Company registration number SC608186 (England and Wales)
BUXANI CRAIGMONIE HOTEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BUXANI CRAIGMONIE HOTEL LIMITED
COMPANY INFORMATION
Directors
Mrs Pia K K Buxani
Mr Kishore K J Buxani
Company number
SC608186
Registered office
9 Annfield Road
Inverness
IV2 3HX
Auditor
Edwards Veeder (UK) Limited
Ground Floor, 4 Broadgate
Broadway Business Park
Chadderton
OL9 9XA
BUXANI CRAIGMONIE HOTEL LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 20
BUXANI CRAIGMONIE HOTEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of hotel operator.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs Pia K K Buxani
Mr Kishore K J Buxani
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mrs Pia K K Buxani
Mr Kishore K J Buxani
Director
Director
6 May 2026
BUXANI CRAIGMONIE HOTEL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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.

BUXANI CRAIGMONIE HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUXANI CRAIGMONIE HOTEL LIMITED
- 3 -
Opinion

We have audited the financial statements of Buxani Craigmonie Hotel Limited (the 'company') for the year ended 31 December 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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's 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

BUXANI CRAIGMONIE HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUXANI CRAIGMONIE HOTEL LIMITED (CONTINUED)
- 4 -
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 identifie d material misstatements in the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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 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.

Auditor's responsibilities for the audit of the financial statements

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

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

- Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud.

- Auditing the risk of management of override controls, including through testing journal entries and other adjustments for appropriateness.

- Challenging assumptions and judgments made by management in their significant accounting estimates.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters 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.

BUXANI CRAIGMONIE HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUXANI CRAIGMONIE HOTEL LIMITED (CONTINUED)
- 5 -
Andrew Wadsworth FCCA (Senior Statutory Auditor)
For and on behalf of Edwards Veeder (UK) Limited, Statutory Auditor
Chartered Accountants
Ground Floor, 4 Broadgate
Broadway Business Park
Chadderton
OL9 9XA
6 May 2026
BUXANI CRAIGMONIE HOTEL LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Revenue
2
1,392,479
1,765,842
Cost of sales
(820,042)
(800,013)
Gross profit
572,437
965,829
Administrative expenses
(443,932)
(559,926)
Operating profit
3
128,505
405,903
Investment revenues
5
-
0
907
Finance costs
6
(169,730)
(178,621)
(Loss)/profit before taxation
(41,225)
228,189
Income tax expense
7
(110,706)
(65,338)
(Loss)/profit and total comprehensive income for the year
(151,931)
162,851
BUXANI CRAIGMONIE HOTEL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
Non-current assets
Goodwill
9
1
1
Property, plant and equipment
10
3,138,466
2,728,801
3,138,467
2,728,802
Current assets
Inventories
11
18,243
14,105
Trade and other receivables
12
39,755
142,852
Cash and cash equivalents
121,258
415,725
179,256
572,682
Current liabilities
Trade and other payables
14
376,659
383,621
Current tax liabilities
-
0
64,904
Borrowings
13
95,729
106,685
472,388
555,210
Net current (liabilities)/assets
(293,132)
17,472
Non-current liabilities
Borrowings
13
2,418,010
2,277,724
Deferred tax liabilities
15
206,875
96,169
2,624,885
2,373,893
Net assets
220,450
372,381
Equity
Called up share capital
17
100
100
Retained earnings
220,350
372,281
Total equity
220,450
372,381

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 May 2026 and are signed on its behalf by:
Mrs Pia K K Buxani
Mr Kishore K J Buxani
Director
Director
Company registration number SC608186 (England and Wales)
BUXANI CRAIGMONIE HOTEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2024
100
609,430
609,530
Year ended 31 December 2024:
Profit and total comprehensive income
-
162,851
162,851
Transactions with owners:
Dividends
8
-
(400,000)
(400,000)
Balance at 31 December 2024
100
372,281
372,381
Year ended 31 December 2025:
Loss and total comprehensive income
-
(151,931)
(151,931)
Balance at 31 December 2025
100
220,350
220,450
BUXANI CRAIGMONIE HOTEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
159,675
612,890
Interest paid
(71,471)
(81,486)
Income taxes paid
(64,904)
(192,961)
Net cash inflow from operating activities
23,300
338,443
Investing activities
Purchase of property, plant and equipment
(474,079)
(26,315)
Interest received
-
0
907
Net cash used in investing activities
(474,079)
(25,408)
Financing activities
Proceeds from borrowings
200,000
-
0
Repayment of bank loans
(55,496)
(79,593)
Dividends paid
-
0
(400,000)
Net cash generated from/(used in) financing activities
144,504
(479,593)
Net decrease in cash and cash equivalents
(306,275)
(166,558)
Cash and cash equivalents at beginning of year
415,725
570,387
Effect of foreign exchange rates
11,808
11,896
Cash and cash equivalents at end of year
121,258
415,725
BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
1
Accounting policies
Company information

Buxani Craigmonie Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Annfield Road, Inverness, IV2 3HX. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.4
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2%
Fixtures and fittings
20% - 33%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Revenue
2025
2024
£
£
Revenue analysed by class of business
Sale of goods
390,810
584,125
Rendering of services
1,001,669
1,181,717
1,392,479
1,765,842
3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(14,163)
(11,896)
Depreciation of property, plant and equipment
64,414
57,744
Cost of inventories recognised as an expense
151,913
165,987
BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
28
30

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
495,262
472,768
Social security costs
47,158
35,559
Pension costs
8,794
9,595
551,214
517,922
5
Investment income
2025
2024
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
-
0
907
Income above relates to assets held at amortised cost, unless stated otherwise.
6
Finance costs
2025
2024
£
£
Interest on bank overdrafts and loans
71,471
81,486
Other interest payable
98,259
97,135
Total interest expense
169,730
178,621
7
Income tax expense
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
64,905
BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Income tax expense
2025
2024
£
£
(Continued)
- 16 -
Deferred tax
Origination and reversal of temporary differences
110,706
433
Total tax charge
110,706
65,338

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

2025
2024
£
£
(Loss)/profit before taxation
(41,225)
228,189
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2024: 25.00%)
(10,306)
57,047
Effect of expenses not deductible in determining taxable profit
196
-
0
Permanent capital allowances in excess of depreciation
(25,631)
(6,578)
Depreciation on assets not qualifying for tax allowances
16,104
14,436
Group relief surrendered
19,637
-
0
Deferred tax movement
110,706
433
Taxation charge for the year
110,706
65,338
8
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary
Final dividend paid
-
4,000.00
-
0
400,000
9
Intangible assets
Goodwill
£
Cost
At 1 January 2024
1
At 31 December 2024
1
At 31 December 2025
1
Carrying amount
At 31 December 2025
1
At 31 December 2024
1
BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Intangible assets
Goodwill
£
(Continued)
- 17 -
At 31 December 2023
1
10
Property, plant and equipment
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
2,843,538
252,447
3,095,985
Additions
-
0
26,315
26,315
At 31 December 2024
2,843,538
278,762
3,122,300
Additions
-
0
474,079
474,079
At 31 December 2025
2,843,538
752,841
3,596,379
Accumulated depreciation and impairment
At 1 January 2024
188,638
147,117
335,755
Charge for the year
36,966
20,778
57,744
At 31 December 2024
225,604
167,895
393,499
Charge for the year
36,966
27,448
64,414
At 31 December 2025
262,570
195,343
457,913
Carrying amount
At 31 December 2025
2,580,968
557,498
3,138,466
At 31 December 2024
2,617,934
110,867
2,728,801
11
Inventories
2025
2024
£
£
Finished goods
18,243
14,105
12
Trade and other receivables
2025
2024
£
£
Trade receivables
751
54,529
Other receivables
2,354
49,491
Prepayments
36,650
38,832
39,755
142,852
BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
13
Borrowings
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Borrowings held at amortised cost:
Bank loans
95,729
106,685
1,019,002
1,063,542
Loans from parent undertaking
-
-
1,399,008
1,214,182
95,729
106,685
2,418,010
2,277,724
2025
2024
£
£
Secured borrowings included above:
Bank loans
(1,114,731)
(1,170,227)

The bank loan is repayable by instalments and interest is charged at 2% pa above UK Base Rate. It is secured by way of a charge over the assets of the company.

14
Trade and other payables
2025
2024
£
£
Trade payables
45,319
53,361
Accruals
297,813
263,744
Social security and other taxation
21,975
49,962
Other payables
11,552
16,554
376,659
383,621
15
Deferred taxation
Liabilities
2025
2024
£
£
Deferred tax balances
206,875
96,169
BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Deferred taxation
(Continued)
- 19 -

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 1 January 2024
95,736
Deferred tax movements in prior year
Charge/(credit) to profit or loss
433
Liability at 1 January 2025
96,169
Deferred tax movements in current year
Charge/(credit) to profit or loss
110,706
Liability at 31 December 2025
206,875
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,794
9,595

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
18
Events after the reporting date

At 31 December 2025, the Company had an intercompany loan payable to Buxani Hotels Pte Limited, bearing interest at a rate of 8% per annum.

On 1 January 2026, being the day following the reporting period, this loan was transferred to Buxani Group Pte Limited. The terms of the loan, including the interest rate, remain unchanged.

19
Related party transactions

As at 31 December 2025 £1,399,008 (2024: £1,214,182) was owed to Buxani Hotels Pte Limited (a company incorporated in Singapore). Buxani Craigmonie Hotel Limited is a wholly owned subsidiary of Buxani Hotels Pte Limited. Interest is charged on the loan at 8% per annum.

BUXANI CRAIGMONIE HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
20
Controlling party

The company is a wholly owned subsidiary of Buxani Hotels Pte Limited, a company incorporated in Singapore. Buxani Group Pte Limited, a company incorporated in Singapore, was the ultimate parent company as at 31 December 2025. The directors regard Kishore K J Buxani as the ultimate controlling party.

Buxani Group Pte Limited is a parent company of the group which the company is a member and for which financial statements are drawn up. Copies of the group financial statements are available from 15 Scotts Road #03-02-1 Singapore 228218.

21
Cash generated from operations
2025
2024
£
£
(Loss)/profit for the year before taxation
(41,225)
228,189
Adjustments for:
Finance costs
169,730
178,621
Investment income
-
0
(907)
Depreciation and impairment of property, plant and equipment
64,414
57,744
Foreign exchange gains on cash equivalents
(11,808)
(11,896)
Movements in working capital:
Increase in inventories
(4,138)
(2,229)
Decrease in trade and other receivables
103,097
136,782
(Decrease)/increase in trade and other payables
(120,395)
26,586
Cash generated from operations
159,675
612,890
22
Analysis of changes in net debt
1 January 2025
Cash flows
Exchange rate movements
31 December 2025
£
£
£
£
Cash at bank and in hand
415,725
(306,275)
11,808
121,258
Borrowings excluding overdrafts
(2,384,409)
(129,330)
-
(2,513,739)
(1,968,684)
(435,605)
11,808
(2,392,481)
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
Prior year:
£
£
£
£
Cash at bank and in hand
570,387
(166,558)
11,896
415,725
Borrowings excluding overdrafts
(2,472,506)
88,097
-
(2,384,409)
(1,902,119)
(78,461)
11,896
(1,968,684)
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