REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
WHITLEY HALL HOTEL LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
WHITLEY HALL HOTEL LIMITED |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
WHITLEY HALL HOTEL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
BANKERS: |
Carmel House |
49-63 Fargate |
Sheffield |
S1 2HD |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their strategic report for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
The results of the company for the year and its financial position are shown in the annexed financial statements. |
For the year ended 30 June 2023, the company achieved a profit before tax of £316,091 (2022: £571,937).on turnover of £4,032,915 (2022; £3,631,481). |
In the last twelve months we have continued to upgrade the hotel with the addition of more facilities and services with a view to diversifying the trade. The adoption of a robust pricing policy will result in future weddings being more profitable. |
Bookings in general were much slower during this period. Having researched competitors pricing policies, we concluded that this was solely due to external financial factors. The results for the third quarter were very weak, partly due to fewer weddings. During this period we had to carry many staff in preparation for a sharp uplift in trade after March 2023. |
Prices in general were stronger during this period having recovered from the impact of Covid and its aftermath. |
The gross profit margin is weaker due to the impact of inflation, and wages are higher due to many personnel leaving the industry and consequently we are having to pay higher hourly wage rates to compensate. |
Overall, the directors are satisfied with the performance for the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Financing and interest rates |
In addition to the cashflows generated from the company's trading activities, the company has access to loans from its parent undertaking and directors. Whilst the company has a small overdraft facility, there is rarely a need to use this. There is an interest rate risk attaching to the bank overdraft, but this is minimal. The company took advantage of the Coronovirus Business Interruption Loan Scheme. The loan is repayable over 6 years and bears interest at a variable rate based on Bank of England base rates. |
The company does not trade in financial instruments and has no other form of derivatives. |
Cashflows |
Under the current economic climate, maintaining cashflow generated from the company's trading activities is of paramount importance. This will be monitored closely to ensure cashflows are sufficient to enable the company to meet its obligations. |
Competition |
Competitive risk exists in all business and customers in the hotel sector are very price sensitive so this sector is exceptionally competitive. The company's objective is to be able to identify such risks at an early stage so that an appropriate strategy can be implemented to reduce that risk. |
ON BEHALF OF THE BOARD: |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of hoteliers and restaurateurs. |
DIVIDENDS |
The total distribution of dividends for the period ended 30 June 2023 amounts to £421,360. |
FUTURE DEVELOPMENTS |
The directors will continue to focus on upgrading the hotel, expanding the services and facilities to diversify the trade. Efforts will also continue towards increasing the core business and expanding the social media profile. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
QUALIFYING THIRD PARTY INDEMNITY PROVISION |
During the financial year and at the time the directors report is approved, a Qualifying Third Party Indemnity Provision for the benefit of the directors remained in force. |
DISCLOSURE IN THE STRATEGIC REPORT |
Certain items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the Strategic Report in accordance with S414C(11) Companies Act 2006. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITLEY HALL HOTEL LIMITED |
Opinion |
We have audited the financial statements of Whitley Hall Hotel Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITLEY HALL HOTEL LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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: |
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims; |
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
- Reviewing minutes of meetings of those charged with governance; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
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 further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITLEY HALL HOTEL LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
278,917 | 476,278 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
320,668 | 573,960 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Deferred tax on revaluation reserve | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Revaluation reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - | ( |
) |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | COMPANY INFORMATION |
Whitley Hall Hotel Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office and principal place of business can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
The figures in the financial statements are rounded to the nearest £. |
These financial statements cover the entity as an individual company. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Significant judgements and estimates |
- Key sources of estimation uncertainty. |
The Company believes that there are no areas of material estimation uncertainty which affect the financial statements. |
- Critical accounting judgements in applying the Company's accounting policies. |
The Company believes that the major judgements applied are: the use of the going concern principle which is based on the belief that the company will have adequate resources to continue in operational existence for the foreseeable future. |
Turnover |
Turnover represents net invoiced sales of services provided, excluding value added tax, in the normal course of business and recognised when services have been rendered. |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
As stated above, the depreciation policy for land and buildings is straight line over 99 years. As the estimated residual value of the hotel land and buildings is considered not to be materially different from its current carrying value, no depreciation has been charged. Depreciation is being charged on a separate freehold property at a rate of 2% per annum. |
Depreciation of assets only commences when the asset is brought into use. |
A formal valuation of the group's freehold interest in Whitley Hall Hotel was last undertaken in July 2013 by Messrs Edward Symmons LLP who valued the hotel on an existing use basis at £5.2m. |
The provisions of Financial Reporting Standard 102 require that a revaluation exercise be carried out with sufficient regularity to ensure that the carrying value of the revalued asset at the reporting date does not differ materially from that which would be determined using fair value at the reporting date. Whilst a formal valuation has not been undertaken in recent years, the directors have had informal discussions with Chartered Surveyors, valuers and agents to ascertain the current market value. Based on those discussions, combined with a review of the current trading position and future trading forecasts produced by the company, the directors have concluded that the current carrying value of the hotel is not materially different from its fair value. In recent years the company has invested heavily in the refurbishment and maintenance of the hotel and its facilities which supports the carrying value of the investment |
Stocks |
Stocks are stated at the lower of cost, using the first in first out method, and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial Assets and Liabilities |
The company's group loans receivable and payable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
Debt instruments which are financing transactions at a rate of interest that is not a market rate. |
Where debt instruments are classified as assets due after more than one year or long term liabilities, then the company measures these at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Where debt instruments are classified as current assets or current liabilities, then there is no present value adjustment to the initial measurement based on amortised cost. |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are included at the lower of cost or net recoverable amount. |
Government grants |
Government grants received which are of a capital nature, are recognised as deferred income in the balance sheet and then credited to the profit and loss account at the same rate as the depreciation charge of the relevant asset. |
Government grants received which are of a revenue nature are credited directly to the profit and loss account. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
All turnover arose in the United Kingdom. |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Staff in hotel operations | 86 | 92 |
Directors and administration | 2 | 2 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Operating leases - plant and machinery |
During the year, the company's parent undertaking, HLW 229 Limited raised management charges amounting to £42,000 (2022: £40,700) which included amounts for providing the services of Mr Broadbent and Mrs Stanley as directors of the company. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
Hire purchase |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances | (2,770 | ) | (11,896 | ) |
Group losses | (20,265 | ) | - |
Total tax charge | 41,307 | 96,772 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax on revaluation reserve | - | 2,872 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax on revaluation reserve | ( |
) | - | (2,774 | ) |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
10. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 June 2023 is represented by: |
Improvements | Fixtures |
Freehold | to | and |
property | property | fittings |
£ | £ | £ |
Valuation in 2008 | 5,000,000 | 500,000 | 500,000 |
Valuation in 2013 | 112,086 | (460,150 | ) | (451,936 | ) |
Cost | 801,616 | 57,094 | 125,003 |
5,913,702 | 96,944 | 173,067 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2008 | - | - | 6,000,000 |
Valuation in 2013 | - | - | (800,000 | ) |
Cost | 22,702 | 89,162 | 1,095,577 |
22,702 | 89,162 | 6,295,577 |
If the property and fixtures had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 4,615,114 | 4,550,656 |
Aggregate depreciation | 1,569,676 | 1,525,299 |
A formal valuation of the group's freehold interest in Whitley Hall Hotel was undertaken in July 2013 by Messrs Edward Symmons LLP who valued the hotel on an existing use basis at £5.2m. |
In accordance with the requirements of FRS 102, provision for deferred taxation has been made in full on the revaluation of fixed assets. |
11. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks - liquor and food |
Stock recognised in cost of sales during the year as an expense was £739,477 (2022 £651,086) |
The total carrying amount of stock is pledged as security for the group's bank borrowings. |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 23,149 | 20,000 |
Tax |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
15. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 28,772 |
Interest is charged at 3% over the Bank's Sterling Base Rate and the loan is repayable over 6 years.. |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The company, together with its parent undertaking have given an Unlimited Multilateral guarantee dated 3 September 2004 to HSBC Bank plc to secure all liabilities of each other. There is a legal right of set off over all balances owed to or by the bank by the group. |
In addition the bank has a Fixed charge over Book Debts, a Floating Charge over all other assets and a First legal charge over the company's licenced Freehold property. |
The groups net indebtedness to HSBC Bank plc at 30 June 2023 amounted to £217,158. |
18. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Revaluation of property |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
18. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 4,107 | 4,107 |
20. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2022 | 4,953,379 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Deferred taxation release | - | - | 2,872 | 2,872 |
At 30 June 2023 | 4,809,675 |
21. | PENSION COMMITMENTS |
During the year, the company has contributed to the personal pension schemes of certain employees. |
The assets of the schemes are held separately from those of the company in independently administered funds. The contributions payable for the year amounted to £28,821 (2022 : £26,149), whilst outstanding contributions amounted to £12,254 (2022 : £7,060) |
22. | ULTIMATE PARENT COMPANY |
The ultimate parent undertaking of the company is HLW 229 Limited who's registered office address is Whitley Hall Hotel, Whitley Hall Elliott Lane, Grenoside, South Yorkshire, S35 8NR. |
The parent undertaking prepares consolidated financial statements which are available from the registered office address. |
WHITLEY HALL HOTEL LIMITED (REGISTERED NUMBER: 01593427) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The advance is interest free and there is no fixed repayment term. The amount is included within debtors. |
24. | RELATED PARTY DISCLOSURES |
Paid management charges to HLW 229 Limited amounting to £42,000 (2022:£40,700). The amount owing to HLW 229 Limited at the year end of (£7,600) (2022: £4,620) is disclosed within trade creditors |
During the year, a total of key management personnel compensation of £ |
25. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr R D V Broadbent, a director and majority shareholder in HLW 229 Limited. |