REGISTERED NUMBER: 00656763 (England and Wales)

Strategic Report, Report of the Directors and

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

for

CQK Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

G P Goddard

M C Goddard

M R Goddard

B T Goddard

REGISTERED OFFICE:

Lake House

Market Hill

Royston

Hertfordshire

SG89JN

REGISTERED NUMBER:

00656763 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

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

REVIEW OF BUSINESS

Business review

On 19 December 2024, the company entered into a share-for-share exchange, resulting in CQK Holdings Ltd becoming the new parent undertaking. Subsequent to this reorganisation, the company transferred certain commercial rental properties to CQK Holdings Ltd by way of a dividend in specie as part of the group restructuring.

The company operated a portfolio of hotels during the period. Two hotels were actively trading until their disposal on 31 July 2025 and 5 September 2025 respectively. Following these disposals, the company ceased trading in the hotel sector and no longer operates hotel properties.

In addition to its hotel operations, the company held investment properties which generated rental income and contributed to cash flow during the period. Following the group restructuring and the disposal of the hotels, the company’s activities have transitioned towards property investment and management.

On 12 November 2025, the company completed the acquisition of the entire issued share capital of Nameco (1282) Ltd, providing entry into the Lloyd’s of London insurance market. This represents a strategic diversification of the company’s investment activities.

As at the balance sheet date, the company’s principal activities comprised the ownership and management of rental properties.

Future outlook

The directors’ strategy is to continue to diversify and strengthen the company’s investment portfolio. Following the disposal of the hotel operations, the focus has shifted towards property investment and participation in the Lloyd’s of London market.

The directors intend to pursue further investment opportunities, which may include the expansion of the company’s property portfolio and/or additional investment in Lloyd’s capacity through further Nameco or related structures.

The directors believe that this diversified investment approach positions the company to generate sustainable returns and to respond flexibly to changing market conditions.

Key performance indicators

The directors use turnover and gross profit margins as performance indicators to monitor the operations of the company. The directors believe these measures are suitable to obtain a good understanding of the company's performance.

A summary of results in the last two periods is as follows-

2025

2024

Turnover incl other income

£7,522,485

£5,844,496

Operating profit

£766,861

£1,117,173

Gross assets

£21,603,798

£29,707,117

PRINCIPAL RISKS AND UNCERTAINTIES

Following the disposal of its hotel operations during the period, the company’s principal risks and uncertainties are primarily associated with its property investment activities and the management and deployment of its cash resources.

The company is exposed to risks relating to the property market, including fluctuations in rental demand, tenant default and changes in property values. These factors may impact both income generation and the value of the company’s assets. The directors seek to mitigate these risks through active management of the property portfolio, maintaining strong relationships with tenants and regularly reviewing market conditions to ensure that rental levels remain appropriate and competitive.

Following the disposal of the hotels, the company holds significant cash reserves which are intended to be reinvested. There is a risk that delays in identifying and completing suitable investment opportunities, or sub-optimal allocation of capital, could result in reduced returns or erosion of value over time, particularly in an inflationary environment. The directors actively review potential investment opportunities to ensure that capital is deployed effectively in line with the company’s strategy.

Financial risk

The company is funded through its own cash reserves and does not have external borrowings. As a result, the company is not exposed to interest rate risk on borrowings but is exposed to risks associated with liquidity management and the preservation of capital.

The directors monitor cash flow forecasts and maintain appropriate levels of liquidity to ensure that the company is able to meet its obligations as they fall due, whilst retaining flexibility to respond to investment opportunities as they arise.

ON BEHALF OF THE BOARD:

G P Goddard - Director

6 July 2026

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

PRINCIPAL ACTIVITY

During the period, the principal activities of the company comprised the operation of hotels and the investment in commercial and residential property. Following the disposal of the hotel operations, the company’s activities have transitioned to focus on the ownership and management of investment properties.

DIVIDENDS

An interim dividend of £3,955.86 per share was paid on 19 December 2024. The directors recommend that no final dividend be paid..

The total distribution of dividends for the period ended 30 September 2025 was £8,307,308 (2024: £Nil)

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

G P Goddard

M C Goddard

M R Goddard

B T Goddard

DISCLOSURE IN THE STRATEGIC REPORT

The Directors have chosen in accordance with the Companies Act 2006, s.414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008, Sch,7 to be contained in the directors' report. It has done so in respect of principle risks and uncertainties, and financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G P Goddard - Director

6 July 2026

Opinion

We have audited the financial statements of CQK Limited (the 'company') for the period ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identification during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations.

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to the environment and occupational health and safety.

We obtained an understanding to how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and any correspondence received from regulatory bodies.

We assessed the susceptivity of the company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand the systems and controls of the company.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

7 July 2026

TURNOVER

-

7,522,485

7,522,485

Cost of sales

(215,624

)

(5,243,290

)

(5,458,914

)

GROSS (LOSS)/PROFIT

(215,624

)

2,279,195

2,063,571

Administrative expenses

(232,433

)

(2,183,422

)

(2,415,855

)

(448,057

)

95,773

(352,284

)

Other operating income

584,965

534,180

1,119,145

OPERATING PROFIT

4

136,908

629,953

766,861

Profit on sale of operations

5

-

1,538,596

1,538,596

136,908

2,168,549

2,305,457

Interest receivable and similar income

88,020

-

88,020

Interest payable and similar expenses

6

(99,807

)

(8,138

)

(107,945

)

PROFIT BEFORE TAXATION

125,121

2,160,411

2,285,532

Tax on profit

7

(82,262

)

(482,221

)

(564,483

)

PROFIT FOR THE FINANCIAL PERIOD

42,859

1,678,190

1,721,049

TURNOVER

-

5,844,496

5,844,496

Cost of sales

(16,984

)

(3,989,201

)

(4,006,185

)

GROSS (LOSS)/PROFIT

(16,984

)

1,855,295

1,838,311

Administrative expenses

(263,359

)

(1,401,867

)

(1,665,226

)

(280,343

)

453,428

173,085

Other operating income

340,513

603,575

944,088

OPERATING PROFIT

4

60,170

1,057,003

1,117,173

Interest receivable and similar income

161

-

161

Gain/loss on revaluation of assets

-

997,867

997,867

Interest payable and similar expenses

6

-

(113,875

)

(113,875

)

PROFIT BEFORE TAXATION

60,331

1,940,995

2,001,326

Tax on profit

7

(14,579

)

(505,704

)

(520,283

)

PROFIT FOR THE FINANCIAL PERIOD

45,752

1,435,291

1,481,043

PROFIT FOR THE PERIOD

1,721,049

1,481,043

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

1,721,049

Prior year adjustment

744,563

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

2,225,606

FIXED ASSETS

Tangible assets

11

-

8,363,959

Investments

12

2,152,703

2,152,703

Investment property

13

6,434,520

17,380,328

8,587,223

27,896,990

CURRENT ASSETS

Stocks

14

-

53,780

Debtors

15

534,161

800,274

Investments

16

290,884

-

Cash at bank

12,191,530

956,073

13,016,575

1,810,127

CREDITORS

Amounts falling due within one year

17

2,022,403

1,921,667

NET CURRENT ASSETS/(LIABILITIES)

10,994,172

(111,540

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,581,395

27,785,450

CREDITORS

Amounts falling due after more than one year

18

(404,472

)

(861,111

)

PROVISIONS FOR LIABILITIES

20

(1,244,504

)

(2,405,661

)

NET ASSETS

17,932,419

24,518,678

CAPITAL AND RESERVES

Called up share capital

21

2,100

2,100

Share premium

22

2,150,703

2,150,703

Non-distributable reserve

22

4,647,196

8,188,105

Retained earnings

22

11,132,420

14,177,770

SHAREHOLDERS' FUNDS

17,932,419

24,518,678

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

G P Goddard - Director

Called up

share

Retained

Share

Non-distributable

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

2,100

12,702,234

2,150,703

7,438,035

22,293,072

Prior year adjustment

-

744,563

-

-

744,563

As restated

2,100

13,446,797

2,150,703

7,438,035

23,037,635

Changes in equity

Total comprehensive income

-

1,481,043

-

-

1,481,043

Transfer to/from

non-distributable reserve

-

(750,070

)

-

750,070

-

Balance at 31 March 2024

2,100

14,177,770

2,150,703

8,188,105

24,518,678

Changes in equity

Dividends

-

(8,307,308

)

-

-

(8,307,308

)

Total comprehensive income

-

1,721,049

-

-

1,721,049

Transfer to/from

non-distributable reserve

-

3,540,909

-

(3,540,909

)

-

Balance at 30 September 2025

2,100

11,132,420

2,150,703

4,647,196

17,932,419

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements have been prepared under the historical cost convention modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

The financial statements have been prepared on a going concern basis. The balance sheet shows net current assets of £10,994,172 (2024 liability: £111,540) and net assets of £17,932,419 (2024: £24,518,678). The net current liabilities include loans from fellow group companies of £893,395 (2024: £68,018).

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about CQK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, CQK Holdings Limited, Lake House, Market Hill, Royston, SG8 9JN, UK.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the carrying amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised int he period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year are addressed below.

Valuation of investment properties:

The valuation of the investment properties is on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices and rental yields of similar properties.

Turnover

Turnover represents net invoiced sales of goods and services provided in the normal course of business, excluding value added tax. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Hotel revenue is recognised on the daily occupation of accommodation and once the service is rendered. Food and beverage revenue is recognised at the point of sale. The company has a policy of recognising revenue for a 52 week period, however as the financial statements are prepared on an extended period the revenue is recognised for a 78 week period.

Property, plant and equipment - depreciation and amortisation

Depreciation of tangible fixed assets is provided on the following basis:

Fixtures and fittings 15% straight line on cost

Freehold property Nil

The directors have estimated that one half of the cost of freehold property relates to land and half relate to buildings.

No charge has been made for depreciation on freehold buildings. This is due to the residual value of the buildings being considered to be not less than current net book value having regard to the continued refurbishment works that has occurred and that are continuing to take place in forthcoming years.

The company considers that each of its hotels is a cash generating unit (CGU). Each CGU is reviewed annually for indicators of impairment. When indicators of impairment are identified the carrying value of the CGU is compared to its recoverable amount, which is lower of the CGUs fair value and its value in use.

Investments in subsidiaries

Investments in subsidiaries are recognised at cost less any provisions for impairment.

Current asset investments

Current asset investments are recognised at their fair value through profit and loss.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

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

Comparatives

The year end has been changed to align with the parent company. The current period figures are for the 18 month period ended 30 September 2025. The comparative figures are for the year ended 31 March 2024.

3.	EMPLOYEES AND DIRECTORS

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

as restated

£

£

Wages and salaries

3,298,797

2,331,032

Social security costs

301,212

198,541

Other pension costs

83,615

32,325

3,683,624

2,561,898

The average number of employees during the period was as follows:

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

as restated

Service Staff

61

72

Administration Staff

34

33

95

105

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

as restated

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

as restated

£

£

Depreciation - owned assets

2,570

14,333

Loss on disposal of fixed assets

318,168

-

Auditors' remuneration

32,224

16,000

5.	EXCEPTIONAL ITEMS

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

as restated

£

£

Profit on sale of operations

1,538,596

-

During the year, the company disposed of its main trading activity being three hotels.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

as restated

£

£

Bank loan interest

8,137

12,151

Other interest

99,808

101,724

107,945

113,875

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

1.4.24

to

Year Ended

30.9.25

31.3.24

as restated

£

£

Current tax:

UK corporation tax

747,948

229,848

Deferred tax

(183,465

)

290,435

Tax on profit

564,483

520,283