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Registered number: 11427380
Kendal Castle Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2025
Fairman Harris
Fairman Harris
1 Landor Road
London
SW9 9RX
Kendal Castle Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2
Directors' Report | 3—4
Independent Auditor's Report | 5—7
Consolidated Profit and Loss Account | 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10
Company Balance Sheet | 11—12
Consolidated Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14
Notes to the Consolidated Statement of Cash Flows | 15
Notes to the Financial Statements | 16—22

Page 1
Kendal Castle Limited
Company Information
For The Year Ended 30 June 2025
Company Information

Director | Mr S C Broome
Company Number | 11427380
Registered Office | Kirkland House, 11-15 Peterborough Road
| Harrow
| Middlesex
| HA1 2AX
Accountants | Fairman Harris
| ICAEW
| Fairman Harris
| 1 Landor Road
| London
| SW9 9RX

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Kendal Castle Limited
Strategic Report
For The Year Ended 30 June 2025
Strategic Report
The directors present their strategic report for the year ended 30 June 2025.
Review of the Business
Hotel revenues remained on a par with 2023, albeit accommodation and leisure club sales increased by @£80k , whilst food and liquor revenues showed a similar decline. This was attributable to the a reduced number of weddings year on year.
Occupancy ended at 73.0% for the year- a decline of 1.3% against prior year. Average room rate however rose from £97.14 to £99.28 – 2%.
Overall hotel operating profit after management fees for the year was £087k – prior year £957k. The decline was a combination of poor revenue growth, and increases in costs, mainly manning, with an increase in NLW of 9%..
Principal Risks and Uncertainties
The Director’s aim to ensure that the hotel’s market position is solidified in the short to medium term. The refurbishment of the hotel was completed in 2020, so the hotel’s current room stock is second to none in the local market place.
Projects for the next financial year are focused around reducing the hotel’s carbon footprint, with projects underway, such as solar energy, and other energy saving initiatives, which will enable us to reduce our costs, as well, in the light of increasing utility costs.
On behalf of the board

Mr S C Broome Director
3 June 2026

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Kendal Castle Limited
Company No. 11427380
Directors' Report For The Year Ended 30 June 2025
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2025.
Principal Activity
The group's principal activity continues to be that of that of holding company.
Directors
The directors who held office during the year were as follows:

Ms S Jaffer | Resigned | 23/04/2026
Mr S C Broome | Appointed | 15/12/2025
Mr H A Suleman | Resigned | 23/04/2026
Mr M Ramon | Resigned | 23/04/2026

Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Kendal Castle Limited
Directors' Report (continued)
For The Year Ended 30 June 2025
Independent Auditors
The auditors, Fairman Harris, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr S C Broome Director
3 June 2026

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Independent Auditor's Report
to the Members of
Kendal Castle Limited
Independent Auditor's Report
Opinion
Disclaimer of Opinion
We have audited the financial statements of Kendal Castle Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 June 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
We do not express an opinion on the accompanying financial statements of the Company. Because of the significance of the matter described in the Basis for Disclaimer of Opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for Opinion
We were unable to obtain sufficient appropriate audit evidence regarding the creditor balance of £15,257,052 included creditors and as the management was unable to provide confirmations or alternative evidence to support the existence, accuracy, or terms of this liability including whether the amount is repayable on demand. As a result, we were unable to determine whether any adjustments might be necessary to this balance, the related disclosures, or the company’s assessment of its ability to continue as a going concern.
Because of the significance of this matter, we have been unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Conclusions Relating to Going Concern
Because of the matter described in the Basis for Disclaimer of Opinion section of our report, we were unable to conclude on the appropriateness of the directors’ use of the going concern basis of accounting.
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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)
to the Members of
Kendal Castle Limited
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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 and 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.
Page 6
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Independent Auditor's Report (continued)
to the Members of
Kendal Castle 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
● the engagement partner ensured 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 group through discussions with directors and other management, and from our commercial knowledge and experience of the industry.
● we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, data protection, anti-money-laundering, employment, environmental and health and safety legislation;
● we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
● 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 group'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
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 set out in note 1 were indicative of potential bias; and
● investigated the rationale behind significant or unusual transactions.
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 statement disclosures to underlying supporting documentation;
● reading the minutes of meetings of those charged with governance;
● enquiring of management as to actual and potential litigation and claims; and
● reviewing correspondence with HMRC.
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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

F Meghani (Senior Statutory Auditor) for and on behalf of Fairman Harris , Statutory Auditor
3 June 2026

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Kendal Castle Limited
Consolidated Profit and Loss Account
For The Year Ended 30 June 2025
Consolidated Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER |  | 5,388,247 |  | 5,427,555
Cost of sales |  | (3,355,120 ) |  | (3,211,356 )
GROSS PROFIT |  | 2,033,127 |  | 2,216,199
Administrative expenses |  | (3,294,646 ) |  | (3,090,156 )
OPERATING LOSS | 3 | (1,261,519 ) |  | (873,957 )
Other interest receivable and similar income | 7 | 1,478,296 |  | 83,692
Interest payable and similar charges | 8 | (585,632 ) |  | (911,050 )
LOSS BEFORE TAXATION |  | (368,855 ) |  | (1,701,315 )
Tax on Loss | 9 | - |  | (42,506 )
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | (368,855 ) |  | (1,743,821 )

The notes on pages 15 to 22 form part of these financial statements.
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Kendal Castle Limited
Consolidated Statement of Comprehensive Income
For The Year Ended 30 June 2025
Consolidated Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
LOSS FOR THE FINANCIAL YEAR |  | (368,855 ) |  | (1,743,821 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | (368,855 ) |  | (1,743,821 )

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Kendal Castle Limited
Consolidated Balance Sheet
As At 30 June 2025
Consolidated Balance Sheet

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 10 |  | 3,497,898 |  | 4,667,715
Tangible Assets | 11 |  | 5,041,338 |  | 5,370,462
|  |  | 8,539,236 |  | 10,038,177
CURRENT ASSETS
Stocks | 13 | 49,253 |  | 41,036 |
Debtors | 14 | 668,581 |  | 520,961 |
Cash at bank and in hand |  | 205,445 |  | 170,104 |
|  | 923,279 |  | 732,101 |
Creditors: Amounts Falling Due Within One Year | 15 | (12,848,048 ) |  | (10,285,884 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (11,924,769 ) |  | (9,553,783 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (3,385,533 ) |  | 484,394
Creditors: Amounts Falling Due After More Than One Year | 16 |  | (5,527,778 ) |  | (9,028,850 )
PROVISIONS FOR LIABILITIES
Deferred Taxation | 18 |  | (93,324 ) |  | (93,324 )
NET LIABILITIES |  |  | (9,006,635 ) |  | (8,637,780 )
CAPITAL AND RESERVES
Called up share capital | 19 |  | 100 |  | 100
Profit and Loss Account |  |  | (9,006,735 ) |  | (8,637,880 )
SHAREHOLDERS' FUNDS |  |  | (9,006,635) |  | (8,637,780)

On behalf of the board

Mr S C Broome Director
3 June 2026

The notes on pages 15 to 22 form part of these financial statements.
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Kendal Castle Limited
Company Balance Sheet
As At 30 June 2025
Company Balance Sheet

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Investments | 12 |  | 14,500,741 |  | 14,500,741
|  |  | 14,500,741 |  | 14,500,741
CURRENT ASSETS
Debtors | 14 | 27,443 |  | 272,676 |
Cash at bank and in hand |  | 28,815 |  | 7,753 |
|  | 56,258 |  | 280,429 |
Creditors: Amounts Falling Due Within One Year | 15 | (17,142,403 ) |  | (13,254,077 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (17,086,145 ) |  | (12,973,648 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (2,585,404 ) |  | 1,527,093
Creditors: Amounts Falling Due After More Than One Year | 16 |  | - |  | (3,495,682 )
NET LIABILITIES |  |  | (2,585,404 ) |  | (1,968,589 )
CAPITAL AND RESERVES
Called up share capital | 19 |  | 100 |  | 100
Profit and Loss Account |  |  | (2,585,504 ) |  | (1,968,689 )
SHAREHOLDERS' FUNDS |  |  | (2,585,404) |  | (1,968,589)

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Kendal Castle Limited
Company Balance Sheet (continued)
As At 30 June 2025
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £(616,815 ) (2024: £(421,864 ) loss).
For the year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board

Mr S C Broome Director
3 June 2026

The notes on pages 15 to 22 form part of these financial statements.
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Kendal Castle Limited
Consolidated Statement of Changes in Equity
For The Year Ended 30 June 2025
Consolidated Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2023 | 100 | (6,894,059 ) | (6,893,959)
Loss for the year and total comprehensive income | - | (1,743,821 ) | (1,743,821)
As at 30 June 2024 and 1 July 2024 | 100 | (8,637,880 ) | (8,637,780)
Loss for the year and total comprehensive income | - | (368,855 ) | (368,855)
As at 30 June 2025 | 100 | (9,006,735 ) | (9,006,635)

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Kendal Castle Limited
Consolidated Statement of Cash Flows
For The Year Ended 30 June 2025
Consolidated Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 2,690,198 |  | 3,184,745
Interest paid |  | (585,632 ) |  | (911,050 )
Tax paid |  | - |  | (17,500 )
Net cash generated from operating activities |  | 2,104,566 |  | 2,256,195
Cash flows from investing activities
Purchase of tangible assets |  | (46,449 ) |  | (12,472 )
Interest received |  | 1,478,296 |  | 83,692
Net cash generated from investing activities |  | 1,431,847 |  | 71,220
Cash flows from financing activities
Repayment of bank borrowings |  | (3,495,682 ) |  | (2,466,160 )
Repayment of other loans |  | (5,390) |  | (5,555)
Net cash used in financing activities |  | (3,501,072 ) |  | (2,471,715 )
Increase/(decrease) in cash and cash equivalents |  | 35,341 |  | (144,300 )
Cash and cash equivalents at beginning of year | 2 | 170,104 |  | 314,404
Cash and cash equivalents at end of year | 2 | 205,445 |  | 170,104

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Kendal Castle Limited
Notes to the Consolidated Statement of Cash Flows
For The Year Ended 30 June 2025
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash generated from operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Loss for the financial year | (368,855 ) |  | (1,743,821 )
Adjustments for:
Tax on loss | - |  | 42,506
Interest expense | 585,632 |  | 886,044
Interest income | (1,478,296 ) |  | (83,692 )
Amortisation of intangible assets | 1,169,817 |  | 1,174,442
Depreciation of tangible assets | 375,573 |  | 420,760
Movements in working capital:
(Increase)/decrease in stocks | (8,217 ) |  | 10,986
(Increase)/decrease in trade and other debtors | (147,620 ) |  | 99,719
Increase in trade and other creditors | 2,562,164 |  | 2,377,801
Net cash generated from operations | 2,690,198 |  | 3,184,745

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 205,445 |  | 170,104

3. Analysis of changes in net debt

| As at 1 July 2024 | Cash flows | As at 30 June 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 170,104 | 35,341 | 205,445
Debts falling due after more than one year | (9,028,850) | 3,501,072 | (5,527,778)
| (8,858,746) | 3,536,413 | (5,322,333)

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Kendal Castle Limited
Notes to the Financial Statements
For The Year Ended 30 June 2025
Notes to the Financial Statements
1. General Information
Kendal Castle Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11427380 . The registered office is Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 June 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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Kendal Castle Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be .... years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold | 1% Straight line
Plant & Machinery | 10 % Straight line
Motor Vehicles | 25% Reducing balance
Fixtures & Fittings | 15% Straight line

2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 17
Page 18
Kendal Castle Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Operating Loss
The operating loss is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Depreciation of tangible fixed assets | 375,573 |  | 420,760
Amortisation of intangible fixed assets | 1,169,817 |  | 1,174,442

4. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 22,600 |  | 14,100

5. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 172,929 |  | 169,758
Social security costs | 20,256 |  | 19,494
Other pension costs | 4,164 |  | 4,683
| 197,349 |  | 193,935

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Kendal Castle Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
6. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 128 (2024: 126)
Company
Average number of employees, including directors, during the year was: NIL (2024: NIL)
128 126
- -
7. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 1 |  | 83,692
Other interest receivable type A | 1,478,295 |  | -
| 1,478,296 |  | 83,692

8. Interest Payable and Similar Charges

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 74,389 |  | 392,639
Interest payable on other loans | 199,813 |  | 36,576
Other finance charges | 311,430 |  | 481,835
| 585,632 |  | 911,050

9. Tax on Profit
The tax charge on the loss for the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Current tax
UK Corporation Tax | - |  | 17,500
Deferred Tax
Deferred taxation | - |  | 25,006
Total tax charge for the period | - |  | 42,506

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

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit before tax | (368,855) |  | (1,701,315)
Tax on profit at 0% (UK standard rate) | - |  | -
Total tax charge for the period | - |  | -

Page 19
Page 20
Kendal Castle Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
10. Intangible Assets
Group

| Goodwill
--- | ---
| £
Cost
As at 1 July 2024 | 11,753,236
As at 30 June 2025 | 11,753,236
Amortisation
As at 1 July 2024 | 7,085,521
Provided during the period | 1,169,817
As at 30 June 2025 | 8,255,338
Net Book Value
As at 30 June 2025 | 3,497,898
As at 1 July 2024 | 4,667,715

Company
The company had no intangible fixed assets as at 30 June 2025 or 30 June 2024.
11. Tangible Assets
Group

| Land & Property
--- | ---
| Freehold | Plant & Machinery | Fixtures & Fittings | Total
| £ | £ | £ | £
Cost
As at 1 July 2024 | 5,606,155 | 3,475,697 | 1,270,879 | 10,352,731
Additions | 3,952 | 5,849 | 36,648 | 46,449
As at 30 June 2025 | 5,610,107 | 3,481,546 | 1,307,527 | 10,399,180
Depreciation
As at 1 July 2024 | 1,179,622 | 3,003,111 | 799,536 | 4,982,269
Provided during the period | 51,012 | 147,162 | 177,399 | 375,573
As at 30 June 2025 | 1,230,634 | 3,150,273 | 976,935 | 5,357,842
Net Book Value
As at 30 June 2025 | 4,379,473 | 331,273 | 330,592 | 5,041,338
As at 1 July 2024 | 4,426,533 | 472,586 | 471,343 | 5,370,462

Company
The company had no tangible fixed assets as at 30 June 2025 or 30 June 2024.
Page 20
Page 21
Kendal Castle Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
12. Investments
Company

| Unlisted
--- | ---
| £
Cost
As at 1 July 2024 | 14,500,741
As at 30 June 2025 | 14,500,741
Provision
As at 1 July 2024 | -
As at 30 June 2025 | -
Net Book Value
As at 30 June 2025 | 14,500,741
As at 1 July 2024 | 14,500,741

13. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Finished goods | 49,253 |  | 41,036

14. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Due within one year
Trade debtors | 59,031 |  | 70,570 |  | - |  | -
Amounts owed by group undertakings | 320,680 |  | - |  | - |  | -
Other debtors | 288,870 |  | 450,391 |  | 27,443 |  | 272,676
| 668,581 |  | 520,961 |  | 27,443 |  | 272,676

15. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Trade creditors | 445,103 |  | 356,835 |  | - |  | -
Amounts owed to group undertakings | - |  | - |  | 6,823,212 |  | 9,471,229
Amounts owed to participating interests | 7,507,493 |  | 1,157,105 |  | 7,507,493 |  | 1,157,105
Other creditors | 4,210,706 |  | 8,421,054 |  | 2,674,873 |  | 2,625,743
Taxation and social security | 231,266 |  | 188,153 |  | - |  | -
Accruals and deferred income | 453,480 |  | 162,737 |  | 136,825 |  | -
| 12,848,048 |  | 10,285,884 |  | 17,142,403 |  | 13,254,077

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Kendal Castle Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
16. Creditors: Amounts Falling Due After More Than One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Bank loans | - |  | 3,495,682 |  | - |  | 3,495,682
Other loans | 5,527,778 |  | 5,533,168 |  | - |  | -
| 5,527,778 |  | 9,028,850 |  | - |  | 3,495,682

17. Loans
An analysis of the maturity of loans is given below:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Amounts falling due between one and five years:
Bank loans | - |  | 3,495,682 |  | - |  | 3,495,682
Other loans | 5,527,778 |  | 5,533,168 |  | - |  | -
| 5,527,778 |  | 9,028,850 |  | - |  | 3,495,682

18. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | 93,324 |  | 93,324

19. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
100 Ordinary Shares of £ 1.000 each | 100 |  | 100

20. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £4,164 (2024: £4,683).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
21. Related Party Disclosures
At the balance sheet date, the group owed £7,4,84,950 (2024: £7,527,982) to the other related companies having the common directors.
Included in the loans is an amount of £4,000,000 (2024: £4,000,000) owed to Mr Pankaj Jain since it was loaned £1,000,000 on 18 December 2019 and £3,000,000 on 20 December 2019.
Included in the loans is an amount of £1,500,000 (2024: £1,500,000) owed to Mr Sambhav Jain loaned on 18 October 2019.
Page 22