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Registered number: 02949110









POSTE HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

 
POSTE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
L O Hoskins (died 15 March 2023)
D S Landry (appointed 27 March 2023)




Company secretary
D S Landry



Registered number
02949110



Registered office
The George Hotel
Stamford

Lincolnshire

PE9 2LB




Independent auditors
Lakin Rose Ltd
Chartered Accountants & Statutory Auditors

Cambridge House

Camboro Business Park

Girton

Cambridge

CB3 0QH





 
POSTE HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Consolidated statement of comprehensive income
 
 
9
Consolidated statement of financial position
 
 
10 - 11
Company statement of financial position
 
 
12
Consolidated statement of changes in equity
 
 
13 - 14
Company statement of changes in equity
 
 
15
Consolidated statement of cash flows
 
 
16 - 17
Consolidated analysis of net debt
 
 
18
Notes to the financial statements
 
 
19 - 39


 
POSTE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

Review of the business and future developments.
 
The year was again without the restrictions imposed following the Covid19 pandemic and we have enjoyed a full year of trading,  but with the sad loss of Lawrence Hoskins, our Owner and Managing Director since Poste Hotels Ltd was incorporated in 1968.  The activity of the company will continue unabated under the guidance of Andrea Hoskins. 
During the year, the group’s turnover has increased by £231,228 (2022: increase of £2,247,237) in the 52 week period; an increase of 2.96% (2022: increase of 40.5%) on the performance in the prior period.
We have a committed workforce who we encourage to share ideas for improving the business and its processes. We are also conscious of our environmental responsibilities and train our staff in the same policies.
The Hotel has made a profit before tax for the 52 week period of £619,049 (2022: £924,056).
In summary the key performance indicators we use to monitor business performance are as follows:
• Turnover growth; and
• Gross profit margin.
The Group has a strong balance sheet with net assets standing at £13,645,502 at 29 October 2023 (2022:
£13,610,110).
There are no principal risks or uncertainties facing our business, other than those normally encountered within our industry.  The company will continue to offer consistent levels of excellent service and food, to retain existing customers and to attract new ones.

Employee involvement
 
 The group's policy is to consult and discuss with employees matters likely to affect employees' interests.
Information of matters of concern to employees is given through regular company communication meetings,
information memoranda and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Disabled employees
 
The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary
assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure
suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining
employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Page 1

 
POSTE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

Business risks
 
a. Treasury operations
The group’s finance function is responsible for managing the liquidity and interest risks associated with the
activities. The group currently has both a bank loan and overdraft facility. In addition, the group has
various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the
operations of the business.
b. Liquidity risk
The group’s finance function manages liquidity risk to maximise interest income and minimise interest
expense, whilst ensuring that the group has sufficient liquid resources to meet the operating needs of its
business.
c. Interest rate risk
The group is exposed to fair value interest rate risk on its borrowings and overdraft. The finance function
manages this risk by liaising with the group’s bank to agree the best rate available on a frequent basis.
d. Foreign currency risk
The group does not trade with any customers outside of the U.K. and trade with overseas suppliers is
minimal and hence the group is not exposed to any significant foreign currency risk.
e. Credit risk
Investment of cash surpluses are made with the group’s main bankers. Receivable balances are monitored
on an on-going basis and provision is made for doubtful debts where necessary.


This report was approved by the board and signed on its behalf.



................................................
D S Landry
Director

Date: 26 July 2024

Page 2

 
POSTE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

The directors present their report and the financial statements for the 52 weeks ended 29 October 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company continued to be that of a holding company for the Poste Hotels Group.
The principal acitivty of the group continued to be that of hoteliers and restauranteurs, based at The George Hotel of Stamford.

Results and dividends

The profit for the 52 weeks, after taxation and minority interests, amounted to £289,686 (2022 - £478,893).

An interim dividend of £52,507 (2022: £52,107) was paid during the 52 week period.

Directors

The directors who served during the 52 weeks were:

L O Hoskins (died 15 March 2023)
D S Landry (appointed 27 March 2023)

Page 3

 
POSTE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsLakin Rose Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 July 2024 and signed on its behalf.
 





................................................
D S Landry
Director

Page 4

 
POSTE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSTE HOLDINGS LIMITED
 

Opinion

We have audited the financial statements of Poste Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the 52 weeks ended  29 October 2023 which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statements of changes in equity and the 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 FRS 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's affairs as at 29 October 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 Auditor’s responsibilities for the audit of the financial statements section of our report.  We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and 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 director's with respect to going concern are described in the relevant sections of this report.
Page 5

 
POSTE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSTE HOLDINGS LIMITED (CONTINUED)


Other information

The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the Annual report and financial statements.  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 the audit:
the information given in the Group strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's’ 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 director's’ responsibilities statement set out on page 3, the director's 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 director's 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 director's 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 director's either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. 

Page 6

 
POSTE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSTE HOLDINGS LIMITED (CONTINUED)


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. 

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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the Group and parent company’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team and involving relevant internal specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
 
We also obtained an understanding of the legal and regulatory frameworks that the group and parent company operate in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation.
 
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group and parent company’s ability to operate or to avoid a material penalty. We identified no such laws and regulations applicable to the company.
 

 
Page 7

 
POSTE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POSTE HOLDINGS LIMITED (CONTINUED)


Audit response to risks identified
 
As a result of performing the above, we identified revenue recognition as a key audit risk related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance;
obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities is available 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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



N Peacock (Senior statutory auditor)
  
for and on behalf of
Lakin Rose Ltd
 
Chartered Accountants
Statutory Auditors
  
Cambridge House
Camboro Business Park
Girton
Cambridge
CB3 0QH

29 July 2024
Page 8

 
POSTE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
Note
£
£

  

Turnover
 4 
8,029,108
7,797,880

Cost of sales
  
(1,800,853)
(1,728,930)

Gross profit
  
6,228,255
6,068,950

Administrative expenses
  
(5,572,552)
(5,104,391)

Other operating income
 5 
-
11,880

Operating profit
 6 
655,703
976,439

Interest receivable and similar income
 10 
23,419
1,070

Interest payable and similar expenses
 11 
(59,879)
(53,453)

Profit before taxation
  
619,243
924,056

Tax on profit
 12 
(166,184)
(172,684)

Profit for the financial 52 weeks
  
453,059
751,372

  

Total comprehensive income for the 52 weeks
  
453,059
751,372

Profit for the 52 weeks attributable to:
  

Non-controlling interests
  
163,373
272,479

Owners of the parent Company
  
289,686
478,893

  
453,059
751,372

Total comprehensive income for the 52 weeks attributable to:
  

Non-controlling interest
  
163,373
272,479

Owners of the parent Company
  
289,686
478,893

  
453,059
751,372

The notes on pages 19 to 39 form part of these financial statements.

Page 9

 
POSTE HOLDINGS LIMITED
REGISTERED NUMBER: 02949110

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
18,306,016
18,383,275

  
18,306,016
18,383,275

Current assets
  

Stocks
 15 
227,382
213,677

Debtors: amounts falling due within one year
 16 
77,177
124,925

Cash at bank and in hand
 17 
1,474,754
452,118

  
1,779,313
790,720

Creditors: amounts falling due within one year
 18 
(1,598,332)
(2,172,104)

Net current assets/(liabilities)
  
 
 
180,981
 
 
(1,381,384)

Total assets less current liabilities
  
18,486,997
17,001,891

Creditors: amounts falling due after more than one year
 19 
(1,484,633)
(40,787)

Provisions for liabilities
  

Deferred taxation
 21 
(3,356,862)
(3,350,994)

  
 
 
(3,356,862)
 
 
(3,350,994)

Net assets
  
13,645,502
13,610,110


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Revaluation reserve
 23 
4,126,929
4,126,929

Profit and loss account
 23 
4,925,548
4,688,433

Equity attributable to owners of the parent Company
  
9,053,477
8,816,362

Non-controlling interests
  
4,592,025
4,793,748

  
13,645,502
13,610,110


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D S Landry
Director
Page 10

 
POSTE HOLDINGS LIMITED
REGISTERED NUMBER: 02949110
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 OCTOBER 2023


Date: 26 July 2024

The notes on pages 19 to 39 form part of these financial statements.

Page 11

 
POSTE HOLDINGS LIMITED
REGISTERED NUMBER: 02949110

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
3,472,795
3,472,795

  
3,472,795
3,472,795

  

Creditors: amounts falling due within one year
 18 
-
(1,754,207)

Net current assets/(liabilities)
  
 
 
-
 
 
(1,754,207)

Total assets less current liabilities
  
3,472,795
1,718,588

  

  

Net assets
  
3,472,795
1,718,588


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Profit and loss account brought forward
  
1,717,588
1,717,588

Profit for the 52 weeks
  
1,806,777
52,107

Other changes in the profit and loss account

  

(52,570)
(52,107)

Profit and loss account carried forward
  
3,471,795
1,717,588

  
3,472,795
1,718,588


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D S Landry
Director

Date: 26 July 2024

The notes on pages 19 to 39 form part of these financial statements.

Page 12

 

 
POSTE HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023



Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 31 October 2021
1,000
4,126,929
4,261,647
8,389,576
5,121,269
13,510,845



Comprehensive income for the 53 weeks


Profit for the 53 weeks

-
-
478,893
478,893
272,479
751,372

Total comprehensive income for the period
-
-
478,893
478,893
272,479
751,372



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(52,107)
(52,107)
(600,000)
(652,107)



Total transactions with owners
-
-
(52,107)
(52,107)
(600,000)
(652,107)





At 30 October 2022
1,000
4,126,929
4,688,433
8,816,362
4,793,748
13,610,110



Comprehensive income for the 52 weeks


Profit for the 52 weeks

-
-
289,686
289,686
163,373
453,059

Total comprehensive income for the 52 weeks
-
-
289,686
289,686
163,373
453,059



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(52,571)
(52,571)
(365,096)
(417,667)
Page 13

 

 
POSTE HOLDINGS LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023




Total transactions with owners
-
-
(52,571)
(52,571)
(365,096)
(417,667)



At 29 October 2023
1,000
4,126,929
4,925,548
9,053,477
4,592,025
13,645,502



The notes on pages 19 to 39 form part of these financial statements.

Page 14

 

 
POSTE HOLDINGS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 26 October 2020
1,000
1,717,588
1,718,588



Comprehensive income for the 53 weeks


Profit for the 53 weeks

-
52,107
52,107



Contributions by and distributions to owners


Dividends: Equity capital
-
(52,107)
(52,107)



Total transactions with owners
-
(52,107)
(52,107)





At 31 October 2021
1,000
1,717,588
1,718,588



Comprehensive income for the period


Profit for the 52 weeks

-
1,806,777
1,806,777



Contributions by and distributions to owners


Dividends: Equity capital
-
(52,570)
(52,570)



Total transactions with owners
-
(52,570)
(52,570)



At 29 October 2023
1,000
3,471,795
3,472,795



The notes on pages 19 to 39 form part of these financial statements.

Page 15

 
POSTE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial 52 weeks
453,059
751,372

Adjustments for:

Depreciation of tangible assets
218,646
207,285

Loss on disposal of tangible assets
186
-

Interest paid
59,879
53,453

Interest received
(23,419)
(1,070)

Taxation charge
166,184
172,684

(Increase)/decrease in stocks
(13,705)
46,064

Decrease/(increase) in debtors
47,751
(3,776)

(Decrease) in creditors
(458,816)
(794,052)

Corporation tax (paid)
(188,772)
(132,452)

Net cash generated from operating activities

260,993
299,508


Cash flows from investing activities

Purchase of tangible fixed assets
(141,575)
(203,583)

Sale of tangible fixed assets
-
12,283

Interest received
23,419
1,070

Net cash from investing activities

(118,156)
(190,230)

Cash flows from financing activities

New secured loans
1,507,500
-

Repayment of loans
(150,156)
(93,664)

Dividends paid
(52,570)
(52,107)

Interest paid
(59,879)
(53,453)

Dividends paid to non-controlling interests
(365,096)
(600,000)

Net cash used in financing activities
879,799
(799,224)

Net increase/(decrease) in cash and cash equivalents
1,022,636
(689,946)

Cash and cash equivalents at beginning of 52 weeks
452,118
1,142,064

Cash and cash equivalents at the end of 52 weeks
1,474,754
452,118


Cash and cash equivalents at the end of 52 weeks comprise:

Cash at bank and in hand
1,474,754
452,118

1,474,754
452,118

Page 16

 
POSTE HOLDINGS LIMITED
 

The notes on pages 19 to 39 form part of these financial statements.

Page 17

 
POSTE HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023




At 30 October 2022
Cash flows
At 29 October 2023
£

£

£

Cash at bank and in hand

452,118

1,022,636

1,474,754

Debt due after 1 year

(40,787)

(1,443,846)

(1,484,633)

Debt due within 1 year

(97,765)

86,502

(11,263)


313,566
(334,708)
(21,142)

The notes on pages 19 to 39 form part of these financial statements.

Page 18

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

1.


General information

The principal activity of Poste Holdings Limited ("the Company") is that of a holding company for the Poste Hotels Group.
The principal activity of the group is that of hoteliers and restauranteurs, based at the George Hotel of Stamford.
The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office and principal place of business is The George Hotel, Stamford, Linconshire, PE9 2LB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the
Group will continue to trade for the foreseeable future, being a period of at least twelve months
from the date of approval of these financial statements, and will be able to meet its debts as they fall
due.
Positive trading results following corroborate the going concern status of the Group.

Page 19

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the 52 weeks in which they are incurred.

Page 20

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the 52 weeks comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
0/5% - See below
Motor vehicles
-
25% on reducing balance
Fixtures and fittings
-
15/20% reducing balance or 10/20% straight line
Computer equipment
-
25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Freehold property comprises land (which is not depreciated in accordance with FRS102) and the trading premises.  
The directors believe the residual value of the trading premises, based on the condition of the property at the end of its useful life, is not materially different to the value recorded in the financial statements.  As a result, the trading premises are not depreciated, with the exception of the Lodge land, which is depreciated at 5% from 2022/23.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less
Page 23

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

The Group only enters into basic financial intruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties. 
 
Page 24

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


(i) Financial Assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the consolidated Statement of Comprehensive Income. 
(ii) Financial Liabilities
Basic financial liabilities, including trade and other creditors and accruals are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt intrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently meansured at amortised cost using the effective interest method.
Financial liabilites are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 25

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are beleived to be reasonable under the circumstances.
The following judgements also involving estimates have been made in the process of applying the above accounting policies:
The directors have made judgement on the residual value of the trading premises, at the end of its useful life being materially the same as the value in accounts, taking into account the history, reputation and position of the hotel with the town of Stamford and the intention to maintain the property to the same high standard that it is currently maintained at. As a result, the property has not been depreciated.
The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 
(ii) Valuation of property
The valuation of the property is sensitive to changes in the market and industry. The valuation is undertaken by an independent third party.


4.


Turnover

All turnover arose within the United Kingdom.

Page 26

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

5.


Other operating income

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Government grants receivable
-
11,880

-
11,880



6.


Operating profit

The operating profit is stated after charging:

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Other operating lease rentals
6,655
13,555


7.


Auditors' remuneration

During the 52 weeks, the Group obtained the following services from the Company's auditors:


52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
17,800
14,700

Page 27

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group 
52 weeks ended
29 October
Group
52 weeks ended
29 October
2023
2022
£
£

Wages and salaries
3,229,774
3,000,159

Social security costs
252,990
255,145

Cost of defined contribution scheme
71,470
75,183

3,554,234
3,330,487


The average monthly number of employees, including the directors, during the 52 weeks was as follows:



Group
Group
Company
Company
   52 weeks ended
      29 October
   52 weeks ended
       29 October
   52 weeks ended
      29 October
   52 weeks ended
       29 October
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Management
5
5
1
1



Administration
9
9
-
-



Front of house staff
77
77
-
-



Kitchen staff
36
36
-
-



Reception, chambermaids and maintenance
39
39
-
-

166
166
1
1


9.


Key management compensation

2023
2022
£
£



Salaries and other short term benefits
447,498
407,060

447,498
407,060

Page 28

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

10.


Interest receivable

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£


Other interest receivable
23,419
1,070

23,419
1,070


11.


Interest payable and similar expenses

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£


Bank interest payable
40,740
5,565

Other loan interest payable
19,139
47,888

59,879
53,453

Page 29

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

12.


Taxation


52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£

Corporation tax


Current tax on profits for the year
162,742
191,173

Adjustments in respect of previous periods
(2,426)
1,929


160,316
193,102


Total current tax
160,316
193,102

Deferred tax


Origination and reversal of timing differences
5,868
(14,942)

Changes to tax rates
-
(4,188)

Adjustments in respect of prior periods
-
(1,288)

Total deferred tax
5,868
(20,418)


Taxation on profit on ordinary activities
166,184
172,684
Page 30

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the 52 weeks/period

The tax assessed for the 52 weeks/period is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22.52% (2022 - 19%). The differences are explained below:

52 weeks ended
29 October
52 weeks ended
29 October
2023
2022
£
£


Profit on ordinary activities before tax
619,243
924,056


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.52% (2022 - 19%)
139,454
175,571

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,828
2,224

Capital allowances for 52 weeks/period in excess of depreciation
17,005
(1,564)

Adjustments to tax charge in respect of prior periods
(2,426)
641

Increase in tax rate
(2,677)
(4,188)

Total tax charge for the 52 weeks/period
166,184
172,684


Factors that may affect future tax charges

There are no factors that may affect future tax charges. 

Page 31

 


 
POSTE HOLDINGS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023


13.


Tangible fixed assets


Group







Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 30 October 2022
17,475,875
84,376
2,119,054
74,326
32,000


Additions
-
-
141,575
-
-


Disposals
-
-
(233)
-
-



At 29 October 2023

17,475,875
84,376
2,260,396
74,326
32,000



Depreciation


At 30 October 2022
-
57,582
1,270,450
74,326
-


Charge for the 52 weeks on owned assets
21,971
6,698
189,977
-
-


Disposals
-
-
(47)
-
-



At 29 October 2023

21,971
64,280
1,460,380
74,326
-



Net book value



At 29 October 2023
17,453,904
20,096
800,016
-
32,000
Page 32

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

           13.Tangible fixed assets (continued)




At 29 October 2022
17,475,875
26,794
848,604
-
32,000

Total

£



Cost or valuation


At 30 October 2022
19,785,631


Additions
141,575


Disposals
(233)



At 29 October 2023

19,926,973



Depreciation


At 30 October 2022
1,402,358


Charge for the 52 weeks on owned assets
218,646


Disposals
(47)



At 29 October 2023

1,620,957



Net book value



At 29 October 2023
18,306,016



At 29 October 2022
18,383,273

The Group's freehold land and buildings were valued in 2017 on the basis of an open market value for existing use by Christie & Co. The valuation amounted to £17,000,000 giving rise to a surplus of £6,684,392, which was credited to the revaluation reserve in the prior period.
There are no assets held under finance leases or hire purchase contracts.

Cost or valuation at 29 October 2023 is as follows:

Land and buildings
£


At cost
475,875
At valuation:

Professional valuation in 2017
17,000,000



17,475,875

Page 33

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

           13.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
1,791,337
1,791,337

Accumulated depreciation
(326,032)
(316,080)

Net book value
1,465,305
1,475,257


14.


Fixed asset investments

Group





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 30 October 2022
1
57,475
57,476



At 29 October 2023

1
57,475
57,476



Impairment


At 30 October 2022
1
57,475
57,476



At 29 October 2023

1
57,475
57,476



Net book value



At 29 October 2023
-
-
-



At 29 October 2022
-
-
-

Page 34

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023
Company





Investments in subsidiary companies

£



Cost or valuation


At 30 October 2022
3,472,795



At 29 October 2023
3,472,795






Net book value



At 29 October 2023
3,472,795



At 29 October 2022
3,472,795


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Poste Hotels Limited
England & Wales
Hoteliers and restauranteurs
Ordinary
64%


15.


Stocks

Group
Group
2023
2022
£
£

Goods for resale
227,382
213,677

227,382
213,677


The difference between purchase price or production cost of stocks and their replacement cost is not material.




16.


Debtors

Group
Group
2023
2022
£
£

Page 35

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

16.Debtors (continued)


Trade debtors
39,865
12,447

Other debtors
4,548
21,209

Prepayments and accrued income
32,764
91,269

77,177
124,925



17.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
1,474,754
452,118

1,474,754
452,118



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
11,263
97,765
-
-

Trade creditors
159,604
194,211
-
-

Amounts owed to group undertakings
-
-
-
1,754,207

Corporation tax
162,742
191,197
-
-

Other taxation and social security
325,656
287,415
-
-

Other creditors
479,682
969,524
-
-

Accruals and deferred income
459,385
431,992
-
-

1,598,332
2,172,104
-
1,754,207


Secured Loans
The bank loan accrues interest on an annual basis at 7.25% per annum. The loan is due for repayment by instalments by May 2028. 
The bank loan and overdraft is secured by a fixed charge over The George Hotel of Stamford. 

Page 36

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

19.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
1,484,633
40,787

1,484,633
40,787





20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
11,263
97,765


11,263
97,765

Amounts falling due 1-2 years

Bank loans
12,112
40,787


12,112
40,787

Amounts falling due 2-5 years

Bank loans
1,472,522
-


1,495,897
138,552


Page 37

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

21.


Deferred taxation


Group



2023


£






At beginning of year
(3,350,993)


Charged to profit or loss
(5,868)



At end of year
(3,356,861)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(189,179)
(183,312)

Revaluation of freehold property
(3,167,686)
(3,167,686)

Short term timing differences
4
4

(3,356,861)
(3,350,994)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



760 (2022 - 760) Ordinary shares of £1.00 each
760
760
80 (2022 - 80) Ordinary A shares of £1.00 each
80
80
80 (2022 - 80) Ordinary E shares of £1.00 each
80
80
80 (2022 - 80) Ordinary M shares of £1.00 each
80
80

1,000

1,000



23.


Reserves

Revaluation reserve

The revaluation reserve contains all current and prior period revaluation movements, including deferred tax.

Profit and loss account

The profit and loss account contains all current and prior period profits and losses, less dividends paid.

Page 38

 
POSTE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEKS ENDED 29 OCTOBER 2023

24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £71,470 (2022: £75,183).
Contributions totaling £nil (2022: £Nil) were payable to the fund at the reporting date and are included in creditors.


25.


Related party transactions

The group leases property from the director's pension scheme.  The annual rent for this property is £6,650 (2022 - £9,900).  
There is a balance due to the director of £448,737 (2022 - £949,055).  £19,139 (2022 - £47,888) interest is charged on this loan and is included in the statement of comprehensive income.


26.


Controlling party

L O Hoskins (a director) controlled the company by virtue of his majority shareholding until his death on 15 March 2023

 
Page 39