|
|
|
|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 |
Independent auditor's report to the members |
6 |
Consolidated statement of comprehensive income |
10 |
Consolidated statement of financial position |
11 |
Company statement of financial position |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 |
|
Officers and Professional Advisers |
The board of directors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered office |
|
|
|
|
|
|
|
|
|
|
|
Auditor |
|
Chartered accountants & statutory auditor |
|
4 Broadgate |
|
Broadway Business Park |
|
Chadderton |
|
Oldham |
|
OL9 9XA |
|
|
Strategic Report |
|
Director |
Registered office: |
|
|
|
|
|
|
|
Directors' Report |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Director |
Registered office: |
|
|
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
4 Broadgate |
Broadway Business Park |
Chadderton |
Oldham |
OL9 9XA |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Distribution costs |
|
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
– |
|
------------- |
------------ |
||
Operating profit |
6 |
|
|
Income from interests in associates |
10 |
|
|
Other interest receivable and similar income |
11 |
|
|
Interest payable and similar expenses |
12 |
|
|
------------- |
------------ |
||
Profit before taxation |
|
|
|
Tax on profit |
13 |
|
|
------------ |
------------ |
||
Profit for the financial year and total comprehensive income |
|
|
|
------------ |
------------ |
||
The owners of the parent company |
|
|
Non-controlling interests |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
|
Consolidated Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Intangible assets |
15 |
|
|
|
Tangible assets |
16 |
|
|
|
Investments |
17 |
|
|
|
------------- |
------------- |
|||
|
|
|||
Stocks |
18 |
|
|
|
Debtors |
19 |
|
|
|
Cash at bank and in hand |
|
|
||
------------ |
------------ |
|||
|
|
|||
Creditors: amounts falling due within one year |
20 |
|
|
|
------------ |
------------ |
|||
Net current assets |
|
|
||
------------- |
------------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
21 |
|
|
|
Taxation including deferred tax |
22 |
|
|
|
------------- |
------------- |
|||
Net assets |
|
|
||
------------- |
------------- |
|||
Called up share capital |
26 |
|
|
|
Profit and loss account |
28 |
|
|
|
------------ |
--------- |
|||
Equity attributable to the owners of the parent company |
|
|
||
Non-controlling interests |
|
|
|
------------ |
--------- |
||
|
|
||
------------ |
--------- |
||
|
|
Director |
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Investments |
17 |
|
|
|
Debtors |
19 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
20 |
|
|
|
------------- |
------------- |
|||
Net current assets |
|
|
||
------------- |
------------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
21 |
|
|
|
------------- |
------------- |
|||
Net assets |
|
|
||
------------- |
------------- |
|||
Called up share capital |
26 |
|
|
|
Profit and loss account |
28 |
|
|
|
--------- |
-------- |
|||
Shareholders funds |
|
|
||
--------- |
-------- |
|||
|
|
Director |
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 1 April 2021 |
|
(
|
(
|
(
|
(
|
|
Profit for the year |
|
|
|
|
||
---- |
------------ |
------------ |
--------- |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
|
|
Issue of shares |
– |
– |
– |
|
|
|
Dividends paid and payable |
14 |
– |
(
|
(
|
(
|
(
|
---- |
------------ |
------------ |
--------- |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
(
|
(
|
|
At 31 March 2022 |
|
|
|
|
|
|
Profit for the year |
|
|
|
|
||
---- |
------------ |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
|
|
Dividends paid and payable |
14 |
– |
(
|
(
|
(
|
(
|
Equity transaction |
– |
73,637 |
73,637 |
(73,487) |
150 |
|
---- |
------------ |
------------ |
--------- |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
(
|
(
|
|
---- |
------------ |
------------ |
--------- |
------------ |
||
At 31 March 2023 |
|
|
|
|
|
|
---- |
------------ |
------------ |
--------- |
------------ |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 April 2021 |
|
(
|
(
|
|
Profit for the year |
|
|
||
---- |
--------- |
--------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
14 |
– |
(
|
(
|
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 31 March 2022 |
|
|
|
|
Profit for the year |
|
|
||
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
14 |
– |
(
|
(
|
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
---- |
------------ |
------------ |
||
At 31 March 2023 |
|
|
|
|
---- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Government grant income |
– |
(
|
Income from interests in associates |
(
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Tax on profit |
1,285,854 |
298,389 |
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
(
|
(
|
Trade and other creditors |
|
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Dividends received |
|
|
Minority interest in aquisition of subsidiary |
– |
750 |
Equity transaction |
150 |
– |
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from borrowings |
(
|
(
|
Proceeds from loans from group undertakings |
|
|
Proceeds from loans from participating interests |
|
|
Government grant income |
– |
|
Dividends paid |
(
|
(
|
------------ |
------------ |
|
Net cash from financing activities |
|
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
2,974,929 |
1,375,711 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
5 to 20 years straight line |
|
Freehold property |
- |
50 years (excluding freehold land) |
|
Long leasehold property |
- |
50 years |
|
Plant and machinery |
- |
3 to 20 years straight line |
|
Fixtures and fittings |
- |
3 to 20 years straight line |
|
Motor vehicles |
- |
|
|
Equipment |
- |
3 to 20 years straight line |
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Government grant income |
– |
|
Other operating income |
– |
|
---- |
--------- |
|
– |
|
|
---- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Foreign exchange differences |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Management staff |
20 |
12 |
Number of hotel staff |
369 |
389 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Income from interests in associates |
292,514 |
150,000 |
Gain on fair value adjustment to interests in associates |
– |
5,060 |
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on loans and receivables |
45,305 |
29,093 |
Interest on cash and cash equivalents |
|
– |
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest due to group undertakings |
|
|
Other interest payable and similar charges |
|
|
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax income |
|
|
Origination and reversal of timing differences |
|
|
------------ |
--------- |
|
Tax on profit |
|
|
------------ |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
|
Utilisation of tax losses |
|
(
|
Unused tax losses |
– |
|
Deferred taxation movement |
311,530 |
7,469 |
Goodwill amortisation |
21,719 |
21,149 |
Share of Associates profit |
(55,576) |
(29,461) |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
------------ |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 April 2022 and 31 March 2023 |
|
------------ |
|
Amortisation |
|
At 1 April 2022 |
|
Charge for the year |
|
------------ |
|
At 31 March 2023 |
|
------------ |
|
Carrying amount |
|
At 31 March 2023 |
|
------------ |
|
At 31 March 2022 |
|
------------ |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 April 2022 |
|
|
|
|
|
Additions |
|
|
|
– |
|
------------- |
--------- |
------------ |
-------- |
------------- |
|
At 31 March 2023 |
|
|
|
|
|
------------- |
--------- |
------------ |
-------- |
------------- |
|
Depreciation |
|||||
At 1 April 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
– |
|
------------- |
--------- |
------------ |
-------- |
------------- |
|
At 31 March 2023 |
|
|
|
|
|
------------- |
--------- |
------------ |
-------- |
------------- |
|
Carrying amount |
|||||
At 31 March 2023 |
|
|
|
– |
|
------------- |
--------- |
------------ |
-------- |
------------- |
|
At 31 March 2022 |
|
|
|
– |
|
------------- |
--------- |
------------ |
-------- |
------------- |
|
Group |
Interests in associates |
£ |
|
Share of net assets/cost |
|
At 1 April 2022 |
|
Share of profit or loss |
|
Dividends received |
(
|
--------- |
|
At 31 March 2023 |
|
--------- |
|
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
--------- |
|
Carrying amount |
|
At 31 March 2023 |
|
--------- |
|
At 31 March 2022 |
|
--------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2022 |
|
Disposals |
(
|
------- |
|
At 31 March 2023 |
|
------- |
|
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
------- |
|
Carrying amount |
|
At 31 March 2023 |
|
------- |
|
At 31 March 2022 |
|
------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
70 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
60 |
|
Ordinary |
100 |
|
Ordinary |
60 |
|
Ordinary |
70 |
|
Ordinary |
70 |
|
Ordinary |
70 |
|
Ordinary |
70 |
|
Ordinary |
70 |
|
Ordinary |
55 |
|
Ordinary |
55 |
Other significant holdings |
||
Compass Seacare Holdings Limited |
Ordinary |
30 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
-------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
– |
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by undertakings in which the company has a participating interest |
– |
|
|
|
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
|
– |
– |
------------ |
--------- |
------------- |
------------- |
|
|
|
|
|
|
------------ |
--------- |
------------- |
------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
– |
|
Amounts owed to undertakings in which the company has a participating interest |
|
|
– |
– |
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Amounts owed to group undertakings |
|
|
|
|
Amounts owed to undertakings in which the company has a participating interest |
– |
|
– |
– |
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 April 2022 |
|
Additions |
|
Unused amounts reversed |
|
------------ |
|
At 31 March 2023 |
|
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Revaluation of tangible assets |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
3,006,919 |
2,695,388 |
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
--------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Apr 2022 |
Cash flows |
At 31 Mar 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
5,475,718 |
|
Debt due within one year |
(1,230,211) |
(2,488,552) |
(3,718,763) |
Debt due after one year |
(39,343,681) |
(336,747) |
(39,680,428) |
------------- |
------------ |
------------- |
|
(
|
|
(
|
|
------------- |
------------ |
------------- |
|