Company registration number 09954428 (England and Wales)
BROADHALL (COLDRA WOODS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BROADHALL (COLDRA WOODS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
BROADHALL (COLDRA WOODS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,810,520
8,959,866
Current assets
Debtors
4
807,868
410
Cash at bank and in hand
198,879
139,519
1,006,747
139,929
Creditors: amounts falling due within one year
5
(12,916,178)
(9,099,695)
Net current liabilities
(11,909,431)
(8,959,766)
Total assets less current liabilities
2,901,089
100
Creditors: amounts falling due after more than one year
6
(2,900,989)
Net assets
100
100
Capital and reserves
-
-
Called up share capital
100
100
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 22 April 2024 and are signed on its behalf by:
Mr D C Matthews
Director
Company registration number 09954428 (England and Wales)
BROADHALL (COLDRA WOODS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
£
Balance at 1 January 2022
100
Year ended 31 December 2022:
Profit and total comprehensive income
-
Balance at 31 December 2022
100
Year ended 31 December 2023:
Profit and total comprehensive income
-
Balance at 31 December 2023
100
BROADHALL (COLDRA WOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Broadhall (Coldra Woods) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coldra Woods, The Coldra, Catsash, Newport, NP18 1HQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 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 exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of The Celtic Manor Resort Limited. These consolidated financial statements are available from its registered office, Celtic Manor Resort, Coldra Woods, Newport, United Kingdom, NP18 1HQ.
1.2
Going concern
The directors have adopted the going concern basis in preparing the accounts, notwithstanding net current liabilities of £11,909,431 (2022: £8,959,766). The company has net assets at the year end of £100 (2022: £100). It should be noted that of the year end balance of £12,916,178 (2022: £9,099,695true) for creditors falling due within one year, £11,132,433 (2022: £9,058,369) is due to The Celtic Manor Resort Limited, which is the parent company at the current year end and was one of the joint venture partners at the prior year end. Therefore the company is reliant on the continued support of its immediate parent company. As with any company placing reliance on related entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The parent company, The Celtic Manor Resort Limited, has confirmed that they will provide such financial support as is required to enable the company to meet its obligations as they fall due, for at least the next twelve months from the date of approval of these financial statements and thereafter for the foreseeable future.
1.3
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.
BROADHALL (COLDRA WOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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:
Assets under construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
BROADHALL (COLDRA WOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Assets under construction
£
Cost
At 1 January 2023
8,959,866
Additions
5,850,654
At 31 December 2023
14,810,520
Depreciation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
14,810,520
At 31 December 2022
8,959,866
Freehold land and buildings with a carrying amount of £1,578,716 have been pledged to secure borrowings in one of the joint venture entities. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
807,868
410
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,783,745
41,326
Amounts owed to group undertakings
11,132,433
Amounts owed to joint venture partners
9,058,369
12,916,178
9,099,695
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,900,989
BROADHALL (COLDRA WOODS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
Date of audit report:
22 April 2024
8
Related party transactions
At the year end the company owed £11,132,433 (2022: £9,058,369) to The Celtic Manor Resort Limited, this amount being included within creditors due within one year. This balance is net of £100 (2022: £50) owed by The Celtic Manor Resort Limited in relation to unpaid share capital. The Celtic Manor Resort Limited is the parent company at the current year end and was one of the joint venture partners at the prior year end when the company was a jointly controlled entity.
At the year end the company was owed £nil (2022: £50) by Broadhall Limited in relation to unpaid share capital, this amount being included within debtors due within one year. Broadhall Limited was one of the joint venture partners at the prior year end when the company was a jointly controlled entity.
9
Parent company
The company's parent company is The Celtic Manor Resort Limited, a company incorporated in England & Wales.
The ultimate parent company is Wesley Clover International Incorporation, a company incorporated in Canada.
The Celtic Manor Resort Limited is the parent of the smallest group of which the company is a member and for which group financial statements are prepared; Welsey Clover International Corporation is the parent of the largest group of which the company is a member and for which group financial statements are prepared.
The Celtic Manor Resort Limited's financial statements are available from the registered office, The Celtic Manor Resort Limited, Coldra Woods, Newport, United Kingdom, NP18 1HQ.
The directors consider Sir T H Matthews to be the ultimate controlling party; he is the principal shareholder of the ultimate parent company.