Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31truetruetrue2022-02-01falseNo description of principal activity5257truetrue 09281401 2022-02-01 2023-01-31 09281401 2021-02-01 2022-01-31 09281401 2023-01-31 09281401 2022-01-31 09281401 c:Director1 2022-02-01 2023-01-31 09281401 d:Buildings 2022-02-01 2023-01-31 09281401 d:Buildings 2023-01-31 09281401 d:Buildings 2022-01-31 09281401 d:Buildings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 09281401 d:PlantMachinery 2022-02-01 2023-01-31 09281401 d:PlantMachinery 2023-01-31 09281401 d:PlantMachinery 2022-01-31 09281401 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 09281401 d:ComputerEquipment 2022-02-01 2023-01-31 09281401 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 09281401 d:CurrentFinancialInstruments 2023-01-31 09281401 d:CurrentFinancialInstruments 2022-01-31 09281401 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 09281401 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 09281401 d:ShareCapital 2023-01-31 09281401 d:ShareCapital 2022-01-31 09281401 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 09281401 d:RetainedEarningsAccumulatedLosses 2023-01-31 09281401 d:RetainedEarningsAccumulatedLosses 2022-01-31 09281401 c:OrdinaryShareClass1 2022-02-01 2023-01-31 09281401 c:OrdinaryShareClass1 2023-01-31 09281401 c:OrdinaryShareClass1 2022-01-31 09281401 c:FRS102 2022-02-01 2023-01-31 09281401 c:Audited 2022-02-01 2023-01-31 09281401 c:FullAccounts 2022-02-01 2023-01-31 09281401 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09281401 c:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09281401









THE MARQUIS OF CORNWALLIS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
THE MARQUIS OF CORNWALLIS LIMITED
REGISTERED NUMBER: 09281401

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
888,379
909,173

  
888,379
909,173

Current assets
  

Stocks
  
5,000
5,000

Debtors: amounts falling due within one year
 6 
19,075
15,976

Cash at bank and in hand
 7 
28,430
5,338

  
52,505
26,314

Creditors: amounts falling due within one year
 8 
(1,797,513)
(1,422,352)

Net current liabilities
  
 
 
(1,745,008)
 
 
(1,396,038)

Total assets less current liabilities
  
(856,629)
(486,865)

  

Net liabilities
  
(856,629)
(486,865)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(857,629)
(487,865)

  
(856,629)
(486,865)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 October 2023.




S J O'Leary
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
THE MARQUIS OF CORNWALLIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

The Marquis of Cornwallis Limited (“the company”) is a company limited by shares, incorporated in England and Wales. Its registered office is Marquis of Cornwallis, Upper Street, Layham, Ipswich, Suffolk, IP7 5JZ.
The principal activity of the company continued to be that of a public house, hotel and restaurant.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of O'Leary Group Limited  as at 31 January 2023 and these financial statements may be obtained from the Company's registered office.

 
2.3

Going concern

The company has net current liabilities as at 31 January 2023. The company is supported by its group members, who continue to be profitable after the year end based on management information available. Whilst the coronavirus pandemic has affected the hospitality sector and the company, the company has made use of the Government support such as the coronavirus job retention scheme and obtained additional support from its group members. On this basis, the director is of the opinion that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The director therefore considers it appropriate to continue to prepare the financial statements on a going concern basis.

Page 2

 
THE MARQUIS OF CORNWALLIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

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.

Rendering 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss 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.

Page 3

 
THE MARQUIS OF CORNWALLIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.8

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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

 
2.10

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, on the following basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
5%
straight line
Plant and machinery
-
25%
reducing balance
Computer equipment
-
25%
straight line

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.

Page 4

 
THE MARQUIS OF CORNWALLIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.11

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 5

 
THE MARQUIS OF CORNWALLIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 52 (2022 - 57).


4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 February 2022
793,146
514,393
1,307,539


Additions
50,998
-
50,998



At 31 January 2023

844,144
514,393
1,358,537



Depreciation


At 1 February 2022
-
398,366
398,366


Charge for the year on owned assets
41,801
29,991
71,792



At 31 January 2023

41,801
428,357
470,158



Net book value



At 31 January 2023
802,343
86,036
888,379



At 31 January 2022
793,146
116,027
909,173

Page 6

 
THE MARQUIS OF CORNWALLIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
5,000
5,000



6.


Debtors

2023
2022
£
£


Other debtors
19,075
15,976



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
28,430
5,338



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
280,175
234,174

Amounts owed to group undertakings
1,283,065
220,478

Corporation tax
18
18

Other taxation and social security
170,194
131,765

Other creditors
57,661
831,917

Accruals and deferred income
6,400
4,000

1,797,513
1,422,352



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 7

 
THE MARQUIS OF CORNWALLIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Reserves

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


11.


Contingent liabilities

The Company is involved in a number of legal disputes, all of which are ongoing and the outcomes of which are unknown at this stage. On the basis of evidence available, the directors do not believe that any of the potential liabilities are probable and therefore no provision has been made in the accounts in accordance with FRS 102 section 21. The Group is also involved in a regulatory dispute which is expected to result in a probable future economic outflow. This obligation has been currently estimated at £1,753,258 and has been provided for in the consolidated financial statements of the ultimate parent undertaking as an exceptional item within the financial year ended 31 January 2022. It is impossible at this stage to determine reliably the proportion of this group economic outflow that applies to the company individually, and as such no provision has been made in these company financial statements. There are likely to be additional economic outflows in connection with this matter, but these cannot be estimated reliably at this stage either and as such no provision has been made in accordance with section 21.12 of FRS 102. 


12.


Pension commitments

The Company operates a defined contributions 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 £30,459 (2022 - £26,343). Contributions totalling £22,720 (2022 - £9,646) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 section 33 'Related Party Transactions' not to disclose transactions with entities included in the consolidated financial statements of O'Leary Group Limited, its ultimate parent undertaking
Included within other creditors are amounts owed to the director of £10,705 
(2022 - £787,992).


14.


Controlling party

The company is under the control of the O'Leary family, by ownership of the majority of equity shares issued in the O'Leary Group Limited, the ultimate parent undertaking, a company registered in England and Wales.  
O'Leary Group Limited prepares consolidated financial statements, copies of which can be obtained from Online House, 240 Freshwater Road, Dagenham, Essex, RM8 1RX. 

Page 8

 
THE MARQUIS OF CORNWALLIS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 26 October 2023 by Adam Dodds (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 9