Year Ended
Registration number:
Tresco Island Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Tresco Island Limited
Company Information
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Directors |
Adam Dorrien-Smith Michael Dorrien-Smith Melanie Shuldham Robert Dorrien-Smith Samuel Phillips |
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Registered office |
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Auditors |
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Tresco Island Limited
Strategic Report
Year Ended 30 April 2025
The directors present their strategic report for the year ended 30 April 2025.
Principal activity
The principal activity of the group is operating holiday centres and villages.
Fair review of the business
Tresco Island Limited (“TIL”)’s core business remains the unique vacation destination of Tresco, a family-owned island, held through long leasehold interests granted by the Duchy of Cornwall, since 1834. Situated in the Isles of Scilly archipelago, some 28 miles off the southwest coast of Cornwall the island is one of only 46 National Landscape areas in the United Kingdom.
On Tresco, TIL operates over 100 exceptional, characterful holiday properties and a 16-room inn (the New Inn). 2025 saw strong visitor demand, with cottage occupancy rates between 90% and 100% throughout the peak months of May to September. This, in turn, lead to strong on-island spend in Tresco’s wide range of supporting services, which include retail stores, restaurants and cafés, contributing to the 14% increase in Group turnover achieved in the year.
TIL’s 25-room luxury retreat hotel, Hell Bay Hotel on the neighbouring island of Bryher, operates a shorter season, opening from Easter to mid-October and also enjoyed strong room occupancy and high food and beverage spend during the year.
Tresco’s world-famous Abbey Garden established in the 19th century around the ruins of a Benedictine Abbey continued to flourish, again welcoming guests from around the world. The garden is a sanctuary for some 2,000 specimens from across the southern hemisphere and subtropics, from Brazil to New Zealand; Myanmar to South Africa. The annual flower count, conducted on New Year’s Day every year since 1862, on 1st January 2025 identified almost 300 different species of exotic plants in bloom.
Tresco has a strong local community of about 120 people, the majority of whom are involved with the running of the business and maintaining the infrastructure. The seasonal nature of the business sees staffing requirements rise during the summer months to support the business. At any one time in the peak of the season TIL will welcome up to 650 guests accommodated across Tresco, together with some 50 guests at the Hell Bay Hotel on Bryher. Tresco also welcomes up to 5000 day visitors a month during our trading season including from visiting cruise ships, the UK mainland and the other islands of the archipelago.
This report and accompanying accounts relate to the year ended 30th April 2025 and was the first full year of trading since the business was transferred from the Tresco Estate Partnership to TIL in 2023.
The strategic management of the company lies with the board of directors. Adam Dorrien-Smith, as principal executive lead for the board, guides a small senior management team comprising CEO, CFO and CSO, along with a newly appointed Head of Estate & Gardens. Nick Halliday (CEO) has been in position since 2019, Dean Whillis (CSO) has been a part of both the senior and wider management teams for over 20 years, Richard Rose (CFO) joined in 2024 and Alasdair Moore joined as Head of Estate & Gardens in 2025.
Tresco Island Limited
Strategic Report
Year Ended 30 April 2025
During the year, TIL acquired 100% of the equity of Boutique and Breakfast Limited from two of its directors. Boutique & Breakfast Limited owns and operates a boutique, bed & breakfast style hotel in Bristol, England, which trades under the name of No38 Clifton. As part of the acquisition, TIL took out 2 loan facilities with its main bankers, Hoare & Co. One is a fixed interest facility for £750,000 the other a floating interest facility of £465,000. The proceeds of these facilities were used to extinguish Boutique & Breakfast Limited’s existing facility with Weatherbys bank.
The financial performance of the Group for the year to 30th April 2025 showed turnover of £20,297,752 (2024 £17,801,039) and a loss after tax of £850,619 (2024 profit £238,650). These results reflect a strong top line performance with high occupancy rates and on-island spend, offset by the exceptional impairment of goodwill arising on the acquisition of Boutique & Breakfast Limited of £618,196 (2024 £nil), as well as a significant increase in depreciation charges following investments in the Island’s properties and infrastructure and continued cost pressures from rising regulatory and employment costs.
TIL generates cash through its day-to-day operations, most of which is reinvested within the business through development in and improvement of both residential and holiday accommodation on the island, as well as the infrastructure around them. Embedded within the net cash flow generated through operating activities is a significant balance invested in the holiday cottages through repairs and renewals. This investment maintains the quality of our customer offering and ensures the unique characteristics of the island are maintained.
During 2024/25 Tresco Island’s largest capital investment was in the Racket Town cottage which overlooks the Great Pool a SSSi. In addition, investments were made into staff accommodation, the Abbey Gardens, New Grimsby quay, Valhalla and in road repairs. Going forward there are plans to invest further into staff accommodation, the Island Stores, Hell Bay Hotel and other infrastructure projects, continuing to improve the longer term sustainability of Tresco’s offering.
The directors regularly review Key Performance Indicators (KPIs), such operational KPIs include occupancy rates across our cottages and hotels, average spends per cover in each of our restaurants and margins in our retail outlets. These indicators assist the directors to maintain profitability and positive operating cash flows. The disclosure of these KPIs is deemed to be prejudicial to the interests of the company.
Tresco Island Limited
Strategic Report
Year Ended 30 April 2025
Principal risks and uncertainties
The directors have considered and summarise here the main risks faced by the business:
• Tourism in the South West of England is seeing signs that the surge in growth, bolstered by the Covid-19 Pandemic and consequent staycations, is reducing. Whilst fluctuations in demand with altered booking patterns are a concern for the sector generally, Tresco does have the strong advantage in that it’s forward bookings and underlying repeat Island Share visitors continue to provide strong visibility of future business.
• As with all businesses, recent cost inflation pressures, especially around heat/light/power and regulatory costs have created challenges.
• The ability to recruit and retain suitable staff across all levels in the tourism and leisure sector continues to be ia recurring risk.
• Tresco’s geographic location does provide some specific risks:
• Islands are exposed to the full force of nature, whilst the gulf stream can provide milder weather for Tresco and the temperate climate benefits the Abbey Gardens, storm damages can be extreme and unpredictable.
• As an island the business is dependent on transport links not only from the UK mainland but also between the islands.
• Transport to and from the mainland is multi-modal, including the helicopter service out of Penzance to Tresco and St Mary’s. There is a significant reliance on the Isles of Scilly Steamship Company who operate not only the freight service between Cornwall and St Mary’s and the inter-island freight transportation, but also the seasonal ferry operating daily from Penzance (the Scillonian).
• The existing ships which operate this route are close to the end of their operational life, but replacement vessels are being built and anticipated to be in service and operational (freight) in 2026 and (passengers) in 2027. The Steamship company’s fixed wing aircraft operation, SkyBus, flies between South West England and St Mary’s,more frequently between April and October.
• TIL operates its own passenger boating service between the islands but other inter-island boating services remain important for the transportation of day visitors to Tresco.
Approved and authorised by the
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Tresco Island Limited
Directors' Report
Year Ended 30 April 2025
The directors present their report and the for the year ended 30 April 2025.
Directors of the group
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Financial risk management objectives and policies
The directors consider that the activities of the company do not expose it to any undue financial risks. The only risk identified was in the area of liquidity and this risk is managed by budgeting and forecasting to ensure that sufficient funds are available to make payments when due.
Share reduction
On 30 April 2025, the Company reduced its capital by cancelling and extinguishing 175,000 of the issued B preference shares and 175,000 of the issued C preference shares.
Going concern
These financial statements have been prepared on a going concern basis. The directors are confident that the group will generate sufficient net cash flows and has adequate bank facilities to meet all of its needs for a period of at least 12 months from the date of signing these financial statements.
The directors' assessment of going concern is explained more fully in note 1.
Important non adjusting events after the financial period
On 6 January 2026, the Company reduced its capital by cancelling and extinguishing 25,000 of the issued B preference shares and 25,000 of the issued C preference shares.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Tresco Island Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Tresco Island Limited
Independent Auditor's Report to the Members of Tresco Island Limited
Opinion
We have audited the financial statements of Tresco Island Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's loss 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Tresco Island Limited
Independent Auditor's Report to the Members of Tresco Island Limited
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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 Statement of Directors' Responsibilities set out on page 6, 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 group’s and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Tresco Island Limited
Independent Auditor's Report to the Members of Tresco Island Limited
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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the industry/ sector in which it operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were health and safety legislation, corporation tax legislation and compliance with the Civil Aviation Authority regulations. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements including the Companies Act 2006.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management and those charged with governance regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements;
• Review of legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none. We also evaluated the risk of fraud through management override including that arising from management’s incentives.
In response to the identified risks, as part of our audit work we:
• Used data analytics to test journal entries throughout the year, for appropriateness;
• Review of estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Tresco Island Limited
Independent Auditor's Report to the Members of Tresco Island Limited
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.
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Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Tresco Island Limited
Consolidated Profit and Loss Account
Year Ended 30 April 2025
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Note |
2025 |
(As restated) |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Exceptional impairment of goodwill |
(618,196) |
- |
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Operating (loss)/profit |
( |
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Interest payable and similar expenses |
( |
( |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
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( |
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(Loss)/profit for the financial year |
( |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
( |
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The group has no recognised gains or losses for the year other than the results above.
Tresco Island Limited
Consolidated Balance Sheet
30 April 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Intangible assets |
( |
( |
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Tangible assets |
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||
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
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Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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Share premium reserve |
26,169,662 |
26,169,662 |
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Profit and loss account |
(611,969) |
238,650 |
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Equity attributable to owners of the company |
25,557,793 |
26,408,412 |
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Shareholders' funds |
25,557,793 |
26,408,412 |
Approved and authorised by the
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Company Registration Number: 13783962
Tresco Island Limited
Balance Sheet
30 April 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Share premium reserve |
26,169,662 |
26,169,662 |
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Profit and loss account |
89,546 |
238,650 |
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Shareholders' funds |
26,259,308 |
26,408,412 |
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a loss after tax for the financial year of £149,104 (2024 - profit of £238,650).
Approved and authorised by the
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Company Registration Number: 13783962
Tresco Island Limited
Consolidated Statement of Changes in Equity
Year Ended 30 April 2025
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 May 2024 |
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Prior period adjustment |
- |
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At 1 May 2024 (As restated) |
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Loss for the year |
- |
- |
( |
( |
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Reduction of preference share capital, shown as liability |
- |
- |
350,000 |
350,000 |
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Repayment to preference share holder |
- |
- |
(350,000) |
(350,000) |
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At 30 April 2025 |
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|
( |
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 May 2023 |
|
- |
- |
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Profit for the year |
- |
- |
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New share capital subscribed |
|
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- |
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Reduction of preference share capital, shown as liability |
- |
- |
350,000 |
350,000 |
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Repayment to preference share holder |
- |
- |
(350,000) |
(350,000) |
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At 30 April 2024 |
100 |
26,169,662 |
238,650 |
26,408,412 |
Tresco Island Limited
Statement of Changes in Equity
Year Ended 30 April 2025
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 May 2024 |
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Prior period adjustment |
- |
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At 1 May 2024 (As restated) |
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Loss for the year |
- |
- |
( |
( |
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At 30 April 2025 |
|
|
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 May 2023 |
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- |
- |
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Profit for the year |
- |
- |
|
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New share capital subscribed |
|
|
- |
|
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At 30 April 2024 |
100 |
26,169,662 |
238,650 |
26,408,412 |
Tresco Island Limited
Consolidated Statement of Cash Flows
Year Ended 30 April 2025
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Note |
2025 |
(As restated) |
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Cash flows from operating activities |
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(Loss)/profit for the year |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
( |
( |
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Exceptional impairment of goodwill |
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- |
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Finance costs |
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Income tax expense |
( |
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Working capital adjustments |
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(Increase)/decrease in stocks |
( |
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Decrease/(increase) in trade debtors |
|
( |
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(Decrease)/increase in trade creditors |
( |
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Increase/(decrease) in deferred income, including government grants |
|
( |
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Net cash flow from operating activities |
|
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Cash flows from investing activities |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
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Purchase of subsidiary (net of cash acquired) |
36,495 |
45,656 |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from issue of ordinary shares, net of issue costs |
- |
|
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Proceeds from bank borrowing draw downs |
|
- |
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Repayment of bank borrowing |
( |
( |
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Proceeds from other borrowing draw downs |
- |
|
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Repayment of other borrowing |
( |
( |
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Proceeds from issue of shares classified as liabilities |
- |
|
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Redemption of shares classified as liabilities |
( |
- |
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Payments to finance lease creditors |
( |
( |
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Net cash flows from financing activities |
|
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Net increase in cash and cash equivalents |
|
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Cash and cash equivalents at 1 May |
158,956 |
- |
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Cash and cash equivalents at 30 April |
705,363 |
158,956 |
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Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Island Office
Tresco
Isles of Scilly
TR24 0QQ
United Kingdom
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
FRS 102 grants a qualifying entity exemptions from the full requirements of FRS 102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity:
The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its cash flows are included in the consolidated financial statements of the group. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Tresco Island Limited group.
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2025.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets acquired, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired entity, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Going concern
These financial statements have been prepared on a going concern basis. The directors acknowledge the group and company's net current liability position as at the year end of £8,064,343 and £4,998,652 respectively. This is due to the fact that the majority of creditors is deferred income from deposits and advance rental bookings for future holiday bookings. Cash generation is expected to be adequate to meet the cash liabilities within current creditors, and the business also maintains an operating overdraft facility to manage seasonal fluctuations in cash generation, and therefore the directors have satisifed themselves on the validity of applying the going concern basis of preparation.
Prior period errors
Management identified a prior period error which has been adjusted to ensure the prior year is materially correct: On incorporation, property assets were incorrectly classified as qualifying when they were non-qualifying under the relevant legislation.
The table below illustrates the increase / (decrease) in each financial statement line:
Relating to the prior period disclosed in these financial statements | |
Tax on profit | (216,381) |
Provisions for liabilities | (8,706,482) |
Share premium reserve | 8,490,101 |
Profit and loss account | 216,381 |
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historically known factors and experience. Therefore, management do not perceive
there to be any critical areas of judgement or key sources of estimation uncertainty in the formulation of the financial statements.
Any estimates and underlying assumptions used by management such as depreciation rates are reviewed on an ongoing basis. Any revision deemed to be required to any accounting estimates would be recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
No such changes or amendments are deemed necessary in either this or the prior period.
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when:
• The amount of revenue can be reliably measured;
• it is probable that future economic benefits will flow to the entity;
• and specific criteria have been met for each of the group's activities.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold and Leasehold land and buildings |
Not depreciated |
|
Fixtures, fittings and equipment |
20% Reducing balance |
|
Motor vehicles |
20% Reducing balance |
|
Plant and machinery |
20% Reducing balance |
The directors consider that no depreciation should be provided on leasehold land and buildings, nor art. This is on the basis that any possible depreciation charge would be expected to be immaterial as the residual values are considered to be materially equivalent to their carrying value. The directors maintain the residual value of the property, as evidenced by significant and continuous investment in repairs and maintenance.
Negative goodwill
Negative goodwill is amortised over its useful life, which is the duration of the current lease.
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Negative goodwill |
1.8% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
- |
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
61,852 |
45,492 |
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
25,500 |
25,000 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
14,550 |
8,000 |
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
(As restated) |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Effect of goodwill impairment |
|
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Total tax (credit)/charge |
( |
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
Short term timing differences |
( |
|
Trading loss carried forward |
( |
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Short term timing differences |
( |
|
Trading loss carried forward |
( |
|
|
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Company
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
Short term timing differences |
( |
|
Trading loss carried forward |
( |
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Short term timing differences |
( |
|
Trading loss carried forward |
( |
|
|
|
Intangible assets |
Group
|
Goodwill |
|
|
Cost or valuation |
|
|
At 1 May 2024 |
( |
|
Additions acquired separately |
|
|
At 30 April 2025 |
( |
|
Amortisation |
|
|
At 1 May 2024 |
- |
|
Amortisation charge |
( |
|
Impairment |
|
|
At 30 April 2025 |
|
|
Carrying amount |
|
|
At 30 April 2025 |
( |
|
At 30 April 2024 |
( |
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 May 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Acquired through business combinations |
|
|
- |
- |
|
|
Disposals |
( |
- |
( |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 May 2024 |
- |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 April 2025 |
|
|
|
|
|
|
At 30 April 2024 |
|
|
|
|
|
Included within the net book value of land and buildings above is £2,400,000 (2024 - £Nil) in respect of freehold land and buildings, £46,375,746 (2024 - £44,964,057) in respect of long leasehold land and buildings.
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Company
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 May 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
( |
- |
( |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 May 2024 |
- |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 30 April 2025 |
- |
|
|
|
|
|
Carrying amount |
|||||
|
At 30 April 2025 |
|
|
|
|
|
|
At 30 April 2024 |
|
|
|
|
|
Included within the net book value of land and buildings above is £42,078,829 (2024 - £40,584,014) in respect of long leasehold land and buildings.
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Investments |
Group and Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 May 2024 |
|
|
Additions |
|
|
At 30 April 2025 |
|
|
Provision |
|
|
At 1 May 2024 |
- |
|
At 30 April 2025 |
- |
|
Carrying amount |
|
|
At 30 April 2025 |
|
|
At 30 April 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Peat House
United Kingdom |
|
|
|
|
|
Number 38 Clifton
United Kingdom |
|
|
|
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Subsidiary undertakings |
|
Penzance Heliport Limited The principal activity of Penzance Heliport Limited is |
|
Boutique and Breakfast Limited The principal activity of Boutique and Breakfast Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
Other inventories |
|
|
|
|
|
|
|
|
|
|
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
|
|
Amounts owed from group undertakings |
- |
- |
|
- |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
|
|
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other creditors |
|
|
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
- |
|
- |
|
Hire purchase contracts |
|
|
|
|
|
Redeemable preference shares |
|
|
|
|
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
- |
- |
- |
|
Hire purchase contracts |
|
|
|
|
|
Redeemable preference shares |
|
|
|
|
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
Amounts due under hire purchase contracts are secured against the underlying assets.
Group
Bank borrowings
|
|
|
The loans are secured by a legal charge dated 1st June 2023 over the leashold land and buildings at Tresco and Bryher. As well as 4 seperate guarentees from the directors amounting to £7,215,000 in total. |
Other borrowings
Other borrowings is denominated in pounds sterling, £, with a nominal interest rates between 0% and 4%, and the final instalment is due on 18 October 2055. The carrying amount at year end is £3,410,073 (2024 - £3,560,293).
Other borrowings are not secured.
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years not by instalments |
|
|
|
- |
- |
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Company
Bank borrowings
|
|
|
The loans are secured by a legal charge dated 1st June 2023 over the leashold land and buildings at Tresco and Bryher. As well as 4 seperate guarentees from the directors amounting to £7,215,000 in total. |
Other borrowings
Other borrowings is denominated in pounds sterling, £, with a nominal interest rates between 0% and 4%, and the final instalment is due on 18 October 2055. The carrying amount at year end is £3,290,073 (2024 - £3,440,293).
Other borrowings are not secured.
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years not by instalments |
|
|
|
- |
- |
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
- |
|
Later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Provisions for liabilities |
Group
|
Deferred tax |
|
|
At 1 May 2024 |
|
|
Increase (decrease) in existing provisions |
( |
|
At 30 April 2025 |
|
|
|
|
Company
|
Deferred tax |
|
|
At 1 May 2024 |
|
|
Increase (decrease) in existing provisions |
( |
|
At 30 April 2025 |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Analysis of changes in net debt |
|
At 1 May 2024 |
Cash flow |
Acquired |
At 30 April 2025 |
|
|
£ |
£ |
£ |
£ |
|
|
Cash at bank and on hand |
158,956 |
509,792 |
36,615 |
705,363 |
|
Bank overdrafts |
- |
- |
- |
- |
|
158,956 |
509,792 |
36,615 |
705,363 |
|
|
Bank borrowings |
- |
(1,209,866) |
(17,369) |
(1,227,235) |
|
Hire purchase contracts |
(20,409) |
3,448 |
- |
(16,961) |
|
Preference shares |
(4,650,000) |
350,000 |
- |
(4,300,000) |
|
Other borrowings |
(3,440,383) |
150,310 |
(120,000) |
(3,410,073) |
|
Net debt |
(7,951,836) |
(196,316) |
(100,754) |
(8,248,906) |
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
In addition to the shares disclosed above, there are 4,300,000 (2024 - 4,650,000) of £1 preference shares included in loans and borrowings (note 17). These consist of 1,000,000 A preference shares, 1,650,000 B preference shares and 1,650,000 C preference shares. Further details of these preference shares are disclosed in this note.
Redeemable preference shares
|
The |
|
The |
|
The |
|
Commitments |
Group
Capital commitments
The total amount of plant and machinery contracted for but not provided in the financial statements was £Nil (2024 - £
Company
Capital commitments
The total amount of plant and machinery contracted for but not provided in the financial statements was £Nil (2024 - £
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Non adjusting events after the financial period |
|
|
|
|
|
|
|
|
|
Business combinations |
On
Boutique & Breakfast Limited contributed £
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
|
Book value |
Fair value |
|
|
Assets and liabilities acquired |
||
|
Financial assets |
117,250 |
|
|
Tangible assets |
2,464,113 |
|
|
Financial liabilities |
(3,199,439) |
( |
|
Total identifiable assets |
(618,076) |
( |
|
Satisfied by: |
||
|
Cash |
120 |
|
|
Cash flow analysis: |
||
|
Cash consideration |
120 |
|
|
Less: cash and cash equivalent balances acquired |
(36,615) |
( |
|
Net cash outflow arising on acquisition |
(36,495) |
( |
|
|
||
|
Parent and ultimate parent undertaking |
The ultimate controlling party is
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
|
Related party transactions |
Group
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Transactions with directors |
|
2025 |
At 1 May 2024 |
Advances to director |
Repayments by director |
At 30 April 2025 |
|
Director 1 |
||||
|
Interest free, repayable on demand loan account |
|
|
( |
( |
|
Director 2 |
||||
|
Interest free, repayable on demand loan account |
|
|
( |
( |
|
Director 3 |
||||
|
Interest free, repayable on demand loan account |
( |
|
( |
( |
|
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
|
Director 1 |
||||
|
Interest free, repayable on demand loan account |
- |
|
( |
|
|
Director 2 |
||||
|
Interest free, repayable on demand loan account |
- |
|
( |
|
|
Director 3 |
||||
|
Interest free, repayable on demand loan account |
- |
|
( |
( |
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Summary of transactions with other related parties
Income and receivables from related parties
|
2025 |
Other |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Other |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
Loans to related parties
|
2025 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
|
2024 |
Other related parties |
|
At start of period |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
Terms of loans to related parties
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Company
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Transactions with directors |
|
2025 |
At 1 May 2024 |
Advances to director |
Repayments by director |
At 30 April 2025 |
|
Director 1 |
||||
|
Interest free, repayable on demand loan account |
|
|
( |
( |
|
Director 2 |
||||
|
Interest free, repayable on demand loan account |
|
|
( |
( |
|
Director 3 |
||||
|
Interest free, repayable on demand loan account |
( |
|
( |
( |
|
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
|
Director 1 |
||||
|
Interest free, repayable on demand loan account |
- |
|
( |
|
|
Director 2 |
||||
|
Interest free, repayable on demand loan account |
- |
|
( |
|
|
Director 3 |
||||
|
Interest free, repayable on demand loan account |
- |
|
( |
( |
Tresco Island Limited
Notes to the Financial Statements
Year Ended 30 April 2025
Summary of transactions with other related parties
Income and receivables from related parties
|
2025 |
Other related parties |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Other related parties |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
Loans from related parties
|
2025 |
Other related parties |
|
At start of period |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
|
2024 |
Other related parties |
|
Advanced |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
Terms of loans from related parties