Company No: 12630790 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	157,498		192,497
Tangible assets	4	3,128,192		3,186,520
		3,285,690		3,379,017
Current assets
Stocks		89,092		110,039
Debtors	5	197,783		124,342
Cash at bank and in hand		44,599		6,187
		331,474		240,568
Creditors: amounts falling due within one year	6	( 1,959,177)		( 1,964,655)
Net current liabilities		(1,627,703)		(1,724,087)
Total assets less current liabilities		1,657,987		1,654,930
Creditors: amounts falling due after more than one year	7	( 1,245,817)		( 1,371,584)
Provision for liabilities		( 13,400)		( 19,600)
Net assets		398,770		263,746
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		398,670		263,646
Total shareholder's funds		398,770		263,746

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The financial statements of Ocean Cove Limited (registered number: 12630790) were approved and authorised for issue by the Board of Directors on 22 September 2026. They were signed on its behalf by:

Mr R A Hardick Director

1. Accounting policies

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

General information and basis of accounting

Ocean Cove Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 56 The Square, Chagford, TQ13 8AE, United Kingdom. The principal place of business is Bossiney, Tintagel, Cornwall, PL34 0AZ.

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

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

Employee benefits

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

Taxation

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

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

Intangible assets

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

Goodwill

10 years straight line

Goodwill

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

Tangible fixed assets

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

Land and buildings	50 years straight line
Plant and machinery	5 years straight line
Vehicles	4 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	5 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

Financial instruments

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

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

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

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

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

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

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

Other basic financial liabilities are measured at amortised cost.

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

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		3

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2025	349,993		349,993
At 31 December 2025	349,993		349,993
Accumulated amortisation
At 01 January 2025	157,496		157,496
Charge for the financial year	34,999		34,999
At 31 December 2025	192,495		192,495
Net book value
At 31 December 2025	157,498		157,498
At 31 December 2024	192,497		192,497

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2025	3,324,544		10,121		5,000		127,246		10,485		3,477,396
Additions	15,607		997		0		1,124		530		18,258
Disposals	0		( 246)		0		0		0		( 246)
At 31 December 2025	3,340,151		10,872		5,000		128,370		11,015		3,495,408
Accumulated depreciation
At 01 January 2025	196,954		2,868		5,000		79,190		6,864		290,876
Charge for the financial year	46,576		2,008		0		25,636		2,124		76,344
Disposals	0		( 4)		0		0		0		( 4)
At 31 December 2025	243,530		4,872		5,000		104,826		8,988		367,216
Net book value
At 31 December 2025	3,096,621		6,000		0		23,544		2,027		3,128,192
At 31 December 2024	3,127,590		7,253		0		48,056		3,621		3,186,520

Land and buildings represents freehold land and buildings. The cost of the land, included in Land and buildings, is not depreciated.

5. Debtors

	2025		2024
	£		£
Trade debtors	122,262		103,271
Amounts owed by Group undertakings	1,538		1,538
Prepayments and accrued income	73,983		19,533
	197,783		124,342

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	115,889		112,956
Trade creditors	56,725		14,125
Amounts owed to Group undertakings	16,691		24,406
Accruals and deferred income	89,901		97,585
Taxation and social security	29,140		36,007
Other creditors	1,650,831		1,679,576
	1,959,177		1,964,655

The bank loan of £115,889 (2024: £112,956) is secured by way of fixed and floating charges on Ocean Cove Coastal Retreat.

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

	2025		2024
	£		£
Bank loans (secured)	1,245,817		1,371,584

The bank loan of £1,245,817 (2024: £1,371,584) is secured by way of fixed and floating charges on Ocean Cove Coastal Retreat.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Related party transactions

Transactions with owners holding a participating interest in the entity

Included within creditors at the year-end is a balance of £16,691 (2024: £24,406) due to Ocean Cove Group Limited, the parent company. The balance is repayable on demand.

Included within other debtors at the year-end is a balance of £1,538 (2024: £1,538) due from Salcombe Park Limited, a company under common control. The balance is receivable on demand.

Included within other creditors at the year-end is a balance of £162,792 (2024: £151,130) due to Brechin Investments Limited, a company under common control. The balance is repayable on demand.

Transactions with the entity's directors

Throughout the current year, loans existed between the director's spouse and Ocean Cove Limited. No interest was charged on the loans and the balance is repayable on demand. At the balance sheet date the amount due to director's spouse by Ocean Cove Limited was £1,487,160 (2024: £1,487,160).