Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 October 2023 |
for |
Investfront (Oxon) Limited |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 October 2023 |
for |
Investfront (Oxon) Limited |
Investfront (Oxon) Limited (Registered number: 06125827) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Investfront (Oxon) Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
4 South Bar Street |
Banbury |
Oxfordshire |
OX16 9AA |
Investfront (Oxon) Limited (Registered number: 06125827) |
Group Strategic Report |
for the Year Ended 31 October 2023 |
The directors present their strategic report of the company and the group for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
The hotel company saw sales turnover for the year improve dramatically to above pre-Covid levels. The business has maintained its position as a leader in the local market in all sectors. Increases over pre-Covid levels were seen in all areas except for golf and the creche. Health club turnover growth was supported by the Performance Centre which opened during the pandemic and never really had the opportunity to thrive at that time. Significant investment has also been made in the Health Club gym too in anticipation of further direct competition in the area. Golf turnover has been impacted in the period by the reconfiguration works on the golf course following the prior sale of part of the course. Significant investment is being made in this area with the addition of the Top Tracer equipped driving range and golf academy, the newly configured 9 hole golf course has become more established and as a result massive improvements have been seen post balance sheet date. Conversely, the creche has since deteriorated further due to operating difficulties and the difficult decision has been made to close this facility permanently, however opportunities do exist to improve profitability from the space. Whilst sales performance has been strong there have been large increases in the hotel's cost base and these additional costs have restricted profit conversion. |
The subsidiary's net profit of £144,135 for the year was a more favourable result than in previous years as a direct result of the economic recovery following the Covid-19 pandemic. |
Investfront Farms Limited operations have been limited in the year to development and planning and losses in the period relate to expenses relating to planning and development fees. |
The company employees five Directors, three male and two females. |
The Directors have, throughout the year, considered the short and long term interests of the company, its employees, shareholders, customers and suppliers. They have endeavoured to maintain the highest standards of business conduct and have regard to the interests of the local community and environment. Long term consequences of any decisions made are considered fully as and when applicable, along with the short term impact. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks to the business are expected to be as the last couple of years, the economy which continues to pose new challenges, local competition and employment. The energy market has continued to be an area of huge concern and inflated expenditure and the company are looking at ways to mitigate any further exposure whilst also improving our credentials as a green operator. |
The local area enjoys a low unemployment rate which already puts pressure on recruitment processes. Brexit and Covid have contributed to additional challenges in this respect and a strategy to improve staff retention and reduce the demand for recruitment continue to operate. The staff is seen as a major asset to the business which is set to be protected through improved, ongoing training and development. |
There are ongoing plans for further increases in the number of bedrooms available in the local area, we are confident that the demand for rooms will continue to increase in line with the additional supply as Bicester continues to grow, with significant investment projected in both local housing and industry. Additional facilities are due to be added to the resort in order to ensure that market share is at least retained. |
ANALYSIS USING KEY PERFORMANCE INDICATORS |
Room occupancy (adjusted for closures on prior year comparisons) for the year increased from 83.1% to 84.9% and average rate decreased by 17.8% from £151.26 to £128.41. RevPar increased from £68.89 to 109.09 whilst TRevPar has increased from £210.94 to £322.56. Average rate decrease is largely due to changes in rates of VAT during the year. |
POSITION AT THE YEAR END |
Net assets have decreased over the previous period end largely due to the investment in the new subsidiary which has yet to start trading. Finance lease debt due after one year is falling as liabilities are repaid. |
GOING CONCERN |
Related party debts totalling £1,657,082 at the year-end were owed by entities reliant on profits from the hotel, golf and spa operation to repay those debts. Loans taken out during the Covid Pandemic continue to be repaid and whilst this exerts certain pressures on current cash flows the longer term prognosis remains strong. |
Investfront (Oxon) Limited (Registered number: 06125827) |
Group Strategic Report |
for the Year Ended 31 October 2023 |
FUTURE DEVELOPMENTS |
The directors are committed to improving both the existing hotel resort and levels of service and therefore customer satisfaction, whilst adding new facilities for the company's members and other guests. Planning has been approved for a further 10 bedrooms within the existing golf changing rooms and offices building and for an additional 60 bedrooms to the rear of the hotel. A new golf academy course and state of the art driving range are near completion and set to open early in the next financial year. There are various other opportunities and partnerships that the Directors are looking at including a new Padel Tennis offering at the resort, an upcoming sport which will undoubtedly bring new people into the business. |
Investment Farms Limited will continue to develop commercial letting units which will soon start generating income. |
ON BEHALF OF THE BOARD: |
Investfront (Oxon) Limited (Registered number: 06125827) |
Report of the Directors |
for the Year Ended 31 October 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of The principal activity of the company for the year under review was that of property management, the main property in the portfolio being a hotel with golf and leisure facilities which is leased to the company's direct subsidiary, Bicester Hotel Limited. The operation of the hotel is the primary source of income for the group although a second subsidiary has been incorporated in the group. Investfront Farms Limited will primarily let commercial properties but is currently in a development phase with limited income. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2023. |
FUTURE DEVELOPMENTS |
The directors are committed to improving both the existing hotel resort and levels of service and therefore customer satisfaction, whilst adding new facilities for the company's members and other guests. Planning has been approved for a further 10 bedrooms within the existing golf changing rooms and offices building and for an additional 60 bedrooms to the rear of the hotel. A new golf academy course and state of the art driving range are near completion and set to open early in the next financial year. There are various other opportunities and partnerships that the Directors are looking at including a new Padel Tennis offering at the resort, an upcoming sport which will undoubtedly bring new people into the business. |
Investment Farms Limited will continue to develop commercial letting units which will soon start generating income. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
GOING CONCERN |
The directors consider the company to be a going concern as detailed in note 23 of the financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Investfront (Oxon) Limited (Registered number: 06125827) |
Report of the Directors |
for the Year Ended 31 October 2023 |
AUDITORS |
The auditors, Just Audit & Assurance Ltd (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Investfront (Oxon) Limited |
Opinion |
We have audited the financial statements of Investfront (Oxon) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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. |
Material uncertainty 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's and the 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Investfront (Oxon) Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
Our assessment focused on key laws and regulations the company 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 detect 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 sample 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; |
- 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 work 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 and reviewing estimates for bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
for and on behalf of |
4 South Bar Street |
Banbury |
Oxfordshire |
OX16 9AA |
Investfront (Oxon) Limited (Registered number: 06125827) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
TURNOVER | 6,179,672 | 6,528,007 |
Cost of sales | 3,198,970 | 2,955,833 |
GROSS PROFIT | 2,980,702 | 3,572,174 |
Administrative expenses | 2,996,768 | 3,257,881 |
(16,066 | ) | 314,293 |
Other operating income | 1,715,051 | 18,250 |
OPERATING PROFIT | 4 | 1,698,985 | 332,543 |
Gain/loss on revaluation of investments | - | 290,571 |
1,698,985 | 623,114 |
Interest payable and similar expenses | 5 | 731,645 | 529,879 |
PROFIT BEFORE TAXATION | 967,340 | 93,235 |
Tax on profit | 6 | (79,237 | ) | (553,217 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME/(LOSS) |
Property revaluation | 1,577,719 | (2,552,348 | ) |
Income tax relating to other comprehensive income/(loss) |
(262,953 |
) |
510,469 |
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF INCOME TAX |
1,314,766 |
(2,041,879 |
) |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR |
2,361,343 |
(1,395,427 |
) |
Profit attributable to: |
Owners of the parent | 1,046,577 | 646,452 |
Total comprehensive income/(loss) attributable to: |
Owners of the parent | 2,361,343 | (1,395,427 | ) |
Investfront (Oxon) Limited (Registered number: 06125827) |
Consolidated Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 15,089,937 | 14,541,941 |
Investments | 9 | (381,491 | ) | (55,328 | ) |
14,708,446 | 14,486,613 |
CURRENT ASSETS |
Stocks | 10 | 57,575 | 46,319 |
Debtors | 11 | 6,847,445 | 4,976,286 |
Cash at bank | 60,446 | 130,700 |
6,965,466 | 5,153,305 |
CREDITORS |
Amounts falling due within one year | 12 | 5,200,494 | 7,617,125 |
NET CURRENT ASSETS/(LIABILITIES) | 1,764,972 | (2,463,820 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
16,473,418 |
12,022,793 |
CREDITORS |
Amounts falling due after more than one year | 13 | (11,995,754 | ) | (10,363,978 | ) |
PROVISIONS FOR LIABILITIES | 17 | (4,351 | ) | (12,168 | ) |
NET ASSETS | 4,473,313 | 1,646,647 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 1 | 1 |
Revaluation reserve | 19 | (3,589,718 | ) | (3,589,718 | ) |
Fair value reserve | 19 | (114,408 | ) | (67,205 | ) |
Retained earnings | 19 | 8,177,438 | 5,303,569 |
SHAREHOLDERS' FUNDS | 4,473,313 | 1,646,647 |
The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2024 and were signed on its behalf by: |
Mr GJ Payne - Director |
Investfront (Oxon) Limited (Registered number: 06125827) |
Company Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 | ( |
) | ( |
) |
Fair value reserve | 19 | ( |
) | ( |
) |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 334,688 | 742,855 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Investfront (Oxon) Limited (Registered number: 06125827) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 October 2023 |
Called up | Fair |
share | Retained | Revaluation | value | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 November 2021 | 1 | 4,657,117 | (1,615,044 | ) | - | 3,042,074 |
Changes in equity |
Total comprehensive loss | - | 646,452 | (1,974,674 | ) | (67,205 | ) | (1,395,427 | ) |
Balance at 31 October 2022 | 1 | 5,303,569 | (3,589,718 | ) | (67,205 | ) | 1,646,647 |
Changes in equity |
Total comprehensive income | - | (780,715 | ) | - | 2,676,735 | 1,896,020 |
Balance at 31 October 2023 | 1 | 4,522,854 | (3,589,718 | ) | 2,609,530 | 3,542,667 |
Investfront (Oxon) Limited (Registered number: 06125827) |
Company Statement of Changes in Equity |
for the Year Ended 31 October 2023 |
Called up | Fair |
share | Retained | Revaluation | value | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 November 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | 742,855 | ( |
) | ( |
) | (1,522,390 | ) |
Balance at 31 October 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 October 2023 | ( |
) | ( |
) |
Investfront (Oxon) Limited (Registered number: 06125827) |
Consolidated Cash Flow Statement |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (737,771 | ) | 749,231 |
Interest paid | (496,986 | ) | (419,406 | ) |
Interest element of finance lease payments paid | (234,659 | ) | (110,473 | ) |
Finance costs paid | 14,009 | - |
Tax paid | (322,405 | ) | - |
Net cash from operating activities | (1,777,812 | ) | 219,352 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (784,837 | ) | (716,860 | ) |
Purchase of fixed asset investments | 326,163 | - |
Sale of tangible fixed assets | (1 | ) | 18,250 |
Net cash from investing activities | (458,675 | ) | (698,610 | ) |
Cash flows from financing activities |
Capital repayments in year | 550,030 | 109,760 |
Amount introduced by directors | 58,470 | 66,621 |
Amount withdrawn by directors | (63,429 | ) | (124,000 | ) |
Net cash from financing activities | 545,071 | 52,381 |
Decrease in cash and cash equivalents | (1,691,416 | ) | (426,877 | ) |
Cash and cash equivalents at beginning of year | 2 | 130,700 | 557,577 |
Cash and cash equivalents at end of year | 2 | 60,446 | 130,700 |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 October 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.10.23 | 31.10.22 |
£ | £ |
Profit before taxation | 967,340 | 93,235 |
Depreciation charges | 216,505 | 170,113 |
Profit on disposal of fixed assets | - | (18,250 | ) |
Finance costs | 14,009 | - |
Finance costs | 731,645 | 529,879 |
1,929,499 | 774,977 |
(Increase)/decrease in stocks | (11,256 | ) | 11,695 |
Increase in trade and other debtors | (1,871,159 | ) | (2,785,619 | ) |
(Decrease)/increase in trade and other creditors | (784,855 | ) | 2,748,178 |
Cash generated from operations | (737,771 | ) | 749,231 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 60,446 | 130,700 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 130,700 | 557,577 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank | 130,700 | (70,254 | ) | 60,446 |
130,700 | (70,254 | ) | 60,446 |
Debt |
Finance leases | (424,760 | ) | (550,030 | ) | (974,790 | ) |
Debts falling due within 1 year | (468,625 | ) | 74,067 | (394,558 | ) |
Debts falling due after 1 year | (6,206,775 | ) | (1,149,721 | ) | (7,356,496 | ) |
(7,100,160 | ) | (1,625,684 | ) | (8,725,844 | ) |
Total | (6,969,460 | ) | (1,695,938 | ) | (8,665,398 | ) |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Investfront (Oxon) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated accounts are prepared in accordance with the group's accounting principles and include the accounts of the parent company and all group companies. The financial statements of subsidiaries are included in the consolidated financial statements from the date that the controlling influence commences until the date that control ceases. |
Significant judgements and estimates |
Estimates and judgements are based on historical experience and expectations of future events and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Critical areas of judgement and estimation are: |
The freehold property is valued by the directors at the year end based on the value provided by professional valuers in June 2022. |
Depreciation on plant and machinery is provided over the estimated useful lives of the assets, as decided by the directors based on their experience in the industry. A straight line depreciation based on cost is considered appropriate, with cost taken to be the original cost of the asset where they are purchased from a related party for continuing use in the business for both the group and the company. |
The directors consider that there is no readily available reliable valuation of the subsidiary company so has chosen to value the investment in the company's accounts at its net asset value. |
The company has tax losses brought forward from prior years in relation to trading and the revaluation of fixed assets and investments and the directors assume that there will be no challenge from HMRC in respect of submitted tax returns. Deferred tax assets have been included in the financial statements on the basis that future profits and gains will be made and the trading tax losses will be utilised to reduce tax payable in future years, and that the value of fixed assets and investments will increase to at least their original cost value. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
Turnover includes members' club subscriptions receivable, hotel room sales and other golfing and ancillary income receivable from members and visitors, which is recognised on provision of services. Members' joining fees are recognised on receipt, and on ongoing membership fees received in advance are recognised in the period to which they relate. |
Tangible fixed assets |
Tangible fixed assets are capitalised at cost. Land and property is subsequently measured at valuation and plant and machinery is subsequently measured at cost less accumulative depreciation and any cumulative impairment losses. |
Depreciation is provided on tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
Plant and machinery - over 3, 5 or 10 years |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at net asset value. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company makes payments to defined contribution pensions schemes on behalf of employees. Payments made to the schemes are charged against profits in the accounting period. |
Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value. |
Debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently less any impairment losses for bad and doubtful debts. |
Creditors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial liabilities are initially recognised at transaction price including any transaction costs and subsequently less any impairment losses for bad and doubtful debts. |
3. | EMPLOYEES AND DIRECTORS |
31.10.23 | 31.10.22 |
£ | £ |
Wages and salaries | 2,655,380 | 2,609,882 |
Social security costs | 217,864 | 210,186 |
Other pension costs | 39,358 | 37,535 |
2,912,602 | 2,857,603 |
The average number of employees during the year was as follows: |
31.10.23 | 31.10.22 |
Administration | 12 | 11 |
Hotel | 28 | 20 |
Food and beverage | 20 | 18 |
Health and spa | 23 | 30 |
Golf | 6 | 6 |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Key management are directors of the group companies, who received £25,500 (2022: £70,625) from the group. |
31.10.23 | 31.10.22 |
£ | £ |
Directors' remuneration | 25,500 | 70,625 |
Pension contributions totalling £579 (2022: £594) were paid in respect of one of the directors. |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.10.23 | 31.10.22 |
£ | £ |
Depreciation - owned assets | 1,100 | - |
Depreciation - assets on finance leases | 235,742 | 170,114 |
Profit on disposal of fixed assets | - | (18,250 | ) |
Auditors' remuneration | 20,500 | 20,000 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.10.23 | 31.10.22 |
£ | £ |
Bank loan interest | 304,274 | 272,170 |
Other interest payable | 42,772 | 444 |
Loan | - | 146,792 |
Interest payable | 149,940 | - |
Hire purchase | 234,659 | 110,473 |
731,645 | 529,879 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Current tax: |
UK corporation tax | 22,949 | - |
No description | (134,108 | ) | - |
Total current tax | (111,159 | ) | - |
Deferred tax | 31,922 | (553,217 | ) |
Tax on profit | (79,237 | ) | (553,217 | ) |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
6. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.10.23 | 31.10.22 |
£ | £ |
Profit before tax | 967,340 | 93,235 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
183,795 |
17,715 |
Effects of: |
Expenses not deductible for tax purposes | - | 32,321 |
Depreciation in excess of capital allowances | - | 107,060 |
Utilisation of tax losses | (181,885 | ) | (101,887 | ) |
Deferred tax | 31,922 | (553,217 | ) |
Investment revaluation | - | (55,209 | ) |
Tax on DLA | 21,039 | - |
Tax refund due from 2021 | (134,108 | ) | - |
Total tax credit | (79,237 | ) | (553,217 | ) |
Tax effects relating to effects of other comprehensive income |
31.10.23 |
Gross | Tax | Net |
£ | £ | £ |
Property revaluation | 1,577,719 | (262,953 | ) | 1,314,766 |
31.10.22 |
Gross | Tax | Net |
£ | £ | £ |
Property revaluation | (2,552,348 | ) | 510,469 | (2,041,879 | ) |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2022 | 13,925,153 | 2,678,635 | 700 | 16,604,488 |
Additions | 674,085 | 110,752 | - | 784,837 |
Disposals | - | (20,442 | ) | - | (20,442 | ) |
At 31 October 2023 | 14,599,238 | 2,768,945 | 700 | 17,368,883 |
DEPRECIATION |
At 1 November 2022 | - | 2,062,454 | 93 | 2,062,547 |
Charge for year | - | 236,702 | 140 | 236,842 |
Eliminated on disposal | - | (20,443 | ) | - | (20,443 | ) |
At 31 October 2023 | - | 2,278,713 | 233 | 2,278,946 |
NET BOOK VALUE |
At 31 October 2023 | 14,599,238 | 490,232 | 467 | 15,089,937 |
At 31 October 2022 | 13,925,153 | 616,181 | 607 | 14,541,941 |
Included in cost or valuation of land and buildings is freehold land of £3,092,049 (2022 - £3,025,152) which is not depreciated. |
Freehold property was valued by Knight Frank Registered Valuers in June 2022. |
Cost or valuation at 31 October 2023 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2018 | (1,993,882 | ) | 34,352 | - | (1,959,530 | ) |
Valuation in 2021 | 3,000,632 | 1,180,941 | 700 | 4,182,273 |
Valuation in 2022 | 12,918,403 | 1,463,342 | - | 14,381,745 |
Valuation in 2023 | 674,085 | 90,310 | - | 764,395 |
14,599,238 | 2,768,945 | 700 | 17,368,883 |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 November 2022 |
and 31 October 2023 | 572,175 |
DEPRECIATION |
At 1 November 2022 | 379,551 |
Charge for year | 235,742 |
At 31 October 2023 | 615,293 |
NET BOOK VALUE |
At 31 October 2023 | (43,118 | ) |
At 31 October 2022 | 192,624 |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 786,000 (2022 - £ 786,000 ) which is not depreciated. |
Freehold property was valued by Knight Frank Registered Valuers in June 2023. |
Cost or valuation at 31 October 2023 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2018 | (1,993,882 | ) | - | - | (1,993,882 | ) |
Valuation in 2021 | - | - | 700 | 700 |
Valuation in 2022 | 12,893,882 | 1,463,342 | - | 14,357,224 |
Valuation in 2023 | 607,188 | 86,470 | - | 693,658 |
11,507,188 | 1,549,812 | 700 | 13,057,700 |
The Market Value of Bicester Hotel Golf Spa as valued in June 2023 was £10,700,000 including soft furnishings, but excluding the pub house added in 2023 for £607,188. The valuation was a 'desktop valuation' made by estate agents Knight Frank based on the property market and not on a recent on-site survey. The hotel has since opened a new golf course in 2023. The directors believe that the land itself could be worth more as they sold off half the land in 2021 for £11.87 million. The hotel golf spa is a well known resort of four star quality in Bicester, with a popular golf club and many subscribers. |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 | ( |
) |
At 31 October 2022 |
9. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 November 2022 | (55,328 | ) |
Additions | (326,163 | ) |
At 31 October 2023 | (381,491 | ) |
NET BOOK VALUE |
At 31 October 2023 | (381,491 | ) |
At 31 October 2022 | (55,328 | ) |
Cost or valuation at 31 October 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2022 | (55,328 | ) |
Valuation in 2023 | (326,163 | ) |
(381,491 | ) |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Cost or valuation at 31 October 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2018 | (1,640,929 | ) |
Valuation in 2021 | 235,243 |
Valuation in 2022 | (290,571 | ) |
Valuation in 2023 | 1,314,766 |
Cost | 3,000,000 |
2,618,509 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Bicester Hotel, Chesterton,Bicester,Oxfordshire OX26 1TH |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | STOCKS |
Group |
31.10.23 | 31.10.22 |
£ | £ |
Goods for resale | 57,575 | 46,319 |
11. | DEBTORS |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 123,306 | 286,471 |
Other debtors | 5,165,349 | 3,487,690 |
Directors' current accounts | 62,338 | 57,379 | - | - |
Tax | 134,108 | - |
Deferred tax asset | 45,375 | 1,030,523 | - | - |
Prepayments and accrued income | 89,207 | 114,223 |
5,619,683 | 4,976,286 |
Amounts falling due after more than one year: |
Deferred tax asset | 1,227,762 | - | 1,227,762 | 1,052,714 |
Aggregate amounts | 6,847,445 | 4,976,286 |
Deferred tax asset |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Deferred tax | 1,227,762 | 1,052,714 | 1,227,762 | 1,052,714 |
Deferred Tax Asset | 45,375 | (22,191 | ) | - | - |
1,273,137 | 1,030,523 |
Other debtors include £3,505,040 (2022- £1,328,613) owed by related parties to the group and £Nil (2022 - £Nil) owed by related parties to the company. |
The recoverability of deferred tax depends on future profits of the group and the directors expect most of the recorded assets to be received after one year. |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 14) | 394,558 | 468,625 |
Finance leases (see note 15) | 454,449 | 145,981 |
Trade creditors | 601,371 | 503,671 |
Amounts owed to group undertakings | - | - |
Amounts owed to participating interests | - | 500,000 | - | - |
Tax | 22,949 | 322,405 |
Social security and other taxes | 56,691 | 164,848 |
Pensions | 38,773 | 27,016 | - | - |
VAT | 672,933 | 355,875 | - | - |
Other creditors | 2,283,495 | 4,448,945 |
Accruals and deferred income | 667,875 | 673,559 |
Accrued expenses | 7,400 | 6,200 |
5,200,494 | 7,617,125 |
Other creditors include £2,283,495 (2022 - £2,733978) owed to related parties by the group and £1,937,625 (2022 - £1,937,625) owed to related parties by the company. |
Interest on bank loans is payable at 4.5%. |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Bank loans (see note 14) | 7,356,496 | 6,206,775 |
Finance leases (see note 15) | 520,341 | 278,779 |
Other creditors | 1,099,553 | 1,099,553 |
Due 2-5 yrs | 590,668 | 551,710 | - | - |
Due over 5 yrs | 2,428,696 | 2,227,161 | - | - |
11,995,754 | 10,363,978 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
CBIL Loan < 1 year | 394,558 | 468,625 | - | - |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 5,834,402 | 5,834,402 |
Amounts falling due in more than five years: |
Repayable by instalments |
CBIL Loan > 1 year | 1,522,094 | 372,373 | - | - |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Finance leases |
31.10.23 | 31.10.22 |
£ | £ |
Net obligations repayable: |
Within one year | 454,449 | 145,981 |
Between one and five years | 520,341 | 278,779 |
974,790 | 424,760 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Bank loans | 7,751,054 | 6,675,400 |
Finance leases | 974,790 | 424,760 | - | - |
8,725,844 | 7,100,160 |
Bank debts and some of the finance leases are secured by mortgages over land and other assets owned by the group. |
17. | PROVISIONS FOR LIABILITIES |
Group |
31.10.23 | 31.10.22 |
£ | £ |
Other provisions |
Bad debt provision | 4,351 | 12,168 |
Aggregate amounts | 4,351 | 12,168 |
Group |
Deferred |
tax |
£ |
Balance at 1 November 2022 | (1,030,523 | ) |
Provided during year | (242,614 | ) |
Balance at 31 October 2023 | (1,273,137 | ) |
Company |
Deferred |
tax |
£ |
Balance at 1 November 2022 | ( |
) |
Provided during year | ( |
) |
Balance at 31 October 2023 | ( |
) |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
17. | PROVISIONS FOR LIABILITIES - continued |
Group |
31.10.21 | 31.10.20 |
£ | £ |
Accelerated capital allowances | 403,619 | 266,028 |
Losses | (246,883 | ) | (342,845 | ) |
Investment revaluation | (267,081 | ) | (278,958 | ) |
Property revaluation | (378,838 | ) | (338,960 | ) |
Profit and loss account | (489,183 | ) | (694,735 | ) |
Company |
31.10.21 | 31.10.20 |
£ | £ |
Accelerated capital allowances | 403,619 | 266,028 |
Losses | (225,110 | ) | (342,845 | ) |
Property revaluation | (378,838 | ) | (338,960 | ) |
Investment revaluation | (267,081 | ) | (278,958 | ) |
Profit and loss account | (467,410 | ) | (694,735 | ) |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
19. | RESERVES |
Group |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 November 2022 | 8,958,153 | (3,589,718 | ) | (2,791,143 | ) | 2,577,292 |
Profit for the year | 1,046,577 | - | - | 1,046,577 |
Bonus share issue | (1,827,292 | ) | - | 2,676,735 | 849,443 |
At 31 October 2023 | 8,177,438 | (3,589,718 | ) | (114,408 | ) | 4,473,312 |
Company |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 November 2022 | ( |
) | ( |
) | 3,684,897 |
Profit for the year | - | - |
Bonus share issue |
At 31 October 2023 | ( |
) | ( |
) | 5,334,351 |
20. | RELATED PARTY DISCLOSURES |
Investfront (Oxon) Limited (Registered number: 06125827) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
Entities with control, joint control or significant influence over the entity |
Amounts due to related parties are due within one year and are unsecured. Interest was payable at 15% pa on £200,000 of the amount due to a related party. |
Key management personnel of the entity or its parent (in the aggregate) |
Amounts due to related parties are due within one year with no interest payable and are unsecured. |
Other related parties |
Amounts due from and to related parties are due within one year and are unsecured. Interest is payable on £Nil of the amount due to a related party at 8% pa. |
Reliance on related parties |
The group is reliant on its shareholder, the Graham Payne Settlement Trust, to continue to provide unsecured interest free financial support of £4m, for which there is no formal loan agreement in place. The directors Mr GJ Payne and Mrs M Payne are the trustees of this Trust. |
Investfront (Oxon) Limited is reliant on its subsidiary, Bicester Hotel Ltd, for rental income to meet its obligations to pay interest on the long term bank loan. |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are Mr GJ Payne and Mrs M Payne, as Trustees for the beneficial owners of the company. |