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Registration number: 02684628

Wasdale Head Inn Limited
Unaudited Financial Statements
28 February 2026

Wasdale Head Inn Limited

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Financial Statements | 4

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wasdale Head Inn Limited
for the Year Ended 28 February 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wasdale Head Inn Limited for the year ended 28 February 2026 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wasdale Head Inn Limited, as a body, in accordance with the terms of our engagement letter dated 20 March 2026. Our work has been undertaken solely to prepare for your approval the accounts of Wasdale Head Inn Limited and state those matters that we have agreed to state to the Board of Directors of Wasdale Head Inn Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wasdale Head Inn Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wasdale Head Inn Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wasdale Head Inn Limited. You consider that Wasdale Head Inn Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wasdale Head Inn Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

21 April 2026

Wasdale Head Inn Limited

(Registration number: 02684628)
Balance Sheet as at 28 February 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 5 | 1,162,696 | 1,191,513
Current assets |  |  |
Stocks |  | 35,331 | 31,358
Debtors | 6 | 24,054 | 17,476
Cash at bank and in hand |  | 168,858 | 447,334
|  | 228,243 | 496,168
Creditors: Amounts falling due within one year | 7 | (379,855) | (406,717)
Net current (liabilities)/assets |  | (151,612) | 89,451
Total assets less current liabilities |  | 1,011,084 | 1,280,964
Provisions for liabilities |  | (26,403) | (37,269)
Net assets |  | 984,681 | 1,243,695
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 6,000 | 6,000
Capital redemption reserve |  | 182,877 | 182,877
Revaluation reserve |  | 283,216 | 290,736
Profit and loss account |  | 512,588 | 764,082
Total equity |  | 984,681 | 1,243,695

Wasdale Head Inn Limited

(Registration number: 02684628)
Balance Sheet as at 28 February 2026 (continued)

For the financial year ending 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 April 2026

.........................................

Dr N J Burton

Director

Wasdale Head Inn Limited

Notes to the Financial Statements for the Year Ended 28 February 2026

1 | General information

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

The address of its registered office is:
13 Barnsbury Terrace
LONDON
N1 1JH

The principal place of business is:
Wasdale Head
GOSFORTH
CA20 1EX

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net current liabilities at 28 February 2026 and meets its day to day working capital requirements through a loan from its holding company. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.
However, should the company not have the support of the holding company, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company 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 company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

Wasdale Head Inn Limited

Notes to the Financial Statements for the Year Ended 28 February 2026 (continued)

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

Depreciation

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

Asset class | Depreciation method and rate
Freehold land | Not depreciated
Freehold buildings | 2% straight line basis
Improvements to property | 10% straight line basis
Furniture, fittings and office equipment | 25% reducing balance and 33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Wasdale Head Inn Limited

Notes to the Financial Statements for the Year Ended 28 February 2026 (continued)

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

The preference shares are 8% cumulative participating preference shares and rank before the ordinary shares in winding up including the payment of any arrears of dividends. Preference shareholders are entitled to attend and vote at any general meeting of the company if the fixed cumulative dividend is twelve months in arrears at the date of the notice convening the meeting.

Wasdale Head Inn Limited

Notes to the Financial Statements for the Year Ended 28 February 2026 (continued)

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2025 - 23).

4 | Interest payable and similar charges

Interest payable includes £11,493 (2025 - £18,425) payable on a loan from the parent undertaking.

5 | Tangible assets

| Freehold land and buildings £ | Improvements to property £ | Furniture, fittings and office equipment £ | Total £
Cost or valuation
At 1 March 2025 | 1,187,057 | 427,440 | 336,912 | 1,951,409
Additions | - | - | 31,624 | 31,624
Disposals | - | - | (3,707) | (3,707)
At 28 February 2026 | 1,187,057 | 427,440 | 364,829 | 1,979,326
Depreciation
At 1 March 2025 | 220,325 | 325,059 | 214,512 | 759,896
Charge for the year | 18,361 | 20,969 | 20,158 | 59,488
Eliminated on disposal | - | - | (2,754) | (2,754)
At 28 February 2026 | 238,686 | 346,028 | 231,916 | 816,630
Carrying amount
At 28 February 2026 | 948,371 | 81,412 | 132,913 | 1,162,696
At 28 February 2025 | 966,732 | 102,381 | 122,400 | 1,191,513

Revaluation

The fair value of the company's freehold land and buildings was revalued on 11 October 1996 by an independent valuer. The name and qualification of the independent valuer are Messrs Peill & Co, Chartered Surveyors, of Kendal. Under the transitional provisions of FRS102 this valuation was treated as deemed cost and no further revaluations have been made.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £337,557 (2025 - £346,680).

Wasdale Head Inn Limited

Notes to the Financial Statements for the Year Ended 28 February 2026 (continued)

6 | Debtors

| 2026 £ | 2025 £
Other debtors | 24,054 | 17,476
| 24,054 | 17,476

7 | Creditors

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Loans and borrowings | 8 | 2,313 | 2,313
Trade creditors |  | 23,732 | 15,805
Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 118,002 | 246,203
Taxation and social security |  | 39,304 | 22,606
Corporation tax liability |  | 86,415 | 41,026
Other creditors |  | 110,089 | 78,764
|  | 379,855 | 406,717

8 | Loans and borrowings

| 2026 £ | 2025 £
Current loans and borrowings
Directors' current accounts | 2,313 | 2,313

9 | Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Wasdale Head Limited, registered office of 13 Barnsbury Terrace, LONDON, N1 1JH.

10 | Reserves

Movements in the revaluation reserve for the current year are as follows:

| Revaluation reserve £
Brought forward | 290,736
Other movement | (7,520)
Carried forward | 283,216