IRIS Accounts Production v23.2.0.158 00683982 Board of Directors 1.2.22 31.1.23 31.1.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure006839822022-01-31006839822023-01-31006839822022-02-012023-01-31006839822021-01-31006839822021-02-012022-01-31006839822022-01-3100683982ns16:EnglandWales2022-02-012023-01-3100683982ns15:PoundSterling2022-02-012023-01-3100683982ns11:Director12022-02-012023-01-3100683982ns11:CompanySecretary12022-02-012023-01-3100683982ns11:PrivateLimitedCompanyLtd2022-02-012023-01-3100683982ns11:FRS1022022-02-012023-01-3100683982ns11:Audited2022-02-012023-01-3100683982ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-3100683982ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-02-012023-01-3100683982ns11:FullAccounts2022-02-012023-01-3100683982ns11:OrdinaryShareClass12022-02-012023-01-3100683982ns11:Director22022-02-012023-01-3100683982ns11:Director32022-02-012023-01-3100683982ns11:Director42022-02-012023-01-3100683982ns11:Director52022-02-012023-01-3100683982ns11:RegisteredOffice2022-02-012023-01-310068398212022-02-012023-01-310068398212021-02-012022-01-3100683982ns6:CurrentFinancialInstruments2023-01-3100683982ns6:CurrentFinancialInstruments2022-01-3100683982ns6:Non-currentFinancialInstruments2023-01-3100683982ns6:Non-currentFinancialInstruments2022-01-3100683982ns6:ShareCapital2023-01-3100683982ns6:ShareCapital2022-01-3100683982ns6:RevaluationReserve2023-01-3100683982ns6:RevaluationReserve2022-01-3100683982ns6:CapitalRedemptionReserve2023-01-3100683982ns6:CapitalRedemptionReserve2022-01-3100683982ns6:RetainedEarningsAccumulatedLosses2023-01-3100683982ns6:RetainedEarningsAccumulatedLosses2022-01-3100683982ns6:ShareCapital2021-01-3100683982ns6:RetainedEarningsAccumulatedLosses2021-01-3100683982ns6:RevaluationReserve2021-01-3100683982ns6:CapitalRedemptionReserve2021-01-3100683982ns6:RetainedEarningsAccumulatedLosses2021-02-012022-01-3100683982ns6:RevaluationReserve2021-02-012022-01-3100683982ns6:CapitalRedemptionReserve2021-02-012022-01-3100683982ns6:RetainedEarningsAccumulatedLosses2022-02-012023-01-3100683982ns6:RevaluationReserve2022-02-012023-01-3100683982ns6:CapitalRedemptionReserve2022-02-012023-01-3100683982ns6:LeaseholdImprovements2022-02-012023-01-3100683982ns6:PlantMachinery2022-02-012023-01-3100683982ns6:FurnitureFittings2022-02-012023-01-3100683982ns6:MotorVehicles2022-02-012023-01-310068398252022-02-012023-01-310068398252021-02-012022-01-3100683982ns11:HighestPaidDirector2022-02-012023-01-3100683982ns11:HighestPaidDirector2021-02-012022-01-3100683982ns11:OrdinaryShareClass12021-02-012022-01-3100683982ns6:LandBuildings2022-01-3100683982ns6:LongLeaseholdAssetsns6:LandBuildings2022-01-3100683982ns6:LeaseholdImprovements2022-01-3100683982ns6:LandBuildings2022-02-012023-01-3100683982ns6:LongLeaseholdAssetsns6:LandBuildings2022-02-012023-01-3100683982ns6:LandBuildings2023-01-3100683982ns6:LongLeaseholdAssetsns6:LandBuildings2023-01-3100683982ns6:LeaseholdImprovements2023-01-3100683982ns6:LandBuildings2022-01-3100683982ns6:LongLeaseholdAssetsns6:LandBuildings2022-01-3100683982ns6:LeaseholdImprovements2022-01-3100683982ns6:PlantMachinery2022-01-3100683982ns6:FurnitureFittings2022-01-3100683982ns6:MotorVehicles2022-01-3100683982ns6:PlantMachinery2023-01-3100683982ns6:FurnitureFittings2023-01-3100683982ns6:MotorVehicles2023-01-3100683982ns6:PlantMachinery2022-01-3100683982ns6:FurnitureFittings2022-01-3100683982ns6:MotorVehicles2022-01-3100683982ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-3100683982ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-3100683982ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-01-3100683982ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-01-3100683982ns6:WithinOneYear2023-01-3100683982ns6:WithinOneYear2022-01-3100683982ns6:BetweenOneFiveYears2023-01-3100683982ns6:BetweenOneFiveYears2022-01-3100683982ns6:MoreThanFiveYears2023-01-3100683982ns6:MoreThanFiveYears2022-01-3100683982ns6:AllPeriods2023-01-3100683982ns6:AllPeriods2022-01-3100683982ns6:Secured2023-01-3100683982ns6:Secured2022-01-3100683982ns6:DeferredTaxation2022-01-3100683982ns6:DeferredTaxation2023-01-3100683982ns11:OrdinaryShareClass12023-01-3100683982ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-02-012023-01-3100683982ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2021-02-012022-01-3100683982ns6:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2022-02-012023-01-3100683982ns6:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2023-01-3100683982ns6:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2022-01-3100683982ns6:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties2022-02-012023-01-3100683982ns6:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties2021-02-012022-01-3100683982ns6:OtherRelatedParties2022-02-012023-01-31
REGISTERED NUMBER: 00683982 (England and Wales)
























STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 January 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 January 2023







DIRECTORS: A J Pugh MBE, DL
Mrs V M Pugh
R J Pugh
F C Rainsford FCA
Ms V L Rainsford FCA



SECRETARY: Ms V L Rainsford FCA



REGISTERED OFFICE: Heights Of Abraham
Matlock Bath
Derbyshire
DE4 3PD



REGISTERED NUMBER: 00683982 (England and Wales)



AUDITORS: Mabe Allen LLP
Chartered Accountants
Statutory Auditors
50 Osmaston Road
Derby
DE1 2HU



BANKERS: NatWest
Bristol City Office
PO Box 238
32 Corn Street
Bristol
BS99 7UG

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

The company's principal activities are the operation of Derbyshire's oldest tourist attraction, Heights of Abraham's cable cars, caverns and hilltop park.

REVIEW OF BUSINESS
The cable car transports visitors on a spectacular journey high above the Derwent River to the 60 acres of landscaped grounds at the summit. There the company operates two famous show caverns, exhibitions, two children's playgrounds, two retail outlets, and café and restaurant dining facilities. Visitors also enjoy exploring the woodland walks and the stunning views of beautiful Derbyshire countryside.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in the leisure market with turnover and profitability at risk of declining through the amount of disposable income available to customers and their willingness to spend it with the company in what is a competitive market both locally and nationwide.

This is particularly prevalent this year with the Russian invasion of the Ukraine in February 2022, which has caused huge economic uncertainty, rising energy bills and hikes in interest rates throughout the year. People are concerned about the rising cost of living and their financial stability and are therefore less willing to spend their disposable income on days out such as visiting paid-for tourist attractions. Nevertheless the company is well-placed within the local market due to its unique product offering. The variety of historic, scenic, educational, physical, retail and dining opportunities means that the company is not dependant on one age group or demographic/social group.

PERFORMANCE
The business had just reopened for the 2022 season when there was a collapse of a retaining wall at the cable car base station. The business was closed for 8 days in February whilst the wall was re-built; a huge achievement considering the extent of the damage. The insurers have paid for the re-construction of the retaining wall and have contributed £135,000 so far to reimburse the business for lost profit during those 8 days, which has been recorded in these financial statements within "turnover". Conversations remain underway with insurers to obtain additional funds under the business interruption claim.

After losing sales in February due to the collapsed wall, the Company achieved record visitors numbers March to June 2022, before the impact of the economic recession brought on a weaker period from July to October. Nevertheless the business achieved record visitor numbers for the year.

The Company continues its programme of investment and opened a new "Mirror on the Past" exhibition, as well as a new sculpture trail, made significant improvements in the Grounds and refurbishment works continue apace. These all contribute to improve the overall aesthetics of the estate and increase customer satisfaction. Inevitably, however, the company was hit by increased staff costs, increased utilities and insurance costs, higher interest rates and increased construction materials costs. Furthermore it did not benefit from the significant level of government support in the form of reduced VAT rates on hospitality and business rates as it did in 2021.

Overall reported turnover was up 17% at £4.1m, with net profit before tax of £495k (2022: £833k).


HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 January 2023

POST YEAR END
The company continues to monitor the impact of the economic crisis, but is encouraged by the level of custom in 2023. The Company will continue to be agile and flexible in order to safeguard the business, cutting discretionary spend, prioritising capital expenditure and implementing cost-savings where necessary. It will continue its investment plans and annual maintenance programme which protect the unique heritage asset for future generations.

The Directors' objective is to manage the business efficiently and flexibly to secure the long-term value of the business, protect its unique heritage and ensure that the company is well positioned for long-term growth.

ON BEHALF OF THE BOARD:





Ms V L Rainsford FCA - Secretary


20 October 2023

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 January 2023

The directors present their report with the financial statements of the company for the year ended 31 January 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of the operation of a cable car and pleasure grounds.

DIVIDENDS
An interim dividend of £0.925 per share was paid on 31 January 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2023 will be £ 160,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

A J Pugh MBE, DL
Mrs V M Pugh
R J Pugh
F C Rainsford FCA
Ms V L Rainsford FCA

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 January 2023


AUDITORS
The auditors, Mabe Allen LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Ms V L Rainsford FCA - Secretary


20 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED

Opinion
We have audited the financial statements of Heights of Abraham (Matlock Bath) Limited (the 'company') for the year ended 31 January 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 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 January 2023 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 Auditors' 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.

Conclusions relating to going concern
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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED


Matters on which we are required to report by exception
In the 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED


Auditors' 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 a Report of the Auditors 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:

Extent to which the audit was considered capable of detecting fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance including targets for income and net profit;

- Results of our enquiries of management and the directors about their own identification and assessment of the risks of irregularities;

- Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance, including any related to the General Data Protection Regulations or Bribery Act 2010.

- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- The internal controls to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team and including relevant internal tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the ability of management to manipulate revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and the Financial Reporting Standard 102.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These include The General Data Protection Regulations, the Bribery Act 2010 and Health and Safety policies.

Audit Response to Risks Identified

Our procedures to respond to risks identified above include the following:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements:

- Enquiring of management and directors concerning actual and potential litigation and claims;


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the fraud risk in revenue recognition at an analytical review level, we developed an expectation of the revenue with reference to our experience of the client and discussions on the recognition and volatility of revenue in the year ; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rational of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.




Kevin Slack FCA (Senior Statutory Auditor)
for and on behalf of Mabe Allen LLP
Chartered Accountants
Statutory Auditors
50 Osmaston Road
Derby
DE1 2HU

20 October 2023

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

INCOME STATEMENT
FOR THE YEAR ENDED 31 January 2023

31.1.23 31.1.22
as restated
Notes £    £   

TURNOVER 4,141,527 3,529,693

Cost of sales 485,686 348,598
GROSS PROFIT 3,655,841 3,181,095

Administrative expenses 3,115,083 2,377,462
540,758 803,633

Other operating income 3 19,876 66,476
OPERATING PROFIT 6 560,634 870,109

Interest receivable and similar income 2,293 -
562,927 870,109

Interest payable and similar expenses 8 67,723 37,345
PROFIT BEFORE TAXATION 495,204 832,764

Tax on profit 9 160,900 164,069
PROFIT FOR THE FINANCIAL YEAR 334,304 668,695

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 January 2023

31.1.23 31.1.22
as restated
Notes £    £   

PROFIT FOR THE YEAR 334,304 668,695


OTHER COMPREHENSIVE INCOME
Deferred tax movement on revalued assets (21,726 ) 1,957
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(21,726

)

1,957
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

312,578

670,652

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

BALANCE SHEET
31 January 2023

31.1.23 31.1.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 4,729,195 4,703,696

CURRENT ASSETS
Stocks 13 26,488 20,040
Debtors 14 151,001 150,262
Cash at bank and in hand 2,465,586 2,319,931
2,643,075 2,490,233
CREDITORS
Amounts falling due within one year 15 585,799 601,756
NET CURRENT ASSETS 2,057,276 1,888,477
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,786,471

6,592,173

CREDITORS
Amounts falling due after more than one
year

16

(1,587,804

)

(1,645,144

)

PROVISIONS FOR LIABILITIES 20 (375,892 ) (276,832 )
NET ASSETS 4,822,775 4,670,197

CAPITAL AND RESERVES
Called up share capital 21 173,000 173,000
Revaluation reserve 22 1,941,757 1,981,391
Capital redemption reserve 22 127,000 127,000
Retained earnings 22 2,581,018 2,388,806
SHAREHOLDERS' FUNDS 4,822,775 4,670,197

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

BALANCE SHEET - continued
31 January 2023



The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





A J Pugh MBE, DL - Director


HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 January 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 February 2021 173,000 1,862,088 1,997,457 127,000 4,159,545

Changes in equity
Total comprehensive income - 668,695 1,957 - 670,652
Dividends - (160,000 ) - - (160,000 )
Depreciation transfer - 18,023 (18,023 ) - -
Balance at 31 January 2022 173,000 2,388,806 1,981,391 127,000 4,670,197

Changes in equity
Total comprehensive income - 334,304 (21,726 ) - 312,578
Dividends - (160,000 ) - - (160,000 )
Depreciation transfer - 17,908 (17,908 ) - -
Balance at 31 January 2023 173,000 2,581,018 1,941,757 127,000 4,822,775

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 January 2023

31.1.23 31.1.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 820,263 1,168,031
Interest paid (67,723 ) (37,345 )
Tax paid (168,202 ) 30,347
Net cash from operating activities 584,338 1,161,033

Cash flows from investing activities
Purchase of tangible fixed assets (202,211 ) (96,820 )
Interest received 2,293 -
Net cash from investing activities (199,918 ) (96,820 )

Cash flows from financing activities
Loans drawn down - 1,713,098
Loan repayments in year (75,697 ) (1,702,000 )
Movement in director's loans 24,694 160,000
Amount withdrawn by directors (27,762 ) (8,520 )
Equity dividends paid (160,000 ) (160,000 )
Net cash from financing activities (238,765 ) 2,578

Increase in cash and cash equivalents 145,655 1,066,791
Cash and cash equivalents at beginning of
year

2

2,319,931

1,253,140

Cash and cash equivalents at end of year 2 2,465,586 2,319,931

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 January 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.1.23 31.1.22
as restated
£    £   
Profit before taxation 495,204 832,764
Depreciation charges 171,346 153,912
Loss on disposal of fixed assets 5,366 8,267
Finance costs 67,723 37,345
Finance income (2,293 ) -
737,346 1,032,288
Increase in stocks (6,448 ) (7,469 )
(Increase)/decrease in trade and other debtors (739 ) 54,661
Increase in trade and other creditors 90,104 88,551
Cash generated from operations 820,263 1,168,031

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 2,465,586 2,319,931
Year ended 31 January 2022
31.1.22 1.2.21
as restated
£    £   
Cash and cash equivalents 2,319,931 1,253,140


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank and in hand 2,319,931 145,655 2,465,586
2,319,931 145,655 2,465,586
Debt
Debts falling due within 1 year (67,954 ) 18,357 (49,597 )
Debts falling due after 1 year (1,645,144 ) 57,340 (1,587,804 )
(1,713,098 ) 75,697 (1,637,401 )
Total 606,833 221,352 828,185

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 January 2023

1. STATUTORY INFORMATION

Heights of Abraham (Matlock Bath) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:-

Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment and the accounting policy note for the useful economic lives for each class of assets.

As indicated in note 2 the estimated useful lives of items of property, plant and equipment range between 3 to 50 years. However, the actual useful lives might be shorter or longer depending on technological innovations and other factors.

Changes in accounting policies
The depreciation of the revaluation reserve will now be released to the profit and loss reserve.
Historically, the depreciation of the revaluation was retained within the revaluation reserve.
The prior year comparatives have been restated accordingly.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Development - Straight line over 5 years
Plant and machinery - at varying rates on cost
Cable car and attractions - at varying rates on cost
Motor vehicles - 25% on reducing balance

Freehold buildings are depreciated over their estimated useful lives of 50 years on a straight line basis. Freehold land is not depreciated.

Leasehold improvements are depreciated over the remaining term of the lease on a straight line basis.

On transition to FRS 102, the company elected to utilise the exemption provided by paragraph 35.10(d) to use the previously revalued amounts for freehold and long leasehold property as deemed cost. The previous revaluation of freehold land and buildings and leasehold property was carried out on 1 February 2012 by GVA Grimley Limited on an open market value basis.

Government grants
Income arising from government grants is recognised in the profit and loss account in the period to which the grant relates.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are measured on a first in first out basis.

Financial instruments
Basic financial instruments are measured at amortised cost with the interest expense recognised through profit and loss for the period.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

3. OTHER OPERATING INCOME
31.1.23 31.1.22
as restated
£    £   
Sundry receipts 5,876 4,459
Local government grants 14,000 32,736
Government grants - 29,281
19,876 66,476

4. EMPLOYEES AND DIRECTORS
31.1.23 31.1.22
as restated
£    £   
Wages and salaries 1,388,144 1,112,433
Social security costs 127,581 99,171
Other pension costs 56,703 45,223
1,572,428 1,256,827

The average number of employees during the year was as follows:
31.1.23 31.1.22
as restated

Average number of employees 77 58

The average number of employees is a combination of permanent and seasonal staff.

5. DIRECTORS' EMOLUMENTS
31.1.23 31.1.22
as restated
£    £   
Directors' remuneration 256,141 302,592
Directors' pension contributions to money purchase schemes 15,874 15,638

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

5. DIRECTORS' EMOLUMENTS - continued

Information regarding the highest paid director is as follows:
31.1.23 31.1.22
as restated
£    £   
Emoluments etc 114,852 155,229
Pension contributions to money purchase schemes 5,874 5,638

Sums of £12,000 (2022: £12,000) were paid for director services during the year.

6. OPERATING PROFIT

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

31.1.2331.1.22
£ £
Depreciation- owned assets171,346153,912
Auditors' remuneration15,00012,500
Foreign exchange differences(43)5
Operating leases- land and buildings74,93362,400
Operating leases- vehicles23,54117,398

7. AUDITORS' REMUNERATION
31.1.23 31.1.22
as restated
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

15,000

12,500

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.1.23 31.1.22
as restated
£    £   
Bank loan interest 67,723 37,345

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.1.23 31.1.22
as restated
£    £   
Current tax:
UK corporation tax 83,566 168,202

Deferred tax 77,334 (4,133 )
Tax on profit 160,900 164,069

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.1.23 31.1.22
as restated
£    £   
Profit before tax 495,204 832,764
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

94,089

158,225

Effects of:
Expenses not deductible for tax purposes 357 106
Capital allowances in excess of depreciation (10,880 ) -
Depreciation in excess of capital allowances - 9,871
Deferred tax effects 77,334 (4,133 )

Total tax charge 160,900 164,069

Tax effects relating to effects of other comprehensive income

31.1.23
Gross Tax Net
£    £    £   
Deferred tax movement on revalued assets (21,726 ) - (21,726 )

31.1.22
Gross Tax Net
£    £    £   
Deferred tax movement on revalued assets 1,957 - 1,957

If the company's revalued assets were to be sold at their carrying values a deferred tax charge of £98,602
(2022: £76,891) would be incurred. If the company's non-revalued assets were to be sold at their carrying values a deferred tax charge of £277,290 (2022: £201,458) would be incurred.

10. DIVIDENDS
31.1.23 31.1.22
as restated
£    £   
Ordinary shares of £1 each
Interim 160,000 160,000

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

11. PRIOR YEAR ADJUSTMENT

The Directors have made a decision to release the depreciation from the revaluation reserve to retained earnings. Historically, the depreciation of the revaluation was retained within the revaluation reserve. The Directors feel that this change in policy gives clearer visibility of the Company's distributable profit and loss reserves.

Accordingly, the company has restated it's comparative figures in respect of this change in accounting policy. This has resulted in a restatement of the revaluation reserve at 1st February 2021 from £2,139,758 to £1,997,457. The total prior year adjustment is £160,324 being a movement of the brought forward depreciation as at 1st February 2021 of £142,301 and the 2022 depreciation of £18,023.

For each financial statement line affected see Note 22.

12. TANGIBLE FIXED ASSETS
Freehold Long
property leasehold Development
£    £    £   
COST OR VALUATION
At 1 February 2022 876,493 3,037,761 28,667
Additions - 29,792 -
Disposals - - -
At 31 January 2023 876,493 3,067,553 28,667
DEPRECIATION
At 1 February 2022 49,160 248,844 28,667
Charge for year 9,832 24,724 -
Eliminated on disposal - - -
At 31 January 2023 58,992 273,568 28,667
NET BOOK VALUE
At 31 January 2023 817,501 2,793,985 -
At 31 January 2022 827,333 2,788,917 -

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

12. TANGIBLE FIXED ASSETS - continued

Cable car
Plant and and Motor
machinery attractions vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2022 574,281 2,029,969 73,668 6,620,839
Additions 85,852 86,567 - 202,211
Disposals (20,071 ) - - (20,071 )
At 31 January 2023 640,062 2,116,536 73,668 6,802,979
DEPRECIATION
At 1 February 2022 354,385 1,167,517 68,570 1,917,143
Charge for year 55,007 80,508 1,275 171,346
Eliminated on disposal (14,705 ) - - (14,705 )
At 31 January 2023 394,687 1,248,025 69,845 2,073,784
NET BOOK VALUE
At 31 January 2023 245,375 868,511 3,823 4,729,195
At 31 January 2022 219,896 862,452 5,098 4,703,696

Included in cost or valuation of land and buildings is freehold land of £ 384,895 (2022 - £ 384,895 ) which is not depreciated.

All of the company's fixed assets are held as security against bank loans.

Cost or valuation at 31 January 2023 is represented by:

Freehold Long
property leasehold Development
£    £    £   
Valuation in 2005 153,657 502,902 -
Valuation in 2008 321,652 1,066,417 -
Valuation in 2012 (2,772 ) 41,279 -
Cost 403,956 1,456,955 28,667
876,493 3,067,553 28,667

Cable car
Plant and and Motor
machinery attractions vehicles Totals
£    £    £    £   
Valuation in 2005 - - - 656,559
Valuation in 2008 - - - 1,388,069
Valuation in 2012 - - - 38,507
Cost 640,062 2,116,536 73,668 4,719,844
640,062 2,116,536 73,668 6,802,979

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

12. TANGIBLE FIXED ASSETS - continued

If freehold and leasehold assets had not been revalued they would have been included at the following historical cost:

31.1.23 31.1.22
as restated
£    £   
Cost 1,860,911 1,806,344
Aggregate depreciation 194,400 184,733

Value of land in freehold land and buildings 160,795 160,795

The movement in the revaluation reserve for the year ended 31 January 2023 in respect of
revalued assets is as follows:




Freehold
land and
buildings

Leasehold
property


Total
£££

Balance b/fwd as at 1 February 2022
(restated)


431,950

1,549,441

1,981,391

Transfer of depreciation on revaluation(4,969)(12,939)(17,908)

Deferred tax movement(4,971)(16,755)(21,726)

Balance c/fwd as at 31 January 2023422,0101,519,7471,941,757


13. STOCKS
31.1.23 31.1.22
as restated
£    £   
Goods for resale 26,488 20,040

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
as restated
£    £   
Trade debtors 6,240 152
Other debtors 62,768 66,044
Prepayments 81,993 84,066
151,001 150,262

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
as restated
£    £   
Bank loans and overdrafts (see note 17) 49,597 67,954
Trade creditors 64,469 50,638
Corporation tax 83,566 168,202
Social security and other taxes 20,446 20,716
Other creditors 11,530 5,353
Directors' current accounts 187,754 190,822
Accrued expenses 168,437 98,071
585,799 601,756

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
as restated
£    £   
Bank loans (see note 17) 1,587,804 1,645,144

17. LOANS

An analysis of the maturity of loans is given below:

31.1.23 31.1.22
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 49,597 67,954

Amounts falling due between two and five years:
Bank loans - 2-5 years 228,594 288,299

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yrs by instalments 1,359,210 1,356,845

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.23 31.1.22
as restated
£    £   
Within one year 122,301 54,740
Between one and five years 515,509 39,233
In more than five years 357,000 -
994,810 93,973

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
as restated
£    £   
Bank loans 1,637,401 1,713,098

The bank loan was drawn down in December 2021 and is repayable over a period of 20 years at an interest rate of 2.25% per annum over base rate.

20. PROVISIONS FOR LIABILITIES
31.1.23 31.1.22
as restated
£    £   
Deferred tax 375,892 276,832

Deferred
tax
£   
Balance at 1 February 2022 276,832
Accelerated capital allowances 77,334
Movement on revalued assets 21,726
Balance at 31 January 2023 375,892

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: as restated
£    £   
173,000 Ordinary £1 173,000 173,000

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

22. RESERVES




Retained
earnings

Revaluation
reserve
Capital
redemption
reserve


Totals
££££
At 1 February 2021 1,719,7872,139,758127,0003,986,545
Prior year adjustment142,301(142,301)--
At 1 February 2021 (restated)1,862,0881,997,457127,0003,986,545
Total comprehensive income668,6951,957-670,652
Dividends(160,000)--(160,000)
Transfer of depreciation18,023(18,023)--
At 1 February 2022 (restated)2,388,8061,981,391127,0004,497,197
Total comprehensive income334,304(21,726)-312,578
Dividends(160,000)--(160,000)
Transfer of depreciation17,908(17,908)--
At 31 January 20232,581,0181,941,757127,0004,649,775

23. PENSION COMMITMENTS

The company contributed £56,703 (2022: £45,223) to money purchase pension schemes during the year.

At the year end £6,070 (2022: £5,353) was owed to the pension provider in respect of pension contributions.

24. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.1.23 31.1.22
as restated
£    £   
Rent payable 74,933 62,400

Key management personnel of the entity or its parent (in the aggregate)
31.1.23 31.1.22
as restated
£    £   
Amount due to related party 201,753 210,822

Entities that provide key management personnel services to the entity
31.1.23 31.1.22
as restated
£    £   
Services provided 12,000 12,000

Other related parties

A family member of one of the directors occupies one of the company's properties.

During the year, a total of key management personnel compensation of £ 284,014 (2022 - £ 330,230 ) was paid.

HEIGHTS OF ABRAHAM (MATLOCK BATH)
LIMITED (REGISTERED NUMBER: 00683982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 January 2023

25. CONTROLLING PARTY

The controlling party is A J Pugh MBE, DL.