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For the year ended |
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|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
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 |
13 |
Consolidated statement of changes in equity |
14 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
18 |
|
Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
|
Chartered accountants & statutory auditor |
|
Enterprise House |
|
38 Tyndall Court |
|
Commerce Road |
|
Lynch Wood |
|
Peterborough |
|
Cambridgeshire |
|
PE2 6LR |
|
|
Strategic Report |
|
Director |
Registered office: |
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Directors' Report |
|
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Director |
Registered office: |
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Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Enterprise House |
38 Tyndall Court |
Commerce Road |
Lynch Wood |
Peterborough |
Cambridgeshire |
PE2 6LR |
|
Consolidated Statement of Comprehensive Income |
2022 |
2021 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
(
|
(
|
------------ |
------------ |
|
Gross profit |
|
|
Administrative expenses |
(
|
(
|
|
Other operating income |
5 |
|
|
Exceptional other operating charges |
– |
(
|
|
------------ |
------------ |
||
Operating profit |
6 |
|
|
(Loss)/gain on financial assets at fair value through profit or loss |
(
|
|
|
Share of profit of associates |
17 |
|
|
Income from other fixed asset investments |
11 |
|
|
Other interest receivable and similar income |
|
|
|
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 |
2022 |
2021 |
||
Note |
£ |
£ |
|
Intangible assets |
15 |
|
|
|
Tangible assets |
16 |
|
|
|
Investments: |
17 |
|||
Investments in associates |
368,980 |
247,689 |
||
------------- |
------------- |
|||
|
|
|||
Stocks |
18 |
|
|
|
Debtors |
19 |
|
|
|
Investments |
20 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
------------- |
|||
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|
|||
Creditors: amounts falling due within one year |
21 |
|
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|
------------- |
------------- |
|||
Net current assets |
|
|
||
------------- |
------------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
22 |
|
|
|
Taxation including deferred tax |
24 |
(
|
(
|
|
------------- |
------------- |
|||
Net assets |
|
|
||
------------- |
------------- |
|||
Called up share capital |
28 |
|
|
|
Share premium account |
29 |
– |
|
|
Profit and loss account |
29 |
|
|
|
------------- |
------------- |
|||
Equity attributable to the owners of the parent company |
|
|
||
Non-controlling interests |
(
|
– |
|
------------- |
------------- |
||
|
|
||
------------- |
------------- |
||
|
Consolidated Statement of Financial Position (continued) |
|
Director |
|
Company Statement of Financial Position |
2022 |
2021 |
||
Note |
£ |
£ |
|
Tangible assets |
16 |
|
|
|
Investments |
17 |
|
|
|
------------ |
------------ |
|||
|
|
|||
Debtors |
19 |
|
|
|
Investments |
20 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
21 |
|
|
|
------------- |
------------- |
|||
Net current assets |
|
|
||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
22 |
|
|
|
Taxation including deferred tax |
24 |
(
|
|
|
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Called up share capital |
28 |
|
|
|
Share premium account |
29 |
– |
|
|
Profit and loss account |
29 |
|
(
|
|
------------ |
------------ |
|||
Shareholders funds |
|
|
||
------------ |
------------ |
|||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 January 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 December 2021 |
|
|
|
|
– |
|
|
Profit for the year |
|
|
(
|
|
|||
---- |
------------ |
------------ |
------------- |
-------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
|
|
(
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
– |
(
|
Redemption of shares |
– |
(
|
|
(
|
– |
(
|
|
---- |
------------ |
------------ |
--------- |
---- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
|
(
|
– |
(
|
|
---- |
------------ |
------------- |
------------- |
-------- |
------------- |
||
At 31 December 2022 |
|
– |
|
|
(
|
|
|
---- |
------------ |
------------- |
------------- |
-------- |
------------- |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 January 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 December 2021 |
|
|
(
|
|
|
Loss for the year |
(
|
(
|
|||
---- |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
(
|
(
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
Redemption of shares |
– |
(
|
|
– |
|
---- |
------------ |
------------ |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
|
(
|
|
---- |
------------ |
------------ |
------------ |
||
At 31 December 2022 |
|
– |
|
|
|
---- |
------------ |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2022 |
2021 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Impairment of tangible assets |
|
– |
Amortisation of intangible assets |
5,000 |
91,395 |
Government grant income |
(
|
(
|
Loss/(gain) on financial assets at fair value through profit or loss |
1,458,728 |
(798,873) |
Share of profit of associates |
(
|
(
|
Income from other fixed asset investments |
(
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Tax on (loss)/profit |
|
(
|
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 |
(
|
(
|
Purchase of intangible assets |
– |
(
|
Cash advances and loans granted |
(
|
– |
Purchases of other investments |
(
|
(
|
Proceeds from sale of other investments |
|
– |
Fair value movement of investments |
(
|
|
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from borrowings |
(
|
|
Government grant income |
|
|
Payments of finance lease liabilities |
(
|
|
Dividends paid |
(
|
(
|
------------ |
------------ |
|
Net cash (used in)/from financing activities |
(
|
|
------------ |
------------ |
|
|
Consolidated Statement of Cash Flows (continued) |
2022 |
2021 |
|
Note |
£ |
£ |
Net decrease in cash and cash equivalents |
(
|
(
|
Cash and cash equivalents at beginning of year |
4,942,132 |
6,152,988 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Licence |
- |
|
|
Freehold property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor Vehicles |
- |
|
|
Equipment |
- |
|
|
Other fixed assets |
- |
|
|
2022 |
2021 |
|
£ |
£ |
|
Rendering of services |
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Rental income |
|
|
Government grant income |
|
|
Other operating income |
|
|
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Administrative expenses |
(9,780) |
– |
2022 |
2021 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2022 |
2021 |
|
No. |
No. |
|
Administrative staff |
|
|
Directors |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2022 |
2021 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2022 |
2021 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2022 |
2021 |
|
£ |
£ |
|
Dividends received from current asset investments |
81,610 |
35,702 |
-------- |
-------- |
|
2022 |
2021 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
--------- |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
UK current tax expense |
|
|
Foreign current tax expense |
|
– |
--------- |
-------- |
|
Total current tax |
|
|
--------- |
-------- |
|
Origination and reversal of timing differences |
(
|
(
|
--------- |
-------- |
|
Tax on (loss)/profit |
|
(
|
--------- |
-------- |
|
2022 |
2021 |
|
£ |
£ |
|
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 |
(
|
(
|
Foreign tax |
|
– |
------------ |
--------- |
|
Tax on (loss)/profit |
|
(
|
------------ |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
--------- |
--------- |
|
Group |
Goodwill |
Licence |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2022 |
|
|
|
Acquisitions through business combinations |
|
– |
|
------------ |
-------- |
------------ |
|
At 31 December 2022 |
|
|
|
------------ |
-------- |
------------ |
|
Amortisation |
|||
At 1 January 2022 |
|
|
|
Charge for the year |
|
|
|
------------ |
-------- |
------------ |
|
At 31 December 2022 |
|
|
|
------------ |
-------- |
------------ |
|
Carrying amount |
|||
At 31 December 2022 |
– |
|
|
------------ |
-------- |
------------ |
|
At 31 December 2021 |
– |
|
|
------------ |
-------- |
------------ |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Other fixed assets |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jan 2022 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
– |
(
|
(
|
– |
(
|
(
|
------------- |
------------ |
--------- |
--------- |
-------- |
------------- |
|
At 31 Dec 2022 |
|
|
|
|
|
|
------------- |
------------ |
--------- |
--------- |
-------- |
------------- |
|
Depreciation |
||||||
At 1 Jan 2022 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Disposals |
– |
(
|
(
|
– |
(
|
(
|
Impairment losses |
– |
|
– |
– |
|
|
------------- |
------------ |
--------- |
--------- |
-------- |
------------- |
|
At 31 Dec 2022 |
|
|
|
|
|
|
------------- |
------------ |
--------- |
--------- |
-------- |
------------- |
|
Carrying amount |
||||||
At 31 Dec 2022 |
|
|
|
|
|
|
------------- |
------------ |
--------- |
--------- |
-------- |
------------- |
|
At 31 Dec 2021 |
|
|
|
|
|
|
------------- |
------------ |
--------- |
--------- |
-------- |
------------- |
|
Company |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2022 |
|
|
|
Additions |
|
|
|
--------- |
------- |
--------- |
|
At 31 December 2022 |
|
|
|
--------- |
------- |
--------- |
|
Depreciation |
|||
At 1 January 2022 |
|
|
|
Charge for the year |
|
|
|
--------- |
------- |
--------- |
|
At 31 December 2022 |
|
|
|
--------- |
------- |
--------- |
|
Carrying amount |
|||
At 31 December 2022 |
|
|
|
--------- |
------- |
--------- |
|
At 31 December 2021 |
|
|
|
--------- |
------- |
--------- |
|
Group |
Interests in associates |
£ |
|
Share of net assets/cost |
|
At 1 January 2022 |
|
Share of profit or loss |
|
--------- |
|
At 31 December 2022 |
|
--------- |
|
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
--------- |
|
Carrying amount |
|
At 31 December 2022 |
|
--------- |
|
At 31 December 2021 |
|
--------- |
|
Company |
Shares in group undertakings |
Shares in participating interests |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2022 |
|
|
|
Additions |
|
– |
|
------------ |
---- |
------------ |
|
At 31 December 2022 |
|
|
|
------------ |
---- |
------------ |
|
Impairment |
|||
At 1 January 2022 and 31 December 2022 |
|
– |
|
------------ |
---- |
------------ |
|
Carrying amount |
|||
At 31 December 2022 |
|
|
|
------------ |
---- |
------------ |
|
At 31 December 2021 |
|
|
|
------------ |
---- |
------------ |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
100 |
|
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
100 |
|
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
100 |
|
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
100 |
|
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
100 |
|
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
100 |
|
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
100 |
|
01 Oaklands Road, London, England, N20 8BD |
Ordinary |
100 |
|
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
100 |
|
150 Headstone Lane, Harrow, England, HA2 6JT |
Ordinary |
80 |
Other significant holdings |
|||
Ashley Hotels Farnborough Limited |
65-67 Belgrave Road, London, England, SW1V 2BG |
Ordinary |
50 |
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
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 |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Other debtors |
|
– |
|
– |
--------- |
---- |
--------- |
---- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Other investments |
6,639,010 |
8,186,592 |
6,639,010 |
8,186,592 |
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
Director loan accounts |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------- |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------- |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
------------- |
------------- |
-------- |
-------- |
|
|
|
|
|
|
------------- |
------------- |
-------- |
-------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
|
|
Later than 1 year and not later than 5 years |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Deferred tax (note 25) |
£ |
|
At 1 January 2022 |
(
|
Additions |
(
|
--------- |
|
At 31 December 2022 |
(
|
--------- |
|
Company |
Deferred tax (note 25) |
£ |
|
At 1 January 2022 |
|
Additions |
(
|
--------- |
|
At 31 December 2022 |
(
|
--------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 24) |
(
|
(
|
(
|
|
--------- |
-------- |
--------- |
-------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
(
|
(
|
|
|
Fair value adjustment of financial assets |
(
|
– |
(
|
– |
--------- |
-------- |
--------- |
-------- |
|
(448,577) |
(13,978) |
(318,425) |
11,485 |
|
--------- |
-------- |
--------- |
-------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
|
|
– |
|
-------- |
--------- |
---- |
-------- |
|
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Jan 2022 |
Cash flows |
Acquisition and disposal of subsidairies |
At 31 Dec 2022 |
|
£ |
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(1,647,358) |
|
|
Debt due within one year |
(5,350,082) |
619,000 |
298,225 |
(4,432,857) |
Debt due after one year |
(18,552,809) |
624,587 |
41,537 |
(17,886,685) |
Current asset investments |
|
(1,547,582) |
|
|
------------- |
------------ |
--------- |
------------- |
|
(
|
(
|
|
(
|
|
------------- |
------------ |
--------- |
------------- |
|