REGISTERED NUMBER: 01579250 (England and Wales)

Tormage Limited

Financial Statements

for the Year Ended 31 December 2025

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

J J Bartella

L J Bartella

Secretary:

J Kilham

Registered office:

Pontlands Park

West Hanningfield Road

Great Baddow

Chelmsford

Essex

CM2 8HR

Registered number:

01579250 (England and Wales)

Auditors:

Clay Ratnage Strevens & Hills

Chartered Accountants and

Statutory Auditor

Construction House, Runwell Road

Wickford

Essex

SS11 7HQ

Fixed assets

Tangible assets

4

3,874,513

3,827,838

Investments

5

48,500

48,500

3,923,013

3,876,338

Current assets

Stock

6

21,506

22,780

Debtors

7

58,446

75,622

Cash at bank and in hand

303,575

189,677

383,527

288,079

Creditors

Amounts falling due within one year

8

967,448

909,905

Net current liabilities

(583,921

)

(621,826

)

Total assets less current liabilities

3,339,092

3,254,512

Creditors

Amounts falling due after more than one year

9

(273,178

)

(316,453

)

Provisions for liabilities

12

(194,015

)

(184,043

)

Net assets

2,871,899

2,754,016

Capital and reserves

Called up share capital

100

100

Revaluation reserve

725,599

725,599

Retained earnings

2,146,200

2,028,317

2,871,899

2,754,016

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2026 and were signed on its behalf by:

J J Bartella - Director

1.	Statutory information

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

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company previously applied the exemption available on transition to FRS 102 whereby freehold property previously revalued under the previously extant UK GAAP is no longer revalued. The value of this property as at the date of transition has now been treated as its deemed cost.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless stated otherwise.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of accommodation

Revenue from a contract to provide accommodation services is recognised when the performance obligation of the right to use accommodation for any given number of nights/days has been met. This is considered to be when the customer is given the right to use the accommodation, and so revenue is recognised for each night/day as it takes place, at the room rate for that night/day.

Sale of food and beverage

Revenue from the sale of goods, including food and beverages, is recognised when each of the following conditions are satisfied:

-

The company has transferred the significant risks and rewards of ownership to the buyer;

-

The company retained 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 company will receive the consideration due under the transaction; and

-

The costs incurred or to be incurred in respect of the transaction can be measured reliably.

The performance obligation is satisfied when the goods, including food and beverages, are delivered to the customer and so revenue is recognised at this point at the price for the items purchased. Payment is made either on the same day or at the end of a stay.

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Freehold land and buildings are not depreciated on the basis that they maintain their current value and they are reviewed anually for any evidence of impairment. Depreciation on other fixed assets is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rate:

Fixtures and fittings

- 15% reducing balance

Motor vehicles

- 25% reducing balance

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 profit or loss.

Stock

Stock is 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.

At each balance sheet date, stock is 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 profit or loss.

Financial instruments

The company has elected to apply Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and subsequently carried at amortised cost using the effective interest method, less any impairment provision. Where an arrangement constitutes a financing transaction, whereby payment is deferred beyond normal business terms, it is measured at the present value of future receipts discounted at a market rate of interest. Discounting is omitted where the effect is immaterial.

Impairment of financial assets

Financial assets are assessed for impairment at each reporting date. An impairment loss arises where events subsequent to initial recognition indicate that estimated future cash flows have been adversely affected, and is measured as the difference between the carrying amount and the present value of future cash flows at the original effective interest rate. Where the indicators of impairment subsequently reverse, the impairment loss may be reversed up to the original carrying amount, and is recognised in profit or loss.

Financial liabilities

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

Basic financial liabilities, including trade and other payables and bank and other loans, are initially measured at transaction price after transaction costs, or where a financing transaction exists, at the present value of future payments discounted at a market rate of interest. Discounting is omitted where the effect is immaterial. All debt instruments, including trade payables, are subsequently carried at amortised cost using the effective interest method.

Trade payables are classified as current liabilities where payment is due within one year, and as non-current liabilities otherwise.

Derecognition of financial instruments

Financial assets are derecognised when contractual rights to future cash flows expire, are settled, or when the asset and substantially all risks and rewards of ownership are transferred to another party. Where significant risks and rewards are retained, the relevant portion continues to be recognised. Financial liabilities are derecognised when the related contractual obligations are discharged, cancelled or expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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.

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.

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.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Employees and directors

The average number of employees during the year was 65 (2024 - 82 ) .

4.	Tangible fixed assets

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 January 2025

3,787,514

2,046,452

125,899

5,959,865

Additions

8,445

87,877

-

96,322

At 31 December 2025

3,795,959

2,134,329

125,899

6,056,187

Depreciation

At 1 January 2025

164,007

1,954,906

13,114

2,132,027

Charge for year

-

21,450

28,197

49,647

At 31 December 2025

164,007

1,976,356

41,311

2,181,674

Net book value

At 31 December 2025

3,631,952

157,973

84,588

3,874,513

At 31 December 2024

3,623,507

91,546

112,785

3,827,838

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

Cost

At 1 January 2025

and 31 December 2025

125,899

Depreciation

At 1 January 2025

13,114

Charge for year

28,197

At 31 December 2025

41,311

Net book value

At 31 December 2025

84,588

At 31 December 2024

112,785

5.	Fixed asset investments

Other

investments

£

Cost

At 1 January 2025

and 31 December 2025

48,500

Net book value

At 31 December 2025

48,500

At 31 December 2024

48,500

6.

Stock

2025

2024

£

£

Food

13,778

14,658

Liquor

7,728

8,122

21,506

22,780

7.

Debtors

2025

2024

£

£

Trade debtors

6,840

8,237

Other debtors

51,606

67,385

58,446

75,622

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts (see note 10)

83,921

221,465

Hire purchase contracts (see note 11)

15,616

15,616

Payments on account

122,386

81,025

Trade creditors

91,354

118,039

Amounts owed to group undertakings

90,000

90,000

Taxation and social security

117,349

92,068

Other creditors

446,822

291,692

967,448

909,905

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans (see note 10)

200,517

228,176

Hire purchase contracts (see note 11)

72,661

88,277

273,178

316,453

10.

Loans

Analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year

Bank loans

83,921

221,465

Amounts falling due 1-2 years

Bank loans

200,517

107,884

Amounts falling due 2-5 years

Bank loans

-

120,292

283,808

449,641

The bank loans are secured by a charge over the freehold property owned by the company. The bank loans are repayable by monthly installments at the rates of 2.6% above Barclays base rate; 2.5% fixed rate; 3.25% above Barclays base rate; and 2.75% above The Bank of England base rate.

11.	Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

15,616

15,616

Between one and five years

72,661

88,277

88,277

103,893

12.	Provisions for liabilities

2025

2024

£

£

Deferred tax

194,015

184,043

Deferred

tax

£

Balance at 1 January 2025

184,043

Charge for the year

9,972

Balance at 31 December 2025

194,015

The provision for deferred taxation is made up as follows:

2025

2024

£

£

Accelerated capital allowances

58,746

48,774

Revaluation of freehold property

135,269

135,269

194,015

184,043

13.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Laura Main (Senior Statutory Auditor)

for and on behalf of Clay Ratnage Strevens & Hills

14.	Pension commitments

The company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension charge represents contributions payable by the company to the funds and amounted to £22,172 (2024 - £20,234). There were no contributions payable to the fund at the balance sheet date (2024 - £3,271).

15.	Related party transactions

During the year the company received management charges of £30,192 (2024 - £30,000) from Dunsvalley Associates Limited, a related party company and received management charges of £16,071 (2024 - £15,600) from Sedum Limited, a further related party company.

At the balance sheet date the company was due £1,316 (2024 - £5,227) from Dunsvalley Associates Limited and £566 (2024 - £Nil) from Sedum Limited. The company was also due £Nil (2024 - £12,792 creditor) from R Bartella and £75,284 from the estate of R Bartella.

At the balance sheet date the company owed Ralis Services SA, a further related party company, £90,000 (2024 -£90,000).