CARBIS BAY HOTEL LIMITED
COMPANY INFORMATION
Directors
SP Baker
TCG Baker
(Appointed 28 July 2022)
EJM Baker
(Appointed 17 May 2023)
Company number
07533321
Registered office
Peat House
Newham Road
TRURO
Cornwall
TR1 2DP
Auditor
RRL LLP
Peat House
Newham Road
TRURO
Cornwall
TR1 2DP
CARBIS BAY HOTEL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
CARBIS BAY HOTEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors present their strategic report for the year ended 28 February 2023.
Principal Activity
Dating back to the 19th Century and overlooking its privately owned beach, Carbis Bay Hotel, Spa and Estate offers a luxurious holiday destination.
The Hotel and Estate comprise of 35 individually-furnished hotel bedrooms, 4 serviced cottages, 7 apartments, 8 beach suites, 2 beach houses and 8 beachside lodges.
Also part of the Estate is the Gannet Inn and neighbouring Gannet House situated close to the main Estate comprising of a further 28 bedrooms.
The Estate offers guests a choice of three restaurants: The Orangery, The Beach Club and Walters on the Beach and a Deli offering local produce and gifts.
The on-site Spa consists of 5 treatment rooms, a hydrotherapy pool, sauna, a fitness suite and yoga studio.
During the year, a group restructure took place and some of the property was transferred to Atlantic Bay Hotel Limited, a wholly owned fellow subsidiary.
Due to the Hotel being located in the heart of West Cornwall, we are very fortunate to have a vast number of excellent local suppliers and produce on our doorstep. We always endeavour to utilise these wherever possible.
As well as contributing significantly towards the local economy, this also ensures that we are offering our guests a true Cornish experience when they visit.
Fair review of the business
With the impact of the Coronavirus pandemic on the hospitality industry in 2020 and early 2021 and the selection of the Estate as the venue for the G7 Summit in July 2021, trading performance has fluctuated over the last two years. In May 2021 when lockdown restrictions meant that UK travel was possible, Cornwall became a premium holiday destination, even for those who would normally travel overseas.
The significant increase in demand led to unprecedented booking and occupancy levels and strong trading performance across all areas of our business.
In additional to the buoyancy of the market, the hospitality industry continued to be supported by a reduced rate of VAT for some of 2022 which was also reflected in the increase in turnover.
In the year ended 28 February 2023 room rates continued to remain high following the steep rise post pandemic however revenues were impacted by reduced demand and the return to the 20% VAT regime.
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CARBIS BAY HOTEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
Principal risks and uncertainties
Carbis Bay Estate is exposed to the same risks as all businesses in the hospitality sector.
Competition
Economic factors impacting on guests disposable income
Labour resource post Brexit
Rising costs of food, wages and utilities
Weather
The hotel has developed a strong reputation and with the exposure of the Estate during the G7 Summit the brand is now recognised both domestically and internationally.
From a brand perspective and, based on tariff and guest profile, the directors feel that the Estate has moved away from its historic competitor set and is keen to sustain its current position in the market place. Although the Senior Management Team are constantly reviewing market trends and availability both internally and with local competitors to ensure all revenues are maximised they would prefer to avoid significant rate erosion.
Directors and Senior Management monitor both financial and non-financial key performance indicators on a day by day basis and have the infrastructure in place to react quickly to any exceptional results.
Unfortunately, even the weather plays a role in the success of a coastal property for families, the hotel offers an extremely popular “kids club” over the holiday periods offering crafts, pizza making and film nights to entertain the children during a typical Cornish summer.
Key performance indicators
The company’s operating profit for the year was £2,021,577 (2022: £6,425,547).
The results for the year and the financial position at the year end are considered satisfactory by the directors.
Key Financial Performance and Other Indicators are as follows:
Food and Beverage revenue increased by 24% year on year with sales including the Gannet at £5.3m for the year ended 28 February 2023 compared to £4.3m in the year ended 28 February 2022.
With the launch of the new Carbis Bay Spa in the year ended 28 February 2022, Spa revenue increased by 26% year on year, £570k in the year to 28 February 2023 (£454k in the year ended 28 February 2022).
Key performance indicators also include customer satisfaction, occupancy rates, profitability and a number of other relevant factors.
SP Baker
Director
24 November 2023
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CARBIS BAY HOTEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors present their annual report and financial statements for the year ended 28 February 2023.
Principal activities
The principal activity of the company continued to be a hotel encompassing self catering properties and beach facilities.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £650,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
MWG Baker
(Resigned 3 April 2023)
SP Baker
Mrs J Baker
(Resigned 19 July 2022)
TCG Baker
(Appointed 28 July 2022)
EJM Baker
(Appointed 17 May 2023)
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
As discussed within the Strategic Report, the directors anticipate that the business environment will remain competitive. Identified risks will continue to be well managed and the directors have a clear strategy to continue to maintain the brand’s strong reputation. The company is in a good financial position and the directors are confident in the company’s ability to maintain and build on this position.
Auditor
RRL LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Medium sixed company exemptions
This report has been prepared in accordance with the provisions applicable to the companies entitled to medium-sized companies exemptions.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors 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 auditors are aware of that information.
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CARBIS BAY HOTEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
On behalf of the board
SP Baker
Director
24 November 2023
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CARBIS BAY HOTEL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CARBIS BAY HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARBIS BAY HOTEL LIMITED
Opinion
- 6 -
We have audited the financial statements of Carbis Bay Hotel Limited (the 'company') for the year ended 28 February 2023 which comprise 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:
give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CARBIS BAY HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARBIS BAY HOTEL LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
As part of our audit work, we obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the laws and regulations most significant to the company, as well as the laws and regulations that have a direct impact on the preparation of the financial statements are: Health & Safety regulations, employment legislation, General Data Protection Regulation, Food Safety & Hygiene regulations and compliance with the Companies Act 2006.
The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
• Discussion with management as to how compliance with these laws and regulations is monitored;
• Review of the disclosures in the financial statements and testing to supporting documentation;
• Enquiries of management concerning actual and potential litigation and claims;
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud;
• Reviewing minutes of directors’ meetings and correspondence with regulators;
• Performing audit work in connection with the risk of management override of controls, including testing
journal entries for reasonableness and evaluating the business rationale of significant transactions
outside the normal course of business.
We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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CARBIS BAY HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARBIS BAY HOTEL LIMITED
Our audit approach also considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition. Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Our procedures included the following:
Undertaking transactional testing on revenue, including cash sales
Performing reconciliation work from the booking system to the nominal ledger to prove income in total between the different operating systems
Performing cut off testing
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business
Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities 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.
The financial statements for the year ended 28 February 2022, forming the corresponding figures of the financial statements for the year ended 28 February 2023, are unaudited as the directors' claimed exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
Josh Stevens ACA
Senior Statutory Auditor
For and on behalf of RRL LLP
24 November 2023
Chartered Accountants
Statutory Auditor
Peat House
Newham Road
TRURO
Cornwall
TR1 2DP
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CARBIS BAY HOTEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
2023
2022
Notes
£
£
Turnover
3
13,198,869
22,369,115
Cost of sales
(2,534,641)
(8,821,216)
Gross profit
10,664,228
13,547,899
Administrative expenses
(8,642,651)
(7,269,798)
Other operating income
147,446
Operating profit
4
2,021,577
6,425,547
Interest receivable and similar income
6
17,473
Interest payable and similar expenses
7
(85,533)
(290,359)
Profit before taxation
1,953,517
6,135,188
Tax on profit
8
(861,629)
(899,263)
Profit for the financial year
1,091,888
5,235,925
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CARBIS BAY HOTEL LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1
1
Tangible assets
11
15,126,581
28,914,121
Investments
12
34,064
15,126,582
28,948,186
Current assets
Stocks
13
127,030
104,214
Debtors
14
3,957,669
1,622,335
Cash at bank and in hand
1,011,312
2,394,607
5,096,011
4,121,156
Creditors: amounts falling due within one year
15
(4,082,280)
(6,708,279)
Net current assets/(liabilities)
1,013,731
(2,587,123)
Total assets less current liabilities
16,140,313
26,361,063
Creditors: amounts falling due after more than one year
16
(356,010)
(11,593,648)
Provisions for liabilities
Deferred tax liability
19
1,550,000
975,000
(1,550,000)
(975,000)
Net assets
14,234,303
13,792,415
Capital and reserves
Called up share capital
20
101
101
Revaluation reserve
21
1,206,552
Profit and loss reserves
22
14,234,202
12,585,762
Total equity
14,234,303
13,792,415
The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
SP Baker
Director
Company Registration No. 07533321
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CARBIS BAY HOTEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2021
101
1,206,552
7,349,837
8,556,490
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
5,235,925
5,235,925
Balance at 28 February 2022
101
1,206,552
12,585,762
13,792,415
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
1,091,888
1,091,888
Dividends
9
-
-
(650,000)
(650,000)
Transfers
-
(1,206,552)
1,206,552
-
Balance at 28 February 2023
101
14,234,202
14,234,303
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CARBIS BAY HOTEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(1,954,429)
8,211,679
Interest paid
(85,533)
(290,359)
Income taxes paid
(437,610)
Net cash (outflow)/inflow from operating activities
(2,477,572)
7,921,320
Investing activities
Purchase of tangible fixed assets
(678,337)
(4,694,129)
Proceeds from disposal of tangible fixed assets
14,328,728
40,500
Proceeds from disposal of investments
30,000
-
Repayment of loans
(127,598)
Interest received
17,473
Net cash generated from/(used in) investing activities
13,570,266
(4,653,629)
Financing activities
Proceeds from borrowings
-
13,435
Repayment of borrowings
(9,374)
(10,158)
Repayment of bank loans
(11,353,772)
(232,417)
Payment of finance leases obligations
(462,843)
(524,015)
Dividends paid
(650,000)
Net cash used in financing activities
(12,475,989)
(753,155)
Net (decrease)/increase in cash and cash equivalents
(1,383,295)
2,514,536
Cash and cash equivalents at beginning of year
2,394,607
(119,929)
Cash and cash equivalents at end of year
1,011,312
2,394,607
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CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
Company information
Carbis Bay Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Peat House, Newham Road, TRURO, Cornwall, TR1 2DP.
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, modified to include the revaluation of freehold properties to deemed cost on transition to FRS 102 and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This 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 from the following disclosure requirements:
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Carbis Bay Holdings Limited. These consolidated financial statements are available from its registered office.
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
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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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Purchase of trade from Atlantic Bay Hotel Limited
Not amortised
1.5
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 property
2% staight line
Boat
10% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
20% straight line
No depreciation has been charged on freehold property on the basis that the residual values are in excess of the book amounts. Freehold land is not depreciated.
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
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CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
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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.
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.
1.8
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.9
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.
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
1.10
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.
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.
- 16 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
- 17 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
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.
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.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Hotel
13,198,869
22,369,115
2023
2022
£
£
Turnover analysed by geographical market
UK
13,198,869
22,369,115
2023
2022
£
£
Other revenue
Interest income
17,473
-
Grants received
-
147,446
- 18 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(147,446)
Fees payable to the company's auditor for the audit of the company's financial statements
21,000
Depreciation of owned tangible fixed assets
472,149
656,717
Profit on disposal of tangible fixed assets
(335,000)
(9,264)
Amortisation of intangible assets
-
383
Loss on disposal of intangible assets
4,064
-
Operating lease charges
619,303
50,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration
3
3
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
17,473
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
63,818
236,943
Other finance costs:
Interest on finance leases and hire purchase contracts
21,715
53,416
85,533
290,359
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
285,244
134,263
Adjustments in respect of prior periods
1,385
Total current tax
286,629
134,263
- 19 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
8
Taxation
(Continued)
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
575,000
765,000
Total tax charge
861,629
899,263
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
1,953,517
6,135,188
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
371,168
1,165,686
Tax effect of expenses that are not deductible in determining taxable profit
14,584
9,954
Tax effect of utilisation of tax losses not previously recognised
(304,747)
Adjustments in respect of prior years
1,385
Permanent capital allowances in excess of depreciation
(100,508)
(736,630)
Deferred tax
575,000
765,000
Taxation charge for the year
861,629
899,263
9
Dividends
2023
2022
£
£
Final paid
650,000
- 20 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
10
Intangible fixed assets
Purchase of trade from Atlantic Bay Hotel Limited
£
Cost
At 1 March 2022 and 28 February 2023
1
Amortisation and impairment
At 1 March 2022 and 28 February 2023
Carrying amount
At 28 February 2023
1
At 28 February 2022
1
11
Tangible fixed assets
Freehold property
Boat
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2022
26,377,283
1,000
5,054,983
111,628
31,544,894
Additions
125,602
521,285
31,450
678,337
Disposals
(12,288,974)
(1,000)
(2,026,848)
(14,316,822)
At 28 February 2023
14,213,911
3,549,420
143,078
17,906,409
Depreciation and impairment
At 1 March 2022
1,000
2,598,217
31,556
2,630,773
Depreciation charged in the year
447,998
24,151
472,149
Eliminated in respect of disposals
(1,000)
(322,094)
(323,094)
At 28 February 2023
2,724,121
55,707
2,779,828
Carrying amount
At 28 February 2023
14,213,911
825,299
87,371
15,126,581
At 28 February 2022
26,377,283
2,456,766
80,072
28,914,121
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Fixtures, fittings & equipment
441,674
444,840
Motor vehicles
65,174
50,745
506,848
495,585
- 21 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
11
Tangible fixed assets
(Continued)
During the year, a group restructure took place and part of the property (including the revalued property referred to below) was transferred to Atlantic Bay Hotel Limited, a wholly owned fellow subsidiary.
The company has applied the transitional arrangements of Section 35 of FRS 102 and used a previous valuation as the deemed cost for freehold properties.
If revalued assets were stated on an historical cost basis rather than at valuation, the carrying amounts would have been as follows:
Freehold property
2023
2022
£
£
Cost
14,213,911
24,740,731
12
Fixed asset investments
2023
2022
£
£
Unlisted investments
34,064
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 March 2022
34,447
Disposals
(34,447)
At 28 February 2023
-
Impairment
At 1 March 2022
383
Disposals
(383)
At 28 February 2023
-
Carrying amount
At 28 February 2023
-
At 28 February 2022
34,064
- 22 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
13
Stocks
2023
2022
£
£
Raw materials and consumables
127,030
104,214
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
290,510
1,220,383
Corporation tax recoverable
94,154
Amounts owed by group undertakings
2,614,379
27,210
Other debtors
717,567
229,947
Prepayments and accrued income
241,059
144,795
3,957,669
1,622,335
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
421,502
Obligations under finance leases
18
287,092
477,231
Other borrowings
17
38,140
14,850
Trade creditors
439,243
404,542
Amounts owed to group undertakings
585,535
375,312
Corporation tax
77,436
134,263
Other taxation and social security
149,340
33,824
Other creditors
1,804,350
4,105,956
Accruals and deferred income
701,144
740,799
4,082,280
6,708,279
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
11,124,792
Obligations under finance leases
18
196,152
468,856
Other borrowings
17
159,858
356,010
11,593,648
- 23 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
17
Loans and overdrafts
2023
2022
£
£
Bank loans
11,546,294
Other loans
197,998
14,850
197,998
11,561,144
Payable within one year
38,140
436,352
Payable after one year
159,858
11,124,792
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
310,712
477,231
In two to five years
172,532
468,856
483,244
946,087
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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Finance leases are secured on the assets to which they relate.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
1,550,044
975,044
Tax losses
(44)
(44)
1,550,000
975,000
- 24 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
19
Deferred taxation
(Continued)
2023
Movements in the year:
£
Liability at 1 March 2022
975,000
Charge to profit or loss
575,000
Liability at 28 February 2023
1,550,000
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
67
67
67
67
'B' Ordinary shares of £1 each
13
13
13
13
'C' Ordinary shares of £1 each
20
20
20
20
'D' Ordinary shares of £1 each
1
1
1
1
101
101
101
101
A, B and C shares hold equal voting rights. The D shares have no voting rights but carry a right to a fixed income.
21
Revaluation reserve
2023
2022
£
£
At the beginning of the year
1,206,552
1,206,552
Transfer to retained earnings
(1,206,552)
At the end of the year
1,206,552
22
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
12,585,762
7,349,837
Profit for the year
1,091,888
5,235,925
Dividends declared and paid in the year
(650,000)
-
Transfer from revaluation reserve
1,206,552
At the end of the year
14,234,202
12,585,762
- 25 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
23
Operating lease commitments
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
327,699
Between two and five years
800,000
In over five years
42,997
1,170,696
24
Financial commitments, guarantees and contingent liabilities
An omnibus guarantee, set off agreement and debenture is in place over assets within this company to secure the indebtedness of a fellow subsidiary, Atlantic Bay Hotel Limited. The contingent liability at 28 February 2023 is £12,521,801 (2022: £nil).
25
Related party transactions
Transactions with related parties
Other information
Entities with control, joint control or significant influence over the company:
On 5 August 2011 MWG Baker, director and owner of the freehold of the hotel site, granted a 999 year lease to SP Baker, as nominee for the company. SP Baker is therefore the legal tenant under the lease but the company has the beneficial interest in the tenancy. The freehold is now held by the estate of MWG Baker.
During the year a loan was made to a close family member totalling £534,961. Interest was charged at the rate of 6%. The amount still outstanding at the year end was £551,171.
During the year properties owned by directors and close family members were rented to the hotel for staff accommodation. The rent paid by the hotel was £34,000 (2022: £45,025).
26
Directors' transactions
Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
MWG Baker -
2.00
(42,387)
132,127
651
(24,599)
65,792
SP Baker -
2.00
(119,958)
880,185
612
(699,032)
61,807
(162,345)
1,012,312
1,263
(723,631)
127,599
- 26 -
CARBIS BAY HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
27
Ultimate controlling party
The immediate parent company and largest group financial statements that consolidate this company is Carbis Bay Holdings Limited. These group account are available to the public from its registered office at Peat House, Newham Road, Truro, Cornwall, United Kingdom, TR1 2DP
The ultimate controlling party is Mr S P Baker, director.
28
Contingent assets
As at 28 February 2023, the company had a significant ongoing insurance claim in relation to a past storm. This has not been recognised within the financial statements as at date of approval of the accounts, a reliable estimate of the value of the claim was not available and conditions for recognition had not been met.
29
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
1,091,888
5,235,925
Adjustments for:
Taxation charged
861,629
899,263
Finance costs
85,533
290,359
Investment income
(17,473)
Gain on disposal of tangible fixed assets
(335,000)
(9,264)
Loss on disposal of intangible assets
4,064
-
Amortisation and impairment of intangible assets
-
383
Depreciation and impairment of tangible fixed assets
472,149
656,717
Movements in working capital:
Increase in stocks
(22,816)
(47,680)
(Increase)/decrease in debtors
(2,113,582)
1,123,265
(Decrease)/increase in creditors
(1,980,821)
62,711
Cash (absorbed by)/generated from operations
(1,954,429)
8,211,679
30
Analysis of changes in net funds/(debt)
1 March 2022
Cash flows
28 February 2023
£
£
£
Cash at bank and in hand
2,394,607
(1,383,295)
1,011,312
Borrowings excluding overdrafts
(11,561,144)
11,363,146
(197,998)
Obligations under finance leases
(946,087)
462,843
(483,244)
(10,112,624)
10,442,694
330,070
- 27 -
2023-02-282022-03-01falseCCH SoftwareCCH Accounts Production 2023.200MWG BakerSP BakerMrs J BakerTCG BakerEJM Baker1091888075333212022-03-012023-02-2807533321bus:Director22022-03-012023-02-2807533321bus:Director42022-03-012023-02-2807533321bus:Director52022-03-012023-02-2807533321bus:Director12022-03-012023-02-2807533321bus:Director32022-03-012023-02-2807533321bus:RegisteredOffice2022-03-012023-02-28075333212023-02-28075333212021-03-012022-02-2807533321core:RetainedEarningsAccumulatedLosses2021-03-012022-02-2807533321core:RetainedEarningsAccumulatedLosses2022-03-012023-02-2807533321core:OtherResidualIntangibleAssets2023-02-2807533321core:OtherResidualIntangibleAssets2022-02-2807533321core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-2807533321core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-28075333212022-02-2807533321core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-2807533321core:PlantMachinery2023-02-2807533321core:FurnitureFittings2023-02-2807533321core:MotorVehicles2023-02-2807533321core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-2807533321core:PlantMachinery2022-02-2807533321core:FurnitureFittings2022-02-2807533321core:MotorVehicles2022-02-2807533321core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2807533321core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2807533321core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2807533321core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2807533321core:CurrentFinancialInstruments2023-02-2807533321core:CurrentFinancialInstruments2022-02-2807533321core:Non-currentFinancialInstruments2023-02-2807533321core:Non-currentFinancialInstruments2022-02-2807533321core:ShareCapital2023-02-2807533321core:ShareCapital2022-02-2807533321core:RevaluationReserve2023-02-2807533321core:RevaluationReserve2022-02-2807533321core:RetainedEarningsAccumulatedLosses2023-02-2807533321core:RetainedEarningsAccumulatedLosses2022-02-2807533321core:ShareCapital2021-02-2807533321core:RevaluationReserve2021-02-2807533321core:RetainedEarningsAccumulatedLosses2021-02-2807533321core:ShareCapitalOrdinaryShares2023-02-2807533321core:ShareCapitalOrdinaryShares2022-02-2807533321core:RevaluationReserve2022-02-2807533321core:RetainedEarningsAccumulatedLosses2022-02-280753332112021-03-012022-02-28075333212022-02-28075333212021-02-2807533321core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2807533321core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-012023-02-2807533321core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-012023-02-2807533321core:PlantMachinery2022-03-012023-02-2807533321core:FurnitureFittings2022-03-012023-02-2807533321core:MotorVehicles2022-03-012023-02-2807533321core:UKTax2022-03-012023-02-2807533321core:UKTax2021-03-012022-02-280753332112022-03-012023-02-2807533321core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2807533321core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-2807533321core:PlantMachinery2022-02-2807533321core:FurnitureFittings2022-02-2807533321core:MotorVehicles2022-02-2807533321core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-02-2807533321core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-02-2807533321core:WithinOneYear2023-02-2807533321core:WithinOneYear2022-02-2807533321core:BetweenTwoFiveYears2023-02-2807533321core:BetweenTwoFiveYears2022-02-2807533321core:RevaluationReserve2021-03-012022-02-2807533321core:RevaluationReserve2022-03-012023-02-2807533321core:MoreThanFiveYears2023-02-2807533321core:MoreThanFiveYears2022-02-2807533321bus:PrivateLimitedCompanyLtd2022-03-012023-02-2807533321bus:FRS1022022-03-012023-02-2807533321bus:Audited2022-03-012023-02-2807533321bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP