The Lundy Company Limited

Registered company number

00960421

Directors' Report and Financial Statements

Year ended

31 December 2025

The Lundy Company Limited

Company Information

Directors

Dr A J Keay

S E Porritt

A J Leibowitz

B E E Smith

Company secretary

J M Harding

Independent Auditors

BDO LLP

55 Baker Street

London

W1U 7EU

Registered office

Shottesbrooke

Maidenhead

Berkshire

SL6 3SW

Registered company number

00960421

The Lundy Company Limited
Report and accounts
Contents


Page

Directors' Report	1 - 2
Directors' Responsibilities Statement	3
Independent Auditors	3
Independent Auditor's Report	4 - 8
Directors' Report and Financial Statements	9
Statement of Financial Position	10
Notes to the Financial Statements	11 -19

The Lundy Company Limited
Registered company number:		00960421
Directors' Report

The Directors present their report and the audited financial statements for The Lundy Company Limited (the"Company") for the year ended 31 December 2025.

Principal Activity

The principal activities of the Company are the administration of the island of Lundy, the management of 23 holiday properties and the carrying out of a programme of improvements on the island

Directors

The following persons served as directors during the year:

	Dr A J Keay
	A J Leibowitz
	S E Porritt
	B E E Smith

Business Review

During the review year, the Company enjoyed high occupancy of its holiday lets (88%), holding at similar levels to the previous year (2024 - 88%). The M.S. Oldenburg suffered a short one week delay to the start of the sailing season followed by, for the second year running, unprecedented levels of cancelled sailings arising from poor weather, impacting both day trip passenger numbers and stayers on the island. The cancelled sailings affected letting income as well as outlet income for the ship, shop and tavern.
In total £3,351,125 of revenue was earned from operational activities (2024 - £3,207,890). The year on year increase has been driven by inflationary price increases across all revenue streams, including holiday lets, Island outlets and income earned from the M.S. Oldenburg sailings and helicopter flights. Also included in turnover for 2025 is £62,403 of income in relation to the brought forward insurance claim following the flooding of MS Oldenburg in 2022 (£84,622 recognised in 2024). This claim has now been fully settled, and no further sums are due.
During 2025 the Company received £189,272 of grant related income (2024 - £291,577) classified as 'other operating income' in the Statement of Comprehensive Income including: £126,755 of farm-related grants (2024- £110,935). Other grants include £10,600 from St. Helen's Parochial Church Council (PCC) as contribution towards the Educational Officer position (2024 - £10,600); a Department of Work and Pensions Access to Work grant of £1,144; and a £1,734 from Lundy Field Society. The Lundy Fund received £49,040 (2024 - £79,923) of generous donations during 2025.
Cost of sales for the year totalled £1,037,600 (2024 - £960,674), with increased spend being driven by cost of food, household goods and souvenirs, as well as inflationary cost increases in most other areas. During 2025, the Company's administrative expenses totalled £2,921,838 (2024 - £2,657,288). The £264,550 increase can be attributed to additional repair costs for M.S. Oldenburg, increased staffing costs (including social security costs) as well as additional maintenance. Lundy's maintenance works for the year included the installation of a new air source heat pump at Stoneycroft, extensive roof works to both let property and operational buildings as well as continued replacement of double glazing in the let properties.

Going Concern

The Company has carried forward reserves of £800,292 on 2025 close. Current reserves have provided Directors with the necessary reassurance that they have sufficient funds to cover any losses incurred in the first quarter of 2026 such as unfavourable weather. Strong forward bookings together with budgeting and cash flow forecasting support the assessment that the Company is in a positive position in relation to cash and reserves over the next 12 months. The Company's ship, the M.S. Oldenburg, is currently certified and commenced the sailing season in early April. The Directors have not identified any material uncertainty relating to going concern. The Directors therefore consider it appropriate that the financial statements continue to be prepared using the going concern assumption.

Qualifying third-party indemnity provisions

The Company has in place directors' and officers' liability insurance to indemnify them against claims from third parties.

Disclosure of information to auditors

Each person who was a Director at the time when this Director's Report is approved confirms that:
●	so far as the Director is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


Auditor

The auditor, BDO LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small Companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 30 June 2026 and signed on its behalf.

Dr A J Keay

The Lundy Company Limited
Statement of Directors' Responsibilities

The Directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent; and
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	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.

The Lundy Company Limited
Independent auditor's report
to the members of The Lundy Company Limited

Opinion on the financial statements
In our opinion the financial statements: • give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its loss 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.

We have audited the financial statements of The Lundy Company Limited (“the Company”) for the year ended 31 December 2025 which comprise of the following: • Statement of Comprehensive Income; • Statement of Financial Position; • Notes 1 to 15 to the financial statements; and • 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).


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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

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.

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 included in the Directors' report, Strategic report, other than the financial statements and our auditor’s 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. 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 course of 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. 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 in relation to which 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; or • the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report, and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Statement of Directors Responsibilities, 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 is 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.

Auditor’s 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 auditor’s 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.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on: • Our understanding of the Company and the industry in which it operates; and • Discussion with management and those charged with governance; and • Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations. We considered the significant laws and regulations to be the applicable accounting framework and UK tax legislation and Companies Act 2006. The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation and Bribery Act 2010.
Our procedures in respect of the above included: • Enquires of management whether there were any litigations and claims; • Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations; • Review of correspondence with tax authorities for any instances of non-compliance with laws and regulations; and • Review of financial statement disclosures and agreeing to supporting documentation and • Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: • Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; • Obtaining an understanding of the Company’s policies and procedures relating to: - Detecting and responding to the risks of fraud; and - Internal controls established to mitigate risks related to fraud. • Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; • Discussion amongst the engagement team as to how and where fraud might occur in the financial statement: and • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Based on our risk assessment, we considered the area most susceptible to fraud to be management override of control.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of control. Our procedures in respect of the above included: • Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; and • Assessing estimates made by management for bias, including depreciation and valuation of stocks; and • Review of minutes of meeting of those charged with governance for any instances of any actual or potential frauds or potential weaknesses in internal control which could result in fraud susceptibility

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s 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.

Katherine Henderson (Senior Statutory Auditor)
For and on behalf of BDO LLP, statutory auditor
London, United Kingdom
Date: 2 July 2026

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

The Lundy Company Limited
Income Statement
for the year ended 31 December 2025


Notes		2025		2024
£			£

Turnover	2	3,351,125		3,207,890

Cost of sales		(1,037,600)		(960,674)

Gross Profit		2,313,525		2,247,216

Administrative expenses		(2,921,838)		(2,657,288)
Other operating income	3	189,272		291,577

Operating Loss	4	(419,041)		(118,495)

Profit on sale of fixed assets		13,730		8,000
Interest receivable		37,395		33,922

Loss on ordinary activities before taxation		(367,916)		(76,573)

Loss for the period		(367,916)		(76,573)

The Lundy Company Limited
Statement of Financial Position
as at 31 December 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	5		338,536			271,257

Current assets
	6	205,034			214,549
Debtors	7	118,019			304,228
Cash at bank and in hand		1,205,767			1,513,430
		1,528,820			2,032,207

Creditors: amounts falling due within one year	8	(904,909)			(944,075)
Net current assets			623,911			1,088,132

Total assets less current liabilities			962,447			1,359,389

Creditors: amounts falling due after more than one year	11		(162,155)			(191,181)

Net assets			800,292			1,168,208

Capital and reserves
Called up share capital	10		100			100
Profit and loss account	15		800,192			1,168,108
so far as the Director is aware, there is no relevant audit information of which the company's auditor is unaware; and
Total equity			800,292			1,168,208






Dr A J Keay
Director
This report was approved by the board on 30 June 2026 and signed on its behalf.

The Lundy Company Limited
Notes to the Accounts
for the year ended 31 December 2025


1	General Information

	The Lundy Company Limited is a private company, limited by shares, incorporated in England & Wales under the Companies Act 2006. Details of the registered office are given on the Company Information page and the nature of the Company's operations and its principal activities are set out in the Directors' Report.

2	Accounting Policies

2.1	Basis of preparation of financial statements
	The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The functional and presentational currency is pounds sterling and amounts presented are rounded to the nearest pound. The following principal accounting policies have been applied:

2.2	Going Concern
	The Company has carried forward reserves of £800,292 on 2025 close. Current reserves have provided Directors with the necessary reassurance that they have sufficient funds to cover any losses incurred in the first quarter of 2026 such as unfavourable weather. Strong forward bookings together with budgeting and cash flow forecasting support the assessment that the Company is in a positive position in relation to cash and reserves over the next 12 months. The Company's ship, the M.S. Oldenburg, is currently certified and commenced the sailing season in early April. The Directors have not identified any material uncertainty relating to going concern. The Directors therefore consider it appropriate that the financial statements continue to be prepared using the going concern assumption.

2.3	Turnover
	Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes for goods and services provided on the island.

2.4	Operating Leases: the Company as Lessee
	Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

2.5	Pensions
	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 Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.6	Other operating income
	Income from government and other grants, whether capital or revenue, is recognised in the Statement of Comprehensive Income when the Company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably

2.7	Interest income
	Interest income is recognised in the Statement of Comprehensive Income using the effective interest method

2.8	Taxation
	Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.9	Tangible fixed assets
	Tangible fixed assets 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 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. Depreciation is provided on the following basis: Long leasehold buildings Shorter of lease term or expected useful life Plant, fixtures and fittings -3 - 10 years Shipping -5 - 15 years 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 Statement of Comprehensive Income.

2.10	Stocks
	Stocks 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, or an estimate based on the aggregate sales margin where historic cost is not known. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock 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 Statement of Comprehensive Income. The value of livestock is based upon an annual valuation. A substantial proportion of the livestock are valued via the Exeter Livestock Market.

2.11	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

2.12	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.

2.13	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.


2.14	Financial instruments

	The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
	Basic finanical 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 aresidual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
	Derecognition of financial assets
	Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
	Derecognition of financial liabilities
	Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled

3	Judgements in applying accounting policies and key sources of estimation uncertainty

	The Directors consider there to be no significant judgements used in preparing the financial statements. Other key sources of estimation uncertainty; ● Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. ● Livestock are valued professionally with sufficient regularity so that they are not materially misstated. The valuations have been prepared on the basis of Market Value (MV) which is defined as the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and seller in an arms length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. There is an inevitable degree of judgement involve in that each livestock asset is unique and value can only ultimately be reliably tested in the market itself.

4	Employees

	The average monthly number of employees, including the Directors, during the year was 46 (2024 - 47).

5	Tangible fixed assets
		Long leasehold buildings		Plant, fixtures and fittings		Shipping		Total

£			£		£		£
	Cost or valuation
	At 1 January	556,554		687,851		817,657		2,062,062
	Additions	-		137,633		-		137,633
	Disposals	-		(143,121)		(3,485)		(146,606)
	At 31 December	556,554		682,363		814,172		2,053,089

	Depreciation
	At 1 January	531,701		467,513		791,591		1,790,805
	Charge for the year	14,402		53,248		2,704		70,354
	Disposals	-		(143,121)		(3,485)		(146,606)
	At 31 December	546,103		377,640		790,810		1,714,553

	Carrying amount
	At 31 December 2025	10,451		304,723		23,362		338,536
	At 31 December 2024	24,853		220,338		26,066		271,257

	Long leasehold buildings also include at cost roads, island infrastructure, and the Jetty.

6	Stocks					2025		2024
£							£

	Raw materials and consumables					31,623		16,335
	Finished goods and goods for resale					130,288		152,447
	Livestock					43,123		45,767


						205,034		214,549

7	Debtors: amounts falling due within one year					2025		2024
£							£

	Trade debtors					4,159		50,777
	Amounts owed by group undertakings					6,098		30,801
	Other debtors					14,728		-
	Prepayments and accrued income					93,034		222,650
						118,019		304,228

	Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

8	Creditors: amounts falling due within one year							As restated
						2025		2024
£							£

	Trade creditors					113,325		122,646
	Other taxes and social security					37,230		57,446
	Other creditors					31,932		248,230
	Accruals and deferral income					722,422		515,753

						904,909		944,075

9	Creditors: amounts falling due after more than one year							As restated
						2025		2024
£							£

	Deferred Income					162,155		191,181

						162,155		191,181

	Deferred income falling due after more than one year relates to customer deposits for advance bookings of the holiday lets owned by the Company, and the balances of active gift vouchers. For details of the prior year restatement, see note 12.

10	Share capital					2025		2024
£							£
	Allotted, called up and fully paid:
	100 (2024 - 100) Ordinary shares of £1 each					100		100

	The Ordinary shares all rank equally and have attached to them full voting rights.

11	Reserves

	The Company's capital and reserves are as follows

	Called up share capital
	Called up share capital represents the nominal value of shares issued

	Profit and loss account
	The profit and loss account represents the cumulative profits or losses, net of dividents paid and other adjustments

12	Prior Year Adjustment

	The Directors have reconsidered the treatment and presentation of deferred income balances on the Statement of Financial Position, relating to deposit payments for bookings in advance. It was determined that a portion oef this balance related to bookings during the financial year ending 31 December 2026, and should therefore be classified as a creditor falling due after more than one year rather than a current liability falling due within one year. In the prior year's financial statements, creditors falling due within one year have therefore decreased by £191,181 from £1,135,256 to £944,075. Creditors falling due after more than one year have increased by the same from £Nil to £191,181. Total assets less current liabilities have also increased by the same from £1,168,208 to £1,359,389. There has been no impact to the value of net assets, or equity as at 31 December 2024 as a result of these adjustments.

13	Commitments under operating leases

	At 31 December 2025 the Company had future minimum lease payments due under non cancellable operating leases for each of the following periods:
						2025		2024
£							£

						4,500		4,500

14	Related party transactions

	The Company has taken advantage of the exemption conferred by Section 1AC.35 of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group

15	Controlling party
	At 31 December 2025 the Company's immediate and ultimate parent undertaking was The Landmark Trust, a registered charity in England and Wales with registered address Shottesbrooke Park, Broadmoor Road, White Waltham, Maidenhead, SL6 3SW. The smallest and largest group in which the results of the Company are consolidated is that headed by The Landmark Trust. Copies of these financial statements can be obtained from the Charity Commission for England and Wales, PO Box 211, Bootle, L20 7YX. The ultimate controlling party is The Landmark Trustee Company Limited, a company incorporated in England and Wales with registered address Shottesbrooke, Maidenhead, Berkshire, SL6 3SW, due to their position as the sole trustee of The Landmark Trust