Company No:
Contents
| DIRECTORS | Andrew Charles Lavery |
| Alice Constance St Aubyn (Appointed 14 February 2025) | |
| Felix John St Aubyn | |
| Hugh James St Aubyn | |
| Lord James Piers Southwell St Levan | |
| Lady Mary Caroline St Levan (Resigned 31 October 2025) | |
| Sara Kay Sweetland |
| REGISTERED OFFICE | Estate Office |
| King's Road | |
| Marazion | |
| TR17 0EL | |
| United Kingdom |
| COMPANY NUMBER | 00392156 (England and Wales) |
| AUDITOR | Dixon Wilson Audit Services LLP |
| Statutory Auditor | |
| 22 Chancery Lane | |
| London | |
| WC2A 1LS |
| BANKERS | Barclays Bank Plc |
| Leicester Servicing Centre | |
| Leicester | |
| LE87 2BB |
| SOLICITORS | Foot Anstey LLP |
| Highwater House | |
| Malpas Road | |
| Truro | |
| Cornwall | |
| TR1 1QH |
The directors present their Strategic Report for the financial year ended 31 December 2025.
REVIEW OF THE BUSINESS
**Principal Activities**
St Aubyn Estates Limited has two principal activities, being firstly to act as the management company for the wider St Aubyn Estates, and secondly to be the legal entity under which a number of individual businesses operate.
**Management Company for the wider St Aubyn Estates**
The company provides services to the family estate, including estate management, land & property management, finance, payroll, marketing and administration. The family estate incorporates a number of Trusts, partnerships and sole trading businesses which includes the operation of the visitor attraction of St Michael's Mount and land across West Cornwall. It also includes the support of the St Aubyn Foundation, the St Aubyn family's charity that awards grants primarily to local organisation and community groups, as well as operating a learning initiative.
**Business operations**
Two principal business trades are carried out under St Aubyn Estates Limited, being:
Hospitality – the operation of the Beach Box.
Building and Construction – a building company with particular expertise in the heritage sector, trading as Cornish Heritage Builders.
**Fair review of the business**
The financial year has seen a profit recorded of £355,937 (2024: loss of £19,156). The main driver of the loss in 2024 was the revaluation of the Godolphin Arms, which resulted in a negative one-off revaluation of £858,500.
Rental income from the Godolphin was as expected and paid within the terms of the agreement with our tenant.
Estate management continued to trade as expected.
The company continues to commit to the integration of sustainability into the various St Aubyn entities it manages. This is demonstrated with the progression of accreditation through the Green Dragon Environmental Management System tiers. Sustainability meetings continue, being held regularly throughout the year.
The split of turnover by segment is detailed in notes 2 and 3. These figures exclude intra-company trading, predominantly building work undertaken by Cornish Heritage Builders within the Hospitality businesses and management fees charged by the Estate Management division to the operational hospitality and building businesses. These management fees include finance, IT and marketing support.
PRINCIPAL RISKS AND UNCERTAINTIES
The management and Board regularly review the risks which the business faces and makes appropriate plans to mitigate such risks. The key business risks and uncertainties include:
- Risk of IT security breach could result in loss of data, or an inability to use the systems. The company is managing this risk by retaining external IT advisors.
- Exposure to credit risk for our building activities, particularly with large contracts. This is managed by working with trusted credit-worthy clients and monitoring payments closely.
- Inflationary pressures pose several risks and uncertainties for the UK economy. Key risks impacting on the business are:
- Increase in material prices – this will be managed by ensuring contracts include provisions for increase in material costs and regular monitoring of contracts;
- Recruitment of staff - there are issues recruiting and retaining new staff due to the current competitive market. The company continues to review pay, benefit, and recruitment policies to manage this risk;
- Reduced visitor numbers to Cornwall would be liable to feed through to a lower level of management fees.
ESTATE MANAGEMENT
The Estate Management function includes accounts, payroll, IT, marketing and land and property management. These costs are recharged to other areas of the businesses both within the company and to the wider Estate.
BALANCE SHEET
The Godolphin was revalued on 16th May 2025 at a figure of £3.0m, the valuation was on an existing use basis. The asset is now operated as a leased asset. The directors have reviewed the valuation and have confirmed that £3.0m is their estimate for its use.
PROSPECTS AND POST BALANCE SHEET EVENTS
In March 2026, it was agreed that a license will be issued from SMMT to SAEL to trade catering on the mount through SAEL. SAEL will then pay SMMT a turnover rent of 10% of net turnover. This arrangement was in place in 2025 for the pop ups.
Trading across all business units looks promising in both the short term and the longer term.
BUSINESS SYSTEMS
The company measures key performance indicators (including financial measures) on a regular basis across the various business segments, with management reporting on a timely basis. The full Board meets once per quarter to review business performance.
Approved by the Board of Directors and signed on its behalf by:
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Felix John St Aubyn
Director |
The directors present their annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2025.
GOING CONCERN
The combination of operating the asset of the Godolphin as an investment property and strong Cornish Heritage Builders and Estate Management business will mean that the company can continue to operate profitably into future years, as it has in 2025.
Going forward, the operations of the company should result in positive cash flows. In addition, St Aubyn Estates Limited is part of the wider portfolio of the St Aubyn Family of businesses and as such is able to benefit from the cash flows now available through these other operations. Because of the relationship between the company, the ultimate holding company, and other businesses, all of which are effectively under the control of the St Aubyn family, the directors are able to rely on the wider financial support to ensure that St Aubyn Estates Limited is considered as a going concern and is able to meet its liabilities as they fall due.
REVIEW OF THE BUSINESS
Turnover for the financial year amounted to £7,531,771 (2024: £7,927,539). The company earned a profit after taxation totalling £355,937 (2024: loss £19,156).
The net current liability position of the company as at the financial year end amounted to £864,879 (2024: net current liability £1,096,105).
The net asset position of the company as at the financial year end amounted to £2,543,597 (2024: net asset £2,253,827).
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Appointed 14 February 2025) |
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(Resigned 31 October 2025) |
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AUDITOR
Each of the persons who is a director at the date of approval of this report 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 they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Approved by the Board of Directors and signed on its behalf by:
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Felix John St Aubyn
Director |
The directors are responsible for preparing the annual report 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial 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;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* 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. The directors 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.
Report on the audit of the financial statements
We have audited the financial statements of St Aubyn Estates Limited (the ‘company’) for the year ended 31 December 2025 which comprise the profit and loss account, statement of comprehensive Income, balance sheet, statement of changes in equity, statement of cashflows 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 31 December 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 Auditor’s 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 director's 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.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Report on other legal and regulatory requirements
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 has 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 and 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.
As explained more fully in the directors’ responsibilities statement set out on page 6, 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.
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:
We gained an understanding of the legal and regulatory framework applicable to the company by considering, amongst other things, the industry and sector in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised 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 or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, UK company law and Health and Safety Regulations.
Our tests included the the following:
• We reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
• We reviewed board minutes, for instances of non compliance.
• We reviewed the company’s accounting estimates for bias
• We made enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.
• We reviewed a sample of expenditure to ensure it was appropriate to the running of the business.
• We audited the risk of management override of controls through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above 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 would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.
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 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.
For and on behalf of
Statutory Auditor
London
WC2A 1LS
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 2 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Other operating income | 3 |
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| Operating profit |
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| Other non-operating loss | 9 | (
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| Profit/(loss) before interest and taxation | 353,837 | (156,290) | ||
| Interest receivable and similar income | 10 |
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| Interest payable and similar expenses | 11 | (
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| Profit/(loss) before taxation | 4 |
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| Tax on profit/(loss) | 8 | (
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| Profit/(loss) for the financial year |
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| Profit/(loss) for the financial year |
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| Remeasurement of net defined benefit liability | (
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| Other comprehensive loss | (66,167) | (143,002) | ||
| Total comprehensive income/(loss) |
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 12 |
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| Tangible assets | 13 |
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| Investment property | 14 |
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| Investments | 15 |
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| 3,502,768 | 3,430,869 | |||
| Current assets | ||||
| Stocks | 16 |
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| Debtors | 17 |
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| Cash at bank and in hand | 18 |
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| 1,833,467 | 3,572,193 | |||
| Creditors: amounts falling due within one year | 19 | (
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| Net current liabilities | (864,879) | (1,096,105) | ||
| Total assets less current liabilities | 2,637,889 | 2,334,764 | ||
| Provision for liabilities | 20 | (
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| Net assets | 2,543,597 | 2,253,827 | ||
| Capital and reserves | 23 | |||
| Called-up share capital |
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| Share premium account |
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| Profit and loss account |
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| Total shareholder's funds | 2,543,597 | 2,253,827 |
The financial statements of St Aubyn Estates Limited (registered number:
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Felix John St Aubyn
Director |
| Called-up share capital | Share premium account | Revaluation reserve | Profit and loss account | Total | |||||
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| At 01 January 2024 |
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| Loss for the financial year |
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| Total comprehensive loss |
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| Transfer |
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| At 31 December 2024 |
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| At 01 January 2025 |
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| Profit for the financial year |
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| Remeasurement of net defined benefit liability |
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| Loss arising on fair value movement of investment property |
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| Net cash flows from operating activities (note 24) |
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| Cash flows from investing activities | |||
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| Repayments of borrowings |
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| Interest paid | (10,932) | (30,594) | |
| Net cash flows from financing activities | (
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| Cash and cash equivalents at end of year |
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| Reconciliation to cash at bank and in hand: | |||
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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.
St Aubyn Estates 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 Estate Office, King's Road, Marazion, TR17 0EL, United Kingdom.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis.
St Aubyn Estates Limited is part of the wider portfolio of the St Aubyn family of businesses and as such are able to benefit from the cash flow available through these other operations. Because of the relationship with the other businesses, all of which are effectively under the overall control of the St Aubyn family, the directors are able to rely on the wider financial support to ensure that the entity is considered a going concern and is able to meet its liabilities as they fall due.
The company has not prepared consolidated financial statements on the basis that the inclusion of its two subsidiaries, Mounts Bay Developments Limited and The Godolphin Company Limited, which are both dormant, would be immaterial to the group as a whole. In accordance with the exemption under Section 402 of the Companies Act 2006, consolidated accounts have not been prepared and the financial statements present information about the company as an individual entity.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• The Company has transferred to the buyer the significant risks and rewards of ownership of the goods.
• The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold.
• The amount of revenue can be measured reliably.
• It is probable that the economic benefits associated with the transaction will flow to the Company; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.
Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the company and the company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
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| Leasehold improvements | depreciated over the life of the lease |
| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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| Computer equipment |
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| Other property, plant and equipment | not depreciated |
| Assets in the course of construction |
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.
The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised in the period in which the reversal occurs.
*Classification**
The company holds the following financial instruments:
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
**Recognition and measurement**
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Investments in subsidiaries are measured at cost less impairment.
The company contributed to two money purchase pension schemes during the year. The obligations for contributions to defined contribution schemes are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in independently administered funds.
The company also operates a defined benefit pension scheme. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Any resulting pension scheme surplus (to the extent that it is recoverable) or deficit is recognised in full. The movement in the scheme surplus or deficit is split between operating charges, finance items and, in the statement of total comprehensive income, actuarial gains and losses.
For the accounting year ended 31 December 2025, the fair value basis has been used to value the company's freehold property. The investment property was valued at £3,000,000. The fair value basis has been chosen to measure the investment property, based on the valuation performed in 2025 by an independent professional valuer, Miller Commercial, with experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. The directors consider this valuation is appropriate for inclusion in the year end accounts.
The company is a member of a Defined Benefit Pension Scheme policy, the value of which is determined by a qualified third party actuary. The actuary has considered the High Court rules on GMP Equalisation in arriving at their estimate. The carrying amount of the net defined benefit asset is £nil (2024: £nil). The surplus of £970,000 (2024: £885,000) has not been recognised in the balance sheet, as the surplus of the assets over the liabilities over the chosen bases are not readily realisable by the company.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by business class
An analysis of the company's turnover by class of business is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| Cornish Heritage Builders | 3,862,359 | 4,455,522 | |
| Hospitality | 145,620 | 114,770 | |
| Estate management & overheads | 3,523,792 | 3,357,247 | |
| 7,531,771 | 7,927,539 |
Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.
| 2025 | 2024 | ||
| £ | £ | ||
| Godolphin Arms rental income | 233,688 | 275,885 | |
| Other grants receivables | 4,758 | 5,000 | |
|
|
|
Profit/(loss) before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 13) |
|
|
|
| Amortisation of intangible assets (note 12) |
|
|
|
| Government grants | (
|
(
|
|
| Operating lease rentals |
|
|
|
| Loss on fair value movement of investment property (note 14) |
|
|
An analysis of the auditor's remuneration is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fees payable to the company’s auditor and its associates for the audit of the company's annual financial statements: | 25,000 | 25,000 | |
| Total audit fees |
|
|
|
| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Cornish Heritage Builders |
|
|
|
| Beach Box |
|
|
|
| Estate management and admin |
|
|
|
| Staff recharged to other legal entities |
|
|
|
|
|
|
Their aggregate remuneration comprised:
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs |
|
|
|
| 3,878,064 | 3,780,872 |
The figures above included £2,155,575 (2024 - £2,126,291) of staff costs which were recharged at cost to other legal entities. These figures are included in turnover (as income) and in administrative expenses; the net impact on the P&L is nil.
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
| 74,860 | 117,669 |
| 2025 | 2024 | ||
| Number | Number | ||
| Members of a money purchase pension scheme |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on profit/(loss) | |||
| UK corporation tax |
|
|
|
| Adjustments in respect of prior years | |||
| UK corporation tax | (
|
|
|
| Total current tax |
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences |
|
(
|
|
| Total deferred tax |
|
(
|
|
| Total tax on profit/(loss) |
|
(
|
The tax assessed for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Profit/(loss) before taxation | 391,208 | (136,429) | |
| Tax on profit/(loss) at standard UK corporation tax rate of 25% (2024: 25%) |
|
(
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Change in unrecognised deferred tax assets | (
|
(
|
|
| Adjustments in respect of prior years | (
|
|
|
| Tax decrease from effect of capital allowance and depreciation | (15,415) | (12,680) | |
| Other tax effects for reconcilation between accounting profit and tax expenses (income) | 0 | (2,732) | |
| Total tax charge/(credit) for year | 35,271 | (117,273) |
The analysis of the company's other gains and losses for the year is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Revaluation of investment properties | (7,665) | (858,500) |
| 2025 | 2024 | ||
| £ | £ | ||
| Pension Scheme interest income | 48,000 | 34,000 | |
| Other financial income | 0 | 16,455 | |
| Bank interest | 303 | 0 | |
| 48,303 | 50,455 |
| 2025 | 2024 | ||
| £ | £ | ||
| Interest on bank overdrafts and borrowings | 79 | 11,613 | |
| Interest expense on other finance liabilities | 10,000 | 18,981 | |
| Other interest payable | 853 | 0 | |
| 10,932 | 30,594 |
| Development costs | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2025 |
|
|
|
| At 31 December 2025 |
|
|
|
| Accumulated amortisation | |||
| At 01 January 2025 |
|
|
|
| Charge for the financial year |
|
|
|
| At 31 December 2025 |
|
|
|
| Net book value | |||
| At 31 December 2025 |
|
|
|
| At 31 December 2024 |
|
|
| Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Other property, plant and equipment |
Assets in the course of construction |
Total | ||||||||
| £ | £ | £ | £ | £ | £ | £ | £ | ||||||||
| Cost | |||||||||||||||
| At 01 January 2025 |
|
|
|
|
|
|
|
|
|||||||
| Additions |
|
|
|
|
|
|
|
|
|||||||
| Disposals |
|
(
|
(
|
|
|
|
(
|
(
|
|||||||
| At 31 December 2025 |
|
|
|
|
|
|
|
|
|||||||
| Accumulated depreciation | |||||||||||||||
| At 01 January 2025 |
|
|
|
|
|
|
|
|
|||||||
| Transfers |
|
|
|
|
|
|
|
|
|||||||
| Charge for the financial year |
|
|
|
|
|
|
|
|
|||||||
| Disposals |
|
(
|
(
|
|
|
|
|
(
|
|||||||
| At 31 December 2025 |
|
|
|
|
|
|
|
|
|||||||
| Net book value | |||||||||||||||
| At 31 December 2025 | 73,704 | 84,477 | 280,519 | 9,781 | 39,978 | 6,103 | 0 | 494,562 | |||||||
| At 31 December 2024 | 16,826 | 70,756 | 260,052 | 1,251 | 35,735 | 6,103 | 30,672 | 421,395 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2025 |
|
| Additions | 7,665 |
| Fair value movement | (7,665) |
| As at 31 December 2025 |
|
Valuation
The investment property was externally revalued on 16 May 2025 by an independent valuer. The valuation was carried out by Miller Commercial Valuers Limited. The Godolphin Arms property (based on the assumption that the business was an operational entity, valued with regard to trading potential) was valued at £3,000,000. This asset is pledged as security for liabilities. The directors consider this external valuation an appropriate best estimate of market value as at 31 December 2025.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Historic cost | 2,015,192 | 2,049,344 |
The asset has been leased out since 1 December 2020. The original lease was terminated in November 2024.
The asset continues to be leased under a new lease dated 24 January 2025. The new lease constitutes an operating lease. The expectations are that the lease is utilised for a minimum period of 20 years and therefore the lease income, including lease incentives, has been recognised on a straight line basis in line with FRS102 s20.
| 2025 | 2024 | ||
| £ | £ | ||
| Subsidiary undertakings |
|
|
Investments in subsidiaries
| 2025 | |
| £ | |
| Cost | |
| At 01 January 2025 |
|
| At 31 December 2025 |
|
| Carrying value at 31 December 2025 |
|
| Carrying value at 31 December 2024 |
|
Investments in shares
Details of the investments (including the principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2025 |
Ownership 31.12.2024 |
|
|
Estate Office, King's Road, Marazion, Cornwall, TR17 0EL, England | Dormant company |
|
|
|
|
|
St Aubyn Estate Office, West End, Marazion, Cornwall, TR17 0EL, England | Dormant company |
|
|
|
Profit for the period is £nil, and the aggregate amount of capital and reserves at the end of the period is £2,542
**The Godolphin Company Limited**
Profit for the period is £nil, and the aggregate amount of capital and reserves at the end of the period is £1.
| 2025 | 2024 | ||
| £ | £ | ||
| Work in progress |
|
|
|
| Other stock |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by group undertakings |
|
|
|
| Amounts owed by related parties |
|
|
|
| Other debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Cash at bank and in hand |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Other loans |
|
|
|
| Trade creditors |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Amounts owed to related parties |
|
|
|
| Corporation tax |
|
|
|
| Payroll taxes payable |
|
|
|
| Other taxation and social security |
|
|
|
| VAT |
|
|
|
| Accruals |
|
|
|
| Other creditors |
|
|
|
|
|
|
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 January 2025 |
|
80,937 | |
| Charged to the Profit and Loss Account |
|
13,355 | |
| Accelerated capital allowances |
|
0 | |
| At 31 December 2025 |
|
94,292 | |
Deferred tax
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Provision for deferred tax |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| (Charged)/credited to the Profit and Loss Account | (
|
|
|
| At the end of financial year | (
|
(
|
The deferred taxation balance is made up as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances | (
|
(
|
The carrying values of the company’s financial assets and liabilities are summarised by category below:
| 2025 | 2024 | ||
| £ | £ | ||
| Financial assets | |||
| Measured at undiscounted amount receivable | |||
| Trade debtors (note 17) |
|
|
|
| Other debtors (note 17) |
|
|
|
| Amounts owed by Group undertakings (note 17) |
|
|
|
| Amounts owed by related parties (note 17) |
|
|
|
| 932,557 | 2,831,662 | ||
| Financial liabilities | |||
| Measured at amortised cost | |||
| Bank loans and other loans | (
|
(
|
|
| Measured at undiscounted amount payable | |||
| Trade creditors (note 19) | (
|
(
|
|
| Other payables (note 19) | (
|
(
|
|
| Amounts owed to Group undertakings (note 19) | (
|
(
|
|
| Amounts owed to related parties (note 19) | (
|
(
|
|
| (2,127,199) | (4,199,037) |
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 140,000 | 140,000 |
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.
| 2025 | 2024 | ||
| £ | £ | ||
| Operating profit |
|
|
|
| Adjustment for: | |||
| Depreciation and amortisation |
|
|
|
| Pension Scheme Contribution paid | (
|
(
|
|
| Operating cash flows before movement in working capital |
|
|
|
| Decrease/(increase) in stocks |
|
(
|
|
| Decrease/(increase) in debtors |
|
(
|
|
| (Decrease)/increase in creditors | (
|
|
|
| Cash generated by operations |
|
|
|
| Net cash flows from operating activities |
|
|
Current loans and borrowings
| 2025 | 2024 | ||
| £ | £ | ||
| Other borrowings | 500,000 | 500,000 |
Operating leases
| 2025 | 2024 | ||
| £ | £ | ||
| Not later than one year | 11,488 | 17,893 | |
| Later than one year and not later than five years | 14,703 | 13,465 | |
| 26,191 | 31,358 |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £29,140 (2024:£21,227).
Operating leases - lessor
| 2025 | 2024 | ||
| £ | £ | ||
| Not later than one year | 225,000 | 216,667 | |
| Later than one year and not later than five years | 900,000 | 0 | |
| 1,125,000 | 216,667 |
Total contingent rents recognised as income in the period are £233,688 (2024: £275,885).
Define benefit scheme
The following disclosures relate only to the Pension and Life Assurance Plan of the Godolphin Company Limited which is the only defined benefit scheme of St Aubyn Estates Ltd.
The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was at 31 December 2025. Effective as of 31 December 2025, no deficit recovery contributions are necessary, as the scheme is in surplus.
On 30th April 2014 the scheme was closed to future accrual and since then the payments that have been made are deficit reduction payments.
The scheme has a number of purchased annuities in respect of past retirements. These are understood to fully match the associated liabilities and so have been excluded from both the assets and liabilities at each accounting date.
The total income relating to defined benefit schemes for the year recognised in profit or loss as an expense was £48,000 (2024: £34,000).
The total cost relating to defined benefit schemes for the year included in the cost of an asset was £18,167 (2024: £109,002).
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the balance sheet are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fair value of scheme assets | 6,126,000 | 6,149,000 | |
| Present value of defined benefit obligation | (5,156,000) | (5,264,000) | |
| Further capping of resulting net asset | (970,000) | (885,000) | |
| 0 | 0 |
Defined benefit obligation
| 2025 | |
| £ | |
| Present value at the start of year | 5,264,000 |
| Interest cost | 277,000 |
| Actuarial gains and losses | 71,000 |
| Benefits paid | (456,000) |
| 5,156,000 |
Fair value of scheme assets
| 2025 | |
| £ | |
| Fair value at start of year | 6,149,000 |
| Interest income | 325,000 |
| Return on plan assets, excluding amounts included in interest income/(expense) | 155,000 |
| Employer contributions | 18,000 |
| Expenses paid | (65,000) |
| Benefits paid | (456,000) |
| 6,126,000 |
Analysis of assets
| 2025 | 2024 | ||
| £ | £ | ||
| Cash and cash equivalents | 849,000 | 198,000 | |
| Equity instruments | 0 | 1,145,000 | |
| Property | 0 | 210,000 | |
| Bonds | 1,374,000 | 578,000 | |
| Insured Pensions | 3,903,000 | 4,018,000 | |
| 6,126,000 | 6,149,000 |
Return on scheme assets
| 2025 | 2024 | ||
| £ | £ | ||
| Return on scheme assets | 480,000 | (85,000) |
The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Principal actuarial assumptions
The discount rate used was 5.4% (2024: 5.5%) and the inflation rate used was 3.0% (2024: 3.1%) for the year ended 31 December 2025.
The current UK pensions at retirement age is 25 (2024: 21) for men and 28 (2024: 24) for women. The future UK pensions at retirement age is 27 (2024: 23) for men and 30 (2024: 26) for women.
Defined Contribution Schemes
The company also contributed to two defined contribution schemes during the year. The assets of these schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions of £105,667 (2024 - £106,257). Included in creditors at the year end is £nil (2024 - £nil) of outstanding contributions.
Transactions with the entity's directors
During the year, St Aubyn Estates Limited entered into transactions with a number of entities controlled by the same family that ultimately controls the company and group. The transactions comprised £138,108 of sales (2024: £373,033 purchases) for building services and £2,289,685 (2024: £2,026,802) for estate management services. In addition to these services, the company advanced loans of £357,388 (2024: £145,000) and received loan repayments of £3,129,500 (2024: £1,206,553). Interest is charged on a loan from a related entity of £500,000 at 3% per annum, this loan is repayable on demand. All other loans are interest free and repayable on demand. At the year end, the total balance owed by the entity was £1,958,319 (2024: £3,149,253) and the total balance owed to the entity was £261,695 (2024: £2,407,417).
During the year, St Aubyn Estates Limited entered into a number of transactions with Directors of the company. The transactions comprised £808,743 (2024: £309,807) for building services and £nil (2024: £20,000) for recharged services. Payments totalling £852,998 (2024: £247,743) have been made in relation to building services and payments totalling £nil (2024: £26,000) have been made in relation to recharged services. The total amount owed to the Directors at 31 December 2025 in relation to building services was £14,631 (2024: £69,039 amounts owed by). The total amount owed by Directors at 31 December 2025 in relation to recharged services was £nil (2024: £nil).
Other related party transactions
**Summary of transactions with parent**
The company is a wholly owned subsidiary of Marazion Holdings Limited and advantages has been taken of the exemption provided by 33 1A of FRS 102 not to disclose related party transactions with other group companies.
Parent Company:
|
|
| Manor Office, Marazion, Cornwall, TR17 0EF |
| 2025 | 2024 | ||
| £ | £ | ||
| Turnover | |||
| Sales |
|
|
|
| Cost of sales | |||
| Opening stock | (
|
(
|
|
| Purchases | (
|
(
|
|
| Closing stock |
|
|
|
| Wages and salaries | (
|
(
|
|
| Employers NI | (
|
(
|
|
| Pensions | (
|
(
|
|
| (3,266,346) | (3,340,082) | ||
| Gross profit |
|
|
|
| Gross profit percentage | 56.63% | 57.87% | |
| Administrative expenses | |||
| Wages and salaries | (
|
(
|
|
| Employers NI | (
|
(
|
|
| Pensions | (
|
(
|
|
| Directors' salaries | (
|
(
|
|
| Directors' employers NI | (
|
(
|
|
| Directors' pensions | (
|
(
|
|
| Recruitment | (
|
(
|
|
| Staff training and welfare | (
|
(
|
|
| Travel and subsistence | (
|
(
|
|
| Rent | (
|
(
|
|
| Light and heat | (
|
(
|
|
| Cleaning | (
|
(
|
|
| Computer expenses | (
|
(
|
|
| Internet, telephone and fax | (
|
(
|
|
| Printing, postage and stationery | (
|
(
|
|
| Consumables | (
|
(
|
|
| Security | (
|
(
|
|
| Bank charges | (
|
(
|
|
| Subscriptions | (
|
(
|
|
| Insurance | (
|
(
|
|
| Depreciation | (
|
(
|
|
| Amortisation | (
|
(
|
|
| Motor expenses | (
|
(
|
|
| Gain on sale of assets |
|
|
|
| Equipment hire | (
|
(
|
|
| Repairs and maintenance | (
|
(
|
|
| Donations | (
|
(
|
|
| Bad debts |
|
(
|
|
| Audit fees | (
|
(
|
|
| Accountancy fees | (
|
(
|
|
| Legal and professional fees | (
|
(
|
|
| Consultancy | (
|
(
|
|
| Advertising and PR | (
|
(
|
|
| Staff entertainment | (
|
(
|
|
| Client entertainment | (
|
(
|
|
| Management fees | (
|
(
|
|
| Sundry expenses | (
|
(
|
|
| (4,142,369) | (4,166,132) | ||
| Other operating income | |||
| Rent receivable |
|
|
|
| Government grants receivable |
|
|
|
| 238,446 | 280,885 | ||
| Operating profit |
|
|
|
| Other non-operating loss | (
|
(
|
|
| Profit/(loss) before interest and taxation | 353,837 | (156,290) | |
| Interest receivable and similar income | |||
| Bank interest receivable |
|
|
|
| Other interest receivable |
|
|
|
| 48,303 | 50,455 | ||
| Interest payable and similar expenses | |||
| Bank interest payable | (
|
|
|
| Other loans interest payable | (
|
(
|
|
| Other interest payable | (
|
|
|
| (10,932) | (30,594) | ||
| Profit/(loss) before taxation |
|
(
|