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Registered number: 07839199









WHITTLEBURY HALL & SPA LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
WHITTLEBURY HALL & SPA LIMITED
 
 
COMPANY INFORMATION


Directors
Jeffrey Ian Sargeant 
Carol Elizabeth Sargeant 
Charles Jeffrey Sargeant 




Registered number
07839199



Registered office
The Atrium
Whittlebury Park

Whittlebury

Towcester

Northamptonshire

NN12 8WP




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

The Pinnacle

160 Midsummer Boulevard

Milton Keynes

MK9 1FF





 
WHITTLEBURY HALL & SPA LIMITED
 

CONTENTS



Pages
Strategic Report
 
1 - 4
Directors' Report
 
5 - 8
Independent Auditor's Report
 
9 - 12
Statement of Comprehensive Income
 
13
Statement of Financial Position
 
14
Statement of Changes in Equity
 
15
Notes to the Financial Statements
 
16 - 32


 
WHITTLEBURY HALL & SPA LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The Directors present their Strategic Report for Whittlebury Hall & Spa Limited for the year ended 31 December 2022.

Principal activities
 
Whittlebury Hall & Spa Limited operates a hotel, conference centre, spa, golf course and wedding venue. More information can be obtained through the Group website at www.whittlebury.com.
Revenue Performance
2022 took time to gain traction due to the concern of a resurgence of the virus over Christmas 2021. Despite restrictions still being in place in January and February the business was cash generative from the start of the year, and continued to show recovery following the 2 years of depressed performance due to government restrictions. 
Q2 started to pick up significantly leading to July being the best month in the history of the business both from revenue performance and conversion to EBITDA with a conversion rate of 36%.
2022 turnover recovered to £17.57m for the year, up from £9.6m in 2021 but still slightly short of 2019 levels. This was a good result given the ongoing COVID position in January and February.

Business review and future developments
The Group (being Whittlebury Hall & Spa Limited and its Parent Company Whittlebury Park Enterprises Limited) halted construction of its leisure apartments to focus on the recovery of the core business. The show apartment was completed, enabling people to register their interest. The Group plans to start selling apartments from October 2023 with a view to having guests from summer 2024.
The enforced shutdowns and consequent impacts on the economy were without question costly for the business, but it demonstrated the advantage of the diverse range of activities and incomes the Park offers.
Opportunities were identified, and the business has placed more focus on our leisure business as demand for UK staycations was high. We have invested in and repositioned our golf facilities which included a fully refurbished driving range and food and beverages revenue source. Driving range revenue growth for 2023 is expected to be significant and as at July 2023 is +377% vs the same period last year. The driving range is now fully automated by robotics and is the businesses first more towards automation.
The spa continued to perform well coming out of the pandemic and was voted the most popular UK Spa by “SpaBreaks.com”. On the back of this Whittlebury entered discussions with The Hut Group (owners of ESPA), and negotiated an exclusive deal with the brand that will lead to significant investment in the facilities over 2023. All of the above gives people more reasons to choose us as a destination.
 
Page 1

 
WHITTLEBURY HALL & SPA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Principal risks and uncertainties
Management continually monitor the key risks facing the Company together with assessing the controls used for managing these risks on a daily basis. The Board of Directors formally reviews and documents principal risks facing the business at least quarterly.
The principal risks and uncertainties facing the Company are as follows:
Government imposed restrictions
Should lockdowns reoccur in the future the Company will be in a much better position to handle such events. This includes minimising the cost of opening, closing and being closed. It has also worked on de-risking its revenue by emphasising more focus on growing alternative markets.
Energy risk
The war in the Ukraine has seen energy prices increase by over 550%. The business had unfortunate timing with the renewal of its Utilities contracts and these were up for renewal in October 2022 when the price was at its highest.  In order to benefit from the government price cap (which reduced the increase to a year on year increase of 270%), the government stipulated that businesses must be in a contract with their suppler. The Directors envisaged prices to come down so only renewed their contracts for 6 months, which proved to be the right thing to do.  Despite this, over Q4 the business had to endure a significant increase in the price of energy.  The directors see energy price security as a key part of recovery and are expediting their desire to put renewables in place.  The business anticipates the first phase of their renewable journey coming online in 2023 and commissioned a specialist to prepare a detailed report on how best to achieve its objetives. 
Price risk
Price is influenced by market activity, which is benchmarked to ensure the Group remains competitive, but there will always be increased pressure on margins due to cost increases beyond our control. Forecasting and gap analysis to budget is reviewed by management on a weekly basis. The sales and marketing management team optimise revenue per available room considering competitor promotional activity and business demand from all sectors impacts yield management.
Credit risk
Credit risk is managed by the finance team to minimise risk. When credit is not agreed, pre-payment plans are used as the alternative and contracted within the booking terms. The finance team works closely with the board on this and any aged debt.

Liquidity risk
Cash flows are reported weekly to ensure funds are available to run the business effectively and adjusted through business forecasts.
 
Page 2

 
WHITTLEBURY HALL & SPA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Staffing
There is a continuing labour shortage across many sectors in the UK.
The combined effects of government imposed restrictions on hospitality and Brexit during the middle of a global lockdown have led to significant shortages in our sector.
Despite this the business three pronged approach (Retention, Reputation and Recruitment), has been working and it has managed to reduce vacancies significantly. 
Whittlebury is fortunate that it is a family business with exceptional employee retention.
This means that there is a significant pool of multi-talented, multi-skilled people that are passionate about the business and experienced enough to train new people coming into the industry. All team members want to see the business restored to its former occupancy levels as quickly as possible, and are motivated to train new talent.
Whittlebury has a good reputation in schools, colleges and locally for being an enjoyable place to work, investing in developing its employees, giving back to the community, and supporting its colleagues.
We continue to work directly with all schools and colleges, ensuring that there are no barriers to working for us. We operate an employee referral scheme, along with other desirable employee incentives. Jobs are being advertised widely across all mediums.
 
Financial key performance indicators
 
Revenue is measured as year on year as a percentage. In 2022 due to return to normality, there was an increase of some 83% over the somewhat depressed figure of the previous year (2021 showed a comparative decrease of 70% over 2020).
Gross margin is measured as a percentage of turnover. In 2022 gross margin, excluding direct staff costs, was 88%, back to pre-pandemic levels.
Departmental expenditure is measured as a percentage ratio of turnover. These have been kept in line with 2021 achieved levels at 9% of turnover. 
EBITDA (Earnings before interest, tax, depreciation and amortisation) is measured as a percentage ratio of last year and budget versus actual results, this is reviewed monthly. EBITDA for 2022 is below directors’ expectations, but show 289% growth vs 2021. Preceding events were somewhat exceptional, unexpected and out of the control of the Board. EBITDA reported for the year was £2.5 million.
Results 
The profit for the year, after taxation, amounted to £1,431,769 (2021 – £472,288).
Engagement with employees
Employee involvement remains a key element in the Company's strategy, even more so during these challenging times. We regularly engage with employees via meetings, written communications and electronic media to keep them up to date with business performance.

Page 3

 
WHITTLEBURY HALL & SPA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


This report was approved by the board and signed on its behalf.




Charles Jeffrey Sargeant
Director



Date: 13 October 2023


Page 4

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The Directors present their report and the audited financial statements for the year ended 31 December 2022.

Directors

The Directors who served during the year and up to the date of this report were:

Jeffrey Ian Sargeant 
Carol Elizabeth Sargeant 
Charles Jeffrey Sargeant 

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under Company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,431,769 (2021 – £472,288).

There were no dividends paid during the current and prior year and the Directors do not propose any dividends at the year end.

Page 5

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Stakeholder impact

In line with section 172 of the Companies Act 2006, the Company has considered all stakeholders in reviewing strategy and policy as follows:

The construction of the apartments is seen as underpinning the sustainability of the business for the long term. This project provides additional security of tenure for employees and suppliers.
Allied to the construction is a review of the services, including water, electricity and gas for the site.
Although there are few long term customer contracts, the business prides itself on its relationship with both larger, corporate customers and the public at large. A significant proportion of transactions are repeat business.
Supplier payment terms are set as the end of the month following invoice date and, with the exception of specific outstanding queries, this policy implemented in full.
The Company has a significant headcount from within the local area and is one of the largest privately owned employers in the region.
The operation is an AA 4-star rated property and the rating is important for the business as a whole. In order to maintain the quality of operation, exacting standard are implemented and reviewed on a regular basis.
The stakeholders are always striving to improve the business ratings and in 2020 achieved 3AA Rosettes for its fine dining restaurant and a 4 bubble spa.

Going concern

Whittlebury Park is built on a strong foundation of expertise, experience and innovation in the hospitality industry. With the exception of the period during the Covid-19 pandemic, we have demonstrated consistent growth and adaptability to changing market dynamic, positioning us as a leader in the regions hospitality resort sector.
The hospitality industry has witnessed unprecedented challenges, including domestic and global economic shifts, yet despite these obstacles, we have navigated through resilience, hard work and pragmatism. Our ability to quickly adapt to changing circumstances, implement effective protocols and maintain the highest standards of service has been a testament to our unwavering commitment to our guests’ well-being and satisfaction.
Whilst the cost of living crisis (interest rates, utility increases, food increases) puts additional pressure on hospitality businesses, the H2 (2nd half of the year) forecast remains positive and shows good growth against 2022 actual EBITDA, with growth of £600K / +32%, which is down to all months predicting year on year growth.
July was another record breaking month, delivering £3.0m of revenue which generated £1.2m EBITDA (40% conversion).
Our enduring partnerships with our established corporate customers, regional and national travel agencies/online travel agencies and local businesses have proven vital in expanding our reach and generated solid levels of business-on-the-books despite the shortening of the booking window the sector has experienced in 2023.
We cherish and embrace these alliances and will continue to foster collaborative relationships for the betterment of the industry and our business.
Our business-on-the-books for the second half of the year has growth of £837K / +16% versus the same period last year, echoing the previous statement.
Business-on-the-books for 2024 continues the strong position at £1,122K for the full year, which is +160% versus the same period last year, and Q1 is pacing +1370% versus the same period last year with £633K on-the-books.
 
Page 6

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


Going concern (continued)
Forecast performance
Forecasts for the 2023 calendar year have been based on:
Demand from 2021 and 2022 bearing in mind the appetite of the customer base to return to the sector
No further government restrictions
Returning confidence in conference and events sectors
        2023 enquiries are tracking ahead of of with the average enquiry value being greater
Good levels of enquiry, and that these continue
Strong pricing in the sector reflecting demand

Based on this, the Board of Directors are confident to project turnover of £19million, albeit at slightly lower margins due to inflation and ongoing supply chain issues.
Funding
Cash management remains a challenge but projections indicate reserves will be sufficient provided there are no further significant interruptions to trade as we experienced during pandemic years.
The Parent Company borrowing facilities are due for refinancing in May 2024, which is after 12 months from the balance sheet date, but within 12 months following the date of this report. Projections prepared and approved by the Board show that the Group will keep within terms of its current borrowing facility until May 2024, when refinancing will take place. 
As refinancing is due within 12 months, from a financial reporting perspective this is categorised as a material uncertainty, however in reality, most businesses cannot guarantee their refinancing status 8 months before the refinancing is due to complete.
The Directors consider it extremely unlikely that the Parent Company will not secure refinancing by May 2024 and that the full repayment of the loan will be demanded by the issuer. 
The refinance process is well underway, discussions with alternate lenders are ongoing and current indications are that we will have multiple offers to consider before we approach the renewal decision.  The Directors expect it to take place comfortably before the end of the existing term.  
Having considered these circumstances, the Directors are confident that the Parent Company will refinance successfully. The Directors have a reasonable expectation that refinancing will be approved as planned and continue to prepare the financial statements on a going concern basis.
Summary
The Directors have reviewed all the evidence and consider there is every reason to be confident that the Company will be able to continue its return to profitability and fully recover in the foreseeable future.

Page 7

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Matters covered in the Strategic report

As permitted by paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the Strategic report.
 
These matters relate to Principal activities and business review, Financial position at the reporting date, Future developments, Principal risks and uncertainties, Financial key performance indicators and Engagement with employees. 

Disclosure of information to the auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Directors have taken all the steps that ought to have been taken as Directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Independent auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board and signed on its behalf.
 





Charles Jeffrey Sargeant
Director

Date: 13 October 2023

Page 8

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY HALL & SPA LIMITED
 

Opinion

We have audited the financial statements of Whittlebury Hall & Spa Limited (the ‘Company’) for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

The Directors’ report on pages 5 and 6 and note 2.3 of the financial statements,  discloses that the Parent Company's borrowing facilities are due for refinancing in May 2024, which is after 12 months from the year end date, but within 12 months of the approval of these financial statements. 
As stated on pages 5 and 6 and note 2.3, in a scenario that the Parent Company could not secure refinancing by May 2024, then the full repayment of the loan could be demanded by the issuer. A material uncertainty therefore exists that may cast doubt on the Parent Company's and therefore the Company's ability to continue as a going concern should refinancing be unsuccessful. Our opinion is not modified in respect of this matter. 
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Page 9

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY HALL & SPA LIMITED
 


Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor’s Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
 
Page 10

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY HALL & SPA LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
 
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 

In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut-off risk), and significant one-off or unusual transactions.
Page 11

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY HALL & SPA LIMITED
 

Auditor's responsibilities for the audit of the financial statements (continued)
 
Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Gareth Jones (Senior statutory auditor)

  
for and on behalf of

Mazars LLP
Chartered Accountants and Statutory Auditor 
The Pinnacle
160 Midsummer Boulevard
MK9 1FF
13 October 2023
Page 12

 
WHITTLEBURY HALL & SPA LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£000
£000

  

Turnover
 4 
17,572
9,597

Cost of sales
  
(8,558)
(5,378)

Gross profit
  
9,014
4,219

Administrative expenses
  
(7,074)
(4,996)

Other operating income
 5 
-
1,009

Operating profit
 6 
1,940
232

Interest payable and similar expenses
 10 
(12)
(7)

Profit before tax
  
1,928
225

Tax on profit
 11 
(497)
248

Profit and total comprehensive income/(expense) for the financial year
  
1,431
473

There were no recognised gains and losses for 2022 or 2021 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2022 (2021 - £Nil).
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 32 form part of these financial statements.



Page 13

 
WHITTLEBURY HALL & SPA LIMITED
REGISTERED NUMBER: 07839199

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£000
£000

Fixed assets
  

Intangible fixed assets
 12 
57
27

Tangible fixed assets
 13 
1,712
1,956

  
1,769
1,983

Current assets
  

Stocks
 14 
195
170

Debtors
 15 
3,600
1,775

Cash and cash equivalents
 16 
785
1,441

  
4,580
3,386

Creditors: amounts falling due within one year
 17 
(3,694)
(3,213)

Net current assets
  
 
 
886
 
 
173

Total assets less current liabilities
  
2,655
2,156

Creditors: amounts falling due after more than one year
 18 
(89)
(1,021)

  

Net assets
  
2,566
1,135


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Profit and loss account
 22 
1,566
135

  
2,566
1,135


The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 


Charles Jeffrey Sargeant
Director

Date: 13 October 2023

The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
WHITTLEBURY HALL & SPA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2021
-
(338)
(338)


Comprehensive income for the year

Profit for the year
-
473
473
Total comprehensive income for the year
-
473
473

Shares issued during the year
1,000
-
1,000



At 1 January 2022
1,000
135
1,135


Comprehensive income for the year

Profit for the year
-
1,431
1,431
Total comprehensive income for the year
-
1,431
1,431


At 31 December 2022
1,000
1,566
2,566


The notes on pages 16 to 32 form part of these financial statements.



Page 15

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Whittlebury Hall & Spa Limited ("the Company") is a private company limited by shares, registered and incorporated in England and Wales. The address of its registered office and principal place of business is The Atrium Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP. The Company's registered number is 07839199.
The principal activity of the Company is the operation of a hotel, day spa, conference centre, golf course, wedding venue, multi-activity venue and a campsite.
The functional currency of the Company is Pounds Sterling (£), this being the currency of the primary economic environment in which the Company operates.
Monetary amounts included in these financial statements are rounded to the nearest £'000.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied consistently in both the current and prior year, unless otherwise stated:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Whittlebury Park Enterprises Limited as at 31 December 2022 and these financial statements may be obtained from The Atrium Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP.

Page 16

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Going concern

Whittlebury Park is built on a strong foundation of expertise, experience and innovation in the hospitality industry. With the exception of the period during the Covid-19 pandemic, we have demonstrated consistent growth and adaptability to changing market dynamic, positioning us as a leader in the regions hospitality resort sector.
The hospitality industry has witnessed unprecedented challenges, including domestic and global economic shifts, yet despite these obstacles, we have navigated through resilience, hard work and pragmatism. Our ability to quickly adapt to changing circumstances, implement effective protocols and maintain the highest standards of service has been a testament to our unwavering commitment to our guests’ well-being and satisfaction.
Whilst the cost of living crisis (interest rates, utility increases, food increases) puts additional pressure on hospitality businesses, the H2 (2nd half of the year) forecast remains positive and shows good growth against 2022 actual EBITDA, with growth of £750K / +7.5%, which is down to all months predicting year on year growth.
July was another record breaking month, delivering £3.0m of revenue which generated £1.2m EBITDA (40% conversion).
Our enduring partnerships with our established corporate customers, regional and national travel agencies/online travel agencies and local businesses have proven vital in expanding our reach and generating solid levels of business-on-the-books despite the shortening of the booking window the sector has experienced in 2023.
We cherish and embrace these alliances and will continue to foster collaborative relationships for the betterment of the industry and our business.
Our business-on-the-books for the second half of the year has growth of £837K / +16% versus the same period last year, echoing the previous statement.
Business-on-the-books for 2024 continues the strong position at £1,122K for the full year, which is +160% versus the same period last year, and Q1 is pacing +1370% versus the same period last year with £633K on-the-books. 
Forecast performance
Forecasts for the 2023 calendar year have been based on:
Demand from 2021 and 2022 bearing in mind the appetite of the customer base to return to the sector
No further government restrictions
Returning confidence in conference events and sectors.
        2023 enquiries are tracking ahead of of with the average enquiry value being greater
Good levels of enquiry, and that these continue
Strong pricing in the sector reflecting demand.

Based on this, the Board of Directors are confident to project turnover of £19million, albeit at slightly lower margins due to inflation and ongoing supply chain issues.
 
Page 17

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.3
Going concern (continued)

Funding
Cash management remains a challenge but projections indicate reserves will be sufficient provided there are no further significant interruptions to trade as we experienced during pandemic years.
The Parent Company borrowing facilities are due for refinancing in May 2024, which is after 12 months from the balance sheet date, but within 12 months following the date of this report. Projections prepared and approved by the Board show that the Parent Company will keep within terms of its current borrowing facility until May 2024, when refinancing will take place. 
As refinancing is due within 12 months, from a financial reporting perspective this is categorised as a material uncertainty, however in reality, most businesses cannot guarantee their refinancing status 8 months before the refinancing is due to complete.
The Directors consider it extremely unlikely that the Parent Company will not secure refinancing by May 2024 and that the full repayment of the loan will be demanded by the issuer. 
The refinance process is well underway, discussions with alternate lenders are ongoing and current indications are that we will have multiple offers to consider before we approach the renewal decision.  The Directors expect it to take place comfortably before the end of the existing term.  
Having considered these circumstances, the Directors are confident that the Parent Company will refinance successfully. The Directors have a reasonable expectation that refinancing will be approved as planned and continue to prepare the financial statements on a going concern basis.
Summary
The Directors have reviewed all the evidence and consider there is every reason to be confident that the Company will be able to continue its return to profitability and fully recover in the foreseeable future.

Page 18

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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 goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains 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.

Provision of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:
  Website    -  3 - 5 years
  Other     -  2 years
The amortisation expense is charged to administrative expenses in the Statement of Comprehensive Income

Page 19

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
2 - 15 years
Motor vehicles
-
2 - 10 years
Fixtures & fittings
-
2 - 10 years

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.

  
2.7
Operating leases: Lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.

  
2.8

Stocks

Stocks are 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 weighted average basis. 
At each reporting date, stocks are 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 the Statement of Comprehensive Income. 

 
2.9

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.

 
2.10

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.

Page 20

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.12

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.

 
2.13

Government grants

Government grants relating to the COVID-19 pandemic have been received during the year. The grants have been recognised as income of the Company based on an accruals model. Grants related to income are presented as part of the Statement of comprehensive income as 'Other operating income'. Any accrued elements of grants receivable are recongised within Other debtors.

Page 21

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.14

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

  
2.15

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.

  
2.16

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 to Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position. 

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.
Page 22

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.18
Current and deferred taxation (continued)

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. 

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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 revision and future periods, if the revision affects both current and future periods.
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Determining residual values and useful economic lives of property, plant and equipment
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Page 23

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Turnover

An analysis of turnover by class of business is as follows:


2022
2021
£000
£000

Provision of services
12,670
6,671

Sale of goods
4,902
2,926

17,572
9,597


All turnover arose within the United Kingdom.


5.


Other operating income

2022
2021
£000
£000

Furlough income (CJRS)
-
1,009



6.


Operating profit

The operating profit/(loss) is stated after charging/(crediting):

2022
2021
£000
£000

Depreciation of tangible fixed assets
541
603

Amortisation of intangible assets
21
45


7.


Auditor's remuneration

2022
2021
£000
£000



Fees payable to the Company's auditor in respect of the audit of the Company's annual financial statements
41
38

Page 24

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2022
2021
£000
£000

Wages and salaries
6,201
5,697

Social security costs
498
375

Cost of defined contribution scheme
172
143

6,871
6,215


The average monthly number of employees, including the Directors, during the year was as follows:


        2022
        2021
            No.
            No.







Hotel and golf operations
305
273



Administration
20
19



Spa operations
14
6



Sales
27
25

366
323


9.


Directors' remuneration and key management personnel

2022
2021
£000
£000

Directors' emoluments
105
140

Company contributions to defined contribution pension schemes
15
16

120
156


During the year retirement benefits were accruing to 1 Directors (2021 - 2) in respect of defined contribution pension schemes. 
The Directors are considered to be the Key Management Personnel of the Company.


10.


Interest payable and similar expenses

2022
2021
£000
£000


Finance leases and hire purchase contracts
12
7

Page 25

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Tax on profit


2022
2021
£000
£000



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
497
(248)

Total deferred tax
497
(248)


Taxation on profit on ordinary activities
497
(248)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£000
£000


Profit on ordinary activities before tax
1,928
225


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
366
43

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1
-

Capital allowances for year in excess of depreciation
34
27

Remeasurement of deferred tax for changes in tax rates
-
(288)

Utilisation of tax losses
96
(41)

Other differences leading to an increase (decrease) in the tax charge
-
11

Total tax charge/(credit) for the year
497
(248)


Factors that may affect future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

Page 26

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Intangible fixed assets




Website
Other
Total

£000
£000
£000



Cost


At 1 January 2022
301
127
428


Additions
51
-
51



At 31 December 2022

352
127
479



Amortisation


At 1 January 2022
274
127
401


Charge for the year
22
-
22



At 31 December 2022

296
127
423



Net book value



At 31 December 2022
56
-
56



At 31 December 2021
27
-
27

The amortisation expense is charged to administrative expenses in the Statement of Comprehensive Income.



Page 27

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£000
£000
£000
£000



Cost


At 1 January 2022
1,191
326
5,942
7,459


Additions
154
-
143
297



At 31 December 2022

1,345
326
6,085
7,756



Depreciation


At 1 January 2022
965
217
4,321
5,503


Charge for the year
70
29
442
541



At 31 December 2022

1,035
246
4,763
6,044



Net book value



At 31 December 2022
310
80
1,322
1,712



At 31 December 2021
226
109
1,621
1,956

The net book value of assets held under finance leases in 2022 was £203k (2021 - £150k) and the depreciation relating to assets held under finance leases in 2022 totalled £75k (2021 - £78k).
The depreciation expense is charged to administrative expenses in the Statement of Comprehensive Income.


14.


Stocks

2022
2021
£000
£000

Finished goods and goods for resale
195
170


Page 28

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Debtors

2022
2021
£000
£000


Trade debtors
467
332

Amounts owed by group undertakings
2,110
-

Other debtors
2
2

Prepayments and accrued income
318
241

Deferred taxation
703
1,200

3,600
1,775


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


16.


Cash and cash equivalents

2022
2021
£000
£000

Cash at bank and in hand
785
1,441



17.


Creditors: Amounts falling due within one year

2022
2021
£000
£000

Trade creditors
1,060
381

Other taxation and social security
349
331

Obligations under finance lease and hire purchase contracts
94
70

Other creditors
684
669

Accruals and deferred income
1,507
1,762

3,694
3,213


Page 29

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


Creditors: Amounts falling due after more than one year

2022
2021
£000
£000

Net obligations under finance leases and hire purchase contracts
89
81

Amounts owed to group undertakings
-
940

89
1,021


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£000
£000


Within one year
94
70

Between 1-5 years
89
81

183
151

The amounts due to finance leases are secured on the assets to which they relate.


20.


Deferred taxation




2022


£000






At beginning of year
1,200


Utilised in the year
(497)



At end of year
703

The deferred tax asset is made up as follows:

2022
2021
£000
£000


Fixed asset differences
285
373

Tax losses carried forward
418
827

Page 30

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

21.


Called up share capital

2022
2021
£
£
Allotted, called up and fully paid



1,000,000 (2021 - 1,000,000) Ordinary shares of £1.00 each
1,000,000
1,000,000

Ordinary shares carry with them voting rights, but no right to any fixed income.



22.


Reserves

Profit and loss account

The profit and loss account represents the cumulative profits and losses, after the payment of dividends.


23.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £172k (2021 - £143k). Contributions totalling £32k (2021 - £28k) were payable to the fund at the reporting date and are included on the Statement of financial position within creditors.


24.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£000
£000


Not later than 1 year
94
69

Later than 1 year and not later than 5 years
89
81

183
150

Page 31

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

25.


Related party transactions

The Company has taken advantage of the exemption available in accordance within Section 33 'Related party disclosure' of FRS 102 not to disclose transactions entered into between two or more members of a group that are wholly owned. 
Transactions between Group companies have not been disclosed as the Company has taken advantage of the exemption conferred by FRS102 section 33.1A, not to disclose transactions with entities wholly owned by the Group.
Rent was paid to Jeffrey and Carol Sargeant, Directors, of £18k (2021 - £38k). £Nil was outstanding in respect of this rent at the year-end (2021 - £Nil).


26.


Controlling party

The Company is a wholly owned subsidiary of Whittlebury Park Enterprises Limited, a company incorporated in England and Wales. The registered number of Whittlebury Park Enterprises Limited is 08080101 and its registered office is The Atrium, Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP
The largest group in which the results of the Company are consolidated is that headed by Whittlebury Park Enterprises Limited. The consolidated group financial statements of Whittlebury Park Enterprises Limited are available to the public and can be obtained from Companies House.
Jeffrey Ian Sargeant and Carol Elizabeth Sargeant are considered to be the ultimate controlling parties by virtue of their ownership of Whittlebury Park Enterprises Limited.

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