| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 |
| FOR |
| TAWNYWOOD LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 |
| FOR |
| TAWNYWOOD LIMITED |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2026 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| TAWNYWOOD LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2026 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 35 Wilkinson Street |
| Sheffield |
| South Yorkshire |
| S10 2GB |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| BALANCE SHEET |
| 31 MARCH 2026 |
| 2026 | 2025 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Revaluation reserve | 14 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| BALANCE SHEET - continued |
| 31 MARCH 2026 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2026 |
| 1. | STATUTORY INFORMATION |
| Tawnywood Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| These financial statements cover the entity as an individual company. |
| The figures in the financial statements are rounded to the nearest £. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Tawnywood Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| The company has taken advantage of the FRS102 Triennial Review 2017 with regard to its investment property which is rented to a group entity and has therefore adopted an accounting policy where such properties are measured at cost (less depreciation and impairment). |
| On transition to this new accounting policy, the company has used the fair value of the property as its deemed cost at the date transition (ie 1 April 2018) to the triennial Review 2017 Amendments. |
| The directors are of the opinion that as the company's property is a hotel, and therefore it is consistently maintained to a high standard, then the residual value of the property is not materially different from its carrying value, therefore no depreciation has been charged on the property. |
| Any permanent impairment to the value of the property will be reflected through the profit and loss account to the extent that this impairment is in excess of the revaluation reserve. |
| Investments in subsidiaries |
| The company's investments in the ordinary share capital of its subsidiary undertakings are initially recognised at the transaction price and are subsequently measured at cost less any impairment provision. |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2026 |
| 3. | ACCOUNTING POLICIES - continued |
| Investment property and rental income |
| Investment properties are those properties owned by the company that are held either to earn rental income or for capital appreciation or both. Investment properties are measured initially at cost, including related transaction costs . After initial recognition at cost, investment properties are carried at their fair value based on market values determined by a RICS qualified member of an associated company. |
| Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| The company has determined that it continues to hold substantially all the risks and rewards incidental to ownership of its rental property portfolio and as such has classified any leases between itself as landlord and its tenants as operating leases. The company therefore continues to recognise the investment property in the company's balance sheet. |
| The income from such leases is recognised in profit and loss on a straight line basis over the term of the lease and is shown under 'Other operating income' |
| Stocks |
| Stocks consist of land, constructed buildings, related expenditure on infrastructure works and extracted minerals. These are valued at the lower of cost and net realisable value. |
| Cost includes all expenditure on the acquisition of the land together with related expenditure on infrastructure and professional fees designed to enhance the value of the land. |
| Financial instruments |
| Financial Assets |
| The company's loans receivable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
| Financial Liabilities |
| The company's bank and other loans payable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
| The holders of the Redeemable Preference Shares are entitled to a fixed cumulative dividend of 5p per share, therefore the issuer has an obligation to transfer financial assets to the holders of those shares. |
| On this basis, Redeemable Preference Shares are classified as a financial liability. |
| Debt instruments which are financing transactions at a rate of interest that is not a market rate. |
| Where debt instruments are classified as assets due after more than one year or long term liabilities, then the company measures these at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Where debt instruments are classified as current assets or current liabilities, then there is no present value adjustment to the initial measurement based on amortised cost. |
| 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 or deferred taxation assets and liabilities are not discounted. |
| 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 balance sheet date. |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2026 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2025 - NIL). |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2025 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2026 |
| DEPRECIATION |
| At 1 April 2025 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2026 |
| NET BOOK VALUE |
| At 31 March 2026 |
| At 31 March 2025 |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2026 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2025 |
| and 31 March 2026 |
| NET BOOK VALUE |
| At 31 March 2026 |
| At 31 March 2025 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2025 |
| Additions |
| Revaluations | (554,226 | ) |
| At 31 March 2026 |
| NET BOOK VALUE |
| At 31 March 2026 |
| At 31 March 2025 |
| Fair value at 31 March 2026 is represented by: |
| £ |
| Valuation in 2026 | 14,036,000 |
| The fair value of investment properties were determined by a RICS qualified surveyor, who is an employee of an associated company. |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2026 | 2025 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts loaned to other undertakings have been done so with no fixed repayment dates. The directors are not able to forecast with any certainty when the loans will be repaid, therefore they consider it appropriate to classify them as current assets. Additionally, the amounts owed by Group undertakings will only be repaid when the undertaking has sufficient funds to do so. Again it is not possible to forecast with accuracy when the loans will be repaid therefore they consider it appropriate to also classify them as current assets. |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2026 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2026 | 2025 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| In addition to the 5 year non - revolving credit facility that the company has with its bankers, it is financed by certain loans from other undertakings. A loan to the company of £5.1 million has no fixed repayment date and repayment depends upon the future site development. Additionally, the company who made the loan has indicated that they do not intend to seek repayment of the loan if this would adversely affect the working capital requirements of Tawnywood Limited. Furthermore, this means that a loan of £6,301,670 from another party is not repayable on demand. The directors are not able to forecast with any certainty when these loans will be repaid, therefore they consider it appropriate to classify them as current liabilities. |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2026 | 2025 |
| £ | £ |
| Bank loans |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2026 | 2025 |
| £ | £ |
| Within one year |
| Between one and five years |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2026 | 2025 |
| £ | £ |
| Bank loans |
| The company's bank borrowings are secured by a legal mortgage over part of the company's property portfolio, which also includes all the plant and machinery owned by the company. |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2026 | 2025 |
| value: | £ | £ |
| Ordinary | £1 | 80 | 80 |
| TAWNYWOOD LIMITED (REGISTERED NUMBER: 02533967) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2026 |
| 13. | CALLED UP SHARE CAPITAL - continued |
| As stated in note 3 to the accounts, the company's Redeemable Preference Shares are classified as a financial liability. The holders of the Redeemable Preference Shares are entitled to the following: |
| A fixed cumulative dividend of 5p per share payable on 30 September each year. There are currently 32 years in arrears totalling £1,152. |
| In the event of the company's liquidation, repayment of the amount paid up on the shares is in priority to any payments made to ordinary shareholders. |
| The company can redeem the shares by giving the holders seven days notice of their intention. In this event, the holders are entitled to repayment of any capital, together with any arrears of dividends. |
| The holders of these shares have no rights to receive notice of, to attend, speak or vote at any General Meeting. |
| 14. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 April 2025 |
| and 31 March 2026 |
| 15. | CAPITAL COMMITMENTS |
| 2026 | 2025 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 16. | RELATED PARTY DISCLOSURES |
| J L Wilson is also a shareholder and director of certain undertakings to which monies have been loaned by Tawnywood Limited on an interest free basis. The total loan capital outstanding at the year end is shown below. |
| 2026 | 2025 |
| £ | £ |
| Owed to Tawnywood Limited | 2,357,849 | 3,807,118 |
| Impairment provision - loan not considered recoverable | -2,064,785 | -2,311,110 |