Kilbirnie Hotel Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

Kilbirnie Hotel Ltd

Balance Sheet

31 January 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	4	37,916	55,416
Tangible assets	5	1,990,630	1,900,312
		2,028,546	1,955,728
Current assets
Stocks	6	6,975	8,445
Debtors	7	10,183	9,740
Cash at bank and in hand		38,263	36,118
		55,421	54,303
Creditors: Amounts falling due within one year	8	(1,453,596)	(1,503,951)
Net current liabilities		(1,398,175)	(1,449,648)
Total assets less current liabilities		630,371	506,080
Provisions for liabilities		(95,630)	(90,285)
Net assets		534,741	415,795
Capital and reserves
Called up share capital	9	100	100
Profit and loss account		534,641	415,695
Shareholders' funds		534,741	415,795

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 October 2026 and signed on its behalf by:
 

......................................... J J Nel Director

Company Registration Number: 10817284

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Narrowcliff
Newquay
Cornwall
TR7 2RS
United Kingdom

These financial statements were authorised for issue by the Board on 28 October 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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 otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Adoption of new and revised Financial Reporting Standards (FRS102)

The Financial Reporting Council (FRC) has introduced significant amendments to FRS 102, effective for accounting periods beginning on or after 1 January 2026, with early adoption permitted. These changes, stemming from the 2024 periodic review, aim to align UK and Ireland Generally Accepted Accounting Practice (GAAP) more closely with international standards.

After due consideration the Directors have not chosen to early adopt the requirements of FRS102. The areas that have been reviewed as a potential change to the financial statements are as follows:

Revised revenue accounting requirements in FRS 102 and FRS 105, based on the IFRS 15 five-step model for revenue recognition, with appropriate simplifications;
Revised lease accounting requirements in FRS 102 based on the IFRS 16 'on-balance sheet' model, again with appropriate simplifications.

The Directors are assessing the impact of the amendment to the accounting standard, which will be reflected in the financial statements to 31 January 2027, however do not anticipate that this will be material.

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2026

Going concern

At the balance sheet date the company had net current liabilities of £1,398,175 (2025 - £1,449,648) and net assets of £534,741 (2025 - £415,795). Included in current liabilities is £1,318,202 (2025 - £1,357,207) due to Kronen Hotels Ltd, the parent company. Kronen Hotels Ltd have confirmed that they do not require repayment of this balance within the next 12 months from the balance sheet date.

The company is party to a composite guarantee provided to NatWest Bank in relation to the agreement entered into between Kronen Hotels Limited and NatWest Bank, with the total outstanding balance of £14,405,732 (2025 - £14,364,500) at the year end. The guarantee agreement is in conjunction with the other group companies.

The group's ability to continue as a going concern is dependent upon both the ongoing support of its bankers and its shareholders. However, in the event that this is not forthcoming than a material uncertainty would exist with regards to the appropriateness of the going conern assertion.

After due consideration the Directors continue to apply the going concern basis to the preparation of the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of restaurant facilities and hotel accommodation. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Accommodation revenue is recognised at the point of the customer staying in the room. Deposits received in advance of customer stays are treated as payments on account and recognised within creditors due within one year.

Food, beverage and other income is recognised at the point of sale.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2026

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and Buildings	100 years straight line
Plant and Machinery	20% reducing balance
Vehicles	25% reducing balance
Fixtures and Fittings	20% reducing balance
Office equipment	20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2026

Financial instruments

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.

 

Critical judgements and estimation uncertainty

In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the Directors there are no areas of the financial statements where there exists estimation uncertainty.

The key judgement made by the Directors relates to the appropriateness of the going concern assertion represent material uncertainties.

The board has concluded that there are no material uncertainties relating to events or conditions that individually or collectively may cast doubt on the company's ability to continue as a going concern for a period at least 12 months from the date the financial statements are authorised for issue.

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2026

Carrying value of fixed assets (note 5)
Management have carefully considered the depreciation estimates applied on the tangible assets held by the group and company. This assessment is performed on an annual basis and would be amended when necessary to reflect current estimates based on technological advancements, future investments, economic utilisation and physical condition of each asset. The directors have considered the current trading performance for the year to 31 January 2025 which does not indicate any impairment to the business or underlying assets.

The carrying value of tangible fixed assets at the balance sheet date is £1,990,630 (2025 - £1,900,312), with depreciation being recognised in the year of £111,530 (2025 - £87,386).

Recognition of deferred tax asset
As outlined in a separate note the group and company has carried forward tax losses available to utilise in future periods. A deferred tax asset has been recognised on the basis that the losses will be utilised within the group in subsequent accounting periods.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2025 - 43).

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2026

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 February 2025	175,000	175,000
At 31 January 2026	175,000	175,000
Amortisation
At 1 February 2025	119,584	119,584
Amortisation charge	17,500	17,500
At 31 January 2026	137,084	137,084
Carrying amount
At 31 January 2026	37,916	37,916
At 31 January 2025	55,416	55,416

5	Tangible assets

	Freehold land and buildings £	Fixtures and fittings  £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 February 2025	1,734,772	279,484	4,000	285,627	2,303,883
Additions	11,602	190,246	-	-	201,848
At 31 January 2026	1,746,374	469,730	4,000	285,627	2,505,731
Depreciation
At 1 February 2025	114,396	174,997	3,341	110,837	403,571
Charge for the year	17,464	58,946	165	34,955	111,530
At 31 January 2026	131,860	233,943	3,506	145,792	515,101
Carrying amount
At 31 January 2026	1,614,514	235,787	494	139,835	1,990,630
At 31 January 2025	1,620,376	104,487	659	174,790	1,900,312

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2026

6

Stocks

	2026 £	2025 £
Consumables	6,975	8,445

7

Debtors

	2026 £	2025 £
Other debtors	366	100
Prepayments	9,817	9,640
	10,183	9,740

8

Creditors

Creditors: amounts falling due within one year

	2026 £	2025  £
Due within one year
Trade creditors	36,878	35,409
Amounts due to group undertakings	1,353,432	1,357,207
Corporation tax	-	61,285
Social security and other taxes	25,438	16,373
Outstanding defined contribution pension costs	1,675	2,038
Other creditors	411	656
Accrued expenses	20,852	17,793
Payments on account	14,910	13,190
	1,453,596	1,503,951

9	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Kilbirnie Hotel Ltd

Notes to the Financial Statements

Year Ended 31 January 2026

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company has provided unlimited guarantees in respect of borrowings due to NatWest Bank from its parent company, Kronen Hotels Limited and its subsidiaries.

The total amount of guarantees not included in the balance sheet is £14,405,732 (2025 - £14,364,500).

11	Related party transactions

The company has taken advantage of the exemption provided by FRS 102 to not disclose transactions entered in to between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

12	Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Nicola Cornish BSc BFP FCA CTA, who signed for and on behalf of PKF Francis Clark on 30 October 2026.

13	Parent and ultimate parent undertaking

The company's immediate parent is Kronen Hotels Limited, incorporated in Jersey.

  These financial statements are available upon request from First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey.

 The ultimate controlling party is Mr J J Nel.