Company No: 09442761 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	4	42,316		51,217
		42,316		51,217
Current assets
Stocks		400		1,500
Debtors	5	39,848		2,271
Cash at bank and in hand		11,780		300
		52,028		4,071
Creditors: amounts falling due within one year	6	( 154,073)		( 136,468)
Net current liabilities		(102,045)		(132,397)
Total assets less current liabilities		(59,729)		(81,180)
Creditors: amounts falling due after more than one year	7	0		( 4,167)
Net liabilities		( 59,729)		( 85,347)
Capital and reserves
Called-up share capital	8	202		202
Profit and loss account		( 59,931 )		( 85,549 )
Total shareholders' deficit		( 59,729)		( 85,347)

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Primrose Valley Hotel 2015 Limited (registered number: 09442761) were approved and authorised for issue by the Board of Directors on 15 July 2026. They were signed on its behalf by:

Mr R D MacGregor Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Primrose Valley Hotel 2015 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is Primrose Valley Hotel, Primrose Valley, Porthminster Beach, St Ives, TR26 2ED.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £59,729. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Fixtures and fittings	20 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		8

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2025	231,558		231,558
At 31 March 2026	231,558		231,558
Accumulated amortisation
At 01 April 2025	231,558		231,558
At 31 March 2026	231,558		231,558
Net book value
At 31 March 2026	0		0
At 31 March 2025	0		0

4. Tangible assets

	Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2025	22,136		139,934		2,148		164,218
Additions	949		0		654		1,603
At 31 March 2026	23,085		139,934		2,802		165,821
Accumulated depreciation
At 01 April 2025	14,632		96,281		2,088		113,001
Charge for the financial year	1,595		8,730		179		10,504
At 31 March 2026	16,227		105,011		2,267		123,505
Net book value
At 31 March 2026	6,858		34,923		535		42,316
At 31 March 2025	7,504		43,653		60		51,217

5. Debtors

	2026		2025
	£		£
Other debtors	39,848		2,271

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans and overdrafts (secured)	4,167		11,406
Trade creditors	853		90
Other taxation and social security	36,679		17,740
Other creditors	112,374		107,232
	154,073		136,468

The Royal Bank of Scotland plc holds fixed and floating charges over all property and undertakings of the company.

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	0		4,167

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
102 Ordinary shares of £ 1.00 each	102		102
100 Ordinary - A shares of £ 1.00 each	100		100
	202		202

9. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Balance outstanding brought forward	0		0
Amounts advanced	32,879		0
Amounts repaid	0		0
Balance outstanding at year end	32,879		0

No interest is charged on this loan and it is repayable on demand.