Company registration number 09421544 (England and Wales)
Cameron Ventures (Priory) Limited
Annual Report and Financial Statements
For the year ended 31 August 2023
Cameron Ventures (Priory) Limited
Contents
Page
Company information
1
Director's report
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Balance sheet
7
Notes to the financial statements
8 - 12
Cameron Ventures (Priory) Limited
Company Information
- 1 -
Director
Mr B A Keane
Secretary
Mrs K R Keane
Company number
09421544
Registered office
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Cameron Ventures (Priory) Limited
Director's Report
For the year ended 31 August 2023
- 2 -

The director presents his annual report and financial statements for the year ended 31 August 2023.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr B A Keane
Mr C R Holmes
(Resigned 6 June 2023)
Auditor

The auditor, Gilberts Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

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 company’s auditor 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 company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr B A Keane
Director
9 April 2024
Cameron Ventures (Priory) Limited
Independent Auditor's Report
To the Member of Cameron Ventures (Priory) Limited
- 3 -
Opinion

We have audited the financial statements of Cameron Ventures (Priory) Limited (the 'company') for the year ended 31 August 2023 which comprise the statement of income and retained earnings, the balance sheet 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 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 director's 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 director 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 director is 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:

Cameron Ventures (Priory) Limited
Independent Auditor's Report (Continued)
To the Member of Cameron Ventures (Priory) Limited
- 4 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Explanations as to what extent 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, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. There are inherent limitations in the audit procedures noted above, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance, miscellaneous receipts and payments testing, journal entry testing, analytical procedures and obtaining additional corroborative evidence as required. In doing so we evaluate whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We recognise that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Cameron Ventures (Priory) Limited
Independent Auditor's Report (Continued)
To the Member of Cameron Ventures (Priory) Limited
- 5 -
We communicated relevant key laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud and non-compliance with laws and regulations throughout the audit.
We did not identify any audit matters relating to irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Amanda Ruggles
Senior Statutory Auditor
For and on behalf of Gilberts Chartered Accountants (Statutory Auditor)
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
9 April 2024
Cameron Ventures (Priory) Limited
Profit and Loss Account
For the year ended 31 August 2023
2023-08-31
- 6 -
2023
2022
£
£
Turnover
1,711,118
1,698,838
Cost of sales
(1,019,459)
(879,872)
Gross profit
691,659
818,966
Administrative expenses
(635,677)
(449,093)
Other operating income
-
0
6,000
Operating profit
55,982
375,873
Interest payable and similar expenses
(79,532)
(79,532)
(Loss)/profit before taxation
(23,550)
296,341
Tax on (loss)/profit
33,120
(103,018)
Profit for the financial year
9,570
193,323
Retained earnings brought forward
709,923
516,600
Retained earnings carried forward
719,493
709,923
Cameron Ventures (Priory) Limited
Balance sheet
For the year ended 31 August 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
76,000
114,000
Tangible assets
4
1,924,146
1,987,876
2,000,146
2,101,876
Current assets
Stocks
13,240
10,262
Debtors
5
972,086
526,782
Cash at bank and in hand
23,762
454,657
1,009,088
991,701
Creditors: amounts falling due within one year
6
(619,469)
(522,861)
Net current assets
389,619
468,840
Total assets less current liabilities
2,389,765
2,570,716
Creditors: amounts falling due after more than one year
7
(1,639,322)
(1,780,431)
Provisions for liabilities
8
(30,850)
(80,262)
Net assets
719,593
710,023
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
719,493
709,923
Total equity
719,593
710,023

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
Mr B A Keane
Director
Company registration number 09421544 (England and Wales)
Cameron Ventures (Priory) Limited
Notes to the Financial Statements
For the year ended 31 August 2023
- 8 -
1
Accounting policies
Company information

Cameron Ventures (Priory) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemption the requirement to present a statement of cash flow and related notes

 

The financial statements of the company are consolidated in the financial statements of Cameron Ventures Hotels Limited . These consolidated financial statements are available from its registered office (address on page 1).

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Hotel accommodation income is recognised for each night as it takes place at the room rate for that night. Food and beverage income is recognised on the day provided to the customer at the price for the items purchased.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Furniture, fixtures and equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cameron Ventures (Priory) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 9 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred 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.

1.10
Retirement benefits

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

Cameron Ventures (Priory) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 10 -
1.11
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.

2
Employees

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

2023
2022
Number
Number
Total
31
29
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
380,000
Amortisation and impairment
At 1 September 2022
266,000
Amortisation charged for the year
38,000
At 31 August 2023
304,000
Carrying amount
At 31 August 2023
76,000
At 31 August 2022
114,000
Cameron Ventures (Priory) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
- 11 -
4
Tangible fixed assets
Freehold property
Furniture, fixtures and equipment
Total
£
£
£
Cost
At 1 September 2022
1,920,917
421,462
2,342,379
Additions
-
0
13,109
13,109
At 31 August 2023
1,920,917
434,571
2,355,488
Depreciation and impairment
At 1 September 2022
168,207
186,296
354,503
Depreciation charged in the year
33,608
43,231
76,839
At 31 August 2023
201,815
229,527
431,342
Carrying amount
At 31 August 2023
1,719,102
205,044
1,924,146
At 31 August 2022
1,752,710
235,166
1,987,876
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
105,540
60,904
Amounts owed by group undertakings
836,000
436,000
Other debtors
30,546
29,878
972,086
526,782
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
50,490
88,652
Amounts owed to group undertakings
56,000
56,000
Taxation and social security
37,555
135,065
Other creditors
475,424
243,144
619,469
522,861
Cameron Ventures (Priory) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
- 12 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
1,139,322
1,280,431
Other creditors
500,000
500,000
1,639,322
1,780,431
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
500,000
500,000
500,000
500,000
Preference shares classified as liabilities
500,000
500,000

The ordinary shares are not redeemable, carry 100% of the voting rights and the holders are entitled to participate in the profits of the company through dividends and in the assets of the company on winding up.

 

The preference shares are redeemable and do not carry any voting rights. The holders are entitled to a fixed cumulative preferential dividend at a rate of 4% per annum. On winding up the holders of the preference shares will be repaid in priority to the holders of the ordinary shares.

10
Financial commitments, guarantees and contingent liabilities

A cross guarantee exists between the company, its parent undertaking and fellow subsidiary undertakings for all bank overdrafts within the group and the bank loan in Cameron Ventures Hotels Limited. At 31 August 2023 the total borrowings in the group were £4,175,000 and these are not expected to result in any loss to the Company.

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