REGISTERED NUMBER: 01883684 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Period 1 April 2024 to 30 March 2025

for

Manor House Hotel (Okehampton) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

17

DIRECTORS:

Mr J C Johnson

Mr G J Cowley

REGISTERED OFFICE:

1st Floor Olympus House

Quedgeley

Gloucestershire

GL24NF

REGISTERED NUMBER:

01883684 (England and Wales)

AUDITORS:

WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

The directors present their strategic report for the period 1 April 2024 to 30 March 2025.

REVIEW OF BUSINESS

The Manor House Hotel (Okehampton) Ltd operates two unique resorts in Devon; the only dedicated craft, activity and spa resort in the UK and the 9th largest golf resort in the world. In the Directors' view the results to March 2025 showed a period of improved income generation from its customer base.

Occupancy remained relatively flat year on year, with total income improved by 1.9%, with guest spend per head increasing by 5.1%, room rates by 1.9% and with golf once again seeing a year-on-year increase with over 89,000 full round equivalents being played, representing a 1.7% uplift and generating a 14.9% increase in direct golf (shop and buggy) revenue.

On 5 September 2025, Evergreen M&A Holdco Limited acquired 100% of the share capital of Manor House Hotel (Okehampton) Limited, thereby obtaining control of the Company. Following this change in ownership, the Directors have considered the Company’s future position and during the year an impairment review was undertaken which resulted in an impairment charge being recognised in the financial statement against the carrying value of the fixed assets.

Based on prepared projections and forecasts, the directors are of the opinion that the platform from which the company operates is one from a strong position to aid growth within a market that uniformly has high demand; further evidenced by intangible customer loyalty, enhancing the reputation, history and brand of the company through its two resorts. The directors have reviewed the company's cash position and requirements for the forthcoming twelve months and they are confident that the business will be able to meet its trading and other liabilities as they fall due. Therefore, the directors believe the company has adequate resources to continue in operational existence for the foreseeable future and that through the high levels of maintenance and investment, the strength of the underlying asset is as reflected in the Statement of Financial Position.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have concluded that there are uncertain circumstances outside the control of the company which undoubtedly may impact on future trading, profitability and that these are no more or no less than to all hospitality business's operating in the UK.

FINANCIAL RISK MANAGEMENT

The company finances its operations through a mixture of retained earnings and bank facilities as required. Its liquidity risk is managed by ensuring sufficient levels of cash are available to enable the company to meet its short and medium-term working capital and debt service obligations. Credit risk in respect of the company's revenue streams is limited; as the vast majority of customers pay in advance. The company is not exposed to any direct foreign exchange risks.

FINANCIAL AND OTHER KEY PERFORMANCE INDICATORS

The Directors review amongst others: -

a) The rate of receipt of bookings, compared with previous periods

b) Various employee KPI's based on guest numbers

c) Actual performance vs. Forecast

d) Projections of bookings

e) Average room rates and occupancy %

24/25 vs 23/24

23/24 vs 22/23

Guest numbers

-2.5%

+0.4%

Rooms

-0.3%

+1.3%

RevPAR

-0.9%

+12.0%

Avg. Room Rate

+1.9%

+1.6%

Rate/Guest/Night

+4.2%

+4.2%

Revenue/Guest

+4.4%

+4.6%

Golf (full round equivalent)

+1.7%

+17.3%

ON BEHALF OF THE BOARD:

Mr J C Johnson - Director

8 May 2026

The directors present their report with the financial statements of the company for the period 1 April 2024 to 30 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of operation of two highly specialised tourism-based resorts. The Manor Resort was developed from 1978, while the Ashbury Golf Resort, currently the 9th largest golf resort in the world, was opened in 1991. Together they represent a unique combination, covering over 546 acres.

DIVIDENDS

No dividends will be distributed for the period ended 30 March 2025.

DIRECTORS

Mr J C Johnson and Mr G J Cowley were appointed as directors after 30 March 2025 but prior to the date of this report.

Mr M E Armstrong , Mr S W J Essex , Mrs J E Essex and Mr S Harris ceased to be directors after 30 March 2025 but prior to the date of this report.

RESULTS AND DIVIDENDS

The profit/(loss) for the year, after taxation, amounted to £-6,000,915 (2024 £498,920) due to a impairment review carried out on the fixed assets. No dividends were paid (2024 no dividends). Excluding the impairment, profit for the year, after taxation, amounted to £899,430 (2024:£498,920).

FUTURE DEVELOPMENTS

The company was acquired by Evergreen Hold Co. M&A Ltd on 5th September, 2025

EMPLOYEE INVOLVEMENT AND ENGAGEMENT

The company has continued its policy of keeping employees fully informed of matters affecting them as employees, the financial and economic factors affecting the performance of the company and their ability to influence these whilst continuing to deliver a great guest experience.

DISABLED EMPLOYEES

Applications for employment by disabled persons are given equal consideration for all the vacancies in accordance with their particular aptitudes and abilities.

In the event of an employee becoming disabled or temporarily incapacitated, every effort is given to make reasonable adjustments to retain them in order that their employment with the company may continue.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The Company's greenhouse gas emissions and energy consumption for the year are:

Building energy consumption 7,886,339 kWh (2024: 7,606,472 kWh)

Transport 1,141,845 kWh (2024: 896,502 kWh)

Greenhouse gas emissions 2,180 tCO2e (2024: 2,047 tCO2e)

CO2 per guest 13.7 kg (2024: 12.6kg)

The greenhouse gas emissions and energy consumption data above has been calculated in accordance with the Green House Gas (GHG) Protocol Corporate Accounting and Reporting Standard.

DISCLOSURE OF INFORMATION TO AUDITORS

The Directors have confirmed that:

- so far as the directors are aware, there is no relevant audit information of which the Company's auditors are unaware, and

- the directors have taken all the steps that ought to have been taken as directors, in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr J C Johnson - Director

8 May 2026

Qualified Opinion

We have audited the financial statements of Manor House Hotel (Okehampton) Limited (the 'company') for the period ended 30 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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, except for the possible effects of the matter described in the basis for qualified opinion section of

our report, the financial statements:

- give a true and fair view of the state of the Company's affairs as at 30 March 2025 and of its profit for the

year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

At 31 March 2024 freehold property, including land and buildings, were included in the financial statements at historical cost. At 31 March 2024, the net book value of freehold property was £27,399,453. Depreciation was not provided on the freehold buildings as the Directors were of the opinion that the residual value of the land and buildings was not less than the historical cost, and therefore, any depreciation would be immaterial. Following a change in ownership post year end and a current valuation the Directors took a decision to impair down the freehold property including land and buildings by £6.900,345. Whilst the carrying value of the fixed assets is now deemed to be materially correct a material misstatement exists within the opening balances for the year commencing 30 March 2025.

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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of 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 five, 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 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

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 engagement partner ensures that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which were considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

- We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and;

- understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls we;

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rational behind significant or unusual transactions.

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

- agreeing financial disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

12 May 2026

TURNOVER

3

16,540,526

16,236,273

Cost of sales

(7,537,135

)

(7,446,409

)

GROSS PROFIT

9,003,391

8,789,864

Administrative expenses

(7,479,046

)

(7,949,774

)

1,524,345

840,090

Other operating income

4

-

163,474

OPERATING PROFIT

6

1,524,345

1,003,564

Impairment on tangible assets

(6,900,345

)

-

(5,376,000

)

1,003,564

Interest payable and similar expenses

7

(352,674

)

(332,103

)

(LOSS)/PROFIT BEFORE TAXATION

(5,728,674

)

671,461

Tax on (loss)/profit

8

(272,241

)

(172,541

)

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(6,000,915

)

498,920

(LOSS)/PROFIT FOR THE PERIOD

(6,000,915

)

498,920

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(6,000,915

)

498,920

FIXED ASSETS

Intangible assets

10

29,500

29,500

Tangible assets

11

23,779,806

30,077,634

23,809,306

30,107,134

CURRENT ASSETS

Stocks

12

751,584

1,095,094

Debtors

13

564,417

257,398

Cash at bank and in hand

1,318,483

1,573,146

2,634,484

2,925,638

CREDITORS

Amounts falling due within one year

14

(9,499,321

)

(9,964,070

)

NET CURRENT LIABILITIES

(6,864,837

)

(7,038,432

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,944,469

23,068,702

CREDITORS

Amounts falling due after more than one year

15

(40,620

)

(302,703

)

PROVISIONS FOR LIABILITIES

20

(2,195,277

)

(2,056,512

)

NET ASSETS

14,708,572

20,709,487

CAPITAL AND RESERVES

Called up share capital

21

99,988

99,988

Retained earnings

22

14,608,584

20,609,499

SHAREHOLDERS' FUNDS

14,708,572

20,709,487

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2026 and were signed on its behalf by:

Mr J C Johnson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

99,988

20,110,579

20,210,567

Changes in equity

Total comprehensive income

-

498,920

498,920

Balance at 31 March 2024

99,988

20,609,499

20,709,487

Changes in equity

Total comprehensive income

-

(6,000,915

)

(6,000,915

)

Balance at 30 March 2025

99,988

14,608,584

14,708,572

Cash flows from operating activities

Cash generated from operations

1

2,092,053

2,374,273

Tax paid

(23,665

)

-

Net cash from operating activities

2,068,388

2,374,273

Cash flows from investing activities

Purchase of intangible fixed assets

-

(83,650

)

Purchase of tangible fixed assets

(1,599,653

)

(973,949

)

Sale of tangible fixed assets

429,301

22,629

Net cash from investing activities

(1,170,352

)

(1,034,970

)

Cash flows from financing activities

New loans in year

-

500,000

Loan repayments in year

(164,363

)

(1,838,540

)

Increase / (decrease) of other loans

(752,127

)

91,465

New finance leases

46,861

(3,303

)

Interest paid

(283,070

)

(332,103

)

Net cash from financing activities

(1,152,699

)

(1,582,481

)

Decrease in cash and cash equivalents

(254,663

)

(243,178

)

Cash and cash equivalents at beginning of period

2

1,573,146

1,816,324

Cash and cash equivalents at end of period

2

1,318,483

1,573,146

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.4.24

to

Year Ended

30.3.25

31.3.24

£

£

(Loss)/profit before taxation

(5,728,674

)

671,461

Depreciation charges

499,518

484,287

Loss on disposal of fixed assets

68,315

89,529

Impairment on tangible assets

6,900,345

54,150

Finance costs

352,674

332,103

2,092,178

1,631,530

Decrease in stocks

343,510

359,903

(Increase)/decrease in trade and other debtors

(307,019

)

545,943

Decrease in trade and other creditors

(36,616

)

(163,103

)

Cash generated from operations

2,092,053

2,374,273

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 March 2025

30.3.25

1.4.24

£

£

Cash and cash equivalents

1,318,483

1,573,146

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,573,146

1,816,324

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 30.3.25

£

£

£

Net cash

Cash at bank and in hand

1,573,146

(254,663

)

1,318,483

1,573,146

(254,663

)

1,318,483

Debt

Finance leases

(14,782

)

(46,861

)

(61,643

)

Debts falling due within 1 year

(159,566

)

(142,566

)

(302,132

)

Debts falling due after 1 year

(302,703

)

302,703

-

(477,051

)

113,276

(363,775

)

Total

1,096,095

(141,387

)

954,708

1.	STATUTORY INFORMATION

Manor House Hotel (Okehampton) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The Company's trading address is The Manor House Hotel Fowley Cross, Okehampton, Devon, EX20 4NA.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The Directors have reviewed the carrying values of the Company fixed assets with reference to the anticipated forecast performance of the business which contains significant judgements over future profitability. Whilst the Directors recognise that future performance contains a degree of uncertainty, the review identified that the carrying value of certain fixed assets was not fully recoverable.

Accordingly, an impairment adjustment has been recognised in the year to reduce the carrying value of those assets to their estimated recoverable amount. The impairment recognised reflects management’s best estimate based on current forecasts and assumptions. Depreciation has been charged in accordance with the Company’s accounting policies.

Labour cost of own employees arising directly from the construction or acquisition of tangible fixed assets have been capitalised. The estimate is based on time records maintained by the company. The amount capitalised during the year was £86,040 (2024: £110,945).

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a booking to provide a stay is recognised in the period in which the stay is provided in accordance with the stage of completion of the stay when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the agreement;

- the stage of completion of the stay at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the stay can be measured reliably.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

No depreciation has been provided on freehold property as the directors are of the opinion that the residual value of the property would be significant enough that any depreciation would be immaterial. An annual impairment review is conducted to ensure there has been no material impairment to the asset values.

During the year, the Directors carried out a review of the carrying value of tangible fixed assets and identified indicators of impairment. As a result, an impairment loss has been recognised to write down certain assets to their recoverable amount. The impairment reflects management’s best estimate based on current forecasts and assumptions.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Golf and hotel equipment - 20% reducing balance

Motor vehicles - 25% reducing balance

Fixtures and fittings - 20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Carbon summary

The Company's greenhouse gas emissions and energy consumption for the year are:

Building energy consumption 7,606,472 kWh (2023: 7,576,985 kWh)

Transport (inc. plant & machinery) 896,502 kWh (2023: 950,961 kWh)

Greenhouse gas emissions 2,047 tCO2e (2023: 2,061 tCO2e)

CO2 per guest 12.6 kg (2023: 12.7kg)

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period

1.4.24

to

Year Ended

30.3.25

31.3.24

£

£

Hotel revenues

16,107,268

15,789,314

Sale of lodges

433,258

446,959

16,540,526

16,236,273

4.	OTHER OPERATING INCOME

Period

1.4.24

to

Year Ended

30.3.25

31.3.24

£

£

Sundry receipts

-

163,474

Other operating income includes £0 (2024: £163,474) in respect of business rates rebates.