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Registration number: 12884487

WithinR Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 November 2023

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

WithinR Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Statement of Income and Retained Earnings

10

Consolidated Statement of Financial Position

11

Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 29

 

WithinR Holdings Limited

Company Information

Directors

Mrs J M Flaherty

Mr P D Flaherty

Registered office

1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

Auditor

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

WithinR Holdings Limited

Strategic Report for the Year Ended 30 November 2023

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

Fair review of the business

WithinR Holdings Limited is the holding company of two wholly owned subsidairies, Godstone Farm Limited and Borderton Limited.

At Godstone Farm visitors can enjoy viewing approximately 500 animals and experience both indoor and outdoor play areas, alongside regular seasonal events. The operation consists of a primary revenue stream through entrance tickets and secondary revenues coming from food & beverage, retail and specific event sales. Godstone Farm Limited has contributed £3.24m turnover to WithinR Holdings, this follows significant investment following the business’ growth strategy.

In June 2023 Godstone Farm opened Surrey’s largest indoor play centre together with a new shop & entrance and a new animal barn. These facilities have been long awaited as Godstone Farm continues to experience the rise of competition from other farm parks, and other entertainment offers in the local area all demanding a spend from the disposable income of families. In the remaining months of the trading year the opening of these new offers saw a rise in footfall of 24% on the previous year, and with additional food and retail facilities the farm has driven an increase in secondary Spend Per Head (SPH) of 30p. The new gift shop is now part of the exit route out of the farm and together with the addition of a café within the indoor play centre has delivered an additional £126,000 of combined revenue.

Borderton owns two investment properties which currently generate rental income of £37,000 per annum.

The Directors are pleased to note the overall turnover of the group has increased from £2.8m to £3.3m (18%) year on year and can see from current forecasts that the business will continue to see steady growth. The Directors are happy to report that due to careful cost control and operational efficiencies the EBITDA conversion of the business for the 2022/2023 trading year was 32% which is higher than many other businesses in the industry. {Information from National Farm Attractions Network}.

The Directors are very satisfied with the performance of the group and look ahead positively to continued growth through finetuning the commerciality of Godstone Farm. The Directors monitor key non financial performance indicators and were delighted to see year end customer satisfaction scores sitting over 8/10 which is a strong performance within the context of the industry.

Financial KPIs

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Turnover

£000's

3,277

2,835

Gross Profit Margin

%

62

64

Net Profit Before Tax

£000's

957

867

Net Profit Margin

%

29

31

 

WithinR Holdings Limited

Strategic Report for the Year Ended 30 November 2023

Principal risks and uncertainties

The management of the business and the execution of the group’s strategy are subject to a number of risks.

The key business risks and uncertainties affecting the group are considered to relate to the current cost of living pressures, rising competition in the local area and potential outbreaks of zoonotic diseases.

The group’s principal financial instruments comprise bank balances and trade creditors. The main purpose of these instruments is to finance the group's operations and, together with the retention of profits, to provide the necessary funding for growth.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Operational risk

Operational risk is caused by failures in business processes or the systems or physical infrastructure that support them that have the potential to result in financial loss or reputation damage. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts such as fraud.

The directors impose continuing self assessment and appraisals along with continually seeking to improve its operating efficiencies and standards. The directors endeavour to limit cost increases wherever possible and actively negotiate best terms with their major suppliers. The group governs its own price risk based on the directors' expectations for the company.

Credit risk

Credit risk is the risk that counter-parties will not be able to meet their obligations as they fall due. The group closely monitors outstanding debts from all sources resulting in minimal exposure.

Market risk

Although the directors are aware that the business may have some exposure to the current climate, the directors feel their reputation and position in the South East ensures it is not exposed to significant market risk.

Foreign currency risk

As the group only deals in sterling it is not exposed to foreign currency risk.

Future developments

The business continues to invest in repairs and maintenance across the farm attraction to ensure it can stay ahead of competition. The business also continues to cement its “breadth of offer messaging” through marketing campaigns, this showcases its wide variety of activities both indoor and outdoors with the intention of driving future increases in footfall during shoulder periods such as winter months and term time periods.

Approved by the Board on 27 June 2024 and signed on its behalf by:

.........................................
Mrs J M Flaherty
Director

 

WithinR Holdings Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the for the year ended 30 November 2023.

Directors of the group

The directors who held office during the year were as follows:

Mrs J M Flaherty

Mr P D Flaherty

Dividends

No dividends were paid in the year (2022 : £Nil). No final dividend is proposed.

Information included in the Strategic Report

The company has chosen in accordance with section 414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial risk management, exposure and future developments.

Directors' liabilities

The company has purchased Directors’ and Officers’ liability Insurance for Directors and Officers as permitted by section 233 of the Companies Act 2006.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 27 June 2024 and signed on its behalf by:

.........................................
Mrs J M Flaherty
Director

 

WithinR Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

 

WithinR Holdings Limited

Independent Auditor's Report to the Members of
WithinR Holdings Limited

Qualified opinion

We have audited the financial statements of WithinR Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023, which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the group's and the company's affairs as at 30 November 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 qualified opinion on financial statements

We were not appointed as auditor of the company until after 30 November 2022 and thus we did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £78,868 held at 30 November 2022. Consequently we were unable to determine whether any adjustment to this amount at 30 November 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 30 November 2023.

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 qualified opinion

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

WithinR Holdings Limited

Independent Auditor's Report to the Members of
WithinR Holdings Limited

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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 matters

The comparative figures are unaudited.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our 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 and the Directors' Report.

Arising solely from the limitation of scope of our work relating to inventory referred to above:

we have not obtained all the information and explanations that we consider necessary for the purposes of our audit, and

we were unable to determine whether adequate accounting records have been kept.

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:

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 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

 

WithinR Holdings Limited

Independent Auditor's Report to the Members of
WithinR Holdings Limited

Auditor 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.

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

Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, environmental legislation, health and safety legislation, anti-bribery legislation, data protection legislation and agricultural legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the Group is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

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, collusion, omission, misrepresentation or forgery.

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 auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

WithinR Holdings Limited

Independent Auditor's Report to the Members of
WithinR Holdings Limited

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of
Brebners, Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

27 June 2024

 

WithinR Holdings Limited

Consolidated Statement of Income and Retained Earnings for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

3

3,277,331

2,834,979

Cost of sales

 

(1,242,747)

(992,308)

Gross profit

 

2,034,584

1,842,671

Administrative expenses

 

(1,212,052)

(975,625)

Operating profit

5

822,532

867,046

Other interest receivable and similar income

6

6,688

191

Interest payable and similar charges

7

20

(19)

 

6,708

172

Share of profit of equity accounted investees

 

128,027

-

Profit before tax

 

957,267

867,218

Taxation

10

(216,049)

(185,375)

Profit for the financial year

 

741,218

681,843

Profit/(loss) attributable to:

 

Owners of the company

 

741,218

681,843

Retained earnings brought forward

 

4,981,312

4,299,469

Retained earnings carried forward

 

5,722,530

4,981,312

 

WithinR Holdings Limited

Consolidated Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

8,323,037

5,543,258

Investment property

13

700,000

700,000

Investments

14

28,077

50

 

9,051,114

6,243,308

Current assets

 

Stocks

15

103,261

78,868

Debtors

16

195,089

69,393

Cash at bank and in hand

 

572,797

721,663

 

871,147

869,924

Creditors: Amounts falling due within one year

18

(812,376)

(1,570,292)

Net current assets/(liabilities)

 

58,771

(700,368)

Total assets less current liabilities

 

9,109,885

5,542,940

Provisions for liabilities

19

(887,253)

(561,426)

Net assets

 

8,222,632

4,981,514

Capital and reserves

 

Called up share capital

21

2,500,000

100

Capital redemption reserve

50

50

Other reserves

52

52

Retained earnings

5,722,530

4,981,312

Equity attributable to owners of the company

 

8,222,632

4,981,514

Shareholders' funds

 

8,222,632

4,981,514

Approved and authorised by the Board on 27 June 2024 and signed on its behalf by:
 

.........................................

Mrs J M Flaherty
Director

Company registration number: 12884487

 

WithinR Holdings Limited

Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

14

28,175

148

Current assets

 

Debtors

16

2,599,900

-

Cash at bank and in hand

 

2

2

 

2,599,902

2

Creditors: Amounts falling due within one year

18

(50)

(50)

Net current assets/(liabilities)

 

2,599,852

(48)

Net assets

 

2,628,027

100

Capital and reserves

 

Called up share capital

21

2,500,000

100

Retained earnings

128,027

-

Shareholders' funds

 

2,628,027

100

The company made a profit after tax for the financial year of £128,027 (2022 - £Nil).

Approved and authorised by the Board on 27 June 2024 and signed on its behalf by:
 

.........................................
Mrs J M Flaherty
Director

Company registration number: 12884487

 

WithinR Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 November 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

Total equity
£

At 1 December 2022

100

50

52

4,981,312

4,981,514

4,981,514

Profit for the year

-

-

-

741,218

741,218

741,218

New share capital subscribed

2,499,900

-

-

-

2,499,900

2,499,900

At 30 November 2023

2,500,000

50

52

5,722,530

8,222,632

8,222,632

Share capital
£

Capital redemption reserve
£

Other reserves
£

Retained earnings
£

Total
£

Total equity
£

At 1 December 2021

100

-

52

4,299,469

4,299,621

4,299,621

Profit for the year

-

-

-

681,843

681,843

681,843

Other capital redemption reserve movements

-

50

-

-

50

50

At 30 November 2022

100

50

52

4,981,312

4,981,514

4,981,514

 

WithinR Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

741,218

681,843

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

165,607

78,827

Loss on disposal of tangible assets

4

-

2,496

Profit from disposals of investments

4

-

(3,498)

Finance income

(6,688)

(190)

Finance costs

(20)

20

Share of profit/loss of equity accounted investees

 

(164,783)

-

Income tax expense

10

216,049

185,375

 

951,383

944,873

Working capital adjustments

 

Increase in stocks

 

(24,393)

(12,455)

(Increase)/decrease in trade and other debtors

 

(2,409,931)

335,309

Increase in trade and other creditors

 

1,845,126

107,493

Cash generated from operations

 

362,185

1,375,220

Income taxes paid

 

(73,273)

(14,768)

Net cash flow from operating activities

 

288,912

1,360,452

Cash flows from investing activities

 

Interest received

6,688

190

Acquisitions of tangible assets

(2,944,386)

(2,247,672)

Proceeds from sale of investments

 

-

131,937

Net cash flows from investing activities

 

(2,937,698)

(2,115,545)

Cash flows from financing activities

 

Interest paid

20

(20)

Proceeds from issue of ordinary shares, net of issue costs

 

2,499,900

-

Net cash flows from financing activities

 

2,499,920

(20)

Net decrease in cash and cash equivalents

 

(148,866)

(755,113)

Cash and cash equivalents at 1 December

 

721,663

1,476,776

Cash and cash equivalents at 30 November

 

572,797

721,663

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is a holding company and the principal activity of the group is that of the operation of a children's farm attraction.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November each year.

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The group made a profit for the year ended 30 November 2023 and had net assets at that date amounting to £8,222,632 including cash at bank of £572,797.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainties provide a risk of causing a material adjustment to the carrying values of assets and liabilities.

Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The company exercises judgement to determine these useful lives and residual values.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The group recognises turnover from entrance fees on the date of admission and from shop and catering sales at the point of sale.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance

Furniture, fittings & equipment

20% straight line

Freehold buildings

2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Ticket and retail outlet sales

3,231,055

2,787,378

Livestock sales

9,276

10,601

Rental income from investment properties

37,000

37,000

3,277,331

2,834,979

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Loss on disposal of tangible assets

-

(2,496)

5

Operating profit

Arrived at after charging/(crediting):

2023
£

2022
£

Depreciation expense

165,607

55,095

Amortisation expense

-

23,732

Foreign exchange gains

-

(3,497)

Operating lease expense - plant and machinery

-

3,104

Loss on disposal of property, plant and equipment

-

2,496

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

6,688

191

7

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

(20)

19

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

8

Staff costs

The aggregate payroll costs were as follows:

2023
£

2022
£

Wages and salaries

1,038,539

863,964

Social security costs

60,778

51,821

Pension costs, defined contribution scheme

12,496

9,188

1,111,813

924,973

The average number of persons employed by the group during the year, analysed by category, was as follows:

2023
No.

2022
No.

Management

9

7

Retail and catering

37

24

Clerical

2

1

Operations

85

81

133

113

9

Auditor's remuneration

2023
£

2022
£

Audit of these financial statements

1,000

-

Audit of the financial statements of subsidiaries of the company pursuant to legislation

15,500

-

16,500

-

Other fees to auditors

Taxation compliance services

2,500

-


 

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

10

Taxation

Tax charged/(credited) in the consolidated income statement

2023
£

2022
£

Current taxation

UK corporation tax

5,885

73,273

Deferred taxation

Arising from origination and reversal of timing differences

210,164

112,102

Tax expense in the income statement

216,049

185,375

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

957,267

867,218

Corporation tax at standard rate

239,317

164,771

Tax decrease from effect of capital allowances and depreciation

(200,225)

(96,739)

Tax increase from other short-term timing differences

325,827

112,102

Tax decrease from effect of unrelieved tax losses carried forward

(115,663)

-

(Decrease)/increase from effect of different UK tax rates on some earnings

(1,200)

5,487

Effect of expense not deductible in determining taxable profit (tax loss)

-

(246)

Decrease from effect of joint-ventures and associates results reported net of tax

(32,007)

-

Total tax charge

216,049

185,375

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

887,253

Taxable losses carried forward

115,663

-

115,663

887,253

2022

Asset
£

Liability
£

Accelerated capital allowances

-

561,426

-

561,426

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

1,000,000

1,000,000

At 30 November 2023

1,000,000

1,000,000

Amortisation

At 1 December 2022

1,000,000

1,000,000

At 30 November 2023

1,000,000

1,000,000

Carrying amount

At 30 November 2023

-

-

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 December 2022

5,415,854

494,170

123,247

6,033,271

Additions

2,504,153

240,595

199,639

2,944,387

Transfers

(75,000)

-

75,000

-

At 30 November 2023

7,845,007

734,765

397,886

8,977,658

Depreciation

At 1 December 2022

50,971

338,209

99,834

489,014

Charge for the year

64,507

66,844

34,256

165,607

At 30 November 2023

115,478

405,053

134,090

654,621

Carrying amount

At 30 November 2023

7,729,529

329,712

263,796

8,323,037

At 30 November 2022

5,363,884

155,961

23,413

5,543,258

13

Investment properties

Group

2023
£

Fair Value

At 1 December 2022 and 30 November 2023

700,000

The investment property is included at fair value as estimated by the directors at 30 November 2023 at an amount of £700,000.

14

Investments

Company

2023
£

2022
£

Investments in subsidiaries

98

98

Investments in joint ventures

28,077

50

28,175

148

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Subsidiaries

£

Cost or valuation

At 1 December 2022 and 30 November 2023

98

Carrying amount

At 30 November 2023

98

At 30 November 2022

98

Joint ventures

£

Group

Cost

At 1 December 2022

50

Share of profit

128,027

Dividends received

(100,000)

At 30 November 2023

28,077

Carrying amount

At 30 November 2023

28,077

At 30 November 2022

50


 

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Godstone Farm Limited

1 Suffolk Way, Sevenoaks, Kent,

ordinary

100%

100%

Borderton Limited

Glen Cottage, Butlers Dene Road, Woldingham, Surrey

ordinary

100%

100%

Joint ventures

Godstone Farm Day Nursery Limited

Thrift Farm, Buckingham Road, Whaddon, Milton Keynes

ordinary

50%

50%

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Subsidiary undertakings

Godstone Farm Limited

The principal activity of Godstone Farm Limited is the operation of a childrens' farm attraction.

All subsidiaries are included in the consolidated results for the year.

Borderton Limited

The principal activity of Borderton Limited is property investment.

All subsidiaries are included in the consolidated results for the year.

Joint ventures

Godstone Farm Day Nursery Limited

The principal activity of Godstone Farm Day Nursery Limited is the operation of childrens' day nursery. It's latest financial period end is 31 July 2023.

15

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Finished goods and goods for resale

103,261

78,868

-

-

16

Debtors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Trade debtors

18,234

6,720

-

-

Amounts owed by group undertakings

-

-

2,599,900

-

Other debtors

1,313

29,898

-

-

Prepayments

59,879

32,775

-

-

Deferred tax assets

115,663

-

-

-

195,089

69,393

2,599,900

-

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

17

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

3,647

1,938

-

-

Cash at bank

331,137

297,045

2

2

Short-term deposits

238,013

422,680

-

-

572,797

721,663

2

2

18

Creditors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Due within one year

Trade creditors

186,280

115,763

-

-

Social security and other taxes

95,952

14,709

-

-

Other payables

298,414

1,231,227

50

50

Accruals

225,845

135,320

-

-

Corporation tax liability

5,885

73,273

-

-

812,376

1,570,292

50

50

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 December 2022

561,426

561,426

Increase (decrease) in existing provisions

325,827

325,827

At 30 November 2023

887,253

887,253

20

Pension and other schemes

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £12,496 (2022 - £9,188).

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

21

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

1,249,950

1,249,950

50

50

Ordinary B of £1 each

1,249,950

1,249,950

50

50

Ordinary C of £1 each

6

6

-

-

Ordinary D of £1 each

6

6

-

-

Ordinary E of £1 each

6

6

-

-

Ordinary F of £1 each

6

6

-

-

Ordinary G of £1 each

1

1

-

-

Ordinary H of £1 each

1

1

-

-

Ordinary I of £1 each

1

1

-

-

Ordinary J of £1 each

1

1

-

-

Ordinary K of £1 each

1

1

-

-

Ordinary L of £1 each

1

1

-

-

Ordinary M of £1 each

1

1

-

-

Ordinary N of £1 each

1

1

-

-

Ordinary O of £1 each

1

1

-

-

Ordinary P of £1 each

1

1

-

-

Ordinary Q of £1 each

1

1

-

-

Ordinary R of £1 each

11

11

-

-

Ordinary S of £1 each

11

11

-

-

Ordinary T of £1 each

11

11

-

-

Ordinary U of £1 each

11

11

-

-

Ordinary V of £1 each

11

11

-

-

Ordinary W of £1 each

10

10

-

-

 

2,500,000

2,500,000

100

100

During the year 2,499,900 ordinary shares of differing classes were allotted and issued at par for an amount of £2,499,900.

There are no restrictions on the repayment or capital or the payment of dividends. Each class of share capital carries equal voting rights.

22

Related party transactions

Group

Summary of transactions with subsidiaries

Exemption has been taken under FRS 102 paragraph 33.1A not to disclose transactions or amounts falling due between companies that are wholly owned within the group.

 

WithinR Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Company

Summary of transactions with joint ventures

During the year dividends totalling £100,000 were received from joint ventures in which the group holds an interest.