Caseware UK (AP4) 2024.0.164 2024.0.164 2025-06-30 2025-06-30 false The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2024-07-01 false 30 28 true false 10598631 2024-07-01 2025-06-30 10598631 2023-07-01 2024-06-30 10598631 2025-06-30 10598631 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2025-06-30 10598631 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 10598631 2024-06-30 10598631 d:Director1 2024-07-01 2025-06-30 10598631 d:Director2 2024-07-01 2025-06-30 10598631 d:Director3 2024-07-01 2025-06-30 10598631 d:Director3 2025-06-30 10598631 d:Director4 2024-07-01 2025-06-30 10598631 d:Director5 2024-07-01 2025-06-30 10598631 d:Director5 2025-06-30 10598631 d:RegisteredOffice 2024-07-01 2025-06-30 10598631 c:Buildings 2024-07-01 2025-06-30 10598631 c:Buildings 2025-06-30 10598631 c:Buildings 2024-06-30 10598631 c:Buildings c:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 10598631 c:Buildings c:LongLeaseholdAssets 2024-07-01 2025-06-30 10598631 c:Buildings c:LongLeaseholdAssets 2025-06-30 10598631 c:Buildings c:LongLeaseholdAssets 2024-06-30 10598631 c:PlantMachinery 2024-07-01 2025-06-30 10598631 c:PlantMachinery 2025-06-30 10598631 c:PlantMachinery 2024-06-30 10598631 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 10598631 c:MotorVehicles 2024-07-01 2025-06-30 10598631 c:MotorVehicles 2025-06-30 10598631 c:MotorVehicles 2024-06-30 10598631 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 10598631 c:FurnitureFittings 2024-07-01 2025-06-30 10598631 c:FurnitureFittings 2025-06-30 10598631 c:FurnitureFittings 2024-06-30 10598631 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 10598631 c:OfficeEquipment 2024-07-01 2025-06-30 10598631 c:OfficeEquipment 2025-06-30 10598631 c:OfficeEquipment 2024-06-30 10598631 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 10598631 c:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 10598631 c:CurrentFinancialInstruments 2025-06-30 10598631 c:CurrentFinancialInstruments 2024-06-30 10598631 c:Non-currentFinancialInstruments 2025-06-30 10598631 c:Non-currentFinancialInstruments 2024-06-30 10598631 c:CurrentFinancialInstruments c:WithinOneYear 2025-06-30 10598631 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 10598631 c:Non-currentFinancialInstruments c:AfterOneYear 2025-06-30 10598631 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 10598631 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2025-06-30 10598631 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-06-30 10598631 c:ShareCapital 2025-06-30 10598631 c:ShareCapital 2024-06-30 10598631 c:RetainedEarningsAccumulatedLosses 2025-06-30 10598631 c:RetainedEarningsAccumulatedLosses 2024-06-30 10598631 d:OrdinaryShareClass1 2024-07-01 2025-06-30 10598631 d:OrdinaryShareClass1 2025-06-30 10598631 d:OrdinaryShareClass1 2024-06-30 10598631 d:OrdinaryShareClass2 2024-07-01 2025-06-30 10598631 d:OrdinaryShareClass2 2025-06-30 10598631 d:OrdinaryShareClass2 2024-06-30 10598631 d:OrdinaryShareClass3 2024-07-01 2025-06-30 10598631 d:OrdinaryShareClass3 2025-06-30 10598631 d:OrdinaryShareClass3 2024-06-30 10598631 d:FRS102 2024-07-01 2025-06-30 10598631 d:IndependentExaminationCharity 2024-07-01 2025-06-30 10598631 d:FullAccounts 2024-07-01 2025-06-30 10598631 d:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 10598631 e:PoundSterling 2024-07-01 2025-06-30 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number: 10598631 SEDBERGH HOTEL ENTERPRISES LIMITED UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
SEDBERGH HOTEL ENTERPRISES LIMITED COMPANY INFORMATION
Directors | Mr R G T Stenhouse
| Mr A W Smith
| Mr J E Ratcliffe
| Mr P Marshall (appointed 5 July 2025)
Registered number | 10598631
Registered office | The Black Bull Hotel
| 44 Main Street
| Sedbergh
| Cumbria
| LA10 5BL
SEDBERGH HOTEL ENTERPRISES LIMITED CONTENTS
| Page
Directors' report | 1
Directors' responsibilities statement | 2
Assurance report | 3 - 4
Statement of comprehensive income | 5
Balance sheet | 6
Notes to the financial statements | 7 - 15
SEDBERGH HOTEL ENTERPRISES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Principal activity
The company's principal activity continues to be that of a Restaurant and Hotel. Business Review Trading conditions in the year to 30 June 2025 continued to be challenging and I am therefore pleased to be able to report that turnover for the year increased by 2 per cent to £1,418,603 and Earnings before Interest, Tax and Depreciation improved from a loss of £93,518 to a profit of £54,849. This improved performance reflects a lot of hard work by James, Nina and all the team at The Black Bull. Within the overall turnover figure accommodation revenues decreased relative to the previous year but both Food and Drink sales increased, the former especially so. Although the company managed to achieve an EBITDA profit it was not able to pay the interest due on its loan notes during the year and the loss before taxation, taking account of accrued interest, was £229,994. The business is facing significant cost pressures in energy, rates, food prices and employee costs. Management have worked hard to overcome these and it is notable that of the improvement in EBITDA relative to last year more than half was attributable to a reduction in costs which was achieved despite these cost headwinds. Trading conditions since the year end have been difficult with both continued cost pressures and with monthly revenue levels tending to be below the previous year. The business continues to maintain costs discipline whilst maintaining service levels and seeking to increase revenue. We are grateful for the continued support of our Shareholders and Noteholders and we are striving to make further progress in the current year.
Directors
The directors who served during the year were:
Mr R G T Stenhouse
Mr A W Smith
Mr E B Barlow (resigned 4 July 2025)
Mr J E Ratcliffe
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr R G T Stenhouse Director | Mr J E Ratcliffe Director
Date: 1 March 2026 |
Page 1
SEDBERGH HOTEL ENTERPRISES LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 2
SEDBERGH HOTEL ENTERPRISES LIMITED INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF SEDBERGH HOTEL ENTERPRISES LIMITED FOR THE YEAR ENDED 30 JUNE 2025 We have reviewed the financial statements of Sedbergh Hotel Enterprises Limited for the year ended 30 June 2025, which comprise the Statement of comprehensive income, the Balance sheet and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). Directors' Responsibility for the Financial Statements As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Accountants' Responsibility Our objective is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice. ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics. Scope of the Assurance Review A review of the financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: ∙so as to give a true and fair view of the state of the Company's affairs as at 30 June 2025, and of its loss for the year then ended; ∙in accordance with United Kingdom Generally Accepted Accounting Practice and ∙in accordance with the requirements of the Companies Act 2006. Page 3
SEDBERGH HOTEL ENTERPRISES LIMITED INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF SEDBERGH HOTEL ENTERPRISES LIMITED (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Use of our report This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 14 May 2024. Our review work has been undertaken so that we might state to the Company's directors those matters that we have agreed to state to them in a reviewer's 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 directors, as a body, for our review work, for this report or the conclusions we have formed. Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Carlisle 3 March 2026 Page 4
SEDBERGH HOTEL ENTERPRISES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
| £ | £
Turnover |  | 1,418,603 | 1,387,480
Cost of sales |  | (387,173) | (402,842)
Gross profit |  | 1,031,430 | 984,638
Administrative expenses |  | (1,086,786) | (1,193,770)
Other operating income |  | 17,775 | 22,614
Operating loss |  | (37,581) | (186,518)
Interest payable and similar expenses |  | (192,413) | (204,408)
Loss before tax |  | (229,994) | (390,926)
Loss for the financial year |  | (229,994) | (390,926)
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 7 to 15 form part of these financial statements.
Page 5
SEDBERGH HOTEL ENTERPRISES LIMITED REGISTERED NUMBER: 10598631 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,956,444 |  | 2,030,636
|  |  | 1,956,444 |  | 2,030,636
Current assets |  |  |  |  |
Stocks | 5 | 46,492 |  | 45,292 |
Debtors: amounts falling due within one year | 6 | 32,631 |  | 15,653 |
Cash at bank and in hand | 7 | 92,220 |  | 64,725 |
|  | 171,343 |  | 125,670 |
Creditors: amounts falling due within one year | 8 | (3,993,538) |  | (3,786,870) |
Net current liabilities |  |  | (3,822,195) |  | (3,661,200)
Total assets less current liabilities |  |  | (1,865,751) |  | (1,630,564)
Creditors: amounts falling due after more than one year | 9 |  | (168,814) |  | (174,007)
Net liabilities |  |  | (2,034,565) |  | (1,804,571)
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 243,750 |  | 243,750
Profit and loss account |  |  | (2,278,315) |  | (2,048,321)
|  |  | (2,034,565) |  | (1,804,571)
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 by:
Mr R G T Stenhouse | James Ratcliffe
Director | Director
Date: 1 March 2026 |
The notes on pages 7 to 15 form part of these financial statements. Page 6
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Sedbergh Hotel Enterprises Limited is a private company limited by shares incorporated in the United Kingdom, the company registration number is 10598631. The registered office address is The Black Bull Hotel, 44 Main Street, Sedbergh, LA10 5BL. The financial statements have been presented in pound sterling and rounded to the nearest £. 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 requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 directors have prepared forecasts through to June 2027 and have carefully considered the company's ability to operate as a going concern. The company has continued to make losses in the current year as it has done in prior years. The directors have reacted to recent budget changes that have increased the cost base for the company and have contributed to the in-year loss. The company has invested in new assets, such as the Stables bar facility, to enable them to offer a wider range of services including corporate and private events. This, together with a new strategy focussed on hosting unique events, will help the company to increase the occupancy levels and revenue streams that management have built into the cashflow forecasts that support their going concern assessment. Managements' forecasts are underpinned by estimating future events and there is a risk that the sales forecast may not be achieved. As with prior years, the directors have put in place contingency plans to generate cash if required to mitigate the risk that actual performance is not in line with the budget forecasts. These include the sale of non-essential assets or the option to take repayment holidays on loans or interest payable, if required. Based on the current cash balance at the date of signing the financial statements and the future forecasts, the directors are satisfied that the company will have the cash available to continue to operate for a period of a least 12 months. Page 7
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services 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 Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | 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.
| 2.5 | 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 8
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.6 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | Straight line
|  |  |  | Property improvements | - | 4% | Straight line
|  |  |  | Plant and machinery | - | 25% | Reducing balance
|  |  |  | Motor vehicles | - | 20% | Reducing balance
|  |  |  | Fixtures and fittings | - | 20% | Straight line
|  |  |  | Office equipment | - | 25% | Reducing balance
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.
| 2.7 | 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. 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.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | 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. Page 9
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 30 (2024 - 28).
4. | Tangible fixed assets
|  | Freehold property | Property improvements | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 July 2024 | 886,525 | 1,467,957 | 272,972 | 11,500 | 4,458 | 11,321 | 2,654,733
| Additions | - | 14,345 | 6,574 | - | - | - | 20,919
| At 30 June 2025 | 886,525 | 1,482,302 | 279,546 | 11,500 | 4,458 | 11,321 | 2,675,652
| Depreciation |  |  |  |  |  |  |
| At 1 July 2024 | 48,655 | 336,815 | 222,936 | 1,840 | 4,136 | 9,715 | 624,097
| Charge for the year on owned assets | 17,731 | 58,718 | 16,567 | 1,472 | 322 | 301 | 95,111
| At 30 June 2025 | 66,386 | 395,533 | 239,503 | 3,312 | 4,458 | 10,016 | 719,208
| Net book value |  |  |  |  |  |  |
| At 30 June 2025 | 820,139 | 1,086,769 | 40,043 | 8,188 | - | 1,305 | 1,956,444
| At 30 June 2024 | 837,870 | 1,131,142 | 50,036 | 9,660 | 322 | 1,606 | 2,030,636
| The net book value of the assets currently held under hire purchase is £Nil (2024: £Nil). The value of land which is included in freehold property that is not depreciated is £200,000 (2024: £200,000).
Page 10
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Goods for resale | 46,492 | 45,292
|  | 46,492 | 45,292
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 159 | 159
| Prepayments and accrued income | 32,472 | 15,494
|  | 32,631 | 15,653
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 92,220 | 64,725
|  | 92,220 | 64,725
Page 11
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 10,138 | 10,267
| Payments received on account | 80,620 | 58,689
| Trade creditors | 94,412 | 80,443
| Loan notes | 3,056,272 | 3,056,272
| Other taxation and social security | 63,392 | 56,488
| Obligations under finance lease and hire purchase contracts | 3,438 | 3,438
| Other creditors | 87,489 | 95,531
| Accruals and deferred income | 597,777 | 425,742
|  | 3,993,538 | 3,786,870
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 10,267 | 10,267
| Net obligations under finance leases and hire purchase contracts | 3,438 | 3,438
| Loan Notes | 3,056,272 | 3,056,272
|  | 3,069,977 | 3,069,977
| Details of security provided:
The Loan Notes are secured by a Fixed Charge on the property and a Floating Charge over all other assets of the Company. The A & B Loan Notes accrue interest at the higher of Bank of England Base Rate plus 1% and 6% per annum. Interest of £184,024 was accrued during the current year of which £nil was paid. C Loan Notes were issued in April 2020, these Loan Notes accrue interest at a rate of the higher of Bank of England Base Rate plus 2% and 3% per annum. Interest of £11,093 was accrued during the current year of which £nil was paid. There are no fixed repayment dates for the Capital attached to the A & B Notes, no repayments can be made until the C Notes have been repaid. The company must make repayments out of after-tax profit each year (after retaining £50,000) but if there are no retained profits there is no repayment due. The Bank Loan relates to a Bounceback Loan backed by the UK Government to assist businesses to continue trading once Coronavirus restrictions were lifted. The Bounceback Loan accrues interest at a rate of 2.5% per annum with the full amount of interest due during the year being paid. Page 12
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 3,814 | 9,007
| Loan notes | 165,000 | 165,000
|  | 168,814 | 174,007
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 3,682 | 9,007
| Loan notes | 165,000 | 165,000
|  | 168,682 | 174,007
| Details of security provided:
The Loan Notes are secured by a Fixed Charge on the property and a Floating Charge over all other assets of the Company. The A & B Loan Notes accrue interest at the higher of Bank of England Base Rate plus 1% and 6% per annum. Interest of £184,024 was accrued during the current year of which £nil was paid. C Loan Notes were issued in April 2020, these Loan Notes accrue interest at a rate of the higher of Bank of England Base Rate plus 2% and 3% per annum. Interest of £11,093 was accrued during the current year of which £nil was paid. There are no fixed repayment dates for the Capital attached to the A & B Notes, no repayments can be made until the C Notes have been repaid. The company must make repayments out of after-tax profit each year (after retaining £50,000) but if there are no retained profits there is no repayment due. The Bank Loan relates to a Bounceback Loan backed by the UK Government to assist businesses to continue trading once Coronavirus restrictions were lifted. The Bounceback Loan accrues interest at a rate of 2.5% per annum with the full amount of interest due during the year being paid. Page 13
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 10,138 | 10,267
|  | 10,138 | 10,267
| Amounts falling due 1-2 years |  |
| Bank loans | 3,812 | 9,007
|  | 3,812 | 9,007
|  | 13,950 | 19,274
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 87,500 (2024 - 87,500) Ordinary A Shares of £1.0 each | 87,500 | 87,500
|  | 68,750 (2024 - 68,750) Ordinary B Shares of £1.0 each | 68,750 | 68,750
|  | 87,500 (2024 - 87,500) Ordinary C Shares of £1.0 each | 87,500 | 87,500
|  |  | 243,750 | 243,750
| The A Ordinary, B Ordinary and C Ordinary Shares rank pari passu in all respects but constitute separate classes of shares. On a show of hands, a holder of ordinary A, B and C shares has one vote for each ordinary A, B and C share. The ordinary A, B and C shares, as respects dividends, participate equally in any distribution. The ordinary A, B and C shares, as respects capital, participate equally in a distribution (including on a winding up). The Ordinary A, B and C shares are not redeemable.
Page 14
SEDBERGH HOTEL ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Pension commitments
The company operates a defined contribution pension scheme. The contributions to the scheme in the year were £12,110 (2024 - £11,964). Contributions totalling £2,516 (2024 - £1,250) were payable at the year end and included within creditors.
13. | Related party transactions
| During the year, a Director and his spouse were owed £8,038 (2024 - £17,478) by the Company. This amount is interest free and repayable on demand. The amount is included in other creditors.
14. | Controlling party
In the opinion of the directors, no individual shareholder has control of the company.
Page 15