Company registration number 05143584 (England and Wales)
Depho Estates Limited
Annual Report and Financial Statements
for the year ended 28 February 2023
Depho Estates Limited
Company Information
Directors
D A Hoban
H J Hoban
F A Hoban
P J Hoban
Company number
05143584
Registered office
Unit 4 Woodside Court
Clayton Wood Rise
Leeds
West Yorkshire
LS16 6RF
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
National Westminster Bank Plc
PO Box No 4
3 Cambridge Crescent
Harrogate
West Yorkshire
HG1 1PJ
Depho Estates Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of cash flows
10
Notes to the financial statements
11 - 23
Depho Estates Limited
Strategic Report
for the year ended 28 February 2023
- 1 -

The directors present the strategic report for the year ended 28 February 2023.

Business review

As shown on the group's statement of income and retained earnings, turnover has increased 73% to £45.01m from £26.05m in 2022 caused mainly by Calder Conferences Limited. Calder Conferences had to diverse from that of its core business and was successful in facilitating contingency support requirement outside of its normal trade. The groups profit before taxation is £5.09m in 2023 compared with £8.93m in 2022. The group's statement of financial position shows the net assets improving from £18.97m in 2022 to £22.84m in 2023. The directors are pleased with the company's performance for the year ended 28 February 2023.

Financial risks and uncertainties

The group's activities expose it to certain financial risks including credit risk and liquidity risk.

 

Credit risk

The group's principal financial assets are bank balances and trade and other debtors. The group's credit risk is primarily attributable to its trade debtors. The amounts presented in the Balance Sheet are after allowances for bad debt provisions. Detailed credit checks are undertaken of all customers and credit limits are continually monitored.

 

Liquidity risk

The group's financing requirements are constantly monitored in order to maintain liquidity such that sufficient funds are available for ongoing operations and future developments.

Key performance indicators

The key financial performance indicators are those that communicate the financial performance and strength of the group as a whole and are summarised below:

 

 

 

28

February

 

28

February

 

 

 

2023

 

2022

 

 

 

£

 

£

Turnover

 

 

45,014,946

 

26,051,039

Gross profit

 

 

16,832,626

 

19,976,727

Gross profit margin

 

 

37.39%

 

76.68%

Profit before taxation

 

 

5,092,447

 

8,932,327

Net assets

 

 

22,844,230

 

18,965,270

 

 

 

 

 

 

 

The group has performed well against its budgeted activities.

Future developments

The prospects for the year ended 28 February 2024 are encouraging and the directors look forward to another successful and profitable year.

On behalf of the board

P J Hoban
Director
12 July 2023
Depho Estates Limited
Directors' Report
for the year 28 February 2023
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2023.

Principal activities

The principal activities of the group continued to be that of specialist conference organisers, travel agents, property investment and the operation of a golf and spa hotel.

Directors

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

D A Hoban
H J Hoban
F A Hoban
P J Hoban
(Appointed 27 May 2022)
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid during the year amounting to £240,000. The directors do not recommend payment of a further dividend.

Auditor

The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has disclosed the information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 in its Strategic Report.true

Depho Estates Limited
Directors' Report (continued)
for the year 28 February 2023
- 3 -
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
P J Hoban
Director
12 July 2023
Depho Estates Limited
Independent auditor's report
to the members of Depho Estates Limited
- 4 -
Opinion

We have audited the financial statements of Depho Estates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position, the group 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 group 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 group's and parent 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:

Depho Estates Limited
Independent auditor's report (continued)
to the members of Depho Estates Limited
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent 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 parent 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.

Based on our understanding of the group and the sectors in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Depho Estates Limited
Independent auditor's report (continued)
to the members of Depho Estates Limited
- 6 -

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.

James Bell (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
12 July 2023
Depho Estates Limited
Group statement of income and retained earnings
for the year ended 28 February 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
45,014,946
26,051,039
Cost of sales
(28,182,320)
(6,074,312)
Gross profit
16,832,626
19,976,727
Administrative expenses
(11,475,786)
(7,968,553)
Other operating income
12,577
311,935
Operating profit
3
5,369,417
12,320,109
Interest receivable
6
88,483
677
Interest payable
7
(365,453)
(431,053)
Amounts written off investments
8
-
(2,957,575)
Profit before taxation
5,092,447
8,932,158
Tax on profit
11
(973,487)
(3,316,043)
Profit for the financial year
4,118,960
5,616,115
Retained earnings brought forward
18,964,170
13,532,055
Dividends
(240,000)
(184,000)
Retained earnings carried forward
22,843,130
18,964,170
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

Depho Estates Limited
Group Statement of financial position
as at 28 February 2023
28 February 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
29,340
37,340
Tangible assets
13
1,929,613
1,961,054
Investment properties
14
24,754,388
18,574,985
26,713,341
20,573,379
Current assets
Stocks
17
59,599
57,830
Debtors
18
16,785,909
6,681,399
Cash at bank and in hand
13,186,321
12,798,399
30,031,829
19,537,628
Creditors: amounts falling due within one year
19
(29,300,990)
(13,111,863)
Net current assets
730,839
6,425,765
Total assets less current liabilities
27,444,180
26,999,144
Creditors: amounts falling due after more than one year
20
(4,211,053)
(7,712,869)
Provisions for liabilities
Deferred tax liability
22
388,897
321,005
(388,897)
(321,005)
Net assets
22,844,230
18,965,270
Capital and reserves
Called up share capital
23
1,100
1,100
Profit and loss reserves
22,843,130
18,964,170
Total equity
22,844,230
18,965,270
The financial statements were approved by the board of directors and authorised for issue on 12 July 2023 and are signed on its behalf by:
12 July 2023
P J Hoban
Director
Company registration number 05143584 (England and Wales)
Depho Estates Limited
Company Statement of financial position
as at 28 February 2023
28 February 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
29,340
37,340
Tangible assets
13
66,380
125,688
Investment properties
14
24,754,388
18,574,985
Investments
15
99,164
99,164
24,949,272
18,837,177
Current assets
Debtors
18
4,093,297
658,614
Cash at bank and in hand
351,908
2,389,752
4,445,205
3,048,366
Creditors: amounts falling due within one year
19
(7,200,981)
(1,539,870)
Net current (liabilities)/assets
(2,755,776)
1,508,496
Total assets less current liabilities
22,193,496
20,345,673
Creditors: amounts falling due after more than one year
20
(4,211,053)
(7,691,884)
Provisions for liabilities
Deferred tax liability
22
376,488
319,789
(376,488)
(319,789)
Net assets
17,605,955
12,334,000
Capital and reserves
Called up share capital
23
1,100
1,100
Profit and loss reserves
17,604,855
12,332,900
Total equity
17,605,955
12,334,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,511,955 (2022 - £3,820,323 profit).

The financial statements were approved by the board of directors and authorised for issue on 12 July 2023 and are signed on its behalf by:
12 July 2023
P J Hoban
Director
Company registration number 05143584 (England and Wales)
Depho Estates Limited
Group Statement of Cash Flows
for the year ended 28 February 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
17,564,819
18,209,371
Interest paid
(365,453)
(431,053)
Income taxes paid
(4,847,450)
(1,554,314)
Net cash inflow from operating activities
12,351,916
16,224,004
Investing activities
Purchase of tangible fixed assets
(530,433)
(2,248,732)
Proceeds from disposal of tangible fixed assets
6,833
2,095,075
Purchase of investment property
(6,179,403)
(5,209,558)
Proceeds from disposal of investment property
-
301,074
Increase in directors loans
(2,000,000)
-
Interest received
88,483
677
Net cash used in investing activities
(8,614,520)
(5,061,464)
Financing activities
Repayment of borrowings
-
(1,100,000)
Repayment of bank loans
(3,083,113)
(548,660)
Payment of finance leases obligations
(26,361)
(5,376)
Dividends paid to equity shareholders
(240,000)
(184,000)
Net cash used in financing activities
(3,349,474)
(1,838,036)
Net increase in cash and cash equivalents
387,922
9,324,504
Cash and cash equivalents at beginning of year
12,798,399
3,473,895
Cash and cash equivalents at end of year
13,186,321
12,798,399
Depho Estates Limited
Notes to the financial statements
for the year ended 28 February 2023
- 11 -
1
Accounting policies
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions available to it in respect of its separate financial statements which are presented alongside the consolidated financial statements.

Basis of consolidation

The consolidated financial statements incorporate those of Depho Estates Limited and all of its subsidiaries.

 

All financial statements are made up to 28 February 2023.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

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.

Intangible fixed assets - goodwill

Acquired goodwill is written off over its useful economic life of 10 years.

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:

Plant and equipment
25% reducing balance
Fixtures and fittings
20 to 33.3% straight line
Fixtures and fittings
20 to 33.3% straight line
Motor vehicles
25% reducing balance
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date.

Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
1
Accounting policies
(continued)
- 12 -
Stocks

Stock is valued at the lower of cost and net realisable value.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 group’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.

Government grants

Government grants are recognised at the fair value of the asset received and are recognised over the same period in which related costs are incurred.

2
Turnover and other revenue

The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the UK.

2023
2022
£
£
Turnover analysed by class of business
Provision of services
44,634,470
25,757,655
Rent received
374,476
287,330
Management charges received
6,000
6,054
45,014,946
26,051,039
3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(508)
(103)
Government grants
(12,577)
(311,935)
Depreciation of owned tangible fixed assets
561,874
518,312
Depreciation of tangible fixed assets held under hire purchase
-
6,572
Profit on disposal of tangible fixed assets
(6,833)
-
Profit on disposal of investment property
-
0
(26,074)
Amortisation of intangible assets
8,000
92,000
Impairment of intangible assets
-
0
666,000
Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 13 -
4
Auditor's remuneration
2023
2022
£
£
Audit of the financial statements of the group and company
8,000
7,000
Audit of the financial statements of the company's subsidiaries
21,000
21,000
29,000
28,000
5
Employees
Group and company

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

2023
2022
Number
Number
Sales and administration
136
104

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
6,880,533
4,608,834
Social security costs
754,962
484,762
Pension costs
61,479
50,376
7,696,974
5,143,972
6
Interest receivable
2023
2022
£
£
Interest on bank deposits
88,483
677
7
Interest payable
2023
2022
£
£
Interest on bank loans
5,285
11,962
Interest on hire purchase
1,280
1,906
Interest on other loans
358,888
417,185
Total finance costs
365,453
431,053
Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 14 -
8
Amounts written off investments
2023
2022
£
£
Changes in the fair value of investment properties
-
(2,957,575)
9
Retirement benefit schemes
2023
2022
£
£
Charge for the year
61,479
50,376

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.

10
Dividends
2023
2022
£
£
Interim paid
240,000
184,000
Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 15 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,229,119
3,259,920
Adjustments in respect of prior periods
(323,524)
-
0
Total current tax
905,595
3,259,920
Deferred tax
Origination and reversal of timing differences
403,536
(119,528)
Adjustment in respect of prior periods
(335,644)
175,651
Total deferred tax
67,892
56,123
Total tax charge
973,487
3,316,043

The charge for the year can be reconciled to the profit per the income statement as follows:

2023
2022
£
£
Profit before taxation
5,092,447
8,932,158
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
967,565
1,697,110
Tax effect of expenses that are not deductible in determining taxable profit
798,420
1,438,352
Change in unrecognised deferred tax assets
(60,764)
-
0
Adjustments in respect of prior years
(323,524)
-
0
Effect of change in corporation tax rate
2,978
-
Permanent capital allowances in excess of depreciation
-
0
4,930
Research and development tax credit
(16,660)
-
0
Deferred tax adjustments in respect of prior years
(335,644)
175,651
Enhanced capital allowances
(58,884)
-
0
Taxation charge
973,487
3,316,043
Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 16 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
980,000
Amortisation and impairment
At 1 March 2022
942,660
Amortisation charged for the year
8,000
At 28 February 2023
950,660
Carrying amount
At 28 February 2023
29,340
At 28 February 2022
37,340
Company
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
80,000
Amortisation and impairment
At 1 March 2022
42,660
Amortisation charged for the year
8,000
At 28 February 2023
50,660
Carrying amount
At 28 February 2023
29,340
At 28 February 2022
37,340
Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 17 -
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Fair value/cost
At 1 March 2022
154,687
1,943,683
682,013
190,352
2,970,735
Additions
145,640
326,240
58,553
-
0
530,433
At 28 February 2023
300,327
2,269,923
740,566
190,352
3,501,168
Depreciation and impairment
At 1 March 2022
39,180
375,813
541,632
53,056
1,009,681
Depreciation charged in the year
46,154
404,776
63,356
47,588
561,874
At 28 February 2023
85,334
780,589
604,988
100,644
1,571,555
Carrying amount
At 28 February 2023
214,993
1,489,334
135,578
89,708
1,929,613
At 28 February 2022
115,507
1,567,870
140,381
137,296
1,961,054
Company
Fixtures and fittings
£
Fair value/cost
At 1 March 2022 and 28 February 2023
439,712
Depreciation and impairment
At 1 March 2022
314,024
Depreciation charged in the year
59,308
At 28 February 2023
373,332
Carrying amount
At 28 February 2023
66,380
At 28 February 2022
125,688

The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
-
0
19,717
-
0
-
0
Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 18 -
14
Investment property
Group and company
2023
£
Fair value
At 1 March 2022
18,574,985
Additions
6,179,403
At 28 February 2023
24,754,388

The last third party professional valuation was undertaken on the 28 February 2020. As this is within 3 years of the balance sheet date the director's have not obtained a valuation in this financial year.

 

On 28 February 2023 the historical cost of these properties was £28,637,283 (2022: £22,457,040).

 

Additions during the year of £6,179,403 are recognised at cost, which is deemed to be fair value at the 28 February 2023.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
99,164
99,164
16
Subsidiaries

Details of the company's subsidiaries at 28 February 2023 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Calder Conferences Limited
Hotel and conference booking agents
Ordinary
100.00
World of Travel Limited
Travel agency
Ordinary
100.00
Calder Conferences (EM) Limited
Dormant
Ordinary
100.00
Calder Conferences Accommodation Limited
Dormant
Ordinary
100.00
Calder World of Travel Limited
Dormant
Ordinary
100.00
Alne Ltd
Golf and spa hotel
Ordinary
100.00

All registered office addresses are:

Unit 4 Woodside Court, Clayton Wood Rise, Leeds, West Yorkshire, LS16 6RF
Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 19 -
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
59,599
57,830
-
0
-
0
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
9,337,888
4,774,688
979,244
493,276
Corporation tax recoverable
2,106,935
-
0
685,015
-
0
Amounts owed by group undertakings
-
-
324,302
-
Other debtors
2,124,263
148,810
2,071,622
148,810
Prepayments and accrued income
3,216,823
1,757,901
33,114
16,528
16,785,909
6,681,399
4,093,297
658,614
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank and other loans
21
-
0
100,000
-
0
100,000
Obligations under hire purchase
-
0
5,376
-
0
-
0
Trade creditors
7,899,437
1,710,701
575,293
627,140
Amounts due to group undertakings
-
0
-
0
6,583,850
-
0
Corporation tax payable
-
0
1,834,920
-
0
781,655
Other taxation and social security
1,503,932
1,734,294
-
-
Accruals and deferred income
19,897,621
7,726,572
41,838
31,075
29,300,990
13,111,863
7,200,981
1,539,870

The bank borrowings are secured by a fixed and floating charge over all assets of the company. Obligations under hire purchase are secured on assets to which they relate.

Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 20 -
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank and other loans
21
4,028,771
7,011,884
4,028,771
7,011,884
Obligations under hire purchase
-
0
20,985
-
0
-
0
Directors' loans
182,282
680,000
182,282
680,000
4,211,053
7,712,869
4,211,053
7,691,884

The bank borrowings are secured by a fixed and floating charge over all assets of the company. Obligations under hire purchase are secured on assets to which they relate.

21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank and other loans
4,028,771
7,111,884
4,028,771
7,111,884
Directors' loans
182,282
680,000
182,282
680,000
4,211,053
7,791,884
4,211,053
7,791,884
Payable within one year
-
0
100,000
-
0
100,000
Payable after one year
4,211,053
7,691,884
4,211,053
7,691,884

The bank borrowings are secured by a fixed and floating charge over the investment properties.

Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 21 -
22
Deferred taxation
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
388,897
321,005
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
376,488
319,789
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 March 2022
321,005
319,789
Charge to profit or loss
67,892
56,699
Liability at 28 February 2023
388,897
376,488
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
240
240
240
240
A Ordinary shares of £1 each
380
380
380
380
B Ordinary shares of £1 each
380
380
380
380
C Ordinary shares of £1 each
20
20
20
20
D Ordinary shares of £1 each
20
20
20
20
E Ordinary shares of £1 each
20
20
20
20
F Ordinary shares of £1 each
20
20
20
20
G Ordinary shares of £1 each
20
20
20
20
1,100
1,100
1,100
1,100
24
Financial commitments, guarantees and contingent liabilities

There is a cross guarantee with World of Travel Ltd and Calder Conferences Ltd covering the bank loans of Depho Estates Ltd. The borrowing is secured against all assets of the respective companies. Bank loans at 28 February 2023 amounted to £nil (2022: £516,667).

Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 22 -
25
Related party transactions

During the year the company charged commercial rent to Penn Hill Leisure Limited, for the use of premises amounting to £32,000 (2022: £32,000). P J Hoban is a director of Penn Hill Leisure Limited

Included in bank loans are two loans from Jumb Beck Trading. These are accruing interest at 5% & 8% per annum. The total amounts owed to Jumb Beck Trading at 28 February 2023 were £4,028,771 (2022: £6,595,207). D A Hoban and P J Hoban are directors of Jumb Beck Trading.

26
Directors' transactions
Description
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors' loans
(680,000)
2,497,718
1,817,718
(680,000)
2,497,718
1,817,718
27
Controlling party

The company is controlled by the directors and immediate family.

28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
4,118,960
5,616,115
Adjustments for:
Taxation charged
973,487
3,316,043
Finance costs
365,453
431,053
Investment income
(88,483)
(677)
Gain on disposal of tangible fixed assets
(6,833)
-
Gain on disposal of investment property
-
0
(26,074)
Fair value (gain)/loss on investment properties
-
0
2,957,575
Amortisation and impairment of intangible assets
8,000
758,000
Depreciation and impairment of tangible fixed assets
561,874
524,884
Movements in working capital:
Increase in stocks
(1,769)
(36,077)
Increase in debtors
(5,997,575)
(4,699,247)
Increase in creditors
17,631,705
9,367,776
Cash generated from operations
17,564,819
18,209,371
Depho Estates Limited
Notes to the financial statements (continued)
for the year ended 28 February 2023
- 23 -
29
Analysis of changes in net funds - group
1 March 2022
Cash flows
28 February 2023
£
£
£
Cash at bank and in hand
12,798,399
387,922
13,186,321
Borrowings excluding overdrafts
(7,111,884)
3,083,113
(4,028,771)
Obligations under finance leases
(26,361)
26,361
-
5,660,154
3,497,396
9,157,550
30
Company information

Depho Estates Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4 Woodside Court, Clayton Wood Rise, Leeds, LS16 6RF.

 

The group consists of Depho Estates Limited and all of its subsidiaries.

 

31
Subsidiary audit exemption

For the year ended 28 February 2023 the subsidiary World of Travel Ltd has claimed exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

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