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Registered number: 05921582
Pebble Hotels Limited
Annual report and financial statements
For the Period Ended 30 September 2025
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Pebble Hotels Limited
Company Information
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Beaulieu House Roman Road
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Womble Bond Dickinson (UK) LLP
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Pebble Hotels Limited
Contents
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Independent auditor's report
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Consolidated statement of comprehensive income
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Notes to the financial statements
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Pebble Hotels Limited
Group strategic report
For the Period Ended 30 September 2025
Government policy dictated a significant change in strategy for the company.
Increases in employers’ National Insurance, minimum wage and business rates and relentless inflationary pressure on the consumer totally altered the trading landscape.
Accordingly, a decision to sell the hotels was taken and this resulted in the sale of The Potters Heron in July 2025. This sale enabled the repayment in full of the company’s bank debt.
The sale of The Potters Heron triggered approaches from other companies and after the year end an offer was accepted for The White Swan and this sale completed in February 2026.
The strategy of the company is to fully repay all creditors, repay the shareholder loans and then to distribute the remaining funds to the shareholders.
The hotels delivered increased sales, but generated an operating loss of £505,152.
Principal risks and uncertainties
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The company uses various financing methods including a secured bank loan (which was repaid during the period), a subordinated director’s loan, and trade debtors and creditors that arise directly from its operations.
The main financial risk for the company is inflation, which is being offset by tighter cost control.
Financial key performance indicators
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The directors monitor the Company’s performance through a number of indicators: the main measurements are like-for-like turnover, operating profit and net cash flow from operating activities. Turnover for the period was £4,418,062 (£3,485,919 in financial year 2024) with operating loss £505,152 (2024: operating loss £280,406), decrease in net cash of £1,606 (2024: £5,849 increase of cash).
This report was approved by the board and signed on its behalf.
Page 1
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Pebble Hotels Limited
Directors' report
For the Period Ended 30 September 2025
The directors present their report and the financial statements for the period ended 30 September 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 company's principal activity is the running and operation of hotels and public houses.
The loss for the period, after taxation, amounted to £993,764 (2024 - loss £688,495).
The directors recommend that no final dividend be paid.
The directors who served during the period were:
Page 2
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Pebble Hotels Limited
Directors' report (continued)
For the Period Ended 30 September 2025
The group's principal financial instruments are comprised of bank balances, trade creditors and loans to the company. The main purpose of these instruments is to raise funds to finance the group's operations. The main risks arising from the financial instruments are credit risk, liquidity risk and interest rate risk.
Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's
approach to managing other risks applicable to the financial instruments concerned is set out below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of
funding and flexibility through the use of the group's bank balances.
In respect of loans, these are comprised of loans from financial institutions and other loans. The interest rate on loans from financial institutions is variable, and the interest on other loans is fixed. The company manages the liquidity risk by ensuring that there are sufficient funds to meet the repayments.
Trade creditors' liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
Matters covered in the Group strategic report
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The Strategic report includes details of the group's performance, future developments and key risks which would otherwise be reported in this directors' report.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's and the Group's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's and the Group's auditor is aware of that information.
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company 6 October 2025.
The auditor, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 3
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Pebble Hotels Limited
Independent auditor's report to the members of Pebble Hotels Limited
We have audited the financial statements of Pebble Hotels Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 30 September 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 September 2025 and of the Group's loss for the period 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter- basis of preparation
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We draw attention to note 1.4 in the financial statements, which explains that on 27 February 2026 the company sold its remaining hotel and management have taken the decision to wind up the company, therefore, the financial statements are prepared on a basis other than going concern.
Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
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Pebble Hotels Limited
Independent auditor's report to the members of Pebble Hotels Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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's 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
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As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Page 5
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Pebble Hotels Limited
Independent auditor's report to the members of Pebble Hotels Limited (continued)
Auditor's responsibilities for the audit of the financial statements
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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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of freehold properties. Audit procedures performed by the group engagement team included:
∙Discussions with management and assessment of known or suspected instances of non compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and
∙Assessment of identified fraud risk factors; and
∙Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
∙Conducting interviews with appropriate personnel to gain further insight into the control systems implemented, and the risk of irregularity; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Checking and reperforming the reconciliation of key control accounts; and
∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and
∙Review of internal controls and physical inspection of tangible assets susceptible to fraud or irregularity; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
∙Identifying and testing journal entries, in particular any manual entries made at the period end for financial statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
Page 6
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Pebble Hotels Limited
Independent auditor's report to the members of Pebble Hotels Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Allan Pinner FCCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves Audit LLP
Statutory Auditor
Horsham
23 June 2026
Page 7
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Pebble Hotels Limited
Consolidated statement of comprehensive income
For the Period Ended 30 September 2025
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Period ended
30 September
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Exceptional administrative expenses
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial period
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(Loss) for the period attributable to:
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Owners of the Parent Company
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 13 to 26 form part of these financial statements.
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Page 8
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Pebble Hotels Limited
Registered number: 05921582
Consolidated balance sheet
As at 30 September 2025
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Period ended 30 September
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
Page 9
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Pebble Hotels Limited
Registered number: 05921582
Company balance sheet
As at 30 September 2025
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Period ended 30 September
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Profit and loss account brought forward
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
Page 10
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Pebble Hotels Limited
Consolidated statement of changes in equity
For the Period Ended 30 September 2025
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Comprehensive income for the year
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Comprehensive income for the period
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The notes on pages 13 to 26 form part of these financial statements.
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Company statement of changes in equity
For the Period Ended 30 September 2025
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The notes on pages 13 to 26 form part of these financial statements.
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Share capital
This represents the nominal value of shares that have been issued by the company.
Profit and loss account
The profit and loss account comprised all current and prior period retained profits and losses after deducting any distributions made to the company's shareholder.
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Page 11
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Pebble Hotels Limited
Consolidated statement of cash flows
For the Period Ended 30 September 2025
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Period ended
30 September
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Cash flows from operating activities
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Loss for the financial period
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Depreciation of tangible assets
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Impairments of fixed assets
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Loss on disposal of tangible assets
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at beginning of period
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Cash and cash equivalents at the end of period
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Cash and cash equivalents at the end of period comprise:
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Page 12
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the period was £993,764 (2024: loss of £688,495).
The accounts are presented in sterling and rounded to the nearest £1.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:
Sale of goods
For accommodation and room hire, revenue is recognised at the point of service. Revenue for food, drink and other services is recognised at the point of sale.
Any revenue received in advance is deferred until the point when the service is provided, in accordance with the stated policy.
Rendering of services
Revenue from a contract to provide pub operational and restructuring advice services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.
Page 13
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
1.Accounting policies (continued)
On 27 February 2026 the company sold its remaining hotel and management have taken the decision to wind up the company, therefore, the financial statements are prepared on a basis other than going concern.
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 is provided on freehold properties as it is the group's policy to maintain these
assets so that they keep their previously assessed standard of performance. As the useful economic
lives of these assets are of such length and the residual values are such that they are not materially
different from the carrying amount, any depreciation would not be material. The value is reviewed
annually and permanent diminution in value is provided for.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 14
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
1.Accounting policies (continued)
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 weighted average basis.
At each balance sheet 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.
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Cash and cash equivalents
These comprise cash at bank and other short term highly liquid investments that mature in no more than three months from the date of acquisition.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Pebble Hotels Limited, is a limited liability company, limited by shares, incorporated in England, company number 05921582. The principal activities of the group are the running and operation of hotels and public houses, the running of pubs for third parties and providing operational and restructuring advice. The address of the registered office and principal place of business is Beaulieu House, Roman Road, Dorking, Surrey, RH4 3ET.
Page 15
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and
assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
The nature of estimation is such though that actual outcomes could differ significantly from those
estimates.
Tangible fixed assets
The Group has freehold property with a carrying value of £1,875,111 (2024: £6,904,057) at the reporting date (see note 9). These assets are stated at cost with no depreciation being charged. This is because the company's policy is to maintain these assets so that they keep their previously assessed standard of performance, it is estimated that the useful economic lives of these assets are of such length and the residual values are such that they are not materially different from the carrying amount, therefore any depreciation would not be material. At subsequent reporting dates the directors use judgement and consider whether there are any factors that indicate a permanent change or diminution in value of the properties.
The group has recognised other tangible fixed assets with a carrying value of £114,058 (2024: £63,809) at the reporting date (see note 9). These assets are stated at their cost less provision for depreciation and impairment. The group determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
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An analysis of turnover by class of business is as follows:
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Period ended
30 September
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All turnover arose within the United Kingdom.
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Page 16
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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During the period, the Group obtained the following services from the Company's auditor:
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Period ended
30 September
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Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the period was as follows:
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Period ended
30 September
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Page 17
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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Period ended
30 September
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Other loan interest payable
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Period ended
30 September
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Page 18
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
8.Taxation (continued)
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Factors affecting tax charge for the period/year
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The tax assessed for the period/year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Period ended
30 September
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Loss on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Capital allowances in excess of depreciation
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Impairment of tangible fixed assets
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Unrelieved tax losses carried forward
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Other differences leading to an increase/(decrease) in the tax charge
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Total tax charge for the period/year
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Factors that may affect future tax charges
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There are tax losses of £3,008,306 (2024: £1,114,157) available against future taxable profits of the company. A deferred tax asset has not been recognised in respect of these losses due to uncertainty about future recoverability.
Page 19
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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Charge for the period on owned assets
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Page 20
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
9.Tangible fixed assets (continued)
Page 21
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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Investments in subsidiary companies
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Other fixed asset investments
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The following was a subsidiary undertaking of the Company:
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Running and operation of hotels and public houses
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Pebble Trading Limited is incorporated in the United Kingdom.
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The aggregate of the share capital and reserves as at 30 September 2025 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
£
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Page 22
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Payments received on account
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Other taxation and social security
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Accruals and deferred income
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Secured loans
The bank loan shown in notes 12 and 13 was a secured loan with National Westminster Bank plc which has now been repaid (2024: £3,394,887). The loan was secured by two legal charges dated 14 January 2016 and 18 January 2016. The first legal charge was a fixed charge over the freehold property known as The White Swan Hotel, Chichester Road, Arundel, West Sussex. The second legal charge was a fixed charge over all plant and machinery, uncalled capital, and shares in subsidiary undertakings that were held by the company. The second legal charge also contained a floating charge over all other assets and property held by the Company both present and future. Both legal charges were subject to negative pledges. Interest on the loan had been agreed at 2.8% over the Bank of England Base Rate per annum. The loan was due for repayment in May 2027.
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Page 23
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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Creditors: Amounts falling due after more than one year
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See note 12 for information regarding the security held for the loans.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Page 24
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors as detailed in note 11 and cash at bank and in hand as detailed on the balance sheet.
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Financial liabilities measured at amortised cost comprise bank loans and other loans as detailed in
notes 12 and 13 and trade creditors, payments received on account, corporation tax and social security
taxes, other creditors and accruals as detailed in note 12.
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Allotted, called up and fully paid
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99 (2024 - 99) Ordinary shares of £1 each
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3,300,000 (2024 - 3,300,000) Preferred Ordinary shares of £1 each
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Ordinary shares have a right to 0.01% of the first £3,300,000 in aggregate of any profits distributed and 99.99% thereafter. On winding up or other return of capital ordinary shares have a right to 99.99% of amounts over £3,300,000 when aggregated with dividends.
Preferred ordinary shares have a right to 99.99% of the first £3,300,000 in aggregate of any profits distributed and 0.01% thereafter. On winding up or other return of capital preferred ordinary shares have a right to receive surplus assets first, up to an aggregate amount (with dividends) of £3,300,000 and thereafter 0.01%.
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The company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £31,007 (2024: £21,405).
No contributions were payable to the fund at the balance sheet date (2024: £Nil).
Page 25
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Pebble Hotels Limited
Notes to the financial statements
For the Period Ended 30 September 2025
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Related party transactions
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During the period the the company accrued £Nil (2024: £Nil) of directors fees payable to Pebble Solutions Limited, a company in which S E Kennedy and K Thomson are directors. At the balance sheet date the company had accrued £225,000 (2024: £225,000). During the period the company received a loan from Pebble Solutons Limited, which is repayable on demand and on which no interest is charged. The outstanding balance at the balance sheet date was £80,000 (2024: £nil).
The company paid interest of £131,178 (2024: £105,288) in the period on an unsecured loan from PYW Investments Limited, a company in which P D Walters is a director. The term of the loan is a maximum of 15 years and interest is charged at 7% per annum. The outstanding balance at the balance sheet date included within loans and trade creditors was £1,392,068 (2024: £1,630,890).
The company paid interest of £38,052 (2024: £14,875) in the period on an unsecured loan from S E Kennedy. The loan is repayable on demand and interest is charged at 7% per annum. The outstanding balance at the balance sheet date was £500,000 (2024: £358,000).
Key management personnel
The persons having authority and responsibility for planning, directing and controlling the activities of the company are the directors. During the period the compensation of key management personnel totalled £Nil (2024: £Nil).
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The company is controlled by S E Kennedy, P D Walters and K Thomson by virtue of their share ownership.
Page 26
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