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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: Mr GJ Payne
Mrs M Payne
Miss EL Payne
Mr BJ Payne
Mr MO Payne





REGISTERED OFFICE: Bicester Hotel
Chesterton
Bicester
Oxfordshire
OX26 1TE





REGISTERED NUMBER: 06125827 (England and Wales)





AUDITORS: Just Audit & Assurance Ltd (Statutory Auditor)
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:





Mr GJ Payne - Director


1 September 2024

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.

Mr GJ Payne
Mrs M Payne
Miss EL Payne
Mr BJ Payne
Mr MO Payne

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:





Mr GJ Payne - Director


1 September 2024

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.




Jonathan Russell (Senior Statutory Auditor)
for and on behalf of Just Audit & Assurance Ltd (Statutory Auditor)
4 South Bar Street
Banbury
Oxfordshire
OX16 9AA

2 September 2024

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 1,046,577 646,452

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 11,995,008 11,516,789
Investments 9 2,618,509 1,303,743
14,613,517 12,820,532

CURRENT ASSETS
Debtors 11 3,019,048 2,739,627
Cash at bank - 423
3,019,048 2,740,050
CREDITORS
Amounts falling due within one year 12 6,463,811 6,041,282
NET CURRENT LIABILITIES (3,444,763 ) (3,301,232 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,168,754

9,519,300

CREDITORS
Amounts falling due after more than one year 13 5,834,402 5,834,402
NET ASSETS 5,334,352 3,684,898

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 ) (1,429,174 )
Retained earnings 19 9,038,477 8,703,789
SHAREHOLDERS' FUNDS 5,334,352 3,684,898

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 1 September 2024 and were signed on its behalf by:





Mr GJ Payne - Director


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 1 7,960,934 (1,615,044 ) (1,138,603 ) 5,207,288

Changes in equity
Total comprehensive income - 742,855 (1,974,674 ) (290,571 ) (1,522,390 )
Balance at 31 October 2022 1 8,703,789 (3,589,718 ) (1,429,174 ) 3,684,898

Changes in equity
Total comprehensive income - 334,688 - 1,314,766 1,649,454
Balance at 31 October 2023 1 9,038,477 (3,589,718 ) (114,408 ) 5,334,352

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
89 85

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 10,900,000 1,463,342 700 12,364,042
Additions 607,188 106,912 - 714,100
Disposals - (20,442 ) - (20,442 )
At 31 October 2023 11,507,188 1,549,812 700 13,057,700
DEPRECIATION
At 1 November 2022 - 847,160 93 847,253
Charge for year - 235,742 140 235,882
Eliminated on disposal - (20,443 ) - (20,443 )
At 31 October 2023 - 1,062,459 233 1,062,692
NET BOOK VALUE
At 31 October 2023 11,507,188 487,353 467 11,995,008
At 31 October 2022 10,900,000 616,182 607 11,516,789

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 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

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 1,303,743
Additions 1,314,766
At 31 October 2023 2,618,509
NET BOOK VALUE
At 31 October 2023 2,618,509
At 31 October 2022 1,303,743

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

Bicester Hotel Ltd
Registered office: United Kingdom
Nature of business: Hotel, golf club and spa.
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 2,616,599 1,689,834
Profit for the year 926,765 137,712

Investfront Farms Limited
Registered office: Bicester Hotel, Chesterton,Bicester,Oxfordshire OX26 1TH
Nature of business: Mixed farming
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves (477,637 ) (262,761 )
Loss for the year (214,876 ) (234,115 )


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 1,657,178 1,657,178
Directors' current accounts 62,338 57,379 - -
Tax 134,108 - 134,108 -
Deferred tax asset 45,375 1,030,523 - -
Prepayments and accrued income 89,207 114,223 - 29,735
5,619,683 4,976,286 1,791,286 1,686,913

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 3,019,048 2,739,627

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 1,227,762 1,052,714

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 8,667 8,667
Amounts owed to group undertakings - - 4,399,553 3,742,867
Amounts owed to participating interests - 500,000 - -
Tax 22,949 322,405 - 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 1,937,625 1,937,625
Accruals and deferred income 667,875 673,559 117,966 29,718
Accrued expenses 7,400 6,200 - -
5,200,494 7,617,125 6,463,811 6,041,282

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 5,834,402 5,834,402
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 5,834,402 5,834,402

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 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 5,834,402 5,834,402
Finance leases 974,790 424,760 - -
8,725,844 7,100,160 5,834,402 5,834,402

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 (1,052,714 )
Provided during year (175,048 )
Balance at 31 October 2023 (1,227,762 )

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: £    £   
1 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 8,703,789 (3,589,718 ) (1,429,174 ) 3,684,897
Profit for the year 334,688 - - 334,688
Bonus share issue - - 1,314,766 1,314,766
At 31 October 2023 9,038,477 (3,589,718 ) (114,408 ) 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.