Company Registration No. 01697263 (England and Wales)
LAKE DISTRICT HOTELS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
LAKE DISTRICT HOTELS LIMITED
COMPANY INFORMATION
Directors
Mr C J Graves
Mrs K B Graves
Mrs D C Hope
Secretary
Mr C J Graves
Company number
01697263
Registered office
Lake District Hotels Limited
Armathwaite Hall Hotel
Bassenthwaite
Keswick
Cumbria
CA12 4RE
Auditor
Gibbons
Carleton House
136 Gray Street
Workington
Cumbria
CA14 2LU
LAKE DISTRICT HOTELS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
4 - 6
Directors' responsibilities statement
3
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
14
Statement of cash flows
13
Notes to the financial statements
15 - 28
LAKE DISTRICT HOTELS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

Fair review of the business

In the prior period, and the start of this financial year, the hotels benefited from a surge in UK staycations following the coronavirus pandemic and business was exceptional. Trade is starting to fall back in line with pre-pandemic levels as restrictions on travelling abroad have now been lifted.

 

The UK is also now experiencing a cost of living crisis caused by surging inflation and interest rate hikes. Therefore, customers do not have as much disposable income as before. Nevertheless, the Lake District remains a very sought-after tourist destination. The hotels have a lot of facilities to offer and are a popular choices for weddings and spa days.

 

The directors seek to maintain the hotels to a very high standard, placing them in the luxury end of the market; funds have been reinvested back into the business. The Kings Arms and the Borrowdale Hotels have undergone major refurbishment and the Inn on the Lake has benefited from a refurbishment to the outdoor lakeside terrace.

 

Heat and light costs have increased by 136%. Gas and electricity prices have soared in the past 12 months. The company has purchased a hydro electric generator and is investing in new LPG generators at the Lodore Falls and the Borrowdale Hotels which will be operational in 2023/24.

 

The company remains in a strong financial position with net assets of £60.7m which is an increase of 6% on 2022.

 

The company is continually assessing its market position and the directors actively seek ways to grow the business and take advantage of business opportunities as they arise.

 

The company has taken advantage of interest rate rises on savings.

Principal risks and uncertainties

The company is not immune to risks and has procedures in place aimed to minimise the possibility and scale of specific risks that may impact the company. A specific risk to the company is if a downturn in the tourist trade in the Lake District occurred there could be a significant effect on turnover and profitability. To mitigate this risk, the company ensures that its properties are maintained to exceptionally high standards and carries out promotional activity to position itself in such markets that it would not be significantly affected. The company benefits from a strong market presence, reputation and goodwill.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

2023         2022        

Turnover                £    25,836,420    27,255,019    

Turnover growth/(reduction)    %    (5.2)        155.7        

Gross profit margin        %    57.34        61.75        

Profit before tax            £    5,349,434    11,246,802    

 

At the year end the net assets totalled £60,715,175 (2022 - £57,173,507).

LAKE DISTRICT HOTELS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Promoting the success of the company - S172 statement

We consider our key stakeholders to be: our customers, staff members, operational suppliers and the local community.

All company directors have a duty to act in the way they consider would be most likely to promote the success of the company for the benefit of its members as a whole. They have regard for:

• The likely consequence for decisions in the long term;

• The interests of the company’s employees;

• The need to foster the company’s business relationships with suppliers, customers and others;

• The impact of the company’s operations on the community and environment;

• The desirability of the company maintaining a reputation for high standards of business conduct;

• The need to act fairly as between members of the company.

Our customers - We aim to provide our customers with the high quality they deserve and expect. We engage with our customers to obtain feedback about their experience so that we can continue to improve and meet their needs.

Our employees - Regular meetings are held between senior management and employee representatives to discuss matters of concern. Employees are kept informed about progress and position of the company by way of regular departmental meetings.

Our suppliers - We see building strong relationships with our suppliers as an integral part of being able to deliver a high quality experience to our customers. Wherever possible we aim to engage with local suppliers and ensure payments are made within agreed terms.

Our community - The company operates from locations throughout the Lake District. We organise and promote fundraising activities each year to aid local charitable causes.

 

On behalf of the board

Mr C J Graves
Director
1 October 2023
LAKE DISTRICT HOTELS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors are responsible for preparing the annual 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 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:

 

 

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.

LAKE DISTRICT HOTELS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of hoteliers.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £550,198. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C J Graves
Mrs K B Graves
Mrs D C Hope
Financial instruments
Objectives and policies

The company uses various financial instruments which include cash, debtors, trade creditors and private equity loans. The main purpose of these financial instruments is to raise finance for the company's operations (working capital) and to facilitate the growth of the company.
Adequate finance has been made available to take advantage of all business opportunities arising during the year and the directors consider the state of affairs to be satisfactory as the company is in a strong financial position.

Price risk, credit risk, liquidity risk and cash flow risk

The business's principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business's cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Credit risk is low for this company due to the nature of the industry it is in.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise of loans from the directors. The loans are interest free and repayable on demand. The business manages the liquidity risk by ensuring there are enough funds to meet payments.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

LAKE DISTRICT HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Gibbons be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

The following information has been collected complying with the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 and the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

The company’s main sources of CO2 emissions are from consumption of gas and electricity at the hotel premises.

Data has been compiled from information obtained from supplier invoices and using the government’s approved conversion factors for kgCO2e per unit.

 

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
2,852,801
3,166,997
- Electricity purchased
3,245,124
3,130,946
6,097,925
6,297,943
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
559.62
620.48
- Fuel consumed for owned transport
-
-
559.62
620.48
Scope 2 - indirect emissions
- Electricity purchased
671.98
629.29
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
1,231.60
1,249.77
Intensity ratio
Tonnes CO2e per room night sold
0.01981
0.01809
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.

LAKE DISTRICT HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per room night sold, a recommended ratio for the sector.

Measures taken to improve energy efficiency

We have sourced energy efficient options when replacing plant and machinery. We have commenced roll out of electric vehicle charging points at our hotels. We have increased video conferencing for staff meetings to reduce the need for travel between sites.

 

In May 2022 the ownership of the hydro-electric generating plant at Lodore Falls Hotel & Spa came back to Lake District Hotels Limited. This will produce circa 650,000 kWh per year which will offset the hotel usage.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Promoting the success of the company

All company directors have a duty to act in the way the consider would be most likely to promote the success of the company for the benefit of its members as a whole, in compliance with Section 172 of the Companies Act 2006, and as laid out in the Strategic Report.

On behalf of the board
Mr C J Graves
Director
1 October 2023
LAKE DISTRICT HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAKE DISTRICT HOTELS LIMITED
- 7 -
Opinion

We have audited the financial statements of Lake District Hotels Limited (the 'company') for the year ended 31 March 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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.

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 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 our audit:

LAKE DISTRICT HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAKE DISTRICT HOTELS LIMITED
- 8 -
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 either intend 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatements including obtaining an understanding of how fraud might occur, by:

LAKE DISTRICT HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAKE DISTRICT HOTELS LIMITED
- 9 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to:

In response to the risk of fraud through management bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

David Harper
Senior Statutory Auditor
For and on behalf of Gibbons
11 October 2023
Chartered Accountants
Statutory Auditor
Carleton House
136 Gray Street
Workington
Cumbria
CA14 2LU
LAKE DISTRICT HOTELS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
25,836,420
27,255,019
Cost of sales
(11,022,338)
(10,424,950)
Gross profit
14,814,082
16,830,069
Administrative expenses
(10,259,435)
(6,568,910)
Other operating income
582,608
1,040,956
Operating profit
4
5,137,255
11,302,115
Interest receivable and similar income
8
213,127
18,850
Interest payable and similar expenses
9
(948)
(74,163)
Profit before taxation
5,349,434
11,246,802
Tax on profit
10
(869,707)
(2,124,183)
Profit for the financial year
4,479,727
9,122,619

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LAKE DISTRICT HOTELS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
£
£
Profit for the year
4,479,727
9,122,619
Other comprehensive income
Tax relating to other comprehensive income
(387,861)
-
0
Total comprehensive income for the year
4,091,866
9,122,619
LAKE DISTRICT HOTELS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
103,839
-
0
Tangible assets
13
49,440,225
48,280,126
49,544,064
48,280,126
Current assets
Stocks
15
207,496
196,764
Debtors
14
1,477,999
291,307
Cash at bank and in hand
18,128,950
18,134,949
19,814,445
18,623,020
Creditors: amounts falling due within one year
16
(7,027,247)
(8,501,413)
Net current assets
12,787,198
10,121,607
Total assets less current liabilities
62,331,262
58,401,733
Provisions for liabilities
Deferred tax liability
19
1,616,087
1,228,226
(1,616,087)
(1,228,226)
Net assets
60,715,175
57,173,507
Capital and reserves
Called up share capital
21
42,585
42,585
Revaluation reserve
12,601,025
12,988,886
Capital redemption reserve
20,040
20,040
Profit and loss reserves
48,051,525
44,121,996
Total equity
60,715,175
57,173,507
The financial statements were approved by the board of directors and authorised for issue on 1 October 2023 and are signed on its behalf by:
Mr C J Graves
Director
Company Registration No. 01697263
LAKE DISTRICT HOTELS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,919,426
13,348,237
Interest paid
(948)
(74,163)
Income taxes paid
(1,864,684)
(1,291,642)
Net cash inflow from operating activities
2,053,794
11,982,432
Investing activities
Purchase of intangible assets
(112,500)
-
0
Purchase of tangible fixed assets
(1,564,717)
(897,152)
Interest received
213,127
18,850
Net cash used in investing activities
(1,464,090)
(878,302)
Financing activities
Advance/(Repayment) of borrowings
(25,016)
26,906
Repayment of bank loans
-
0
(3,561,005)
Advance/(Payment) of finance leases obligations
(20,489)
20,489
Dividends paid
(550,198)
(300,000)
Net cash used in financing activities
(595,703)
(3,813,610)
Net (decrease)/increase in cash and cash equivalents
(5,999)
7,290,520
Cash and cash equivalents at beginning of year
18,134,949
10,844,429
Cash and cash equivalents at end of year
18,128,950
18,134,949
LAKE DISTRICT HOTELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2021
42,585
12,988,886
20,040
35,299,377
48,350,888
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
9,122,619
9,122,619
Dividends
11
-
-
-
(300,000)
(300,000)
Balance at 31 March 2022
42,585
12,988,886
20,040
44,121,996
57,173,507
Year ended 31 March 2023:
Profit for the year
-
-
-
4,479,727
4,479,727
Other comprehensive income:
Tax relating to other comprehensive income
-
(387,861)
-
-
0
(387,861)
Total comprehensive income for the year
-
0
(387,861)
-
0
4,479,727
4,091,866
Dividends
11
-
-
-
(550,198)
(550,198)
Balance at 31 March 2023
42,585
12,601,025
20,040
48,051,525
60,715,175
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
1
Accounting policies
Company information

Lake District Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lake District Hotels Limited, Armathwaite Hall Hotel, Bassenthwaite, Keswick, Cumbria, CA12 4RE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods and services is recognised when the significant rewards of ownership of the goods have passed to the buyer (usually at the time of sale), or on provision of the service (usually when the guest stays at the hotel, or makes use of the spa).

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation charged
Fixtures and fittings
5 - 15 years straight line basis
Motor vehicles
5 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The directors believe the hotels do not depreciate due to the high standards in which they are kept. The directors believe that the residual value of freehold land and buildings is in excess of cost.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from directors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation of tangible assets

Depreciation is charged on tangible fixed assets in accordance with the accounting policies listed out above. The depreciation charge for the year is an estimation of the impairment on the tangible fixed assets held by the company and is at the discretion of the directors. No depreciation is charged on the land and buildings held by the company, which is a departure from FRS102, but this is deemed necessary to show a true and fair view of the value of the land and buildings which need to be maintained to a very high standard.

 

The depreciation charge for the year was £404,618 (2022 - £470,823) and at the reporting date the carrying amount of the tangible fixed assets was £49,440,225 (2022 - £48,280,126).

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Accommodation
10,577,791
12,094,873
Dining room
8,161,756
9,050,602
Bar sales
5,146,587
4,980,161
Spa income
1,950,286
1,129,383
25,836,420
27,255,019
2023
2022
£
£
Other revenue
Interest income
213,127
18,850
Grants received
-
584,571
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(584,571)
Depreciation of owned tangible fixed assets
404,618
470,823
Amortisation of intangible assets
8,661
-
Operating lease charges
19,321
15,196
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,300
15,550
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
3
3
Administration and support
30
30
Sales
295
284
Total
328
317

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
7,798,400
7,322,461
Social security costs
697,064
599,021
Pension costs
122,645
107,413
8,618,109
8,028,895
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
198,405
190,933
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
212,494
12,209
Other interest income
633
6,641
Total income
213,127
18,850
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Interest receivable and similar income
(Continued)
- 22 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
212,494
12,209
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
74,163
Other finance costs:
Other interest
948
-
0
948
74,163
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
869,707
2,124,183

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
5,349,434
11,246,802
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
1,016,392
2,136,892
Capital allowances (in excess of)/less than depreciation
(148,331)
(12,709)
Amortisation on assets not qualifying for tax allowances
1,646
-
0
Taxation charge for the year
869,707
2,124,183

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
387,861
-
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
11
Dividends
2023
2022
£
£
Interim paid
550,198
300,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022
850,000
Additions
112,500
At 31 March 2023
962,500
Amortisation and impairment
At 1 April 2022
850,000
Amortisation charged for the year
8,661
At 31 March 2023
858,661
Carrying amount
At 31 March 2023
103,839
At 31 March 2022
-
0
13
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
47,363,382
8,742,336
-
0
56,105,718
Additions
820,581
712,746
31,390
1,564,717
At 31 March 2023
48,183,963
9,455,082
31,390
57,670,435
Depreciation and impairment
At 1 April 2022
-
0
7,825,592
-
0
7,825,592
Depreciation charged in the year
-
0
398,340
6,278
404,618
At 31 March 2023
-
0
8,223,932
6,278
8,230,210
Carrying amount
At 31 March 2023
48,183,963
1,231,150
25,112
49,440,225
At 31 March 2022
47,363,382
916,744
-
0
48,280,126
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Tangible fixed assets
(Continued)
- 24 -

The carrying value of land and buildings comprises:

 

Hotels    £42,038,869 (2022 - £42,038,869)

Other    £6,145,094 (2022 - £5,324,513)

 

Hotels are stated at a deemed cost based on a previous UK GAAP revaluation on the date of transition to FRS 102. Had this class of asset been measured on a historical basis, their carrying amount would have been £27,821,755 (2022 - £27,821,755).

 

 

2023
2022
£
£
Freehold
48,183,963
47,363,382

Freehold land and buildings with a carrying amount of £10,923,128 (2022 - £10,923,128) have been pledged to secure borrowings of the company. Under the terms of the charge over the assets the company is not permitted to pledge these assets as security for other borrowings or to sell them to another entity.

14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
50,317
97,459
Other debtors
1,126,597
92,542
Prepayments and accrued income
301,085
101,306
1,477,999
291,307
15
Stocks
2023
2022
£
£
Hotel and bar stock
189,173
177,734
Spa stock
18,323
19,030
207,496
196,764
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
18
-
0
20,489
Other borrowings
17
663,756
688,772
Trade creditors
749,657
744,258
Corporation tax
333,411
1,328,388
Other taxation and social security
541,303
935,309
Other creditors
4,225,809
4,536,859
Accruals and deferred income
513,311
247,338
7,027,247
8,501,413
17
Loans and overdrafts
2023
2022
£
£
Other loans
663,756
688,772
Payable within one year
663,756
688,772
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
20,489

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
1,616,087
1,228,226
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
19
Deferred taxation
(Continued)
- 26 -
2023
Movements in the year:
£
Liability at 1 April 2022
1,228,226
Charge to other comprehensive income
387,861
Liability at 31 March 2023
1,616,087

The company has a deferred tax provision in respect of timing differences arising from the revaluation of freehold land and buildings. Deferred tax is measured using the tax rates, which have been enacted or substantively enacted by the balance sheet date, that are expected to apply at the reversal of the timing differences. The tax rate at which deferred tax is measured is 25% (2022 - 19%)

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
122,645
107,413

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
32,565
32,565
32,565
32,565
Ordinary B shares of £1 each
10,020
10,020
10,020
10,020
42,585
42,585
42,585
42,585

Ordinary shares have the following rights, preferences and restrictions:


The ordinary A shares and ordinary B shares have full rights in respect of voting rights, dividend rights and the right to participate to capital on a winding up. The shares are not redeemable shares.

LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
-
0
5,900
Between two and five years
25,040
31,967
25,040
37,867
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
106,875
-
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

There is a related party of which Mr C J Graves is a director and shareholder. The related party has sold goods to the company during the year. The value of sales was £1,918 (2022 - £0).
At the year end the balance owed by Lake District Hotels Limited was £2,738 (2022 - £27,754).

 

The company also advanced a loan to the related party. Interest is charged at 3.6% and is repayable on demand from 1 February 2024. At the year end the balance owed to Lake District Hotels Limited was £1,005,819 (2022 - £0).


There is a related party which Mr C J Graves and Mrs K B Graves are directors and shareholders. This related party has made a loan to the company. The loan is interest free and repayable on demand. At the year end the balance owed by Lake District Hotels Limited was £661,018 (2022 - £661,018).

LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
25
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
4,479,727
9,122,619
Adjustments for:
Taxation charged
869,707
2,124,183
Finance costs
948
74,163
Investment income
(213,127)
(18,850)
Amortisation and impairment of intangible assets
8,661
-
0
Depreciation and impairment of tangible fixed assets
404,618
470,823
Movements in working capital:
Increase in stocks
(10,732)
(117,118)
(Increase)/decrease in debtors
(1,186,692)
187,863
(Decrease)/increase in creditors
(433,684)
1,504,554
Cash generated from operations
3,919,426
13,348,237
26
Analysis of changes in net funds
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
18,134,949
(5,999)
18,128,950
Borrowings excluding overdrafts
(688,772)
25,016
(663,756)
Obligations under finance leases
(20,489)
20,489
-
17,425,688
39,506
17,465,194
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