expect the company to be well-positioned in 2024.
Results and dividends
The profit for the year, after taxation, amounted to £297,108 (2023 - loss £350,222). The directors do not recommend the payment of a dividend (2023: £Nil) and the retained profit/(loss) for the year has been transferred to reserves. Page 2
TRENYTHON MANOR LEISURE LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Director
The director who served during the year was:
G C Peires
Going concern
The director is fully aware of his duty to assess the Company’s going concern status and has attended to this with particular care in consideration of the current economic outlook. The Company is part of the wider IDILIQ Group of companies. The ultimate parent company, Bejenno Holding Ltd, has confirmed its intention to continue to provide ongoing support to the Company as required. Having considered the ability of Bejenno Holding Ltd to provide that support, based on the confirmation received, the director believes that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company continues to adopt the going concern basis in preparing the annual report and accounts.
Principal risks and uncertainties
Liquidity risk In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the Company uses group debt finance. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the Company's debtors are shown in Note 9 to the financial statements.
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 3
TRENYTHON MANOR LEISURE LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Small companies note
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 5 February 2026 and signed on its behalf.
G C Peires Director
Page 4
TRENYTHON MANOR LEISURE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE LIMITED
Opinion
We have audited the financial statements of Trenython Manor Leisure Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 5
TRENYTHON MANOR LEISURE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE 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 director is 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Director's Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report. Page 6
TRENYTHON MANOR LEISURE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is 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 director determines 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 director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
TRENYTHON MANOR LEISURE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We exercise professional judgment and maintain professional skepticism throughout the audit; - We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control; - We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; - We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made; - We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; - We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements. 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
TRENYTHON MANOR LEISURE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRENYTHON MANOR LEISURE 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. M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) for and on behalf of White Hart Associates (London) Limited Chartered Accountants and Statutory Auditors 2nd Floor, Nucleus House 2 Lower Mortlake Road Richmond TW9 2JA 5 February 2026 Page 9
TRENYTHON MANOR LEISURE LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| Continuing operations | Discontin'd operations | Continuing operations | Discontinued operations
| 2024 | 2024 | 2023 | 2023
Note | £ | £ | £ | £
Turnover |  | - | 1,110,953 | - | 2,530,233
Cost of sales |  | - | (115,529) | - | (308,330)
Gross profit |  | - | 995,424 | - | 2,221,903
Profit on disposal of assets |  | - | 623,693 | - | -
Administrative expenses |  | - | (1,444,717) | - | (2,589,294)
Operating profit/(loss) |  | - | 174,400 | - | (367,391)
Tax on profit/(loss) | 6 | - | 122,708 | - | 17,169
Profit/(loss) for the financial year |  | - | 297,108 | - | (350,222)
Other comprehensive income for the year |  |  |  |  |
Total comprehensive income for the year |  |  |  |  |
The notes on pages 14 to 27 form part of these financial statements.
Page 10
TRENYTHON MANOR LEISURE LIMITED REGISTERED NUMBER: 05617470 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 7 |  | - |  | 1,420,342
|  |  | - |  | 1,420,342
Current assets |  |  |  |  |
Stocks | 8 | - |  | 85,569 |
Debtors: amounts falling due within one year | 9 | 1,673,574 |  | 157,396 |
Cash at bank and in hand | 10 | 593 |  | 112,432 |
|  | 1,674,167 |  | 355,397 |
Creditors: amounts falling due within one year | 11 | (170,520) |  | (467,997) |
Net current assets/(liabilities) |  |  | 1,503,647 |  | (112,600)
Total assets less current liabilities |  |  | 1,503,647 |  | 1,307,742
Provisions for liabilities |  |  |  |  |
Deferred tax | 12 | - |  | (101,203) |
|  |  | - |  | (101,203)
Net assets |  |  | 1,503,647 |  | 1,206,539
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 1,500,000 |  | 1,500,000
Profit and loss account |  |  | 3,647 |  | (293,461)
|  |  | 1,503,647 |  | 1,206,539
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 February 2026.
G C Peires
Director
The notes on pages 14 to 27 form part of these financial statements. Page 11
TRENYTHON MANOR LEISURE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1,500,000 | (293,461) | 1,206,539
Comprehensive income for the year |  |  |
Profit for the year | - | 297,108 | 297,108
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 297,108 | 297,108
Total transactions with owners | - | - | -
At 31 December 2024 | 1,500,000 | 3,647 | 1,503,647
| The notes on pages 14 to 27 form part of these financial statements.
Page 12
TRENYTHON MANOR LEISURE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 1 | 56,761 | 56,762
Comprehensive income for the year |  |  |
Loss for the year | - | (350,222) | (350,222)
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | (350,222) | (350,222)
Contributions by and distributions to owners |  |  |
Shares issued during the year | 1,499,999 | - | 1,499,999
Total transactions with owners | 1,499,999 | - | 1,499,999
At 31 December 2023 | 1,500,000 | (293,461) | 1,206,539
| The notes on pages 14 to 27 form part of these financial statements.
Page 13
TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Trenython Manor Leisure Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act 2006. The Company is private company limited by shares registered in England and Wales. The address of the Company's registered office is shown on page 1. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The director is fully aware of his duty to assess the Company’s going concern status and has attended to this with particular care in consideration of the current economic outlook. The Company is part of the wider IDILIQ Group of companies. The ultimate parent company, Bejenno Holding Ltd, has confirmed its intention to continue to provide ongoing support to the Company as required. Having considered the ability of Bejenno Holding Ltd to provide that support, based on the confirmation received, the director believes that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company continues to adopt the going concern basis in preparing the annual report and accounts. Page 14
TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue represents amounts derived from the provision of goods and services which fall within the Company's ordinary activities after deduction of discounts and Value Added Tax. Revenue relating to travel arrangements and similar bookings is recognised at the date of departure. Income from hospitality services is recognised at the point of sale. Resort maintenance fee income is recognised as it falls due except for that received in respect of future years, which is deferred to the appropriate period.
| 2.5 | Leases
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds. Page 15
TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 16
TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | 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. At each reporting date the Company 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 4% | straight line
|  |  |  | Plant and machinery | - | 33% | straight line
|  |  |  | Motor vehicles | - | 33% | straight line
|  |  |  | Fixtures and fittings | - | 33% | straight line
|  |  |  | Office equipment | - | 33% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | 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. Page 17
TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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. Increases in provisions are generally charged as an expense to profit or loss. Page 18
TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured: - at fair value with changes recognised in the Profit and Loss Account if the shares are publicly traded or their fair value can otherwise be measured reliably; - at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Page 19
TRENYTHON MANOR LEISURE 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 company's accounting policies, which are described in note 2, 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 in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. No such revisions have been required in the current period. The directors have not identified any critical accounting judgements or key sources of estimation uncertainty.
4. | Turnover
Turnover represents amounts derived from the provision of goods and services, within the UK, which fall within the company's ordinary activities after deduction of discouts and Value Added Tax. Revenue is recognised at the point of sale of goods or provisions of services. The provision of services includes accomodation income, commercial income and maintenance fees totalling £758,660 (2023: £1,702,547). The sale of goods includes food and beverages totalling £352,293 (2023: £827,686).
5. | Employees
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 714,902 | 1,430,506
| Social security costs | 54,635 | 110,300
| Cost of defined contribution scheme | 12,371 | 25,952
|  | 781,908 | 1,566,758
| The average monthly number of employees, including directors, during the year was 56 (2023 - 87).
Page 20
TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Terminal loss relief carried back | (21,505) | -
| Total current tax | (21,505) | -
| Deferred tax |  |
| Origination and reversal of timing differences | (106,918) | (17,169)
| Adjustment in respect of prior periods | 5,715 | -
| Total deferred tax | (101,203) | (17,169)
| Tax on profit/(loss) | (122,708) | (17,169)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 174,400 | (367,391)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 43,600 | (86,412)
| Effects of: |  |
| Fixed asset differences | (253,548) | 21,923
| Expenses not deductible for tax purposes | 15,965 | -
| Group relief surrendered | 58,769 | -
| Remeasurement of deferred tax | 6,791 | -
| Adjustments to tax charge in respect of previous periods - deferred tax | 5,715 | -
| Unutilised loses | - | 51,377
| Other timing differences | - | (4,057)
| Total tax charge for the year | (122,708) | (17,169)
Page 21
TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 22

|  | TRENYTHON MANOR LEISURE LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 7. | Tangible fixed assets
|  | Freehold land and buildings | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| At 1 January 2024 | 3,727,240 | 129,854 | 38,977 | 662,119 | 88,366 | 4,646,556
| Additions | - | - | - | 1,958 | - | 1,958
| Disposals | (3,727,240) | (129,854) | (38,977) | (664,077) | (88,366) | (4,648,514)
| At 31 December 2024 | - | - | - | - | - | -
| At 1 January 2024 | 2,388,564 | 86,382 | 34,721 | 632,343 | 84,204 | 3,226,214
| Charge for the year on owned assets | 74,128 | 1,534 | 702 | 11,319 | 2,908 | 90,591
| Disposals | (2,462,692) | (87,916) | (35,423) | (643,662) | (87,112) | (3,316,805)
| At 31 December 2024 | - | - | - | - | - | -
| Net book value |  |  |  |  |  |
| At 31 December 2024 | - | - | - | - | - | -
| At 31 December 2023 | 1,338,676 | 43,472 | 4,256 | 29,776 | 4,162 | 1,420,342
| Land with a cost of £87,500 (2023: £87,500) was not depreciated.
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TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | - | 85,569
|  | - | 85,569
| There is no material difference between the balance sheet value of stock and its replacement cost.
9. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | - | 56,594
| Amounts owed by group undertakings | 1,639,850 | 27,907
| Amounts owed by related party undertakings | 6,840 | -
| Other debtors | 26,884 | 59,913
| Prepayments and accrued income | - | 12,982
|  | 1,673,574 | 157,396
| Amounts owed by group and related party undertakings are interest free and repayable on demand.
10. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 593 | 112,432
|  | 593 | 112,432
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TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | - | 103,724
| Amounts owed to group undertakings | 115,139 | 148,739
| Amounts owed to related party undertakings | 38,631 | 3,809
| Other taxation and social security | - | 4,875
| Other creditors | - | 35,450
| Accruals and deferred income | 16,750 | 171,400
|  | 170,520 | 467,997
| Amounts owed to group and related party undertakings are interest free and repayable on demand.
12. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (101,203)
| Charged to profit or loss | 101,203
| At end of year | -
| The deferred tax balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | - | (101,724)
| Other timing differences | - | 521
|  | - | (101,203)
| Comprising: |  |
| Liability | - | (101,203)
|  | - | (101,203)
| A potential deferred tax asset of £Nil (2023: £51,377) relating to losses has not been recognised as there is insufficient evidence that the asset will be recovered. The asset would only be recovered if there were sufficient profits of the same trade to utilise the losses.
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TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,500,000 (2023 - 1,500,000) Ordinary shares of £1.00 each | 1,500,000 | 1,500,000
14. | Discontinued operations
| During 2024, the Company disposed of the hotel and vacation properties, together with all related assets associated with the hotel management operations, to a third party. Details of the transaction are detailed below.
|  | £
| Cash proceeds |  | 2,075,707
|  |  | 2,075,707
| Net assets disposed of: |  |
| Tangible fixed assets | (1,333,709) |
| Stocks | (88,455) |
| Debtors | (29,850) |
|  |  | (1,452,014)
| Profit on disposal before tax |  | 623,693
| The net inflow of cash in respect of the sale of Trenython Manor is as follows:
|  | £
| Cash consideration | 2,075,707
| Less: costs | (235,468)
| Net inflow of cash | 1,840,239
15. | Commitments under operating leases
| The Company had no commitments under non-cancellable operating leases at the balance sheet date.
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TRENYTHON MANOR LEISURE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Related party transactions
| During the year the company made the following related party transactions:
|  | Sales to related party | Sales to related party | Operating and other costs from related party | Operating and other costs from related party | Amounts owed (to)/by related party at 31 December | Amounts owed (to)/by related party at 31 December
|  | £ - 2024 | £ - 2023 | £ - 2024 | £ - 2023 | £ - 2024 | £ - 2023
| Group Companies |  |  |  |  |  |
| CLC Resort Management Ltd | 379,632 | 1,116,241 | - | - | 1,611,002 | (128,544)
| Duchally House Leisure Ltd | - | - | - | - | (94,944) | -
| Trenyton Manor Resorts Ltd | - | - | - | - | (20,195) | (20,195)
| RMF Europe Ltd | - | - | - | - | 1,262 | 2,074
| Hustyns Leisure Ltd | - | - | - | - | 1,327 | 1,327
| Trenython Investments Ltd | - | - | - | - | 26,259 | 24,506
| Related Companies |  |  |  |  |  |
| CLC Resort Development Ltd | 58,101 | 7,077 | - | - | (38,631) | (3,809)
| Jade Realty Ltd | - | - | - | - | 6,840 | -
17. | Controlling party
The ultimate parent company is Bejenno Holding Limited, a company incorporated in Cyprus. The immediate parent company is Trenython Manor Resorts Limited, incorporated in the Isle of Man, which is exempt from preparing consolidated financial statements. The registered office address of Trenython Manor Resorts Limited is 19-21 Circular Road, Douglas, IM1 1AF, Isle of Man. In the opinion of the directors, the ultimate controlling party is Cavendish Trustees Limited.
Page 27