Company Registration No. 13394610 (England and Wales)
WORVAL HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
WORVAL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S C Tregoning
Mrs S A Tregoning
Ms K L Tregoning
Secretary
Mr S C Tregoning
Company number
13394610
Registered office
Sapphire House
Hayle Industrial Park
Hayle
Cornwall
England
TR27 5JR
Auditor
TC Group
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
WORVAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14 - 15
Company balance sheet
16 - 17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
WORVAL HOLDINGS LIMITED
CONTENTS
Company statement of cash flows
Notes to the financial statements
21 - 42
WORVAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The Directors present the strategic report of Worval Holdings Limited (the “Company”) and its subsidiaries (collectively the “Group”) for the year ended 31 December 2024.

Overview and principle activities

The principal activity of the Group is the delivery of holiday letting agency services, the key agencies operating within the Group are Aspects Holidays Ltd, Boutique Retreats Ltd, and Classic Cottages Limited. Through our specialist internal teams, we provide operational, pricing and marketing insights to ensure that property owners maximise the potential of their holiday let properties.

In addition, another subsidiary is Pure Management Services Ltd that offers property management services to the Group and businesses externally.

A core part of our purpose is to drive sustainable growth across our portfolio of brands, while delivering a positive impact for our people, communities and the planet. Our vision is to create a portfolio of businesses that set the standard for responsible and sustainable travel through technical lead innovation and exceptional customer service.

Business overview
Worval Holdings Limited is the parent company of several UK-based holiday brands, operating in the leisure and travel sector. Our portfolio focuses on delivering memorable, high-quality holiday experiences while championing sustainable and ethical operations.
Core brands include:
• Sapphire Holidays Limited – our intermediary parent company, mission-locked under its B Corp commitments to ensure sustainability and ethical standards remain central to its future
• Classic Cottages Limited – our flagship holiday lettings brand, marketing a broad portfolio of quality self-catering properties across the UK
• Boutique Retreats Ltd – our luxury brand, specialising in a carefully curated collection of design led, high end self-catering properties across the UK
• Aspects Holidays Ltd – our Cornwall focused brand, offering a wide range of self-catering holiday let properties across the county
• Pure Management Services Ltd – our specialist services business, providing operational, compliance and support services to our group brands and to other holiday letting agencies operating in the same sector
Our strategic priorities remain focused on driving growth, improving operational efficiency, digital innovation, and creating positive impact.
Business model and value creation
The Group operates a multi-brand model combining strong local expertise with centralised shared services in digital marketing, business intelligence, technology, HR and finance. This structure allows each brand to retain its authenticity and close relationships with property owners while benefiting from the scale, systems, and resources of the wider Group.
Value is created through long-term owner partnerships, consistent property standards, and data-driven marketing that optimise occupancy and pricing. Central support functions, including finance, HR, compliance, and technology, enable operational efficiency and ensure that our brands can focus on delivering exceptional customer experiences.
This blend of local focus and group-wide collaboration underpin sustainable growth, strengthen brand equity, and supports resilient performance across market cycles.
WORVAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Strategic acquisitions and integration
During 2024, the Group continued to pursue its growth strategy through targeted acquisitions and partnerships designed to strengthen regional presence and diversify our brand portfolio. In the second half of the year, the Group completed the share acquisitions of Norfolk Holiday Homes Ltd and Cathole Cottages Ltd. Both businesses were subsequently hived up into Classic Cottages Limited. These acquisitions provided the Group with an established presence in East Anglia and the Yorkshire Dales - regions where we previously had limited representation.
The final transaction of 2024 was the asset purchase of Mevagissey Holiday Cottages, a small local agency whose property portfolio has been integrated into Aspects Holidays Ltd, further strengthening our presence in Cornwall.
This momentum continued into 2025, with three further acquisitions completed in the first half of the year:
• Grandeur Property Management Limited – a share acquisition establishing a new brand within the Group specialising in the luxury urban market, representing a strategic diversification in our sector to a segment with long-term potential.
• Ocean Cottages Limited – a share acquisition in a North Devon agency with an exceptional portfolio of high-quality coastal properties. Operations have since been integrated into Classic Cottages Limited, enhancing the coverage along the North Devon coastline.
• Island Escapes Limited – a share acquisition in the leading agency based on the Isle of Man. Island Escapes Limited joins the Group as a standalone brand and represents an excellent cultural and operational fit. We are enthusiastic about the long-term opportunities on the Isle of Man and the potential to grow visitor numbers to this unique destination.
These acquisitions are all aligned with our long-term objective to consolidate the fragmented UK holiday-letting sector while maintaining strong local brands and relationships that preserve the regional identity of each area in which we operate.
Business performance

For the financial year ending 31 December 2024, the Group's core brands delivered a resilient performance in 2024 despite a challenging environment for the UK travel and holiday-letting sector. Group turnover totaled £15.32 m, a modest reduction from £15.74 m in 2023, reflecting broader market headwinds. Profits before taxation was £3.05 m (2023: £4.18 m), with profits for the year at £2.30 m (2023: £3.20 m).

Core Brands | 2024 | 2023 | 2022 | 2021
Turnover | 15,315,524 | 15,736,382 | 16,185,432 | 15,102,296
Profit before taxation | 3,052,158 | 4,176,827 | 5,508,082 | 6,293,959
Profit for year | 2,295,083 | 3,200,206 | 4,416,604 | 5,007,252

WORVAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Sustainability and B Corp commitments
B Corp certification
At the end of 2024, Sapphire Holidays proudly achieved B Corporation certification, attaining a score of 90.2. This milestone represents the culmination of years of commitment and investment into responsible business practices that demonstrate our ongoing drive to make a positive impact on the world around us. The B Corp verification process provided an invaluable opportunity to reflect on our values, evaluate our operations, and ensure that our growth remains firmly aligned with ethical, sustainable, and socially conscious principles.
Environmental stewardship
Our environmental initiatives made significant progress throughout 2024. Through the introduction of our incentivised car share scheme, we collectively saved over 20,000 commuting miles, reducing our carbon footprint and promoting sustainable travel habits. At our Hayle head office, we installed 80 solar panels to generate renewable energy on-site and added EV charging stations to support our expanding fleet of hybrid vehicles. Together these measures represent important steps in our transition toward a more sustainable operating model.
Community engagement
Supporting and engaging with communities continues to be a core pillar of our business. Each team member is allocated three paid volunteering days per year, which are used for a wide range of activities including beach cleans, community interest projects, and charity work. In 2024, volunteering participation increased by almost 100% compared to the previous year, an inspiring reflection of our team's enthusiasm to give back.
In addition, our Charity Council oversees our financial contributions to community causes. Over the year, the Group donated more than £150,000 to local and national organisations, including St Petrocs, local youth groups such as the Brownies and Cubs, and several fundraising events.
Our people
Our people remain at the heart of everything we do. In 2024, we enhanced our wellbeing offering by partnering with Help@Hand, providing all employees access to unlimited GP appointments, mental health support, financial advice, and wellbeing webinars. We also strengthened our internal wellbeing network, with 28 team members completing Mental Health First Aid training during the year. These initiatives ensure that our workforce feels supported, valued, and empowered to thrive both personally and professionally.
Customers
Our commitment to exceptional customer service continues to be recognised externally. In 2024, Classic Cottages Limited were Which? Recommended for the fourth consecutive year, demonstrating our dedication to delivering outstanding service and maintaining the highest levels of customer satisfaction.
Governance and ethical leadership
As part of our B Corp certification, we mission-locked Sapphire Holidays Limited, embedding ethical and sustainable values into the company's governing documents. This ensures that, regardless of future changes, the business will always operate in alignment with its founding principles of integrity, responsibility, and sustainability.
WORVAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Looking ahead
Achieving B Corp status marks the beginning of an ongoing journey rather than an endpoint. We remain committed to continual improvement and innovation across all aspects of our operations.
Looking ahead, our focus will be on embedding the benefits of our recent acquisitions and driving the performance through innovation, efficiency, and sustainability. The Group's strategic priorities for 2025 and beyond include:
• Delivering operational and cultural integration across newly acquired businesses, implementing shared systems, processes, and operational efficiencies while retaining strong local brands and relationships.
• Continuing the technological development of our property management and booking technology platform, enabling greater scalability, improved data insight, and enhanced guest and owner experience.
• Continuing disciplined capital investment in our people, infrastructure, and sustainability commitments - including the completion of our new eco office in 2025.
• Reaching our goal of sourcing 50% of purchases locally, supporting regional economies and reducing our environmental impact.
These priorities will ensure the Group continues to grow responsibly, balancing commercial performance with our wider commitments to people, communities, and the planet.
Principal risks and uncertainties
Economic risk
The broader UK economy continues to experience the effects of inflation and elevated interest rates, this has continued to affect consumer spending, which translates into a more value-conscious customer base with later booking patterns.
The Group continues to respond through considered pricing strategies, data analytics, and refined marketing campaign strategy designed to stimulate bookings during shoulder periods and maintain our appeal to loyal customers while attracting new guests seeking quality, inspected, well-managed accommodation at a fair market rates.
Regulatory risk
The UK holiday-letting industry is entering a period of significant regulatory reform. Proposed national registration schemes, OECD DAC7 reporting requirements, licensing and tourism levies in Wales, and the abolition of the Furnished Holiday Lettings regime in April 2025 all have potential to increase compliance complexity and alter the dynamic for property owners financially.
These developments could affect property supply and increase administrative burdens on operators. The Group's management team closely monitors legislative progress and maintains proactive engagement with advisors and industry bodies. By preparing early for regulatory change and strengthening internal compliance frameworks, the Group remains fully compliant while supporting property owners through transparent communication and professional guidance. We support the move towards a professionalised market, and expect the increasing complexity of compliance to reduce competition from non-compliant operators.
WORVAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Market competition
The UK holiday-letting market is highly competitive, especially in key destinations. The Group mitigates this risk by prioritising quality over quantity, ensuring each brand retains its distinctive position within the market. Our focus on premium property standards, guest experience, and brand integrity continues to differentiate it from mass-market platforms. Investment in technology also supports better conversion rates, owner satisfaction, and operational efficiency, reinforcing the resilience of our business model.
Technological risks
The UK holiday-letting industry is becoming increasingly reliant on technology, with customer expectations shaped by the offerings across the wider travel sector. Maintaining a strong market position therefore depends on continual investment in the Group's digital platforms, proprietary systems, and data infrastructure. Without ongoing development, there is a risk that the Group could lose its competitive advantage, experience reduced operational efficiency or fail to meet the evolving needs of guests and property owners.
At the same time, greater digital integration brings exposure to cyber threats, data breaches, and system interruptions.
To mitigate these risks, we continue to prioritise investment in digital transformation, including website security, enhancements, automation of internal processes, and the evolution of our proprietary systems.
Climate and environmental factors
The physical and reputational impacts of climate change are becoming increasingly material to the tourism and accommodation sectors. Extreme weather events, coastal erosion, and changing seasonal patterns can disrupt travel demand, increase property maintenance costs, or affect insurance coverage.
The Group is responding by incorporating environmental resilience and sustainability into its long-term investment planning and monitoring its ongoing environmental impact through its membership of B Corp and the subsequent assessments and verifications required to maintain membership.
Risk management

In line with their duties under Section 172 of the Companies Act 2006, the directors consider effective risk management to be a core part of responsible decision-making. Risks are identified, assessed, and managed regularly as part of the company’s operations and long-term planning, whilst staying adaptable to change. Internal controls and reporting processes support informed decisions and help maintain a balanced approach between managing risk and pursuing strategic growth opportunities.

On behalf of the board

Mr S C Tregoning
Director
12 March 2026
WORVAL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the Group is the delivery of holiday letting agency services, the key agencies operating within the Group are Aspects Holidays Ltd, Boutique Retreats Ltd, and Classic Cottages Limited. Through our specialist internal teams, we provide operational, pricing and marketing insights to ensure that property owners maximise the potential of their holiday let properties.

In addition, another subsidiary is Pure Management Services Ltd that offers property management services to the Group and businesses externally.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £400,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S C Tregoning
Mrs S A Tregoning
Ms K L Tregoning
Auditor

TC Group were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr S C Tregoning
Director
12 March 2026
WORVAL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WORVAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WORVAL HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of Worval Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's 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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

WORVAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WORVAL HOLDINGS LIMITED
- 9 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

WORVAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WORVAL HOLDINGS LIMITED
- 10 -
Auditor's 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 auditor's 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

WORVAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WORVAL HOLDINGS LIMITED
- 11 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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 auditor'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 members as a body, for our audit work, for this report, or for the opinions we have formed.

James Pearce (Senior Statutory Auditor)
For and on behalf of TC Group
13 March 2026
Chartered Accountants
Statutory Auditor
Vivian House
Newham Road
Truro
Cornwall
United Kingdom
TR1 2DP
WORVAL HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
15,345,846
15,725,481
Cost of sales
(1,658,791)
(1,831,592)
Gross profit
13,687,055
13,893,889
Administrative expenses
(11,639,703)
(10,843,903)
Other operating income
23,049
48,848
Operating profit
4
2,070,401
3,098,834
Interest receivable and similar income
8
530,083
316,584
Interest payable and similar expenses
9
(7,510)
-
0
Amounts written off investments
1,790
(1,790)
Profit before taxation
2,594,764
3,413,628
Tax on profit
10
(906,032)
(969,528)
Profit for the financial year
24
1,688,732
2,444,100
Profit for the financial year is attributable to:
- Owners of the parent company
1,246,063
2,254,170
- Non-controlling interests
442,669
189,930
1,688,732
2,444,100
WORVAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
£
£
Profit for the year
1,688,732
2,444,100
Other comprehensive income
-
-
Total comprehensive income for the year
1,688,732
2,444,100
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,246,063
2,254,170
- Non-controlling interests
442,669
189,930
1,688,732
2,444,100
WORVAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
4,187,233
4,735,000
Tangible assets
13
7,115,851
7,239,008
Investment properties
14
1,057,447
-
0
Investments
15
5,000
5,000
12,365,531
11,979,008
Current assets
Debtors
17
1,884,926
689,089
Cash at bank and in hand
15,071,719
15,181,731
16,956,645
15,870,820
Creditors: amounts falling due within one year
18
(12,023,098)
(11,353,647)
Net current assets
4,933,547
4,517,173
Total assets less current liabilities
17,299,078
16,496,181
Creditors: amounts falling due after more than one year
19
(2,083)
-
Provisions for liabilities
Deferred tax liability
21
176,361
35,807
(176,361)
(35,807)
Net assets
17,120,634
16,460,374
Capital and reserves
Called up share capital
23
5,000
10,000
Capital redemption reserve
24
5,000
-
0
Other reserves
24
16,567,626
16,567,626
Profit and loss reserves
24
123,545
(717,518)
Equity attributable to owners of the parent company
16,701,171
15,860,108
Non-controlling interests
419,463
600,266
17,120,634
16,460,374
WORVAL HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2026 and are signed on its behalf by:
12 March 2026
Mr S C Tregoning
Director
WORVAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 16 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
6,189,465
6,175,405
Investment properties
14
655,888
-
0
Investments
15
93,420
93,420
6,938,773
6,268,825
Current assets
Debtors
17
216,437
126,082
Cash at bank and in hand
4,643,112
2,934,083
4,859,549
3,060,165
Creditors: amounts falling due within one year
18
(465,922)
(295,002)
Net current assets
4,393,627
2,765,163
Total assets less current liabilities
11,332,400
9,033,988
Provisions for liabilities
Deferred tax liability
21
129,469
-
0
(129,469)
-
Net assets
11,202,931
9,033,988
Capital and reserves
Called up share capital
23
5,000
10,000
Capital redemption reserve
24
5,000
-
0
Profit and loss reserves
24
11,192,931
9,023,988
Total equity
11,202,931
9,033,988

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £2,573,943 (2023 - £3,549,114 profit).

WORVAL HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 17 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2026 and are signed on its behalf by:
12 March 2026
Mr S C Tregoning
Director
Company Registration No. 13394610
WORVAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2023
10,000
-
0
16,567,626
1,028,312
17,605,938
1,368,608
18,974,546
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
2,254,170
2,254,170
189,930
2,444,100
Dividends
11
-
-
-
(4,000,000)
(4,000,000)
(958,272)
(4,958,272)
Balance at 31 December 2023
10,000
-
0
16,567,626
(717,518)
15,860,108
600,266
16,460,374
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
1,246,063
1,246,063
442,669
1,688,732
Dividends
11
-
-
-
(400,000)
(400,000)
(623,472)
(1,023,472)
Redemption of shares
23
-
5,000
-
(5,000)
-
-
-
0
Reduction of shares
23
(5,000)
-
-
-
(5,000)
-
(5,000)
Balance at 31 December 2024
5,000
5,000
16,567,626
123,545
16,701,171
419,463
17,120,634
WORVAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
10,000
-
0
9,474,874
9,484,874
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
3,549,114
3,549,114
Dividends
11
-
-
(4,000,000)
(4,000,000)
Balance at 31 December 2023
10,000
-
0
9,023,988
9,033,988
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
2,573,943
2,573,943
Dividends
11
-
-
(400,000)
(400,000)
Redemption of shares
23
-
5,000
(5,000)
-
0
Reduction of shares
23
(5,000)
-
-
(5,000)
Balance at 31 December 2024
5,000
5,000
11,192,931
11,202,931
WORVAL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,027,752
3,821,816
Interest paid
(7,510)
-
0
Income taxes paid
(1,152,233)
(1,129,260)
Net cash inflow from operating activities
1,868,009
2,692,556
Investing activities
Purchase of intangible assets
(70,048)
(40)
Purchase of tangible fixed assets
(1,848,511)
(1,548,327)
Proceeds on disposal of tangible fixed assets
75,406
9,743
Proceeds on disposal of investment property
656,802
-
Loans made
(300,364)
-
Interest received
530,083
316,584
Net cash used in investing activities
(956,632)
(1,222,040)
Financing activities
Redemption of shares
(5,000)
-
0
Bank loans obtained on business acquisition
7,083
-
Dividends paid to equity shareholders
(400,000)
(4,000,000)
Dividends paid to non-controlling interests
(623,472)
(958,272)
Net cash used in financing activities
(1,021,389)
(4,958,272)
Net decrease in cash and cash equivalents
(110,012)
(3,487,756)
Cash and cash equivalents at beginning of year
15,181,731
18,669,487
Cash and cash equivalents at end of year
15,071,719
15,181,731
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
1
Accounting policies
Company information

Worval Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Sapphire House, Hayle Industrial Park, Hayle, Cornwall, England, TR27 5JR.

The group consists of Worval Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Worval Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -

Revenue is generated from holiday lettings in the period in which the lettings are taking place, deferring income from deposits received in prior periods until the relevant period commences. It is the judgement of management that this policy most accurately represents the point at which the company's obligations are discharged and revenue can be recognised.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Leasehold property
2% straight line
Plant and equipment
10% and 20% straight line
Fixtures and fittings
2% - 25% stright line (50% for linen)
Office equipment
25% straight line
Motor vehicles
20% - 25% straight line

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Property rented to a group entity is accounted for as tangible fixed assets.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 25 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

In their role as booking agent, members of the consolidated group receive and handle funds related to the booking process, these amounts are included within cash and cash equivalents on the balance sheet. The funds are held on behalf of property owners, in respect of future dated bookings and are released once the performance obligation has been contractually met. For operational purposes, these funds are frequently pooled at a group level, the Group and its subsidiaries have committed to remit these on demand such that obligations to pay or return funds to guests and owners by members of the group can be met as they fall due.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 26 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 27 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 28 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Other significant revenue
Interest income
530,083
316,584

All turnover arose in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
478,938
375,201
Profit on disposal of tangible fixed assets
(43,836)
(33,604)
Profit on disposal of investment property
(198,632)
-
0
Amortisation of intangible assets
786,350
694,870
Operating lease charges
166,317
186,551
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,000
3,200
Audit of the financial statements of the company's subsidiaries
49,000
58,550
56,000
61,750
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Key management personnel
7
6
3
3
Other employees
180
177
-
-
Total
187
183
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,789,092
5,340,860
62,816
44,698
Social security costs
570,390
468,786
3,319
1,308
Pension costs
284,353
263,932
1,069
-
0
6,643,835
6,073,578
67,204
46,006
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
36,000
37,229
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
530,083
316,584

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
530,083
316,584
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
115
-
Other finance costs:
Other interest
7,395
-
Total finance costs
7,510
-
0
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
813,448
1,019,741
Adjustments in respect of prior periods
(43,657)
-
0
Total current tax
769,791
1,019,741
Deferred tax
Origination and reversal of timing differences
136,241
(50,213)
Total tax charge
906,032
969,528
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 32 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,594,764
3,413,628
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
648,691
802,203
Tax effect of expenses that are not deductible in determining taxable profit
189,304
179,866
Adjustments in respect of prior years
(30,438)
-
0
Effect of change in corporation tax rate
-
(39,265)
Group relief
(847)
-
0
Permanent capital allowances in excess of depreciation
(97,266)
-
0
Amortisation on assets not qualifying for tax allowances
196,588
-
0
Tax effect of other short-term timing differences
-
0
26,724
Taxation charge
906,032
969,528
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
400,000
4,000,000
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
6,192,519
Additions - separately acquired
70,048
Additions - business combinations
168,535
At 31 December 2024
6,431,102
Amortisation and impairment
At 1 January 2024
1,457,519
Amortisation charged for the year
786,350
At 31 December 2024
2,243,869
Carrying amount
At 31 December 2024
4,187,233
At 31 December 2023
4,735,000
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
13
Tangible fixed assets
Group
Freehold property
Leasehold property
Assets under construction
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2024
5,364,122
898,570
-
0
196,071
226,542
224,548
880,399
7,790,252
Additions
27,753
74,565
1,125,945
92,329
73,530
91,027
363,362
1,848,511
Disposals
-
0
-
0
-
0
-
0
(2,500)
(9,137)
(186,938)
(198,575)
Transfers
(775,411)
-
0
775,411
-
0
-
0
-
0
-
0
-
0
Transfer to investment property
(1,340,459)
(64,498)
-
0
-
0
-
0
-
0
-
0
(1,404,957)
At 31 December 2024
3,276,005
908,637
1,901,356
288,400
297,572
306,438
1,056,823
8,035,231
Depreciation and impairment
At 1 January 2024
114,193
47,858
-
0
22,016
80,149
109,705
233,526
607,447
Depreciation charged in the year
59,544
31,602
-
0
24,193
79,567
56,193
227,839
478,938
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(1,750)
(8,079)
(157,176)
(167,005)
At 31 December 2024
173,737
79,460
-
0
46,209
157,966
157,819
304,189
919,380
Carrying amount
At 31 December 2024
3,102,268
829,177
1,901,356
242,191
139,606
148,619
752,634
7,115,851
At 31 December 2023
5,249,929
850,712
-
0
174,055
202,596
114,843
646,873
7,239,008
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 35 -
Company
Freehold property
Leasehold property
Assets under construction
Plant and equipment
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
5,252,270
847,207
-
0
153,445
64,722
1,703
6,319,347
Additions
27,753
-
0
1,125,945
67,496
-
0
-
0
1,221,194
Transfers
(775,411)
-
0
775,411
-
0
-
0
-
0
-
0
Transfer to investment property
(1,114,058)
-
0
-
0
-
0
-
0
-
0
(1,114,058)
At 31 December 2024
3,390,554
847,207
1,901,356
220,941
64,722
1,703
6,426,483
Depreciation and impairment
At 1 January 2024
111,211
28,240
-
0
3,126
1,201
164
143,942
Depreciation charged in the year
59,544
13,555
-
0
11,943
7,608
426
93,076
At 31 December 2024
170,755
41,795
-
0
15,069
8,809
590
237,018
Carrying amount
At 31 December 2024
3,219,799
805,412
1,901,356
205,872
55,913
1,113
6,189,465
At 31 December 2023
5,141,059
818,967
-
0
150,319
63,521
1,539
6,175,405
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024
108,870
-
Transfers from owner-occupied property
1,404,957
1,114,058
Disposals
(458,170)
(458,170)
Net gains or losses through fair value adjustments
1,790
-
At 31 December 2024
1,057,447
655,888

Investment property comprises commercial and residential properties. The fair value of the investment property has been arrived at on the basis of the directors valuation based on open market value by reference to market evidence of transaction prices for similar properties and current rental yield.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
93,420
93,420
Unlisted investments
5,000
5,000
-
0
-
0
5,000
5,000
93,420
93,420
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024 and 31 December 2024
5,000
Carrying amount
At 31 December 2024
5,000
At 31 December 2023
5,000
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 37 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
93,420
Carrying amount
At 31 December 2024
93,420
At 31 December 2023
93,420
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Sapphire Holidays Limited
Same as parent
Ordinary
80.00
-
Classic Cottages Limited
Same as parent
Ordinary
0
80.00
Aspects Hoidays Limited
Smae as parent
Ordinary
0
80.00
Boutique Retreats Limited
Same as parent
Ordinary
0
80.00
Pure Management Services Limited
Same as parent
Ordinary
0
80.00
Wight Locations Limited
Same as parent
Ordinary
0
80.00
Karenza Lettings Limited
Same as parent
Ordinary
0
80.00
Classic Cottages Cornwall Limited
Same as parent
Ordinary
0
80.00
Duchy Holidays Limited
Same as parent
Ordinary
0
80.00
Norfolk Holiday Homes Limited
Same as parent
Ordinary
0
80.00
Roseland Holiday Cottages Limited
Same as parent
Ordinary
0
80.00
Cat Hole Cottages Limited
Same as parent
Ordinary
0
80.00
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
117,239
156,359
18,344
7,757
Corporation tax recoverable
180,136
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
81,891
89,192
Other debtors
1,073,811
97,871
111,611
29,133
Prepayments and accrued income
502,767
434,859
4,591
-
0
1,873,953
689,089
216,437
126,082
Deferred tax asset (note 21)
10,973
-
0
-
0
-
0
1,884,926
689,089
216,437
126,082
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
5,000
-
0
-
0
-
0
Trade creditors
450,277
254,664
192,444
54,900
Amounts owed to group undertakings
-
0
-
0
211,071
196,771
Corporation tax payable
318,322
513,968
16,786
-
0
Other taxation and social security
255,873
109,632
-
-
Other creditors
8,615,077
8,116,282
45,621
43,331
Accruals and deferred income
2,378,549
2,359,101
-
0
-
0
12,023,098
11,353,647
465,922
295,002
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
2,083
-
0
-
0
-
0
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
7,083
-
0
-
0
-
0
Payable within one year
5,000
-
0
-
0
-
0
Payable after one year
2,083
-
0
-
0
-
0

Borrowings consist of one loan held by Norfolk Holiday Homes. The loan is unsecured with an annual interest rate of 2.5%, maturing on 30 April 2026.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
126,711
35,807
10,973
-
Rollover relief
49,650
-
-
-
176,361
35,807
10,973
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
79,819
-
-
-
Rollover relief
49,650
-
-
-
129,469
-
-
-
WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 40 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
35,807
-
Charge to profit or loss
129,581
129,469
Net liability at 31 December 2024
165,388
129,469

The deferred tax asset and liability set out above relates to the difference between the net book value and tax written down values of qualifying fixed assets of the group.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
284,353
263,931

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
10,000
5,000
10,000
24
Reserves
Equity reserve

This reserve arose on the business combination when Worval Holdings Limited acquired the majority of the share capital of Sapphire Holidays Limited in 2021. This reflects the difference between the fair value of shares acquired and the cost of said shares.

Capital redemption reserve

In the year ended 31 December 2024, the company redeemed, and subsequently cancelled, 5,000 ordinary shares of par value £1.

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 41 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
335,917
276,716
-
-
Between two and five years
681,201
297,312
-
-
1,017,118
574,028
-
-
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
1,403,138
-
850,000
-

Shortly after the end of the year, Sapphire Holidays Limited completed on the purchase of Grandeur Property Management Ltd for £553,138. a further £850,000 had been authorised for continued development of assets under construction, primarily on the construction of Unit 9 (Onyx House).

WORVAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 42 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,688,732
2,444,100
Adjustments for:
Taxation charged
906,032
969,528
Finance costs
7,510
-
0
Investment income
(530,083)
(316,584)
Gain on disposal of tangible fixed assets
(43,836)
(33,604)
Gain on disposal of investment property
(198,632)
-
0
Amortisation and impairment of intangible assets
786,350
694,870
Depreciation and impairment of tangible fixed assets
478,937
376,990
Other gains and losses
(1,790)
-
Movements in working capital:
(Increase)/decrease in debtors
(925,628)
65,725
Increase/(decrease) in creditors
860,160
(379,209)
Cash generated from operations
3,027,752
3,821,816
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
15,181,731
(110,012)
15,071,719
Borrowings excluding overdrafts
-
(7,083)
(7,083)
15,181,731
(117,095)
15,064,636
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