COTTAGE HOLIDAYS KERNOW LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 09818479

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		6,258		9,398
Investment Properties	5		4,899,902		4,899,902

			4,906,160		4,909,300
CURRENT ASSETS
Debtors	6	18,534		30,712
Cash at bank and in hand		11,365		7,220

		29,899		37,932
Creditors: Amounts Falling Due Within One Year	7	(5,663,322 )		(4,664,262 )

NET CURRENT ASSETS (LIABILITIES)			(5,633,423 )		(4,626,330 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(727,263 )		282,970

Creditors: Amounts Falling Due After More Than One Year	8		-		(923,794 )

NET LIABILITIES			(727,263 )		(640,824 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			(727,363 )		(640,924 )

SHAREHOLDERS' FUNDS			(727,263)		(640,824)

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COTTAGE HOLIDAYS KERNOW LIMITED

Balance Sheet (continued)

As At 31 March 2026

For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Adrian Harris

Director

28/10/2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

COTTAGE HOLIDAYS KERNOW LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 09818479 . The registered office is Sunset, Porthmeor, St Ives, Cornwall, TR26 1JZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is recognised at the fair value of the consideralion received or receivable for renls and services provided in

the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration

takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the

present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	25%
Leasehold	25%
Plant & Machinery	25%
Motor Vehicles	25%
Fixtures & Fittings	25%
Computer Equipment	25%

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2025: 1)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 April 2025	12,561

As at 31 March 2026	12,561

Depreciation
As at 1 April 2025	3,163
Provided during the period	3,140

As at 31 March 2026	6,303

...CONTINUED

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COTTAGE HOLIDAYS KERNOW LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Net Book Value
As at 31 March 2026	6,258

As at 1 April 2025	9,398

5. Investment Property

	2026
	£
Fair Value
As at 1 April 2025 and 31 March 2026	4,899,902

Investment Properties – Valuation

The company's investment properties comprise three freehold properties situated in Cornwall.

The properties are held for the purpose of earning rental income and/or capital appreciation and are measured at fair value in accordance with FRS 102.

At 31 March 2026, the directors reviewed the fair values of the properties, taking account of their location, condition, current use and available evidence of market values for comparable properties.

The aggregate fair value of the investment properties at the reporting date was assessed at £4,899,902 (2025: £4,899,902).

The valuations were determined by the directors and were not based on an independent professional valuation.

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	12,910	6,339
Other debtors	5,624	24,373

	18,534	30,712

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	5,235	487
Bank loans and overdrafts	923,794	-
VAT	2,594	1,984
Other creditors	4,405	23,299
Accruals and deferred income	84,099	73,303
Amounts owed to parent undertaking	4,643,195	4,565,189

	5,663,322	4,664,262

Bank Borrowings

At 31 March 2026, the company had outstanding bank borrowings of £923,794 (2025: £923,794).

The borrowings are contractually repayable iby the end of 2026 and have therefore been classified as amounts falling due within one year.

The borrowings are secured by a legal charge over certain of the company's freehold properties.

The directors are considering the refinancing of these borrowings as part of a wider restructuring of the group's property holdings. Any refinancing arrangements remain subject to agreement with the relevant lenders.

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COTTAGE HOLIDAYS KERNOW LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans	-	923,794

9. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

10. Ultimate Controlling Party

The company is a wholly owned subsidiary of Harris Kernow Limited.

At 31 March 2026, the company owed £4,643,195 to its parent company, representing funding advanced to support its property-related activities.

11. Going Concern

The financial statements have been prepared on a going-concern basis.

At 31 March 2026, the company had net liabilities of £727,263 and net current liabilities of £5,633,423. Included within current liabilities are amounts of £4,643,195 owed to its parent company, Harris Kernow Limited, and bank borrowings of £923,794.

The directors have assessed the company's ability to continue as a going concern, having regard to forecast rental income, operating expenditure, cash flow forecasts, debt repayment obligations, the value of the company's property assets and the availability of financial support.

The directors are considering a restructuring of the group's property holdings, including the transfer of two properties to the parent company in partial settlement of the outstanding intercompany balance. The proposed restructuring remains subject to agreement of valuations, legal and taxation considerations, lender consents and completion of the necessary documentation.

Having considered the company's forecasts and financing arrangements, the directors consider that the company will have adequate resources to continue in operational existence for at least twelve months from the date of approval of these financial statements. Accordingly, the directors consider it appropriate to adopt the going-concern basis of accounting.

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