Company registration number 06254881 (England and Wales)
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
COMPANY INFORMATION
Directors
Mr C Scragg
Mr A Marston
Mr A Scragg
Company number
06254881
Registered office
The Spa Hotel
Langton Road
Tunbridge Wells
Kent
TN4 8XJ
Auditor
Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
ME14 3EN
Business address
The Spa Hotel
Langton Road
Tunbridge Wells
Kent
TN4 8XJ
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 26
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

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

Principal risks and uncertainties

Management continually monitor the key risks facing the group, together with assessing the controls used for managing these risks.

 

At the reporting date, the group has a current liability of £2,414,536 in favour of Allica Bank Limited. Under the terms of the loan agreement at 30 June 2023, the loan was due for repayment in January 2024, for which existing cash reserves would be insufficient. Post year end, management have entered into a new agreement with the bank, which will see the loan repayment period extended through to 2049. The repayments under the new loan agreement have been factored into the cashflow forecasts, along with all associated covenants. Thus, the Directors continue to adopt the going concern bases in preparing the financial statements.

 

Events, including the Ukraine conflict, rising energy costs, inflation and difficulties recruiting staff are not considered to be a material risk to the company’s ability to continue trading for at least the next 12 months. The group has entered into a fixed-tariff contract through to 2025 (electric) and 2026 (gas). Therefore, whilst the directors will continue to assess energy price rises and search for mitigations, there is no immediate threat to the business. Recruitment and inflation are being managed through continuous management and review of cost centres and market trends.

 

Furthermore, the implications of ongoing global events continue to create uncertainty and it is therefore difficult to evaluate the likely effect on the group’s trade, customers, suppliers and the wider economy.

 

Our assessment at the date of approval of these accounts is that these events do not create a material uncertainty related to going concern. The notes to the financial statements discloses matters of which we are aware that are relevant to the group’s ability to continue as a going concern, including significant conditions and events, our plans for future action, and the feasibility of those plans.

Development and performance of the group

There have not been any significant changes in the group’s principal activities in the year under review, and at the date of this report, the directors are not aware of any likely changes in the group’s activities in the next year.

Key performance indicators

The KPIs used to determine the progress and performance of the group are set out below:

Turnover

As reported in the group’s statement of comprehensive income on page 8, turnover for the year decreased to £5,040,728 when compared to the year to 30 June 2022 of £5,125,767.

Gross profit margin

The group's operating profit margin in the period under review decreased to 10.5% (2022: 17.9%). This was primarily attributed to reduced room occupancy, and rising fixed costs, not least wages and salaries.

 

Financial position at the reporting date

The balance sheet shows that the group’s position at the year end with net assets having increased from £3,912,082 in 2022 to £4,147,446 at 30 June 2023.

On behalf of the board

Mr A Scragg
15 March 2024
Director
Date
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

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

Principal activities

The principal activity of the company continued to be that of a holding company of The Spa Hotel (Tunbridge Wells) Limited. The principal activity of the subsidiary company is the operation of The Spa Hotel and associated facilities in Tunbridge Wells, Kent.

Results and dividends

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

No ordinary dividends were paid. 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 C Scragg
Mr A Marston
Mr A Scragg
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

 

Strategic report

The group has chosen in accordance with the Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report. It has done so in respect of the review and analysis of the business during the current year.

On behalf of the board
Mr A Scragg
Director
15 March 2024
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCRAGG HOTELS LIMITED
- 4 -
Opinion

We have audited the financial statements of Scragg Hotels Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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 and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

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:

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCRAGG HOTELS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCRAGG HOTELS LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Catherine Cooper FCCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
18 March 2024
Chartered Accountants
Statutory Auditor
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
ME14 3EN
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
5,040,728
5,125,767
Cost of sales
(2,555,321)
(2,297,643)
Gross profit
2,485,407
2,828,124
Administrative expenses
(1,980,765)
(1,986,084)
Other operating income
25,434
75,837
Operating profit
4
530,076
917,877
Interest receivable and similar income
8
8,194
-
0
Interest payable and similar expenses
9
(171,343)
(97,337)
Profit before taxation
366,927
820,540
Tax on profit
10
(131,563)
(158,556)
Profit for the financial year
235,364
661,984
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
7,962,473
7,896,556
Current assets
Stocks
14
72,697
65,391
Debtors
15
169,560
284,811
Cash at bank and in hand
1,068,808
987,019
1,311,065
1,337,221
Creditors: amounts falling due within one year
16
(2,790,394)
(2,754,104)
Net current liabilities
(1,479,329)
(1,416,883)
Total assets less current liabilities
6,483,144
6,479,673
Creditors: amounts falling due after more than one year
17
(2,177,175)
(2,425,581)
Provisions for liabilities
Deferred tax liability
20
158,523
142,010
(158,523)
(142,010)
Net assets
4,147,446
3,912,082
Capital and reserves
Called up share capital
21
4,500,000
4,500,000
Profit and loss reserves
(352,554)
(587,918)
Total equity
4,147,446
3,912,082
The financial statements were approved by the board of directors and authorised for issue on 15 March 2024 and are signed on its behalf by:
15 March 2024
Mr A Scragg
Director
Company registration number 06254881 (England and Wales)
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
8,596,182
8,596,182
Current assets
Debtors
15
3,040
22,450
Cash at bank and in hand
498,548
600,000
501,588
622,450
Creditors: amounts falling due within one year
16
(2,222,865)
(2,112,147)
Net current liabilities
(1,721,277)
(1,489,697)
Total assets less current liabilities
6,874,905
7,106,485
Creditors: amounts falling due after more than one year
17
(2,175,549)
(2,414,536)
Net assets
4,699,356
4,691,949
Capital and reserves
Called up share capital
21
4,500,000
4,500,000
Profit and loss reserves
199,356
191,949
Total equity
4,699,356
4,691,949

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 £7,407 (2022 - £929 loss).

The financial statements were approved by the board of directors and authorised for issue on 15 March 2024 and are signed on its behalf by:
15 March 2024
Mr A Scragg
Director
Company registration number 06254881 (England and Wales)
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
4,500,000
(1,249,902)
3,250,098
Year ended 30 June 2022:
Profit and total comprehensive income
-
661,984
661,984
Balance at 30 June 2022
4,500,000
(587,918)
3,912,082
Year ended 30 June 2023:
Profit and total comprehensive income
-
235,364
235,364
Balance at 30 June 2023
4,500,000
(352,554)
4,147,446
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
4,500,000
192,878
4,692,878
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
(929)
(929)
Balance at 30 June 2022
4,500,000
191,949
4,691,949
Year ended 30 June 2023:
Profit and total comprehensive income
-
7,407
7,407
Balance at 30 June 2023
4,500,000
199,356
4,699,356
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
820,899
1,478,162
Interest paid
(171,343)
(97,337)
Income taxes (paid)/refunded
(148,398)
57,741
Net cash inflow from operating activities
501,158
1,438,566
Investing activities
Purchase of tangible fixed assets
(265,387)
(265,430)
Interest received
8,194
-
0
Net cash used in investing activities
(257,193)
(265,430)
Financing activities
Repayment of bank loans
(153,304)
(653,304)
Payment of finance leases obligations
(8,872)
(8,356)
Net cash used in financing activities
(162,176)
(661,660)
Net increase in cash and cash equivalents
81,789
511,476
Cash and cash equivalents at beginning of year
987,019
475,543
Cash and cash equivalents at end of year
1,068,808
987,019
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
1
Accounting policies
Company information

Scragg Hotels Limited (the 'company') is a private limited company by shares and incorporated in England and Wales. The registered office and primary place of busines is The Spa Hotel, Langton Road, Tunbridge Wells, Kent, TN4 8XJ.

 

The group consists of Scragg Hotels Limited and all of its subsidiaries.

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 £1.

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

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 after tax for the year was £7,407 (2022: loss of £929). In addition, as permitted by section 7 'Statement of Cash Flows' (FRS 102) the company has not presented its own statement of cash flows nor related notes and disclosures.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Scragg Hotels Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 June 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.

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Going concern

In preparing the financial statements, the directors have considered the principal risks and uncertainties facing the business. In making this assessment the directors have prepared cashflow forecasts for the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements.

The group has a loan of £2,414,536 in favour of Allica Bank Limited, which as per the agreement in force at the reporting date, was repayable by January 2024. Existing cash reserves would be insufficient to repay the full loan balance. Post year end, management have entered into a new loan agreement with the bank, which will see the loan repayment period extended through to 2049. The repayments under the new loan agreement have been factored into the group cashflow forecasts, along with all associated covenants.

Having considered numerous different scenarios, the directors consider that the group has adequate resources to continue trading and therefore have a reasonable expectation that the group will continue in operational existence for the foreseeable future. Thus, the Directors continue to adopt the going concern bases in preparing the financial statements.

1.5
Turnover

Turnover represents net invoiced sales of goods and services (being room income, restaurant sales and other usual supplies made by a hotel), excluding value added tax. Turnover is recognised once the performance of the service has been concluded or goods have been delivered.

1.6
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 buildings
2% - 4% per annum on cost
Plant and machinery
4% - 33% per annum on cost
Furniture and effects
10% - 33% per annum on cost
Computers
10% - 20% per annum on cost

During the year, management have elected to revise the depreciation policy for certain tangible fixed assets to represent a more realistic expectation of useful economic life. Where applicable, such changes to the accounting policy have been applied prospectively from 1 July 2022, and no adjustment to the brought forward net book value position under the former depreciation policy has been made.

 

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.

No depreciation is charged on freehold land.

1.7
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.

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
1.8
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).

Recoverable amount is the higher of fair value less costs to sell and value in use.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price, using an average cost technique.

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.

1.10
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.

1.11
Financial instruments

The group has applied 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 statement of financial position 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 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 publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and related parties 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

1.12
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.

1.13
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 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.

1.14
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.

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
1.15
Retirement benefits

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

1.16
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.

1.17
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.

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.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no material indicators of impairments identified during the current financial year other than in respect of bad and doubtful trade debtor balances recognised in the financial statements.

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.

Determining useful economic lives of tangible fixed assets

The company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including product life cycles and maintenance.

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 18 -
3
Turnover and other revenue

The group's turnover arose wholly within the United Kingdom, principally relating to hotel operations.

 

An analysis of the group's other significant revenue is as follows:

2023
2022
£
£
Other revenue
Interest income
8,194
-
Grants received
-
14,964

 

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(14,964)
Depreciation of owned tangible fixed assets
197,352
238,734
Depreciation of tangible fixed assets held under finance leases
2,118
8,469
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
13,890
12,750
For other services
All other non-audit services
6,280
5,800

The group auditor's remuneration is borne by The Spa Hotel (Tunbridge Wells) Limited.

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
Directors
3
3
3
3
Hotel staff
139
147
-
-
Total
142
150
3
3
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,059,675
1,888,912
-
0
-
0
Social security costs
168,435
158,599
-
-
Pension costs
48,493
47,691
-
0
-
0
2,276,603
2,095,202
-
0
-
0

In addition to the above costs, the cost of agency workers in the period was £20,150 (2022: £72,670).

7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
115,860
120,969
Company pension contributions to defined contribution schemes
4,400
2,688
120,260
123,657

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

 

The directors do not consider that there are any other key management personnel besides the directors. As such, the aforementioned directors emoluments are equivalent to key management personnel remuneration.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
8,133
-
0
Other interest income
61
-
Total income
8,194
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
170,388
80,962
Other interest on financial liabilities
-
15,123
Interest on finance leases and hire purchase contracts
955
1,252
Total finance costs
171,343
97,337
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
57,723
91,178
Adjustments in respect of prior periods
57,327
-
0
Total current tax
115,050
91,178
Deferred tax
Origination and reversal of timing differences
16,513
67,378
Total tax charge for the year
131,563
158,556

From 1 April 2023, corporation tax rates increased from 19% to 25% in the United Kingdom. Given the group's financial year straddles two periods where both the former and current rates apply, a hybrid rate of 20.5% is applicable for the current year's tax charge. Deferred tax is calculated by reference to a corporation tax rate of 25% (2022: 25%).

 

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
366,927
820,540
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
75,220
155,903
Tax effect of expenses that are not deductible in determining taxable profit
51
-
0
Tax effect of income not taxable in determining taxable profit
-
0
(11,566)
Tax effect of utilisation of tax losses not previously recognised
-
0
(14)
Effect of change in corporation tax rate
-
16,236
Under/(over) provided in prior years
56,438
(31,380)
Fixed asset differences
(520)
29,377
Other adjustments
374
-
0
Taxation charge for the year
131,563
158,556
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
11
Tangible fixed assets
Group
Freehold buildings
Plant and machinery
Furniture and effects
Computers
Total
£
£
£
£
£
Cost
At 1 July 2022
8,751,933
1,271,840
628,140
149,271
10,801,184
Additions
34,941
138,383
83,193
8,870
265,387
Disposals
-
0
(186,534)
(69,120)
(44,836)
(300,490)
At 30 June 2023
8,786,874
1,223,689
642,213
113,305
10,766,081
Depreciation and impairment
At 1 July 2022
1,277,739
1,075,282
448,329
103,278
2,904,628
Depreciation charged in the year
93,505
28,085
60,935
16,945
199,470
Eliminated in respect of disposals
-
0
(186,534)
(69,120)
(44,836)
(300,490)
At 30 June 2023
1,371,244
916,833
440,144
75,387
2,803,608
Carrying amount
At 30 June 2023
7,415,630
306,856
202,069
37,918
7,962,473
At 30 June 2022
7,474,194
196,558
179,811
45,993
7,896,556
The company had no tangible fixed assets at 30 June 2023 or 30 June 2022.

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 machinery
16,232
18,350
-
0
-
0

There is a legal charge over The Spa Hotel, included within freehold buildings, in favour of the group's finance provider.

12
Fixed asset investments
Company
2023
2022
Notes
£
£
Investments in subsidiaries
13
8,596,182
8,596,182
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
12
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
8,596,182
Carrying amount
At 1 July 2022 and 30 June 2023
8,596,182
13
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
The Spa Hotel (Tunbridge Wells) Limited
The Spa Hotel, Langton Road, Tunbridge Wells, Kent, TN4 8XJ
Spa, hotel and associated facilities
Ordinary
100
0
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
72,697
65,391
-
-
15
Debtors: amounts falling due within one year:
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
31,049
51,265
-
0
-
0
Other debtors
138,511
233,546
3,040
22,450
169,560
284,811
3,040
22,450
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
238,987
153,304
238,987
153,304
Obligations under finance leases
19
9,419
8,872
-
0
-
0
Other borrowings
18
1,289,541
1,289,541
1,289,541
1,289,541
Trade creditors
206,408
261,339
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
661,608
654,098
Corporation tax payable
57,662
91,010
1,738
-
0
Other taxation and social security
146,729
188,813
-
-
Other creditors
841,648
761,225
30,991
15,204
2,790,394
2,754,104
2,222,865
2,112,147
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
2,175,549
2,414,536
2,175,549
2,414,536
Obligations under finance leases
19
1,626
11,045
-
0
-
0
2,177,175
2,425,581
2,175,549
2,414,536

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
1,250,698
-
1,250,698
-
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
2,414,536
2,567,840
2,414,536
2,567,840
Loans from related parties
1,289,541
1,289,541
1,289,541
1,289,541
3,704,077
3,857,381
3,704,077
3,857,381
Payable within one year
1,528,528
1,442,845
1,528,528
1,442,845
Payable after one year
2,175,549
2,414,536
2,175,549
2,414,536
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
18
Loans and overdrafts
(Continued)
- 24 -

The loans from related parties represent loans from the shareholders and are unsecured and interest free. These loans have no fixed terms of repayment.

 

The bank loan is secured by a first ranking debenture in favour of Allica Bank Limited, incorporating a fixed and floating charge over all the assets (present and future) of the company and its subsidiary and an unlimited guarantee in respect of all monies, debts and liabilities owed supported by a first legal mortgage over the freehold property in the name of The Spa Hotel (Tunbridge Wells) Limited.

 

Interest is calculated at 2.75% per annum above LIBOR on the principal loan facility of £2,836,123 which is repayable in quarterly instalments of £38,326 plus interest. The term of this loan facility is until 25 January 2024, at which point the remaining outstanding balance is payable. Hence, the full balance is presented as a current liability.

 

Post year end, management have entered into a new loan agreement with Allica Bank Limited, which will see the loan repayment period extended through to 2049.

 

The group’s two Coronavirus Business Interruption Loan Scheme (CBILS) have been repaid in full as at the reporting date. Interest was calculated at 3.75% per annum above the bank's base rate.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
9,419
8,872
-
0
-
0
In two to five years
1,626
11,045
-
0
-
0
11,045
19,917
-
-

Finance lease payments represent rentals payable by the company or group 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.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Accelerated capital allowances
158,523
142,010
The company has no deferred tax assets or liabilities.
SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
20
Deferred taxation
(Continued)
- 25 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
142,010
-
Charge to profit or loss
16,513
-
Liability at 30 June 2023
158,523
-
21
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
1,620,000 Ordinary A shares of £1 each
1,620,000
1,620,000
675,000 Ordinary B shares of £1 each
675,000
675,000
2,205,000 Ordinary C shares of £1 each
2,205,000
2,205,000
4,500,000
4,500,000

All of the issued shares rank pari passu other than the right to receive dividends which is determined by the directors for each class.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,493
47,691

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.

 

At the balance sheet date, the group owed £10,548 (2022: £10,048) to the fund. This amount is included within other creditors due within one year.

23
Financial commitments, guarantees and contingent liabilities

The group is party to a cross guarantee in favour of Allica Bank Limited (previously, AIB Group (UK) Plc). The total group borrowings covered by this guarantee amount to £2,414,536 (2022: £2,567,840), which all relate to the company.

 

In addition, with effect of 22 September 2021, The Spa Hotel (Tunbridge Wells) Limited is subject to a fixed charge in favour of National Westminster Bank Plc, amounting to £7,500, in respect of a change order arrangement.

 

 

SCRAGG HOTELS LIMITED
AND ITS SUBSIDIARY COMPANY
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
24
Related party transactions

Certain shareholders have previosuly advanced interest free-loans of £1,289,541 (2022: £1,289,541) to the company. The loans are repayable on demand and included within other borrowings due within one year. Two of the shareholders whom have advanced funds are also directors of the company.

25
Controlling party

The directors consider that A Scragg is the ultimate controlling party of the company, by virtue of his voting control over the majority of the issued share capital.

26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
235,364
661,984
Adjustments for:
Taxation charged
131,563
158,556
Finance costs
171,343
97,337
Investment income
(8,194)
-
0
Depreciation and impairment of tangible fixed assets
199,470
247,203
Movements in working capital:
Increase in stocks
(7,306)
(15,016)
Decrease in debtors
115,251
184,690
(Decrease)/increase in creditors
(16,592)
143,408
Cash generated from operations
820,899
1,478,162
27
Analysis of changes in net debt - group
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
987,019
81,789
1,068,808
Borrowings excluding overdrafts
(3,857,381)
153,304
(3,704,077)
Obligations under finance leases
(19,917)
8,872
(11,045)
(2,890,279)
243,965
(2,646,314)
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