REGISTERED NUMBER: NI676721 (Northern Ireland)

1614 LIMITED

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 October 2025

Page

Company Information

1

Strategic Report

2

Directors' Report

6

Independent Auditors' Report

8

Income Statement

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

16

DIRECTORS:

Colin William Johnston

Tiarnán O'Neill

Israel Robb

Lynsey Gordon

REGISTERED OFFICE:

21 Arthur Street

Belfast

Northern Ireland

BT1 4GA

REGISTERED NUMBER:

NI676721 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

BANKERS:

AIB

78 Wellington Street

Ballymena

Antrim

BT43 6AF

SOLICITORS:

McGarrigle Legal Limited

7th Floor West Tower

8 Lanyon Place

Belfast

BT1 3LP

INTRODUCTION

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

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS

The principal activities of the company continued to be that of the provision of hotel, spa, restaurant and bar facilities.

The directors consider the results for the year to be in line with expectations, with turnover of £5,381,051 (2024: £4,698,976) and a return to profitability with profit before tax of £130,518 (2024: loss before tax of £102,268).

Net liabilities of the company at the year end reduced to £1,507,173 (2024: £1,579,141), reflecting the profit retained in the year. The directors are satisfied with the company's performance for the year and the continued strengthening of its position.

Key financial performance indicators

The directors consider the key performance indicators are those that communicate the financial performance and strengths of the company as a whole, being turnover, gross profit and operating profit.

The directors have provided an analysis of the key performance indicators of the business below. The directors continue to monitor revenue and costs to ensure the company remains profitable.

2025

2024

£/No.

£/No.

Turnover

5,381,051

4,698,976

Gross profit

1,683,092

1,428,414

Operating profit

379,973

188,746

Average number of employees

79

70

In addition to the financial measures above, the directors monitor a range of operational performance indicators standard to the sector, including occupancy, average daily rate, revenue per available room and total revenue per available room, together with spa utilisation and guest satisfaction. The directors consider detailed disclosure of these operational measures to be commercially sensitive and accordingly do not publish them. The directors also monitor employee retention and engagement, recognising the central importance of the company's people to the guest experience.

BUSINESS MODEL

The company's revenues are diversified across accommodation, the spa, restaurant and bar operations and a carefully curated events business. The directors consider this breadth of offering, combined with the hotel's heritage charm, to be fundamental to the continued growth of the business.

The hotel attracts visitors looking for a comfortable and indulgent retreat. Its heritage charm renowned restaurant, spa facilities, and carefully curated events create a distinctive offering within the local hospitality market.

As a key destination within the Collection, the hotel benefits from and contributes to group capabilities in reservations, revenue management, procurement, marketing, finance and people development, and shares the Collection's centre-of-excellence approach to service standards and hospitality training.

Collaboration with key industry bodies and stakeholders remains integral to the company's strategy, with a commitment to developing tourism not only for commercial growth but for the wider benefit of Northern Ireland's visitor economy.

STRATEGY

The company's overarching strategy is centred on delivering distinctive, world-class hospitality experiences that resonate with the local Northern Ireland market, attract guests from the Republic of Ireland, and build greater awareness among international audiences. This approach is underpinned by sustained reinvestment, creative innovation, and a strong commitment to consistently exceptional guest experiences.

The company continues to develop its position as one of Northern Ireland's most distinctive hospitality destinations offering a unique experience-led approach designed to delight and surprise guests.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board continually reviews risks and uncertainties facing the company by regular review of the company's performance, compliance activities and wider economic factors influencing the marketplace in which the company operates.

Economic risk

We are mindful of the challenges facing the industry including inflationary pressures on utility costs, food and beverage costs and supply chain pressures, together with the sensitivity of demand for hospitality to consumer confidence and disposable income. The directors are encouraged by the company's return to profitability and continued revenue growth, and believe our robust operating model with a focus on cost control, the diversity of the company's revenue streams and customer base, as well as our strong relationships with our suppliers, will help mitigate these challenges. The company continues to strengthen its balance sheet position.

People risk

The availability and retention of skilled hospitality staff remains a sector-wide challenge, and the company's people are fundamental to the guest experience. The company mitigates this risk through sustained investment in training, development, wellbeing and retention, as set out in the Employment section below, and through its position as an employer of choice within the local community.

Interest rate risk

The company has a policy of maintaining debt at SONIA linked rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Price risk

The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The company has no exposure to equity securities price risk as it holds no listed investments.

Liquidity risk

The company actively maintains a mixture of short term and medium term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Foreign exchange risk

When necessary, the company uses financial instruments to manage foreign exchange exposure, in the normal course of the business.

The Board recognises its responsibility for managing business risk faced by the company including the promotion of good corporate governance, meeting legal and statutory obligations, and ensuring a strong framework of internal and financial controls.

EMPLOYMENT

The company is committed to creating careers of purpose, recognising the vital contribution of each employee. We continue to invest in the training, development, and retention of our people, underpinned by internal communication and health and safety processes.

We are proud to remain a key employer within the local community and are dedicated to championing best practice in our approach to employment. Providing access to development opportunities is a key pillar of our retention strategy, enabling us to support career progression, build core capabilities, and develop future industry leaders.

STAKEHOLDER ENGAGEMENT AND SECTION 172 STATEMENT

From the perspective of the directors, the matters for consideration under section 172 of the Companies Act 2006 ("s172") have been considered to an appropriate extent by the company. Such consideration is reflected in the statements set out below, with the directors acknowledging their duty under s172 to act in good faith to promote the success of the company for the benefit of its shareholders, while having regard, amongst other matters, to:

- the likely consequences of any decision in the long term;

- the interests of the company's employees;

- the need to foster the company's business relationships with guests and others;

- the impact of the company's operations on the community and the environment;

- the desirability of the company maintaining a reputation for high standards of business conduct; and

- the need to act fairly as between members of the company.

The Board of Directors of the company, both individually and collectively, confirms that it has acted in the way it considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole - having regard to the stakeholders and matters set out in Section 172(1)(a)-(f) of the Act - in the decisions taken during the year ended 31 October 2025. The following paragraphs summarise how the directors fulfil their duties:

-As the Board of Directors, our intention is to behave responsibly and ensure that the business is managed with integrity, care, and professionalism. The Board remains accountable for ensuring sound governance and oversight, aligned to the long-term interests of the company and its stakeholders.

-Throughout the year, the Board has prioritised strategic investment in the business to deliver long-term value, enhance guest experiences, and support regional economic growth.

-Our employees are fundamental to the success of the business. The company continues to offer purposeful careers and long-term development opportunities, with an emphasis on wellbeing, engagement, and safety. We are committed to being a responsible employer in our approach to pay, benefits, and performance management, ensuring our teams are supported to deliver outstanding guest experiences.

-We are equally committed to acting responsibly and fairly in how we engage with all other stakeholders, including guests, suppliers, local communities, regulators, and industry partners. These relationships are essential to the company's ability to operate successfully and sustainably.

-The company takes seriously the impact of its operations on the community and the environment, and participates in the community initiatives of the wider Galgorm Collection, including the Collection's long-standing partnership with Simon Community Northern Ireland, which has raised more than £180,000 over the last 15 years to support the charity's vital work tackling homelessness across the region.

-We are committed to ongoing, open engagement with our shareholders. Transparent communication of strategy and objectives, along with regular feedback and the appropriate consideration of shareholder input, remain central to our approach. The directors will continue to operate with integrity and accountability to uphold high standards of business conduct.

FUTURE OUTLOOK

The broader economic landscape remains subject to change, and the company will continue to monitor market conditions closely. Key areas such as consumer confidence, tourism trends and domestic travel behaviour will be continually analysed to ensure informed decision-making and resilience in the face of external pressures.

The directors expect the momentum established during the year to continue, supported by the strength of the company's brand, ongoing investment in the guest experience and the hotel's position within the Galgorm Collection.

Despite ongoing macroeconomic pressures, the directors remain confident in the hotel's continued growth, underpinned by brand strength, investment, and a highly engaged team, and view the future with confidence.

ON BEHALF OF THE BOARD:

Tiarnán O'Neill - Director

31 July 2026

The Directors present their report with the audited financial statements of the Company for the year ended 31 October 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

DIRECTORS

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

Colin William Johnston

Tiarnán O'Neill

Israel Robb

Other changes in directors holding office are as follows:

Lynsey Gordon - appointed 25 August 2025

DIRECTORS' INDEMNITIES

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The company also purchased and maintained throughout the financial year Directors' and Officers' liability insurance in respect of itself and its Directors.

GOING CONCERN

The company has generated a profit for the financial year of £71,968 (2024: loss of £182,476). Profits generated have reduced the closing net deficit position recorded on the balance sheet, with the financial statements reporting a closing net deficit at 31 October 2025 of £1,507,173 (2024: £1,579,141). Management have prepared a cash flow forecast to ensure that the company can meet its operating and debt service commitments for a period of 12 months from the date of signing the financial statements. The directors have obtained confirmation that the company has underlying support from Eirmon Holdings Limited, the company's ultimate parent, for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors have prepared the financial statements on a going concern basis.

DISCLOSURE IN THE STRATEGIC REPORT

Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the company has elected to disclose the following directors report information in the strategic report:

- Financial performance indicators;

- Future developments;

- Principal risks and uncertainties; and

- Principal activity and Business review.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 audit business of CavanaghKelly was acquired by Cooper Parry Audit (Ireland) Limited on 24th July 2025. CavanaghKelly has resigned as auditor and Cooper Parry Audit (Ireland) Limited has been appointed in its place.

The auditors, Cooper Parry Audit (Ireland) Limited, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Tiarnán O'Neill - Director

31 July 2026

Opinion

We have audited the financial statements of 1614 Limited (the 'Company') for the year ended 31 October 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31 October 2025 and of its 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 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 Directors' Report, but does not include the financial statements and our Auditors' 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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 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, 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' Responsibilities Statement set out on pages six and seven, 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 an Auditors' 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud - continued

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;

-

We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;

-

We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;

-

Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and

-

Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

-

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 Auditors' 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 Auditors' 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.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

31 July 2026

TURNOVER

5,381,051

4,698,976

Cost of sales

(3,697,959

)

(3,270,562

)

GROSS PROFIT

1,683,092

1,428,414

Administrative expenses

(1,449,633

)

(1,307,788

)

233,459

120,626

Other operating income

146,514

68,120

OPERATING PROFIT

5

379,973

188,746

Finance costs

6

(249,455

)

(291,014

)

PROFIT/(LOSS) BEFORE TAXATION

130,518

(102,268

)

Tax on profit/(loss)

7

(58,550

)

(80,208

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

71,968

(182,476

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

71,968

(182,476

)

NON-CURRENT ASSETS

Tangible assets

8

5,718,109

5,279,716

CURRENT ASSETS

Stocks

9

148,920

112,593

Receivables: amounts falling due within one year

10

1,880,441

1,658,697

Cash at bank

30,671

91,536

2,060,032

1,862,826

PAYABLES

Amounts falling due within one year

11

(4,818,049

)

(4,273,837

)

NET CURRENT LIABILITIES

(2,758,017

)

(2,411,011

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,960,092

2,868,705

PAYABLES

Amounts falling due after more than one year

12

(3,920,580

)

(3,959,711

)

PROVISIONS FOR LIABILITIES

15

(546,685

)

(488,135

)

NET LIABILITIES

(1,507,173

)

(1,579,141

)

CAPITAL AND RESERVES

Called up share capital

16

1

1

Retained earnings

17

(1,507,174

)

(1,579,142

)

SHAREHOLDERS' FUNDS

(1,507,173

)

(1,579,141

)

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Tiarnán O'Neill - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

1

(1,396,666

)

(1,396,665

)

Changes in equity

Total comprehensive income

-

(182,476

)

(182,476

)

Balance at 31 October 2024

1

(1,579,142

)

(1,579,141

)

Changes in equity

Total comprehensive income

-

71,968

71,968

Balance at 31 October 2025

1

(1,507,174

)

(1,507,173

)

Cash flows from operating activities

Cash generated from operations

1

938,149

1,606,784

Interest paid

(249,455

)

(291,014

)

Net cash from operating activities

688,694

1,315,770

Cash flows from investing activities

Purchase of tangible fixed assets

(684,564

)

(1,252,074

)

Net cash from investing activities

(684,564

)

(1,252,074

)

Cash flows from financing activities

Loan repayments in year

(64,995

)

(26,982

)

Net cash from financing activities

(64,995

)

(26,982

)

(Decrease)/increase in cash and cash equivalents

(60,865

)

36,714

Cash and cash equivalents at beginning of year

2

91,536

54,822

Cash and cash equivalents at end of year

2

30,671

91,536

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/10/25

31/10/24

£

£

Profit/(loss) before taxation

130,518

(102,268

)

Depreciation charges

246,171

207,759

Finance costs

249,455

291,014

626,144

396,505

Increase in stocks

(36,327

)

(38,291

)

Increase in trade and other debtors

(221,744

)

(89,254

)

Increase in trade and other creditors

570,076

1,337,824

Cash generated from operations

938,149

1,606,784

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2025

31/10/25

1/11/24

£

£

Cash and cash equivalents

30,671

91,536

Year ended 31 October 2024

31/10/24

1/11/23

£

£

Cash and cash equivalents

91,536

54,822

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank

91,536

(60,865

)

30,671

91,536

(60,865

)

30,671

Debt

Debts falling due within 1 year

(65,144

)

(20,936

)

(86,080

)

Debts falling due after 1 year

(2,147,921

)

85,931

(2,061,990

)

(2,213,065

)

64,995

(2,148,070

)

Total

(2,121,529

)

4,130

(2,117,399

)

1.	STATUTORY INFORMATION

1614 Limited is a private company, limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The principal activities of the company is the provision of hotel, spa, restaurant and bar facilities.

2.	STATEMENT OF COMPLIANCE

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, under the historical cost convention, unless otherwise specified within these accounting policies.

The financial statements are presented in Sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the Directors to exercise judgement in applying the company's accounting policies.

No critical judgements or accounting estimates have been identified when applying the company's accounting policies.

Going concern

The company has generated a profit for the financial year of £71,968 (2024: loss of £182,476). Profits generated have reduced the closing net deficit position recorded on the balance sheet, with the financial statements reporting a closing net deficit at 31 October 2025 of £1,507,173 (2024: £1,579,141). Management have prepared a cash flow forecast to ensure that the company can meet its operating and debt service commitments for a period of 12 months from the date of signing the financial statements. The directors have obtained confirmation that the company has underlying support from Eirmon Holdings Limited, the company's ultimate parent, for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors have prepared the financial statements on a going concern basis.

Revenue

Revenue is recognised in the Income Statement and represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue is recognised when, and to the extent, the company obtains the right to consideration in exchange for its performance. With respect to food and bar income, revenue is at the recognised point when the service is provided. For accommodation income, revenue is recognised over the duration of the guest's stay.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Freehold property

1% - Straight line

Fixtures and fittings

10% - 50% - Straight line

Assets under construction

Not depreciated

Computer equipment

25% - Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each Statement of Financial Position date, stocks are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

Taxation

Taxation for the year 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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 year 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.

Foreign currencies

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'other operating income'.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

- at fair value with changes recognised in the Income Statement if the shares are publicly traded or their fair value can otherwise be measured reliably;

- at cost, less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4.	EMPLOYEES AND DIRECTORS

31/10/25

31/10/24

£

£

Wages and salaries

1,988,849

1,716,744

Social security costs

208,986

153,843

Other pension costs

35,501

32,576

2,233,336

1,903,163

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

31/10/25

31/10/24

Staff

79

70

31/10/25

31/10/24

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

31/10/25

31/10/24

£

£

Rent payable

29,102

8,936

Depreciation - owned assets

246,171

207,759

Auditors' remuneration

5,829

5,900

Foreign exchange differences

18

5,068

6.	FINANCE COSTS

31/10/25

31/10/24

£

£

Group interest payable

103,521

126,766

Bank interest

145,934

164,248

249,455

291,014

7.

TAXATION

Analysis of the tax charge

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

31/10/25

31/10/24

£

£

Deferred tax:

Deferred tax

58,550

85,325

Adjustment in respect of prior

period

-

(5,117

)

Total deferred tax

58,550

80,208

Tax on profit/(loss)

58,550

80,208