Company Registration No. NI033494 (Northern Ireland)
CLOUGHORR INVESTMENTS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
CLOUGHORR INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr P Wilson
Mrs S Wilson
Company number
NI033494
Registered office
Golflinks Hotel
140 Dunluce Road
Portrush
Co Antrim
BT56 8JQ
Auditor
GMcG BELFAST
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
McCallum O'Kane
8 Blindgate Street
Coleraine
Co Londonderry
BT52 1EZ
CLOUGHORR INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
CLOUGHORR INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 September 2023.

Business review

The directors' aim is to present a balanced and comprehensive review of the development and performance of the group during the year and its position as at 30 September 2023. This review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the business faces.

Principal risks and uncertainties

The directors consider that the principal risks and uncertainties facing the group are:

 

Economic risk

 

The impact of:     1.     Rise in interest rates and inflation increases;

        2.    Wage inflation;

        3.    Unemployment and the current general economic climate;

        4.    General reduction in consumer disposable income; and

 

The group continues to build good relationships with its customers, clientele and suppliers. Market conditions remain challenging, however, the directors continue to seek ways to encourage sales, decrease overheads and maximise profit wherever possible.

 

Competition risk

 

Competition risk is managed through close attention to customer service and the provision of quality services and facilities.

Financial key performance indicators

The directors consider that the key performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit margin, operating profit and net assets.

 

There has been an increase in turnover of 23.6% in the year from £8.95m to £11.06m, mainly due to the increase in caravan sales. The group's gross profit increased from £2.94m to £3.55m and the gross profit margin remained consistent with the prior year at 32.1% (2022 - 32.8%).

 

The group generated an operating profit of £1.81m. This compares to an operating profit of £1.46m after government grant income of £20k in the prior year. At the year end, the group continued to have a strong net asset position of £14.1m (2022 - £12.9m).

 

This report was approved by the board and signed on its behalf.

Mr P Wilson
Director
29 February 2024
CLOUGHORR INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2023.

Principal activities

The principal activities of the company and group continued to be that of a bar, hotel, nightclub, caravan park, caravan sales and property development.

Results and dividends

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

Ordinary dividends were paid amounting to £50,000. 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:

Mr P Wilson
Mrs S Wilson
Auditor

The auditor, GMcG BELFAST, 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.

CLOUGHORR INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 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
Mr P Wilson
Director
29 February 2024
CLOUGHORR INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLOUGHORR INVESTMENTS LIMITED
- 4 -
Opinion

We have audited the financial statements of Cloughorr Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

CLOUGHORR INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLOUGHORR INVESTMENTS LIMITED
- 5 -

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:

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:

CLOUGHORR INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLOUGHORR INVESTMENTS LIMITED
- 6 -
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.

CLOUGHORR INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLOUGHORR INVESTMENTS LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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

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

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

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

CLOUGHORR INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLOUGHORR INVESTMENTS LIMITED
- 8 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

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

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

CLOUGHORR INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLOUGHORR INVESTMENTS LIMITED
- 9 -

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.

Mrs Susan Dunlop FCA (Senior Statutory Auditor)
For and on behalf of GMcG BELFAST
29 February 2024
Chartered Accountants
Statutory Auditor
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
CLOUGHORR INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
11,061,991
8,947,616
Cost of sales
(7,511,192)
(6,012,611)
Gross profit
3,550,799
2,935,005
Administrative expenses
(1,807,657)
(1,546,243)
Other operating income
68,736
69,346
Operating profit
4
1,811,878
1,458,108
Interest receivable and similar income
8
6,110
54
Interest payable and similar expenses
9
(106,220)
(105,923)
Profit before taxation
1,711,768
1,352,239
Tax on profit
10
(471,940)
(527,654)
Profit for the financial year
1,239,828
824,585
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.

 

CLOUGHORR INVESTMENTS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
16,895,427
15,419,218
Investments
13
2,867
2,867
16,898,294
15,422,085
Current assets
Stocks
15
3,346,161
836,975
Debtors
16
2,939,087
3,030,469
Investments
17
40,000
40,000
Cash at bank and in hand
782,776
990,076
7,108,024
4,897,520
Creditors: amounts falling due within one year
18
(6,834,960)
(4,753,272)
Net current assets
273,064
144,248
Total assets less current liabilities
17,171,358
15,566,333
Creditors: amounts falling due after more than one year
19
(2,009,026)
(1,781,687)
Provisions for liabilities
Deferred tax liability
22
1,084,534
896,676
(1,084,534)
(896,676)
Net assets
14,077,798
12,887,970
Capital and reserves
Called up share capital
24
180
180
Capital redemption reserve
25
20
20
Profit and loss reserves
25
14,077,598
12,887,770
Total equity
14,077,798
12,887,970
The financial statements were approved by the board of directors and authorised for issue on 29 February 2024 and are signed on its behalf by:
29 February 2024
Mr P Wilson
Director
Company registration number NI033494 (Northern Ireland)
CLOUGHORR INVESTMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
16,895,627
15,419,418
Investments
13
2,029,738
2,029,738
18,925,365
17,449,156
Current assets
Stocks
15
3,346,161
836,975
Debtors
16
2,939,087
3,030,469
Investments
17
40,000
40,000
Cash at bank and in hand
782,776
990,076
7,108,024
4,897,520
Creditors: amounts falling due within one year
18
(8,906,817)
(6,825,129)
Net current liabilities
(1,798,793)
(1,927,609)
Total assets less current liabilities
17,126,572
15,521,547
Creditors: amounts falling due after more than one year
19
(2,009,026)
(1,781,687)
Provisions for liabilities
Deferred tax liability
22
1,084,534
896,676
(1,084,534)
(896,676)
Net assets
14,033,012
12,843,184
Capital and reserves
Called up share capital
24
180
180
Capital redemption reserve
25
20
20
Profit and loss reserves
25
14,032,812
12,842,984
Total equity
14,033,012
12,843,184

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 £1,239,828 (2022 - £824,585 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 29 February 2024 and are signed on its behalf by:
29 February 2024
Mr P Wilson
Director
Company registration number NI033494 (Northern Ireland)
CLOUGHORR INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
180
20
12,113,185
12,113,385
Year ended 30 September 2022:
Profit and total comprehensive income
-
-
824,585
824,585
Dividends
11
-
-
(50,000)
(50,000)
Balance at 30 September 2022
180
20
12,887,770
12,887,970
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
1,239,828
1,239,828
Dividends
11
-
-
(50,000)
(50,000)
Balance at 30 September 2023
180
20
14,077,598
14,077,798
CLOUGHORR INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
180
20
12,068,399
12,068,599
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
824,585
824,585
Dividends
11
-
-
(50,000)
(50,000)
Balance at 30 September 2022
180
20
12,842,984
12,843,184
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
1,239,828
1,239,828
Dividends
11
-
-
(50,000)
(50,000)
Balance at 30 September 2023
180
20
14,032,812
14,033,012
CLOUGHORR INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,001,571
1,897,368
Interest paid
(91,981)
(91,012)
Income taxes paid
(197,462)
(433,133)
Net cash inflow from operating activities
1,712,128
1,373,223
Investing activities
Purchase of tangible fixed assets
(2,043,837)
(1,228,070)
Proceeds from disposal of tangible fixed assets
50,599
-
Loans advanced
(40,835)
(42,849)
Interest received
6,110
54
Net cash used in investing activities
(2,027,963)
(1,270,865)
Financing activities
Repayment of borrowings
(48,000)
(48,000)
Proceeds from new bank loans
890,000
-
Repayment of bank loans
(676,848)
(873,354)
Payment of finance leases obligations
(56,617)
(23,006)
Net cash generated from/(used in) financing activities
108,535
(944,360)
Net decrease in cash and cash equivalents
(207,300)
(842,002)
Cash and cash equivalents at beginning of year
990,076
1,832,078
Cash and cash equivalents at end of year
782,776
990,076
CLOUGHORR INVESTMENTS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,001,571
1,897,368
Interest paid
(91,981)
(91,012)
Income taxes paid
(197,462)
(433,133)
Net cash inflow from operating activities
1,712,128
1,373,223
Investing activities
Purchase of tangible fixed assets
(2,043,837)
(1,228,070)
Proceeds from disposal of tangible fixed assets
50,599
-
0
Receipts arising from loans made
(40,835)
(42,849)
Interest received
6,110
54
Net cash used in investing activities
(2,027,963)
(1,270,865)
Financing activities
Repayment of borrowings
(48,000)
(48,000)
Proceeds from new bank loans
890,000
-
Repayment of bank loans
(676,848)
(873,354)
Payment of finance leases obligations
(56,617)
(23,006)
Net cash generated from/(used in) financing activities
108,535
(944,360)
Net decrease in cash and cash equivalents
(207,300)
(842,002)
Cash and cash equivalents at beginning of year
990,076
1,832,078
Cash and cash equivalents at end of year
782,776
990,076
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 17 -
1
Accounting policies
Company information

The entity is a private limited liability company incorporated in Northern Ireland. The principal activities of the group are that of a bar, hotel, nightclub, caravan park, caravan sales and property development. The group's principal place of business is its registered office at 140 Dunluce Road, Portrush, BT56 8JQ.

1.1
Accounting convention

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

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

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Cloughorr Investments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.3
Going concern

The directors have a reasonable expectation that the group has adequate resources to see it through the next 12 months and continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

1.4
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. 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.

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies (Continued)
- 18 -

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.

Bar, disco and hotel income are all recognised when received; income from caravan sales is recognised on delivery of the caravan to the customer at which point the customer takes ownership; and site fee income is recognised based on the period a site is occupied.

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 land and buildings
2% straight line
Alterations to premises
2% and 10% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance

Freehold land and assets in the course of construction are 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 recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies (Continued)
- 19 -
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.

Cost is based on the cost of purchase on a first in first out basis.

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.

Land and property for development is valued at the lower of cost and net realisable value. Cost is determined on the basis of direct costs plus attributable overheads based on normal level of activity. Where the intention is to develop the land, net realisable value is determined by consideration of the future costs and selling prices, whereby any projected loss will result in a writedown of the land. Where there is no intention to develop the land, net realisable value is determined by the current market value.

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.

1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies (Continued)
- 20 -
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 group 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 group after deducting all of its liabilities.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
Taxation

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

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies (Continued)
- 21 -
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 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.

 

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

1.13
Employee benefits

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

 

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

 

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

1.14
Retirement benefits

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

1.15
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.

1.16
Government grants

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

 

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

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies (Continued)
- 22 -
1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

Key sources of estimation uncertainty

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

Fixed assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

Stocks

At each balance sheet date the group's stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The assessment of the selling price of such stock involves some estimation uncertainty.

Debtors

Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty.

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
3
Turnover and other revenue

All turnover arose within the United Kingdom.

 

In the opinion of the directors the disclosure of further segmental analysis by class of business would be seriously prejudicial to the interests of the group.

 

2023
2022
£
£
Other revenue
Interest income
6,110
54
Grants received
-
20,000
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(20,000)
Depreciation of owned tangible fixed assets
647,771
642,869
Depreciation of tangible fixed assets held under finance leases
-
21,708
Loss on disposal of tangible fixed assets
45,008
14,189
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,500
12,500
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Number of bar and hotel staff
71
74
71
74
Number of administrative staff
3
3
3
3
Total
74
77
74
77
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
6
Employees (Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,544,868
1,429,652
1,544,868
1,429,652
Social security costs
117,563
120,343
117,563
120,343
Pension costs
36,854
60,607
36,854
60,607
1,699,285
1,610,602
1,699,285
1,610,602
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
271,363
272,842
Company pension contributions to defined contribution schemes
10,464
31,020
281,827
303,862

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
154,571
156,688
Company pension contributions to defined contribution schemes
10,464
31,020
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
3,797
54
Other interest income
2,313
-
Total income
6,110
54
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,797
54
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 25 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
89,808
82,232
Other interest on financial liabilities
17,016
19,105
106,824
101,337
Other finance costs:
Interest on finance leases and hire purchase contracts
(604)
4,586
Total finance costs
106,220
105,923
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
307,891
276,389
Adjustments in respect of prior periods
(23,809)
(76,819)
Total current tax
284,082
199,570
Deferred tax
Origination and reversal of timing differences
150,876
249,274
Adjustment in respect of prior periods
36,982
78,810
Total deferred tax
187,858
328,084
Total tax charge
471,940
527,654

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
1,711,768
1,352,239
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
427,942
256,925
Tax effect of expenses that are not deductible in determining taxable profit
72,680
53,535
Effect of change in corporation tax rate
(41,855)
215,203
Under provided in prior years
13,173
1,991
Taxation charge
471,940
527,654
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 26 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
50,000
50,000
12
Tangible fixed assets
Group
Freehold land and buildings
Alterations to premises
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
17,030,811
3,340,435
1,177,368
133,602
369,627
22,051,843
Additions
1,818,944
-
0
212,962
-
0
252,181
2,284,087
Disposals
(1,601)
(197,655)
(55,183)
-
0
(162,853)
(417,292)
At 30 September 2023
18,848,154
3,142,780
1,335,147
133,602
458,955
23,918,638
Depreciation and impairment
At 1 October 2022
3,897,489
2,022,972
476,733
80,406
155,025
6,632,625
Depreciation charged in the year
311,647
107,848
157,935
10,660
59,681
647,771
Eliminated in respect of disposals
(145)
(143,428)
(45,422)
-
0
(68,190)
(257,185)
At 30 September 2023
4,208,991
1,987,392
589,246
91,066
146,516
7,023,211
Carrying amount
At 30 September 2023
14,639,163
1,155,388
745,901
42,536
312,439
16,895,427
At 30 September 2022
13,133,322
1,317,463
700,635
53,196
214,602
15,419,218
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
12
Tangible fixed assets (Continued)
- 27 -
Company
Freehold land and buildings
Alterations to premises
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2022
17,373,147
3,340,435
1,177,468
133,702
369,627
22,394,379
Additions
1,818,944
-
0
212,962
-
0
252,181
2,284,087
Disposals
(1,601)
(197,655)
(55,183)
-
0
(162,853)
(417,292)
At 30 September 2023
19,190,490
3,142,780
1,335,247
133,702
458,955
24,261,174
Depreciation and impairment
At 1 October 2022
4,239,825
2,022,972
476,733
80,406
155,025
6,974,961
Depreciation charged in the year
311,647
107,848
157,935
10,660
59,681
647,771
Eliminated in respect of disposals
(145)
(143,428)
(45,422)
-
0
(68,190)
(257,185)
At 30 September 2023
4,551,327
1,987,392
589,246
91,066
146,516
7,365,547
Carrying amount
At 30 September 2023
14,639,163
1,155,388
746,001
42,636
312,439
16,895,627
At 30 September 2022
13,133,322
1,317,463
700,735
53,296
214,602
15,419,418

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
-
0
42,240
-
0
42,240
Motor vehicles
-
0
33,444
-
0
33,444
-
75,684
-
75,684

Included in land and buildings is freehold land at cost of £2,525,772 (2022 - £2,525,772) which is not depreciated.

 

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 28 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,026,871
2,026,871
Other investments
2,867
2,867
2,867
2,867
2,867
2,867
2,029,738
2,029,738
Movements in fixed asset investments
Group
Other
£
Cost or valuation
At 1 October 2022 and 30 September 2023
2,867
Carrying amount
At 30 September 2023
2,867
At 30 September 2022
2,867
Movements in fixed asset investments
Company
Shares in subsidiaries
Other
Total
£
£
£
Cost or valuation
At 1 October 2022 and 30 September 2023
2,026,871
2,867
2,029,738
Carrying amount
At 30 September 2023
2,026,871
2,867
2,029,738
At 30 September 2022
2,026,871
2,867
2,029,738
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Rubane Investments Limited
Golflinks Hotel, 140 Dunluce Road, Portrush, BT56 8JQ
Ordinary
100.00
Lush & Legacy Promotions Limited
Golflinks Hotel, 140 Dunluce Road, Portrush, BT56 8JQ
Ordinary
83.33

Lush & Legacy Promotions Limited is excluded from consolidation as its inclusion is not material for the purpose of giving a true and fair view.

 

The capital and reserves of Lush & Legacy Promotions Limited as at 31 March 2023 is a deficit of £13,300 and its profit for the year is £Nil.

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 29 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Bar and hotel stocks
98,500
75,191
98,500
75,191
Land and property for development
100,000
100,000
100,000
100,000
Caravan stocks
3,147,661
661,784
3,147,661
661,784
3,346,161
836,975
3,346,161
836,975

The difference between purchase price or production cost of stocks and their replacement cost is not material.

 

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,580,672
2,726,216
2,580,672
2,726,216
Other debtors
289,787
215,909
289,787
215,909
Prepayments and accrued income
68,628
88,344
68,628
88,344
2,939,087
3,030,469
2,939,087
3,030,469
17
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
40,000
40,000
40,000
40,000
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 30 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
583,527
677,794
583,527
677,794
Obligations under finance leases
21
-
0
17,262
-
0
17,262
Other borrowings
20
33,226
30,984
33,226
30,984
Trade creditors
2,765,957
714,859
2,765,957
714,859
Amounts owed to group undertakings
-
0
-
0
2,071,857
2,071,857
Corporation tax payable
286,190
199,570
286,190
199,570
Other taxation and social security
29,900
24,573
29,900
24,573
Deferred income
2,706,496
2,832,749
2,706,496
2,832,749
Other creditors
112,357
65,743
112,357
65,743
Accruals and deferred income
317,307
189,738
317,307
189,738
6,834,960
4,753,272
8,906,817
6,825,129

Details of security are disclosed in note 19.

19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
1,604,775
1,297,356
1,604,775
1,297,356
Obligations under finance leases
21
-
0
39,355
-
0
39,355
Other borrowings
20
171,751
204,976
171,751
204,976
Deferred income
232,500
240,000
232,500
240,000
2,009,026
1,781,687
2,009,026
1,781,687

Bank loans and overdrafts are secured by way of a floating charge over all of the group's assets, a fixed charge over the book debts of the group, and a legal mortgage over the group's premises and caravan parks located at Portballintrae and Portrush.

 

Obligations under finance leases are secured on the assets to which they relate.

 

Other loans are secured by way of a fixed charge over the group's premises and caravan parks located at Portballintrae and Portrush.

Amounts included above which fall due after five years are as follows:
Payable by instalments
12,985
56,931
12,985
56,931
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 31 -
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
2,188,302
1,975,150
2,188,302
1,975,150
Other loans
204,977
235,960
204,977
235,960
2,393,279
2,211,110
2,393,279
2,211,110
Payable within one year
616,753
708,778
616,753
708,778
Payable after one year
1,776,526
1,502,332
1,776,526
1,502,332

Bank loans includes five loans repayable by quarterly and monthly instalments at interest rates of between 3.70% and 7.25%. All loans are repayable within five years.

 

Other loans includes two loans which are both repayable by monthly instalments of £2,000 until 2029 at an interest rate of 3.25%.

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
17,262
-
0
17,262
In two to five years
-
0
39,355
-
0
39,355
-
56,617
-
56,617
22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,084,534
896,676
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
1,084,534
896,676
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
22
Deferred taxation (Continued)
- 32 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
896,676
896,676
Charge to profit or loss - current year
150,876
150,876
Charge to profit or loss - prior year
36,982
36,982
Liability at 30 September 2023
1,084,534
1,084,534

 

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,854
60,607

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
100
100
100
100
'B' Ordinary shares of £1 each
80
80
80
80
180
180
180
180
25
Reserves
Profit and loss reserves

The profit and loss reserves represents the retained earnings of the group that are available for distribution.

 

Capital redemption reserve

The capital redemption reserve arose on a company purchase of own shares.

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 33 -
26
Related party transactions
Remuneration of key management personnel

Certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. The total remuneration of key management personnel is as follows:

2023
2022
£
£
Aggregate compensation
408,713
435,923
Other information

The group was under the control of Mr P Wilson throughout the current and prior year. Mr P Wilson is the managing director and majority shareholder.

 

The directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

27
Directors' transactions

Dividends totalling £50,000 (2022 - £50,000) were paid in the year in respect of shares held by the company's directors.

Mr P Wilson

At the beginning of the year £133,244 was due to the group from Mr P Wilson, director. During the year the total amount of advances to and expenses paid on behalf of Mr P Wilson was £40,835. In addition dividends of £50,000 were credited to Mr P Wilson's Director's Current Account during the year. At the year end £124,079 was due to the group from Mr P Wilson. No interest is charged on outstanding balances and they are considered to be repayable on demand.

 

Mrs S Wilson

At the beginning and end of the year £7,246 was due to the group from Mrs S Wilson, director. No interest is charged on outstanding balances and they are considered to be repayable on demand.

CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 34 -
28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,239,828
824,585
Adjustments for:
Taxation charged
471,940
527,654
Finance costs
106,220
105,923
Investment income
(6,110)
(54)
Loss on disposal of tangible fixed assets
45,008
14,189
Depreciation and impairment of tangible fixed assets
647,771
664,577
Movements in working capital:
Increase in stocks
(2,509,186)
(380,149)
Decrease in debtors
82,217
184,764
Increase in creditors
2,057,636
174,407
Decrease in deferred income
(133,753)
(218,528)
Cash generated from operations
2,001,571
1,897,368
29
Analysis of changes in net debt - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
990,076
(207,300)
782,776
Borrowings excluding overdrafts
(2,211,110)
(182,169)
(2,393,279)
Obligations under finance leases
(56,617)
56,617
-
(1,277,651)
(332,852)
(1,610,503)
CLOUGHORR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 35 -
30
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
1,239,828
824,585
Adjustments for:
Taxation charged
471,940
527,654
Finance costs
106,220
105,923
Investment income
(6,110)
(54)
Loss on disposal of tangible fixed assets
45,008
14,189
Depreciation and impairment of tangible fixed assets
647,771
664,577
Movements in working capital:
Increase in stocks
(2,509,186)
(380,149)
Decrease in debtors
82,217
184,764
Increase in creditors
2,057,636
174,407
Decrease in deferred income
(133,753)
(218,528)
Cash generated from operations
2,001,571
1,897,368
31
Analysis of changes in net debt - company
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
990,076
(207,300)
782,776
Borrowings excluding overdrafts
(2,211,110)
(182,169)
(2,393,279)
Obligations under finance leases
(56,617)
56,617
-
(1,277,651)
(332,852)
(1,610,503)
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