Thurlestone Estates Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 9
Consolidated Profit and Loss Account	10
Consolidated Statement of Comprehensive Income	11
Consolidated Balance Sheet	12
Balance Sheet	13
Consolidated Statement of Changes in Equity	14
Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Financial Statements	17 to 35

Thurlestone Estates Limited

Company Information

Directors

M D C Grose T A Hassell G R E Grose L C S Harrison S E M Grose D W P Grose V Hill C D Thomas N E Grose

Company secretary

C D Thomas

Registered office

Thurlestone Hotel Thurlestone Kingsbridge Devon TQ7 3NN

Auditors

PKF Francis Clark Statutory AuditorMelville Building East Unit 18, 23 Royal William Yard Plymouth Devon PL1 3GW

Thurlestone Estates Limited

Strategic Report

Year Ended 31 October 2025

The directors present their strategic report for the year ended 31 October 2025.

Principal activity

The principal activity of the company, and group, is hotel management.

Fair review of the business

Group turnover increased £184k, due to a modest increase in demand in the year following increased promotional offers and discounting. This followed a similar trend experienced by many other holiday destination hotels in the UK, where demand still remains supressed due to higher costs of living and the continued general slow growth in the wider economy. Room rates at a relatively high level were still achieved reflecting the high standard of product being delivered. The gross margin has increased by 1% which reflects a softening of inflationary pressure on direct costs but also due the realisation of efficiency gains. Management believes the quality of service remains at a high level, and further efficiency gains continue to be sought.

Net current liabilities increased by £766k due in part to a new development bank loan of £1.01M which was outstanding at year end. This loan was fully repaid on 6th February 2026 by a new 5-year term loan. Disregarding the outstanding development loan, net current liabilities would have reduced by £292k compared to the prior year. Net assets increased by £198k on the prior year and continued to remain strong.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2025	2024
Gross margin	%	46	45
Net margin	%	3	-
Combined room occupancy rate	%	50	49
Net assets	£'000	18,605	18,405

Principal risks and uncertainties

The principal risk and uncertainty facing the group is the potential impact of downturns in the general economy. The group manages this risk by maintaining good communication and relationships with long standing guests and tight control of costs.

Approved by the Board on 8 July 2026 and signed on its behalf by:

......................................... C D Thomas Director

Thurlestone Estates Limited

Directors' Report

Year Ended 31 October 2025

The directors present their report and the for the year ended 31 October 2025.

Directors of the group

The directors who held office during the year were as follows:

M D C Grose

C M Clapp (Resigned 13 June 2025)

T A Hassell

G R E Grose

L C S Harrison

S E M Grose

D W P Grose

V Hill

C D Thomas

N E Grose

Dividends

The directors recommend a final dividend payment of £188,982 be made in respect of the financial year ended 31 October 2025. This dividend has not been recognised as a liability in the financial statements.

Financial risk management objectives and policies

The risks facing the company are set out below:

Price risk, credit risk, liquidity risk and cash flow risk

The directors consider that the hotel's activities do not expose the group to any undue financial risks. The only risk identified was in the area of liquidity and this risk is managed by careful budgeting and forecasting and maintenance of good relationships with the lending bank.

Going concern

The financial statements have been prepared on a going concern basis.

At the year end the group is in a net current liabilities position £2,272k (2024 - £1,584k). During the year net current liabilities increased by £766k due to a new development bank loan of £1.01M which was outstanding at year end. This loan was fully repaid on 6th February 2026 by a new 5-year term loan. Current liabilities also include payments on account arising from guest deposits amounting to £431k (2024- £395k), which are offset against future sales and represent a liability that is satisfied by the provision of future hotel stays rather than direct cash outflows. The directors have reviewed the composition of current liabilities and timing and cash requirement to meet these liabilities and have satisfied themselves that the group is able to generate sufficient cash to meet its debts as they fall due and hence are satisfied that the group is a going concern.

Thurlestone Estates Limited

Directors' Report

Year Ended 31 October 2025

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 8 July 2026 and signed on its behalf by:

......................................... C D Thomas Director

Thurlestone Estates Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 group and the company 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 and apply them consistently;

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

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Thurlestone Estates Limited

Independent Auditor's Report to the Members of Thurlestone Estates Limited

Opinion

We have audited the financial statements of Thurlestone Estates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 October 2025 and of the group's profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 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 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 director's 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 group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

Thurlestone Estates Limited

Independent Auditor's Report to the Members of Thurlestone Estates Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 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 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 5, 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.

Thurlestone Estates Limited

Independent Auditor's Report to the Members of Thurlestone Estates 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.

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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.

We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. 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 fraudulent financial reporting.

Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations and review of correspondence and contracts with third parties. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Thurlestone Estates Limited

Independent Auditor's Report to the Members of Thurlestone Estates Limited

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 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.

......................................
Nicola Cornish BSc BFP FCA CTA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

9 July 2026

Thurlestone Estates Limited

Consolidated Profit and Loss Account

Year Ended 31 October 2025

	Note	2025  £	2024  £
Turnover	3	8,692,973	8,508,870
Cost of sales		(4,659,050)	(4,680,921)
Gross profit		4,033,923	3,827,949
Administrative expenses		(3,256,452)	(3,389,032)
Other operating income	4	10,000	10,000
Operating profit	5	787,471	448,917
Interest payable and similar charges	9	(367,813)	(408,223)
Profit before tax		419,658	40,694
Taxation	10	(127,946)	(29,164)
Profit for the financial year		291,712	11,530
Profit/(loss) attributable to:
Owners of the company		291,712	11,530

The group has no recognised gains or losses for the year other than the results above.

Thurlestone Estates Limited

Consolidated Statement of Comprehensive Income

Year Ended 31 October 2025

	Note	2025 £	2024 £
Profit for the year		291,712	11,530
Deferred tax movement on revalued fixed assets		-	79,638
(Deficit) / surplus on revaluation of fixed assets		-	(519,291)
		-	(439,653)
Total comprehensive income for the year		291,712	(428,123)
Total comprehensive income attributable to:
Owners of the company		291,712	(428,123)

Thurlestone Estates Limited

Consolidated Balance Sheet

31 October 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	11	72,513	145,028
Tangible assets	12	27,084,126	26,232,497
		27,156,639	26,377,525
Current assets
Stocks	14	198,423	188,327
Debtors	15	265,775	274,141
Cash at bank and in hand		96,402	45,564
		560,600	508,032
Creditors: Amounts falling due within one year	16	(2,911,181)	(2,092,437)
Net current liabilities		(2,350,581)	(1,584,405)
Total assets less current liabilities		24,806,058	24,793,120
Creditors: Amounts falling due after more than one year	16	(3,903,608)	(4,218,462)
Provisions for liabilities	20	(2,297,347)	(2,169,401)
Net assets		18,605,103	18,405,257
Capital and reserves
Called up share capital	22	10,499	10,499
Share premium reserve		24,750	24,750
Capital redemption reserve		10,751	10,751
Revaluation reserve		5,779,108	5,779,108
Profit and loss account		12,779,995	12,580,149
Equity attributable to owners of the company		18,605,103	18,405,257
Total equity		18,605,103	18,405,257

Approved and authorised by the Board on 8 July 2026 and signed on its behalf by:
 

......................................... M D C Grose Director

Company Registration Number: 00271793

Thurlestone Estates Limited

Balance Sheet

31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	12	21,548,084	20,671,488
Investments	13	1,812,290	1,812,290
		23,360,374	22,483,778
Current assets
Stocks	14	143,378	130,458
Debtors	15	174,762	181,478
Cash at bank and in hand		85,060	29,278
		403,200	341,214
Creditors: Amounts falling due within one year	16	(2,675,668)	(1,890,790)
Net current liabilities		(2,272,468)	(1,549,576)
Total assets less current liabilities		21,087,906	20,934,202
Creditors: Amounts falling due after more than one year	16	(2,687,644)	(2,842,304)
Provisions for liabilities	20	(1,941,611)	(1,816,385)
Net assets		16,458,651	16,275,513
Capital and reserves
Called up share capital		10,499	10,499
Share premium reserve		24,750	24,750
Capital redemption reserve		10,751	10,751
Revaluation reserve		5,542,272	5,542,272
Profit and loss account		10,870,379	10,687,241
Total equity		16,458,651	16,275,513

The company made a profit after tax for the financial year of £275,004 (2024 - profit of £50,746).

Approved and authorised by the Board on 8 July 2026 and signed on its behalf by:
 

......................................... M D C Grose Director

Company Registration Number: 00271793

Thurlestone Estates Limited

Consolidated Statement of Changes in Equity

Year Ended 31 October 2025

	Share capital £	Share premium £	Capital redemption reserve £	Revaluation reserve £	Profit and loss account £	Total £
At 1 November 2024	10,499	24,750	10,751	5,779,108	12,580,149	18,405,257
Profit for the year	-	-	-	-	291,712	291,712
Total comprehensive income	-	-	-	-	291,712	291,712
Dividends	-	-	-	-	(91,866)	(91,866)
At 31 October 2025	10,499	24,750	10,751	5,779,108	12,779,995	18,605,103