Company No: 02984102 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	175,000		210,000
Tangible assets	5	57,186		23,009
Investments	6	1,100		284,826
		233,286		517,835
Current assets
Debtors	7	3,916,948		3,509,024
Cash at bank and in hand	8	126,639		98,963
		4,043,587		3,607,987
Creditors: amounts falling due within one year	9	( 3,980,120)		( 3,730,141)
Net current assets/(liabilities)		63,467		(122,154)
Total assets less current liabilities		296,753		395,681
Creditors: amounts falling due after more than one year	10	( 287,598)		( 285,527)
Provision for liabilities		( 7,316)		( 68,600)
Net assets		1,839		41,554
Capital and reserves
Called-up share capital	11	1,000		1,000
Profit and loss account		839		40,554
Total shareholders' funds		1,839		41,554

For the financial year ending 31 December 2025 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 Profit and Loss Account has not been delivered.

The financial statements of Toad Hall Cottages Ltd. (registered number: 02984102) were approved and authorised for issue by the Board of Directors on 21 August 2026. They were signed on its behalf by:

James Anthony Hayden Norton 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

Toad Hall Cottages Ltd. (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 Elliott House, Church Street, Kingsbridge, TQ7 1BY, United Kingdom.

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 £.

Group accounts exemption

Group accounts exemption s399
The Company, and the group upon which this company sits, has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group qualifies as a small group.

Turnover

Turnover represents the amounts of commission charged to landlords in relation to the rental of holiday cottages managed on their behalf. Turnover is recognised in full on the last day of each holiday let once the company has fulfilled it’s contractual obligation to the landlord, at the fair value of the consideration received or receivable, excluding discounts and value added tax.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Computer software

10 years straight line

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 straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	4 years straight line
Vehicles	4 years straight line

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.

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 credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments, including investments in subsidiaries, are measured at cost less impairment.

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

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

The directors have identified an overstatement of trade creditors and a corresponding understatement of intercompany debtor in the year to 31 December 2024. A prior period adjustment has therefore been recognised in respect of the misanalysed balances.

The net effect to the profit and loss was £nil. The net effect on the balance sheet was a decrease in the intercompany loan debtor of £33,614 and a decrease in trade creditor balance of £33,614.

		As previously reported		Adjustment		As restated
Year ended 31 December 2024		£		£		£
Amounts owed by Group undertakings		2,453,401		(33,614)		2,419,787
Trade creditors		(3,232,762)		33,614		(3,199,148)

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	77		80

4. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 January 2025	350,000		350,000
At 31 December 2025	350,000		350,000
Accumulated amortisation
At 01 January 2025	140,000		140,000
Charge for the financial year	35,000		35,000
At 31 December 2025	175,000		175,000
Net book value
At 31 December 2025	175,000		175,000
At 31 December 2024	210,000		210,000

5. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 January 2025	33,632		150,865		193,878		378,375
Additions	0		7,533		47,560		55,093
Disposals	0		0		( 1,958)		( 1,958)
At 31 December 2025	33,632		158,398		239,480		431,510
Accumulated depreciation
At 01 January 2025	33,632		150,585		171,149		355,366
Charge for the financial year	0		986		19,441		20,427
Disposals	0		0		( 1,469)		( 1,469)
At 31 December 2025	33,632		151,571		189,121		374,324
Net book value
At 31 December 2025	0		6,827		50,359		57,186
At 31 December 2024	0		280		22,729		23,009

6. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	284,826
At 31 December 2025	284,826
Provisions for impairment
At 01 January 2025	0
Impairment	283,726
At 31 December 2025	283,726
Carrying value at 31 December 2025	1,100
Carrying value at 31 December 2024	284,826

7. Debtors

	2025		2024
	£		£
Trade debtors	0		242
Amounts owed by Group undertakings	2,859,294		2,419,787
Prepayments and accrued income	46,310		100,304
Other debtors	1,011,344		988,691
	3,916,948		3,509,024

8. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	126,639		98,963
Less: Bank overdrafts	( 40,643)		0
	85,996		98,963

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts (secured £ 18,967)	202,936		151,320
Trade creditors	3,212,364		3,199,148
Amounts owed to directors	88,531		46,419
Accruals	6,307		21,039
Taxation and social security	408,105		279,842
Obligations under finance leases and hire purchase contracts (secured)	8,196		0
Other creditors	53,681		32,373
	3,980,120		3,730,141

Bank loans of £18,967 (2024: £18,043) included in creditors falling due within one year are secured over assets of the company.
Obligations under finance leases and hire purchase contracts of £8,196 (2024: Nil) are secured against the assets to which they relate.

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

	2025		2024
	£		£
Bank loans (secured)	266,561		285,527
Obligations under finance leases and hire purchase contracts	21,037		0
	287,598		285,527

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured)	180,483		203,639
Obligations under finance leases and hire purchase contracts (secured)	21,037		0
	201,520		203,639

Bank loans included in creditors falling due after more than one year are secured over assets of the company and repayable by instalments.
Obligations under finance leases and hire purchase contracts of £21,037 (2024: Nil) are secured against the assets to which they relate.

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
2 Founder ordinary shares of £ 1.00 each	2		2
418 Growth A1 ordinary shares of £ 1.00 each	418		418
480 Growth A2 ordinary shares of £ 1.00 each	480		480
50 Growth B ordinary shares of £ 1.00 each	50		50
50 Growth C ordinary shares of £ 1.00 each	50		50
	1,000		1,000

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
Within one year	154,110		187,125
Between one and five years	317,826		390,185
After five years	45,375		77,875
	517,311		655,185

13. Related party transactions

Transactions with owners holding a participating interest in the entity

Transactions with the entity's directors

	2025		2024
	£		£
Balance owed by the company to the directors	(88,532)		(46,419)