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Euro (Newquay) Limited
Annual Report and Financial Statements
Year Ended 31 March 2025

Registration number: 02686300

Euro (Newquay) Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 10

Euro (Newquay) Limited

Company Information

Directors | J M Nettleton G L Nettleton

Registered office | Lowin House Tregolls Road Truro Cornwall TR1 2NA

Bankers | Barclays Bank 14 King Street Truro Cornwall TR1 2RB

Auditors | PKF Francis Clark Statutory AuditorLowin House Tregolls Road Truro Cornwall TR1 2NA

Euro (Newquay) Limited

Balance Sheet

31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 3,791 | -
Tangible assets | 5 | 2,249,993 | 2,408,774
|  | 2,253,784 | 2,408,774
Current assets |  |  |
Stocks | 6 | 26,024 | 25,661
Debtors | 7 | 2,084,833 | 1,227,292
Cash at bank and in hand |  | 145,877 | 325,335
|  | 2,256,734 | 1,578,288
Creditors: Amounts falling due within one year | 8 | (2,692,238) | (2,198,544)
Net current liabilities |  | (435,504) | (620,256)
Total assets less current liabilities |  | 1,818,280 | 1,788,518
Provisions for liabilities |  | (170,740) | (197,685)
Net assets |  | 1,647,540 | 1,590,833
Capital and reserves |  |  |
Called up share capital | 9 | 1,000 | 1,000
Profit and loss account |  | 1,646,540 | 1,589,833
Shareholders' funds |  | 1,647,540 | 1,590,833

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss account has been taken.

Approved and authorised by the Board on 17 February 2026 and signed on its behalf by:

......................................... J M Nettleton Director

Company Registration Number: 02686300

Euro (Newquay) Limited

Notes to the Financial Statements

Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The principal place of business is:
The Esplanade Hotel
Esplanade Road
Pentire
Newquay
Cornwall
TR7 1PS

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in pounds sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Euro (Newquay) Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Going concern

At the balance sheet date the company had net current liabilities of £435,504 (2024 - £620,256). Included in current liabilities is £1,726,499 (2024 - £1,375,365) with regards to amounts due to group undertakings.
Management have assessed a number of factors in respect of the appropriateness of the going concern assertion, and in particular the impact of ongoing inflationary pressures. Forecasts have been prepared which support the ability of the company to meet its obligations as and when they fall due and management will continue to monitor these forecasts in light of the uncertain economic environment.
Comprehensive commentary on the factors assessed at a group level are outlined in the consolidated financial statements for Nettleton Holdings Limited which are available at Companies House.
After due consideration of these factors the Directors are satisfied that the company and wider group will be able to operate within their available facilities and continue as a going concern for the foreseeable future – being a period no less than 12 months from the date of approval of these
financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Accommodation revenue is recognised at the point of the customer staying in the room. Deposits received in advance of customer stays are treated as payments on account and recognised within creditors due within one year.
Food, beverage and all other sales are recognised at the point of sale.

Government grants

The company accounts for grants under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.
The company has not directly benefited from any other forms of government assistance in the current or prior year.

Euro (Newquay) Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold land and buildings | Straight line over 50 years
Fixtures and fittings | Straight line over 10 years
Motor vehicles | Straight line over 4 years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Euro (Newquay) Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Inter group debt; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Critical judgements and estimation uncertainty

In applying 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 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.
A key area of estimation in the financial statements relates to depreciation. The company continually invests in its product and keeps the hotel in a high state of repair. Profits / (losses) on disposal of assets are also considered in the context of whether they indicate the need to revise a depreciation estimate.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 64 (2024 - 64).

Euro (Newquay) Limited

Notes to the Financial Statements

Year Ended 31 March 2025

4 | Intangible assets

| Software costs £ | Total £
Cost or valuation
Additions acquired separately | 4,333 | 4,333
At 31 March 2025 | 4,333 | 4,333
Amortisation
Amortisation charge | 542 | 542
At 31 March 2025 | 542 | 542
Carrying amount
At 31 March 2025 | 3,791 | 3,791

Amortisation of intangible assets is recognised in administrative expenses.

Euro (Newquay) Limited

Notes to the Financial Statements

Year Ended 31 March 2025

5 | Tangible assets

| Land and buildings £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 April 2024 | 2,469,063 | 132,700 | 1,430,756 | 4,032,519
Additions | 9,203 | - | 691 | 9,894
At 31 March 2025 | 2,478,266 | 132,700 | 1,431,447 | 4,042,413
Depreciation
At 1 April 2024 | 841,672 | 132,700 | 649,373 | 1,623,745
Charge for the year | 45,315 | - | 123,360 | 168,675
At 31 March 2025 | 886,987 | 132,700 | 772,733 | 1,792,420
Carrying amount
At 31 March 2025 | 1,591,279 | - | 658,714 | 2,249,993
At 31 March 2024 | 1,627,391 | - | 781,383 | 2,408,774

The freehold land and buildings disclosed above are secured by means of a charge dated 17 January 2011 in respect of Barclays Bank PLC. The respective bank debt is held in another group undertaking.

Included within the net book value of land and buildings above is £1,591,279 (2024 - £1,627,391) in respect of freehold land and buildings.

6 | Stocks

| 2025 £ | 2024 £
Consumables | 26,024 | 25,661

Euro (Newquay) Limited

Notes to the Financial Statements

Year Ended 31 March 2025

7 | Debtors

| 2025 £ | 2024 £
Trade debtors | 55,032 | 23,279
Amounts due from group undertakings | 102,976 | -
Other debtors | 1,802,224 | 1,158,901
Prepayments | 124,601 | 45,112
| 2,084,833 | 1,227,292

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 289,137 | 224,865
Amounts due to group undertakings | 11 | 1,726,499 | 1,375,365
Corporation tax |  | 91,791 | 31,575
Social security and other taxes |  | 123,295 | 109,276
Outstanding defined contribution pension costs |  | 7,508 | 3,304
Other creditors |  | 105,486 | 93,676
Accrued expenses |  | 64,714 | 98,441
Payments on account |  | 283,808 | 262,042
|  | 2,692,238 | 2,198,544

9 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 1,000 | 1,000 | 1,000 | 1,000

Euro (Newquay) Limited

Notes to the Financial Statements

Year Ended 31 March 2025

10 | Financial commitments, guarantees and contingencies

Euro (Newquay) Limited is subject to a cross guarantee and debenture with fellow subsidiaries of Nettleton Holdings Limited in respect of group borrowings.
At the balance sheet date the value of the outstanding loans in aggregate was £11,642,746 (2024 - £7,024,926).

11 | Related party transactions

Transactions with directors

During the year advances of £559,252 (2024 - £280,739) and repayments of £5,000 (2024 - £234,269) were made by the directors against their loans.
At the balance sheet date certain directors owed the company £1,285,082 (2024 - £832,189). The loans were interest free, unsecured and repayable upon demand.

12 | Parent and ultimate parent undertaking

The company's immediate parent is Nettleton Holdings Limited, incorporated in England and Wales. The registered office of the company is Lowin House, Tregolls Road, Truro, TR1 2NA.
The most senior parent entity producing publicly available financial statements is Nettleton Holdings Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

13 | Statement on auditors' report pursuant to s444 5(B) to the Companies Act 2006

The financial statements for the year ended 31 March 2025 were audited by:
PKF Francis Clark, statutory auditor
Lowin House
Tregolls Road
Truro
TR1 2NA
The senior statutory auditor was Nicola Cornish BSc BFP FCA CTA.
An unqualified and unmodified auditors' report on the financial statements for the year ended 31 March 2025 has been issued on 19 February 2026.