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REGISTERED NUMBER: 05112997 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

HLW229 LIMITED

HLW229 LIMITED (REGISTERED NUMBER: 05112997)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


HLW229 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: R D V Broadbent
Mrs A Stanley
HLW 386 Limited





SECRETARY: R D V Broadbent





REGISTERED OFFICE: Whitley Hall Hotel
Elliott Lane
Grenoside
Sheffield





REGISTERED NUMBER: 05112997 (England and Wales)





AUDITORS: Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report of the company and the group 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 £284,029 (2022: £566,085).on turnover of £4,032,916 (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

The group's primary cash inflows are generated from the subsidiary trading company, Whitley Hall Hotel Limited. That company has a small overdraft facility, but there is rarely a need to use this. There is an interest rate risk attaching to the bank overdraft, but this is minimal.

The group continues to be financed by long term bank loans, which have a further 6 years to run.

The group does not trade in financial instruments and has no other form of derivatives.

Cashflows

The primary cash inflows are derived from the groups trading company, Whitley Hall Hotel Limited. Under the current economic climate, maintaining cashflow is paramount and this will be monitored closely to ensure cashflows are sufficient to enable the group to meet its obligations.


Competition

Competitive risk exists in all business and customers in the hotel sector are very price sensitive and the sector is exceptionally competitive. The group'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 sufficient to enable the group to meet its obligations.

ON BEHALF OF THE BOARD:





R D V Broadbent - Director


27 March 2024

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2023 amounts to £155,820.

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.

R D V Broadbent
Mrs A Stanley
HLW 386 Limited

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

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R D V Broadbent - Director


27 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HLW229 LIMITED

Opinion
We have audited the financial statements of HLW229 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 June 2023 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
HLW229 LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and 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 group or the parent 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
HLW229 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.




Peter Hollis (Senior Statutory Auditor)
for and on behalf of Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

28 March 2024

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

TURNOVER 4 4,032,916 3,631,481

Cost of sales 2,489,763 2,148,207
GROSS PROFIT 1,543,153 1,483,274

Administrative expenses 1,237,929 991,812
305,224 491,462

Other operating income 5 41,282 90,446
OPERATING PROFIT 7 346,506 581,908

Interest receivable and similar income 9,928 11,987
356,434 593,895

Interest payable and similar expenses 8 72,405 27,810
PROFIT BEFORE TAXATION 284,029 566,085

Tax on profit 9 41,307 96,772
PROFIT FOR THE FINANCIAL YEAR 242,722 469,313
Profit attributable to:
Owners of the parent 242,722 469,313

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 242,722 469,313


OTHER COMPREHENSIVE INCOME
Deferred tax on revaluation reserve 2,872 (2,774 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

2,872

(2,774

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

245,594

466,539

Total comprehensive income attributable to:
Owners of the parent 245,594 466,539

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 6,000,383 5,914,810
Investments 13 - -
6,000,383 5,914,810

CURRENT ASSETS
Stocks 14 29,377 40,335
Debtors 15 178,705 247,710
Cash at bank and in hand 1,711,137 1,664,743
1,919,219 1,952,788
CREDITORS
Amounts falling due within one year 16 2,368,021 2,149,506
NET CURRENT LIABILITIES (448,802 ) (196,718 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,551,581

5,718,092

CREDITORS
Amounts falling due after more than one
year

17

(1,243,665

)

(1,497,078

)

PROVISIONS FOR LIABILITIES 21 (232,407 ) (235,279 )
NET ASSETS 4,075,509 3,985,735

CAPITAL AND RESERVES
Called up share capital 22 800 800
Share premium 23 249,000 249,000
Revaluation reserve 23 1,636,106 1,633,234
Capital redemption reserve 23 200 200
Retained earnings 23 2,189,403 2,102,501
SHAREHOLDERS' FUNDS 4,075,509 3,985,735

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





R D V Broadbent - Director


HLW229 LIMITED (REGISTERED NUMBER: 05112997)

COMPANY BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 - -
Investments 13 2,337,447 2,337,447
2,337,447 2,337,447

CURRENT ASSETS
Debtors 15 84,509 82,709
Cash at bank 1,230,736 1,307,353
1,315,245 1,390,062
CREDITORS
Amounts falling due within one year 16 966,086 1,068,156
NET CURRENT ASSETS 349,159 321,906
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,686,606

2,659,353

CREDITORS
Amounts falling due after more than one
year

17

1,087,432

1,293,657
NET ASSETS 1,599,174 1,365,696

CAPITAL AND RESERVES
Called up share capital 22 800 800
Share premium 23 249,000 249,000
Capital redemption reserve 23 200 200
Retained earnings 23 1,349,174 1,115,696
SHAREHOLDERS' FUNDS 1,599,174 1,365,696

Company's profit for the financial year 389,298 44,148

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





R D V Broadbent - Director


HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2021 800 1,780,483 249,000

Changes in equity
Dividends - (147,295 ) -
Total comprehensive income - 469,313 -
Balance at 30 June 2022 800 2,102,501 249,000

Changes in equity
Dividends - (155,820 ) -
Total comprehensive income - 242,722 -
Balance at 30 June 2023 800 2,189,403 249,000
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 July 2021 1,636,008 200 3,666,491

Changes in equity
Dividends - - (147,295 )
Total comprehensive income (2,774 ) - 466,539
Balance at 30 June 2022 1,633,234 200 3,985,735

Changes in equity
Dividends - - (155,820 )
Total comprehensive income 2,872 - 245,594
Balance at 30 June 2023 1,636,106 200 4,075,509

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2021 800 1,218,843 249,000 200 1,468,843

Changes in equity
Dividends - (147,295 ) - - (147,295 )
Total comprehensive income - 44,148 - - 44,148
Balance at 30 June 2022 800 1,115,696 249,000 200 1,365,696

Changes in equity
Dividends - (155,820 ) - - (155,820 )
Total comprehensive income - 389,298 - - 389,298
Balance at 30 June 2023 800 1,349,174 249,000 200 1,599,174

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 699,869 953,506
Interest paid (71,672 ) (27,810 )
Interest element of hire purchase payments
paid

(733

)

-
Tax paid (67,111 ) (1,481 )
Net cash from operating activities 560,353 924,215

Cash flows from investing activities
Purchase of tangible fixed assets (131,090 ) (195,858 )
Sale of tangible fixed assets 2,150 -
Interest received 9,928 11,987
Net cash from investing activities (119,012 ) (183,871 )

Cash flows from financing activities
Loan repayments in year (235,977 ) (256,439 )
Amount withdrawn by directors (3,150 ) (571 )
Grants released - 23,386
Equity dividends paid (155,820 ) (147,295 )
Net cash from financing activities (394,947 ) (380,919 )

Increase in cash and cash equivalents 46,394 359,425
Cash and cash equivalents at beginning of
year

2

1,664,743

1,305,318

Cash and cash equivalents at end of year 2 1,711,137 1,664,743

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 284,029 566,085
Depreciation charges 45,518 35,176
Profit on disposal of fixed assets (2,150 ) -
Government grants - (23,386 )
Finance costs 72,405 27,810
Finance income (9,928 ) (11,987 )
389,874 593,698
Decrease/(increase) in stocks 10,958 (17,285 )
Decrease in trade and other debtors 42,882 53,131
Increase in trade and other creditors 256,155 323,962
Cash generated from operations 699,869 953,506

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 1,711,137 1,664,743
Year ended 30 June 2022
30/6/22 1/7/21
£    £   
Cash and cash equivalents 1,664,743 1,305,318


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/7/22 Cash flow At 30/6/23
£    £    £   
Net cash
Cash at bank and in hand 1,664,743 46,394 1,711,137
1,664,743 46,394 1,711,137
Debt
Finance leases - (17,395 ) (17,395 )
Debts falling due within 1 year (289,298 ) (14,607 ) (303,905 )
Debts falling due after 1 year (1,497,078 ) 267,979 (1,229,099 )
(1,786,376 ) 235,977 (1,550,399 )
Total (121,633 ) 282,371 160,738

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

HLW229 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The figures in the financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The Group financial statements consolidate the financial statements of HLW 229 Limited and its subsidiary undertaking. The Group profit and loss account includes the results of HLW 229 Limited and its subsidiary after intra group trading and profits have been eliminated.

Significant judgements and estimates
- Key sources of estimation uncertainty.

The Group believes that there are no areas of material estimation uncertainty which affect the financial statements.

- Critical accounting judgements in applying the Group's accounting policies.

The Group believes that the major judgements applied are: the use of the going concern principle which is based on the belief that the group 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.

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Straight line over 99 years
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost and Over period of lease
Computer equipment - 33% on cost

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 freehold property 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.

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 Liabilities

The group's bank loans payable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. ACCOUNTING POLICIES - continued
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 group operates a defined contribution pension scheme. Contributions payable to the group'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 group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Operation of a hotel 4,032,916 3,631,481
4,032,916 3,631,481

All turnover arose in the United Kingdom.

5. OTHER OPERATING INCOME
2023 2022
£    £   
Sundry receipts 41,282 67,060
Government COVID-19 grants - 23,386
41,282 90,446

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,603,125 1,383,611
Social security costs 120,940 97,374
Other pension costs 28,821 26,290
1,752,886 1,507,275

The average number of employees during the year was as follows:
2023 2022

Staff in hotel operations 86 92
Directors and administration 2 2
88 94

The average number of employees by undertakings that were proportionately consolidated during the year was 94 (2022 - 94 ) .

2023 2022
£    £   
Directors' remuneration 6,141 10,073
Directors' pension contributions to money purchase schemes - 141

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 1

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 45,517 35,176
Profit on disposal of fixed assets (2,150 ) -
Auditors' remuneration 2,500 2,500
Operating lease payments - plant and machinery 14,100 14,110

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 3,844 2,023
Loan 67,828 25,787
Hire purchase 733 -
72,405 27,810

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

9. 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 41,307 96,772
Tax on profit 41,307 96,772

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 284,029 566,085
Profit multiplied by the standard rate of corporation tax in the UK of
20.495 % (2022 - 19 %)

58,212

107,556

Effects of:
Income not taxable for tax purposes (441 ) -
Utilisation of tax losses (13,690 ) -
Depreciation in excess of capital allowances (2,774 ) (11,896 )
Tax losses carried forward - 1,112
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 - 2,872

2022
Gross Tax Net
£    £    £   
Deferred tax on revaluation reserve (2,774 ) - (2,774 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS

Dividends were paid on A ordinary shares of £60,000, B ordinary shares of £8,570, C ordinary shares of £27,000, D ordinary shares of £22,750 and E ordinary shares of £37,500.

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

12. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST OR VALUATION
At 1 July 2022 5,835,403 91,584 162,902
Additions 78,299 5,360 10,165
Disposals - - -
At 30 June 2023 5,913,702 96,944 173,067
DEPRECIATION
At 1 July 2022 9,938 77,099 109,665
Charge for year 8,818 5,994 16,487
Eliminated on disposal - - -
At 30 June 2023 18,756 83,093 126,152
NET BOOK VALUE
At 30 June 2023 5,894,946 13,851 46,915
At 30 June 2022 5,825,465 14,485 53,237

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 13,800 73,798 6,177,487
Additions 21,902 15,364 131,090
Disposals (13,000 ) - (13,000 )
At 30 June 2023 22,702 89,162 6,295,577
DEPRECIATION
At 1 July 2022 13,800 52,175 262,677
Charge for year 3,186 11,032 45,517
Eliminated on disposal (13,000 ) - (13,000 )
At 30 June 2023 3,986 63,207 295,194
NET BOOK VALUE
At 30 June 2023 18,716 25,955 6,000,383
At 30 June 2022 - 21,623 5,914,810

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

12. TANGIBLE FIXED ASSETS - continued

Group

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 property and fixtures had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,550,656 4,550,656
Aggregate depreciation 1,525,299 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.

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 2,337,447
NET BOOK VALUE
At 30 June 2023 2,337,447
At 30 June 2022 2,337,447

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

13. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Whitley Hall Hotel Limited
Registered office: Whitley Hall, Elliott Lane, Grenoside, Sheffield, S35 8NR
Nature of business: Hoteliers and restaurateurs
%
Class of shares: holding
Ordinary 100.00


14. STOCKS

Group
2023 2022
£    £   
Stocks 29,377 40,335

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.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 20,081 49,945 2,600 12,600
Other debtors 26,651 19,102 21,000 9,200
Directors' current accounts 68,768 65,618 45,619 45,619
Tax 22,878 52,151 15,290 15,290
VAT 19,281 21,903 - -
Prepayments 21,046 38,991 - -
178,705 247,710 84,509 82,709

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 303,905 289,298 253,905 251,053
Hire purchase contracts (see note 19) 2,829 - - -
Trade creditors 228,959 153,218 13,543 8,407
Amounts owed to group undertakings - - 692,998 800,000
Tax 42,370 97,447 - -
Social security and other taxes 33,769 48,597 108 27
VAT - - 422 650
Other creditors 54,097 39,679 108 108
Accruals and deferred income 1,702,092 1,521,267 5,002 7,911
2,368,021 2,149,506 966,086 1,068,156

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 1,229,099 1,497,078 1,087,432 1,293,657
Hire purchase contracts (see note 19) 14,566 - - -
1,243,665 1,497,078 1,087,432 1,293,657

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 303,905 289,298 253,905 251,053
Amounts falling due between one and two years:
Bank loans - 1-2 years 308,814 298,033 258,814 257,733
Amounts falling due between two and five years:
Bank loans - 2-5 years 774,611 828,360 682,944 694,011
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 145,674 370,685 145,674 341,913

The bank loan have maturity dates of June 2026, February 2027 and December 2028. Interest is charged at 3% and 0.9% over the Bank's Sterling Base Rate.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,829 -
Between one and five years 14,566 -
17,395 -

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 14,110 15,392
Between one and five years - 14,110
14,110 29,502

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 1,533,004 1,786,376 1,341,337 1,544,710
Hire purchase contracts 17,395 - - -
1,550,399 1,786,376 1,341,337 1,544,710

The group has given an Unlimited Multilateral Guarantee dated 3 September 2004 to HSBC Bank plc to secure all liabilities.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 debenture dated 3 September 2004 which includes a Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future.

The groups net indebtedness to HSBC Bank plc at 30 June 2023 amounted to £217,158.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Revaluation of property 232,407 235,279

Group
Deferred
tax
£   
Balance at 1 July 2022 235,279
Credit to Income Statement during year (2,872 )
Balance at 30 June 2023 232,407

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
69,997 A Ordinary 0.01 700 700
10,000 B Ordinary 0.01 100 100
3 C, D and E Ordinary 0.01 - -
800 800

Except as otherwise provided in the Articles of Association, the A shares, B shares, C shares, D shares and E shares shall rank pari passu in all respects but constitute separate classes of shares.

The company has an Enterprise Management Incentives Scheme. The scheme allows EMI options to be granted to eligible employees. The company will satisfy the exercise of the options by issuing new shares. Each eligible employee has been granted the option to acquire 4,443 shares at an exercise price of £2.41 or such higher value as may be agreed by the company with HMRC on or after the date of this agreement.

23. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 July 2022 2,102,501 249,000 1,633,234 200 3,984,935
Profit for the year 242,722 242,722
Dividends (155,820 ) (155,820 )
Deferred tax release - - 2,872 - 2,872
At 30 June 2023 2,189,403 249,000 1,636,106 200 4,074,709

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2022 1,115,696 249,000 200 1,364,896
Profit for the year 389,298 389,298
Dividends (155,820 ) (155,820 )
At 30 June 2023 1,349,174 249,000 200 1,598,374


HLW229 LIMITED (REGISTERED NUMBER: 05112997)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

24. 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
£    £   
R D V Broadbent
Balance outstanding at start of year 45,619 47,048
Amounts repaid - (1,429 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,619 45,619

The advance is interest free and there is no fixed repayment term. The amount is included within other debtors.

25. RELATED PARTY DISCLOSURES

Invoiced management charges to Whitley Hall Hotel Limited amounted to £42,00 (2022:£40,550). The amount owed by Whitley Hall Hotel Limited at the year end of £2,600 (2022: £12,600) is disclosed within trade debtors.

During the year, a total of key management personnel compensation of £ 115,417 (2022 - £ 128,193 ) was paid.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R D V Broadbent, a director and majority shareholder of HLW229 Limited