Company registration number SC080815 (England and Wales)
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 15
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
COMPANY INFORMATION
Directors
W M Adriaanse
A E Lindblom
S J Torner
B L Williams
Secretary
Intertrust (UK) Limited
Company number
SC080815
Registered office
Clyde Offices, 2nd Floor
48 West George Street
Glasgow
Scotland
G2 1BP
Auditor
Cooper Parry Group Limited
Statutory Auditor
Sky View, Argosy Road
East Midlands Airport
Castle Donnington
Derby
DE74 2SA
Trading address
Walcot Street
Bath
BA1 5BJ
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of a hotel operator.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
W M Adriaanse
A E Lindblom
S J Torner
B L Williams
D Jaffe
(Resigned 25 January 2023)
Statement of directors' responsibilities
The directors are responsible 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s 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. 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Going concern
In preparing the financial statements, the Directors have made an assessment of the entity's ability to continue as a going concern.
The Company was acquired by Pandox AB on the 23 September 2022 for the total acquisition price of £40,000,000. Upon completion of the sale the external bank debt was paid in full along with the repayment of the intercompany debts held by the previous owners.
The Company is now partly funded by loans from other Pandox AB group companies which will not be called for payment unless the cash flow permits for a minimum period of 12 months. The directors have considered the forecasts prepared and consider that with parent company support the company will continue to trade for a period of at least 12 months from the signing of the accounts.
Management have re-forecasted the expected financial performance and cash flows for the period up to April 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.
Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until 14 May 2025. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the
support detailed in the letter.
Accordingly, the financial statements are prepared on a going concern basis.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
B L Williams
Director
28 June 2024
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PANDOX BATH LIMITED
- 3 -
Opinion
We have audited the financial statements of Pandox Bath Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANDOX BATH LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
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:
Our assessment focused on key laws and regulations the entity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom. Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:
obtaining an understanding of the entity’s policies and procedures and how the entity has complied with these, through discussions and walkthrough testing of controls
obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
obtaining an understanding of the entity’s risk assessment process, including the risk of fraud;
designing our audit procedures to respond to our risk assessment; and
performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business for bias.
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANDOX BATH LIMITED
- 5 -
In response to the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation
enquiring of management as to actual and potential litigation and claims and reviewing legal and
professional expenses;
reviewing correspondence with HMRC and associated parties;
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
........................
Emre Saka
Senior Statutory Auditor
For and on behalf of Cooper Parry Group Limited
28 June 2024
Chartered Accountants
Statutory Auditor
Statutory Auditor
Sky View, Argosy Road
East Midlands Airport
Castle Donnington
Derby
DE74 2SA
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
£
£
Turnover
7,733,345
7,199,353
Cost of sales
(4,455,790)
(4,149,902)
Gross profit
3,277,555
3,049,451
Administrative expenses
(2,196,095)
(2,379,107)
Other operating income
6,000
Fair value gains and losses on investment properties
(3,841,266)
Operating profit
(2,759,806)
676,344
Interest receivable and similar income
9,610,517
Interest payable and similar expenses
(954,766)
(8,841,342)
(Loss)/profit before taxation
(3,714,572)
1,445,519
Tax on (loss)/profit
4
(286,676)
(2,238,413)
Loss for the financial year
(4,001,248)
(792,894)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There were no recognised gains and losses for 2023 or 2022 other than those included in the profit and loss account.
The notes on pages 8 to 15 form part of these financial statements.
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
35,000,000
39,745,095
Current assets
Stocks
7
26,910
32,136
Debtors
8
286,184
315,923
Cash at bank and in hand
673,260
792,100
986,354
1,140,159
Creditors: amounts falling due within one year
9
(26,753,834)
(27,938,162)
Net current liabilities
(25,767,480)
(26,798,003)
Total assets less current liabilities
9,232,520
12,947,092
Deferred tax
(2,626,371)
(2,339,695)
Net assets
6,606,149
10,607,397
Capital and reserves
Called up share capital
11
100
100
Other reserves
5,136,854
5,136,854
Profit and loss reserves
1,469,195
5,470,443
Total equity
6,606,149
10,607,397
The notes on pages 8 to 15 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 June 2024 and are signed on its behalf by:
Director
Company Registration No. SC080815
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
Company information
Pandox Bath Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, Scotland, G2 1BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In preparing the financial statements, the Directors have made an assessment of the entity's ability to continue as a going concern.true
The Company was acquired by Pandox AB on the 23 September 2022 for the total acquisition price of £40,000,000. Upon completion of the sale the external bank debt was paid in full along with the repayment of the intercompany debts held by the previous owners.
The Company is now partly funded by loans from other Pandox AB group companies which will not be called for payment unless the cash flow permits for a minimum period of 12 months. The directors have considered the forecasts prepared and consider that with parent company support the company will continue to trade for a period of at least 12 months from the signing of the accounts.
Management have re-forecasted the expected financial performance and cash flows for the period up to April 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.
Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until 14 May 2025. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the
support detailed in the letter.
Accordingly, the financial statements are prepared on a going concern basis.
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover from the rendering of services and advance bookings is recognised in respect of overnight accommodation in the period in which the stay occurs. Monies paid in advance are held within deferred income and is released upon the service being delivered.
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10 years
1.5
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Leasehold property
Lower of 50 years and the lease term
Fixtures and fittings
10 years on a straight line basis
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.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Foreign exchange
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. Nonmonetary 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 the income statement.
Foreign exchange gains and losses that relate to cash and cash equivalents are presented in the
income statement within 'finance(expense)/income'. All other foreign exchange gains and losses are presented in the income statement within 'administrative expenses'.
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.10
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
52
64
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,670,384
Deferred tax
Origination and reversal of timing differences
286,676
(431,971)
Total tax charge
286,676
2,238,413
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Taxation
(Continued)
- 12 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(3,714,572)
1,445,519
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
(872,924)
274,649
Tax effect of expenses that are not deductible in determining taxable profit
136,328
1,963,764
Adjustments in respect of prior years
211,064
Effect of change in corporation tax rate
17,201
Group relief
795,007
Taxation charge for the year
286,676
2,238,413
5
Intangible fixed assets
Computer equipment
£
Cost
At 1 January 2023 and 31 December 2023
22,091
Amortisation and impairment
At 1 January 2023 and 31 December 2023
22,091
Carrying amount
At 31 December 2023
At 31 December 2022
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
6
Tangible fixed assets
Leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
38,833,412
4,847,706
43,681,118
Additions
174,482
174,482
At 31 December 2023
38,833,412
5,022,188
43,855,600
Depreciation and impairment
At 1 January 2023
2,763,997
1,172,026
3,936,023
Depreciation charged in the year
103,618
974,693
1,078,311
Impairment losses
3,841,266
3,841,266
At 31 December 2023
6,708,881
2,146,719
8,855,600
Carrying amount
At 31 December 2023
32,124,531
2,875,469
35,000,000
At 31 December 2022
36,069,415
3,675,680
39,745,095
7
Stocks
2023
2022
£
£
Food and beverage stock
26,910
32,136
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
192,700
175
Other debtors
107,151
Prepayments and accrued income
93,484
208,597
286,184
315,923
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
263,738
388,487
Amounts owed to group undertakings
25,475,888
26,683,127
Taxation and social security
176,016
239,841
Other creditors
72,525
81,036
Accruals and deferred income
765,667
545,671
26,753,834
27,938,162
Amounts owed to group undertakings are included in amounts due within one year where there are no specified repayment terms. Amounts owed to group undertakings do not attract interest and are repayable on demand.
10
Deferred taxation
2023
Movements in the year:
£
Liability at 1 January 2023
2,339,695
Charged to the profit or loss
286,676
Liability at 31 December 2023
2,626,371
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
98
98
100
100
A ordinary shares of £0.01 each
100
100
1
1
Deferred ordinary shares of £0.01 each
100
100
1
1
298
298
100
100
The Company has three classes of shares. Ordinary shares and A ordinary shares give rise to voting rights but no right to fixed income. Deferred Ordinary Shares give rise to distribution rights on return of capital or liquidation, but no right to fixed income or voting rights.
PANDOX BATH LIMITED
(FORMERLY CRAIGENDARROCH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
12
Reserves
Share premium account
This reserve represents the amount above nominal value received for shares issued.
Other reserves
The other reserves relates to the excess paid for the business over the net book value of the net assets required. This is released to the profit and loss account over a period of ten years, being the period over which the company is expected to benefit from the acquisition. This is on transactions between companies under common control and therefore was accounted for under the group restructuring provisions of FRS 102.
Profit and loss account
The profit and loss account comprises all retained profits and losses to date, less dividends paid, fair value movements on investment properties and associated deferred tax.
13
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totaling £4,794 (2022: £3,177) were payable to the fund at the balance sheet date and are included in other creditors.
14
Parent company
The immediate parent undertaking is Pandox UK Holdco Limited, a company registered in England and Wales. Its registered office address is 1 Bartholomew Lane, London, EC2N 2AX.
The largest and smallest group to consolidate the results of this company are the group headed by Pandox AB. The ultimate parent undertaking is Pandox AB, a company registered in Sweden. Financial statements for Pandox AB are available from the following website: https://www.pandox.se/investorrelations/financial-reports-and-presentations/
There is no individual ultimate controlling party.
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