REGISTERED NUMBER: 02605990 (England and Wales)

UFFORD PARK LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mrs S Bansal

Dr A Bansal

Mr C R Jenno

Mrs P J Walker

REGISTERED OFFICE:

Lion Quays Weston Rhyn

Gobowen

Oswestry

Shropshire

SY11 3EN

REGISTERED NUMBER:

02605990 (England and Wales)

AUDITORS:

FWC Advisory Ltd

29 Wood Street

Stratford-Upon-Avon

Warwickshire

CV37 6JG

The directors present their strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

The year remained operationally challenging, with changes in senior management and continued disruption arising from failures within the resort's spa and leisure facilities. Despite these challenges, the business delivered an improved financial performance, reflecting the resilience of the core hotel, golf and leisure operations together with continued focus on cost control and operational efficiency.

Turnover increased marginally to £5,692,811 (2024: £5,663,814). Although operational issues within the spa and leisure facilities continued throughout the year, improved control of administrative expenses resulted in operating profit increasing significantly to £374,818 (2024: £98,004). Profit after taxation increased to £300,316 (2024: £36,796). This improvement reflects stronger operational performance, tighter cost management and more stable trading following the significant mechanical failures and facility closures experienced during the previous financial year. Management has continued to monitor departmental performance closely, with particular emphasis on payroll efficiency, energy consumption, maintenance expenditure and the profitability of the hotel, spa, leisure and golf operations.

During the year, the company's freehold property was revalued, resulting in an increase in other comprehensive income of £1,516,925. Consequently, total equity increased to £6,497,437 at 30 November 2025 (2024: £4,680,196).

Whilst profitability has improved, the directors continue to monitor working capital and cash flow closely to ensure the business remains financially resilient. The company's principal objective remains to provide high-quality guest experiences while delivering sustainable, profitable growth. Its policies continue to focus on service quality, staff training and development, customer satisfaction, prudent financial management, effective cost control and targeted investment across the resort. Risk management procedures are reviewed regularly to identify and mitigate operational and financial risks as trading conditions evolve.

The company is continuing to invest in improvements designed to enhance the guest experience, strengthen the food and beverage offering and increase utilisation of the golf course and driving range facilities. In addition, preventative maintenance remains a key priority to reduce the risk of future operational disruption following the significant mechanical failures experienced over the last two financial years.

The directors will continue to review the operational and management structure to improve efficiency, maintain appropriate cost control and support long-term profitability. They believe that continued focus on preventative maintenance, targeted investment, disciplined cost management and careful working capital control will enable the company to remain resilient and respond effectively to future trading conditions.

Cost and pricing risks are managed through regular reviews of selling prices, departmental margins, supplier agreements and operating expenditure. Credit risk is controlled through established credit control procedures and ongoing monitoring of amounts due from customers and related parties.

Key performance indicators

The directors monitor the performance of the company using the following key performance indicators:

- Revenue, to assess overall trading performance across the hotel, leisure, spa, golf and associated operations.

- Average room rate and occupancy, to assess accommodation pricing, demand and yield management.

- Operating profit and EBITDA, to evaluate underlying operational performance and cost efficiency.

- Gross margin, to assess pricing, departmental performance, cost control and supplier management.

- Payroll costs, to monitor staffing efficiency while maintaining appropriate service standards.

- Cash flow and working capital, to ensure sufficient liquidity to meet operational and capital requirements.

- Net debt and covenant compliance, to assess the company's financial resilience and compliance with its banking arrangements.

The directors consider these measures appropriate for assessing the company's financial performance, operational efficiency and ability to support future investment.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates within the hotel and leisure sector and is exposed to changes in economic conditions, discretionary consumer spending and customer demand. These risks are managed through active pricing and revenue management, a diversified offering across hotel, spa, leisure and golf operations, and regular monitoring of trading performance.

The company is also exposed to increases in payroll, energy, food, insurance, maintenance and other operating costs. In particular, increases in the National Living Wage and associated employment costs continue to place pressure on operating margins. These risks are managed through ongoing reviews of staffing structures, procurement arrangements, departmental profitability, energy consumption and operating expenditure.

The recruitment and retention of suitably skilled employees, particularly within hospitality, spa and leisure operations, remains important to maintaining service standards and supporting revenue generation. The company continues to invest in recruitment, training and employee development.

The directors monitor these risks through detailed financial forecasting, regular performance reviews and, where appropriate, targeted investment in facilities and technology.

ON BEHALF OF THE BOARD:

Mrs P J Walker - Director

26 August 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company is the operation of Ufford Park Resort, comprising hotel, leisure, spa, golf, and associated hospitality facilities.

DIVIDENDS

No dividends will be distributed for the year ended 30 November 2025.

FUTURE DEVELOPMENTS

At the date of approval of these financial statements, the refurbishment of the golf café was nearing completion, with final aesthetic finishes and furniture installation outstanding.

The company's future strategy remains focused on protecting the quality of its assets, enhancing the guest experience and delivering sustainable revenue growth. Investment in staff training, wellbeing and communication will continue to support service standards, employee retention and customer satisfaction. Relationships with key suppliers will also remain under review to ensure value for money, continuity of supply and operational resilience.

DIRECTORS

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

Mrs S Bansal

Dr A Bansal

Mr C R Jenno

Mrs P J Walker

FINANCIAL RISK MANAGEMENT

The company is exposed to credit, liquidity, interest rate, cash flow and price risks arising in the normal course of business.

The directors manage these risks through regular cash flow forecasting, effective working capital management and ongoing review of funding requirements and financial commitments to maintain adequate liquidity.

At 30 November 2025, the company had balances due to its parent undertaking and had provided security in support of the parent company's borrowings. Accordingly, the directors continue to monitor the financial position of both the company and the wider group in assessing liquidity and financial risk.

GOING CONCERN

Despite these risks and uncertainties, the directors have undertaken a comprehensive assessment of the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

This assessment considered the company's financial position, trading forecasts, cash flow projections, available funding, financing arrangements and anticipated working capital requirements. It also took account of the company's improved profitability during the year, its net current liability position, balances due to and from related parties, and the ability of the company and the wider group to meet their obligations as they fall due.

Based on this assessment, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

MEDIUM-SIZED COMPANIES EXEMPTION

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

AUDITORS

The auditors, FWC Advisory Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs P J Walker - Director

26 August 2026

Opinion

We have audited the financial statements of Ufford Park Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 November 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 Statement of Directors' Responsibilities set out on page five, 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 a Report of the Auditors 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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

- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

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

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to valuation of fixed assets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included compliance with GDPR regulation.

Audit response to risks identified:

As a result of performing the above, we identified valuation of fixed assets as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and reviewing internal reports;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- 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 indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Michelle Vincent (Senior Statutory Auditor)

for and on behalf of FWC Advisory Ltd

29 Wood Street

Stratford-Upon-Avon

Warwickshire

CV37 6JG

26 August 2026

TURNOVER

4

5,692,811

5,663,814

Cost of sales

(3,661,481

)

(3,484,832

)

GROSS PROFIT

2,031,330

2,178,982

Administrative expenses

(1,656,512

)

(2,080,978

)

OPERATING PROFIT

6

374,818

98,004

Interest receivable and similar income

-

28

374,818

98,032

Interest payable and similar expenses

8

(66,023

)

(43,407

)

PROFIT BEFORE TAXATION

308,795

54,625

Tax on profit

9

(8,479

)

(17,829

)

PROFIT FOR THE FINANCIAL YEAR

300,316

36,796

PROFIT FOR THE YEAR

300,316

36,796

OTHER COMPREHENSIVE INCOME

Revaluation of PPE

2,022,566

167,850

Income tax relating to other comprehensive income

(505,641

)

(41,963

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

1,516,925

125,887

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,817,241

162,683

FIXED ASSETS

Tangible assets

10

10,000,000

8,364,389

CURRENT ASSETS

Stocks

11

43,209

53,191

Debtors

12

1,960,828

479,507

Cash at bank and in hand

-

7,748

2,004,037

540,446

CREDITORS

Amounts falling due within one year

13

3,936,949

2,983,639

NET CURRENT LIABILITIES

(1,932,912

)

(2,443,193

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,067,088

5,921,196

CREDITORS

Amounts falling due after more than one year

14

(352,034

)

(486,911

)

PROVISIONS FOR LIABILITIES

17

(1,217,617

)

(754,089

)

NET ASSETS

6,497,437

4,680,196

CAPITAL AND RESERVES

Called up share capital

18

200,182

200,182

Revaluation reserve

19

3,290,925

1,717,824

Capital redemption reserve

19

18

18

Retained earnings

19

3,006,312

2,762,172

SHAREHOLDERS' FUNDS

6,497,437

4,680,196

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2026 and were signed on its behalf by:

Mrs P J Walker - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 December 2023

200,182

2,712,992

1,604,321

18

4,517,513

Changes in equity

Total comprehensive income

-

36,796

125,887

-

162,683

Transfers

-

12,384

(12,384

)

-

-

Balance at 30 November 2024

200,182

2,762,172

1,717,824

18

4,680,196

Changes in equity

Total comprehensive income

-

300,316

1,516,925

-

1,817,241

Transfers

-

(56,176

)

56,176

-

-

Balance at 30 November 2025

200,182

3,006,312

3,290,925

18

6,497,437

1.	STATUTORY INFORMATION

Ufford Park Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal place of business is Ufford Park Woodbridge Hotel, Golf & Spa, Yarnmouth Road, Melton, Woodbridge, Suffolk, IP12 IQW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of LQ Spa & Golf

Resorts Limited. These consolidated financial statements are available from its registered office, Lion Quays Hotel & Spa, Weston Rhyn, Oswestry, Shropshire, SY11 3EN.

Going concern

The directors have carefully considered those factors likely to affect the future development, performance and financial position of the company in relation to the ability of the company to operate within its current and foreseeable financial and operational resources.

The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks applicable to the company. These include rising inflation, rising interest rates, staff shortages as a result of Brexit, the increase in the National Living Wage for employees over the age of 21, the cost of living crisis and higher insurance premiums.

The company’s operating performance has improved significantly, with operating profit increasing to £374,818 in 2025 from £98,004 in 2024. The company's forecasts and projections, after taking into account continued support from its bank and directors, show that the company should be able to meet its liabilities as the fall due for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors have the expectation that the company will be in a position to manage its financing and business risks satisfactorily. Overall, the directors do not consider there to be a cause for material uncertainty regarding the company's going concern status as at the date of signing these financial statements

Reporting period

The financial statements have been prepared for the year ended 30 November 2025. The comparative amounts are for the year ended 30 November 2024.

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised as follows:

Rooms

Revenue is recognised when the rooms are occupied.

Food and beverages

Revenue is recognised at the point of sale, when the food and beverages have been provided.

Golf, health club and spa memberships

Revenue is recognised over the period of membership.

Golf green fees and shop income, health club and spa treatments and products

Revenue is recognised when the goods or service has been provided.

Deferred revenue consisting of deposits paid in advance are recognised on the day that services are performed.

Tangible fixed assets

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:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Plant and machinery

10% - 25% straight line

Fixtures and fittings

10% - 25% straight line

Equipment

10% - 25% straight line

Freehold land is not depreciated.

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.

Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments

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

Taxation

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

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 stock 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Pension costs and other post-retirement benefits

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

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value, residual value and depreciation of freehold property

Freehold property represents the company's most significant asset and is assessed to have a useful life of 50 years and is carried at a revalued amount, being its fair value at the date of revaluation less any subsequent depreciation.

The value of the freehold property as at 30 November 2025 was determined based on an external valuation, having regards to factors such as current and future projected income levels, location and recent market transactions in the sector. Carrying value is then calculated on the basis of estimates and of useful life and residual value of the company's property which are determined by management and reviewed annually for appropriateness.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Rooms

2,120,505

2,111,725

Food and beverages

1,796,141

1,747,725

Healthclub and spa

648,169

702,817

Golf

1,062,057

1,007,577

Other

65,939

93,970

5,692,811

5,663,814

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

5,692,811

5,663,814

5,692,811

5,663,814

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,294,473

2,452,350

Social security costs

177,091

156,694

Other pension costs

29,527

37,233

2,501,091

2,646,277

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

2025

2024

Service

95

103

Administration and support

9

12

104

115

Included in costs above is £245,873 (30 November 2024 - £208,746) of employee costs recharged to the company from a related party hotel.

2025

2024

£

£

Directors' remuneration

6,830

79,996

The remuneration is in respect of directors' salary recharged from a related party hotel.

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Year ended 30/11/25

Year ended 30/11/24

£

£

Hire of plant and machinery

23,232

26,381

Depreciation - owned assets

426,977

603,882

7.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

9,000

9,000

For other services

Taxation compliance services

-

-

All other non-audit services

3,000

3,000

3,000

3,000

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other loan interest

66,023

43,407