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COMPANY REGISTRATION NUMBER: 12337443
Saddlebrook (Holdings) Limited
Audited Consolidated Financial Statements
For the year ended
31 July 2023
Saddlebrook (Holdings) Limited
Audited Consolidated Financial Statements
Year ended 31 July 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the audited consolidated financial statements
16
Saddlebrook (Holdings) Limited
Officers and Professional Advisers
The board of directors
Mr G P Mayo
Mrs S Mayo
Registered office
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Auditor
Xeinadin Audit Limited
Chartered accountants & statutory auditor
7 Centre Court
Treforest Industrial Estate
Pontypridd
CF37 5YR
Saddlebrook (Holdings) Limited
Strategic Report
Year ended 31 July 2023
Review of business
Turnover has decreased this year to £4,341,721 (2022: £4,787,523), representing an reduction of £445,802 (9.3%) on the previous year. Last years revenue was higher than usual expectations because of the Covid restrictions being lifted and customers utilised their deposits of deferred bookings. A breakdown of turnover of the company is reported in note 4 of the financial statements. The group operating profit for the year decreased to £468,497, compared to £1,219,929 in the prior year which is more in line with managements usual trading expectations.
Principal risks and uncertainties
A risk management process is employed to regularly review the risks facing the business and to ensure appropriate actions are taken to monitor and mitigate such risks. The principal external risks to the business include the impact of the general economic climate on golf and leisure membership as well as hotel occupancy levels. The strategy is to mitigate the current economic climate is to offer a range of price options within the resort and continue to identify and drive new business through a structured marketing / awareness campaign. The group uses financial instruments comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. The main risks arising from the Group's financial instruments are interest rate risk and liquidity risk. The Directors are actively managing the key business risks through appropriate business strategies delivered by a competent and efficient management team. The trading subsidiary has improved its ability to service its debt and reduced its trading risk. The Directors are actively managing the key business risks through appropriate business strategies delivered by a competent and efficient management team. The trading subsidiary has improved its ability to service its debt and reduced its trading risk.
Key performance indicators
Gross Profit decreased to £3,428,833 (2022: £3,851,182). Operating profit also decreased to £468,497 (2022: £1,237,432). Staff costs totalled £1,690,252 (2022: £1,594,619).
Future developments
The group is expanding the hotel accommodation and had committed to this expenditure at the reporting period. In February 2024, the group made a a full redemption of its flexible business loan. There are no other future developments to report.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
Mr G P Mayo
Director
Registered office:
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Saddlebrook (Holdings) Limited
Directors' Report
Year ended 31 July 2023
The directors present their report and the Audited consolidated financial statements of the group for the year ended 31 July 2023 .
Directors
The directors who served the company during the year were as follows:
Mr G P Mayo
Mrs S Mayo
(Appointed 14 March 2023)
Mrs Sara Mayo was appointed as director on 14 March 2023.
Dividends
Particulars of recommended dividends are detailed in note 12 to the Audited consolidated financial statements.
Future developments
There are no significant future developments to report for the group or the company.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the Audited consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Audited consolidated financial statements for each financial year. Under that law the directors have elected to prepare the Audited consolidated 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 Audited consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Audited consolidated financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Audited consolidated financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Audited consolidated financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
Mr G P Mayo
Director
Registered office:
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Saddlebrook (Holdings) Limited
Independent Auditor's Report to the Members of Saddlebrook (Holdings) Limited
Year ended 31 July 2023
Opinion
We have audited the Audited consolidated financial statements of Saddlebrook (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Audited consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 July 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the audited consolidated 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 Audited consolidated financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the Audited consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Audited consolidated 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Audited consolidated 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 other information comprises the information included in the annual report, other than the Audited consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Audited consolidated 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 Audited consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Audited consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the Audited consolidated financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 strategic report and the directors' report for the financial year for which the Audited consolidated financial statements are prepared is consistent with the Audited consolidated financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company Audited consolidated financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the Audited consolidated financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of Audited consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Audited consolidated 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.
Auditor's responsibilities for the audit of the audited consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the Audited consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Audited consolidated financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. - We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. - The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. - We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; - Challenging assumptions and judgments made by management in its significant accounting estimates; and - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Audited consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Audited consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Audited consolidated financial statements, including the disclosures, and whether the Audited consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Audited consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
James Tucker ACA FCCA
(Senior Statutory Auditor)
For and on behalf of
Xeinadin Audit Limited
Chartered accountants & statutory auditor
7 Centre Court
Treforest Industrial Estate
Pontypridd
CF37 5YR
17 September 2024
Saddlebrook (Holdings) Limited
Consolidated Statement of Comprehensive Income
Year ended 31 July 2023
2023
2022
Note
£
£
Turnover
4
4,341,721
4,787,523
Cost of sales
912,888
936,340
------------
------------
Gross profit
3,428,833
3,851,183
Administrative expenses
3,039,158
2,641,564
Other operating income
5
78,822
10,310
------------
------------
Operating profit
6
468,497
1,219,929
Amounts written back to investments
18,000
Interest payable and similar expenses
10
96,894
62,855
------------
------------
Profit before taxation
371,603
1,139,074
Tax on profit
11
52,052
224,040
---------
------------
Profit for the financial year and total comprehensive income
319,551
915,034
---------
------------
Profit for the financial year attributable to:
The owners of the parent company
149,551
446,263
Non-controlling interests
170,000
468,771
---------
---------
319,551
915,034
---------
---------
All the activities of the group are from continuing operations.
Saddlebrook (Holdings) Limited
Consolidated Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
136,323
156,772
Tangible assets
14
6,435,390
6,555,945
------------
------------
6,571,713
6,712,717
Current assets
Stocks
16
52,403
47,582
Debtors
17
1,097,450
1,055,133
Cash at bank and in hand
742,431
480,937
------------
------------
1,892,284
1,583,652
Creditors: amounts falling due within one year
18
2,426,902
2,418,348
------------
------------
Net current liabilities
534,618
834,696
------------
------------
Total assets less current liabilities
6,037,095
5,878,021
Creditors: amounts falling due after more than one year
19
3,113,468
3,134,232
Provisions
Taxation including deferred tax
21
76,783
148,296
------------
------------
Net assets
2,846,844
2,595,493
------------
------------
Capital and reserves
Called up share capital
25
2
2
Profit and loss account
26
550,702
429,351
---------
---------
Equity attributable to the owners of the parent company
550,704
429,353
Non-controlling interests
2,296,140
2,166,140
------------
------------
2,846,844
2,595,493
------------
------------
These Audited consolidated financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr G P Mayo
Director
Company registration number: 12337443
Saddlebrook (Holdings) Limited
Company Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Investments
15
2,020,000
2,020,000
Current assets
Debtors
17
76,699
141,929
Creditors: amounts falling due within one year
18
315,153
317,183
---------
---------
Net current liabilities
238,454
175,254
------------
------------
Total assets less current liabilities
1,781,546
1,844,746
Creditors: amounts falling due after more than one year
19
1,723,304
1,798,304
------------
------------
Net assets
58,242
46,442
------------
------------
Capital and reserves
Called up share capital
25
2
2
Profit and loss account
26
58,240
46,440
--------
--------
Shareholders funds
58,242
46,442
--------
--------
The profit for the financial year of the parent company was £ 40,000 (2022: £ 37,940 ).
These Audited consolidated financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr G P Mayo
Director
Company registration number: 12337443
Saddlebrook (Holdings) Limited
Consolidated Statement of Changes in Equity
Year ended 31 July 2023
Called up share capital
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
At 1 August 2021
2
12,588
12,590
1,737,369
1,749,959
Profit for the year
446,263
446,263
468,771
915,034
----
---------
---------
------------
------------
Total comprehensive income for the year
446,263
446,263
468,771
915,034
Dividends paid and payable
12
( 29,500)
( 29,500)
( 40,000)
( 69,500)
----
---------
---------
------------
------------
Total investments by and distributions to owners
( 29,500)
( 29,500)
( 40,000)
( 69,500)
At 31 July 2022
2
429,351
429,353
2,166,140
2,595,493
Profit for the year
149,551
149,551
170,000
319,551
----
---------
---------
------------
------------
Total comprehensive income for the year
149,551
149,551
170,000
319,551
Dividends paid and payable
12
( 28,200)
( 28,200)
( 40,000)
( 68,200)
----
--------
--------
--------
--------
Total investments by and distributions to owners
( 28,200)
( 28,200)
( 40,000)
( 68,200)
----
---------
---------
------------
------------
At 31 July 2023
2
550,702
550,704
2,296,140
2,846,844
----
---------
---------
------------
------------
Saddlebrook (Holdings) Limited
Company Statement of Changes in Equity
Year ended 31 July 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 August 2021
2
38,000
38,002
Profit for the year
37,940
37,940
----
--------
--------
Total comprehensive income for the year
37,940
37,940
Dividends paid and payable
12
( 29,500)
( 29,500)
----
--------
--------
Total investments by and distributions to owners
( 29,500)
( 29,500)
At 31 July 2022
2
46,440
46,442
Profit for the year
40,000
40,000
----
--------
--------
Total comprehensive income for the year
40,000
40,000
Dividends paid and payable
12
( 28,200)
( 28,200)
----
--------
--------
Total investments by and distributions to owners
( 28,200)
( 28,200)
----
--------
--------
At 31 July 2023
2
58,240
58,242
----
--------
--------
Saddlebrook (Holdings) Limited
Consolidated Statement of Cash Flows
Year ended 31 July 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
319,551
915,034
Adjustments for:
Depreciation of tangible assets
217,916
102,532
Impairment of tangible assets
151,504
Amortisation of intangible assets
20,449
20,448
Amounts written back to investments
18,000
Interest payable and similar expenses
96,894
62,855
Tax on profit
52,052
224,040
Changes in:
Stocks
( 4,821)
( 4,610)
Trade and other debtors
( 42,317)
( 132,095)
Trade and other creditors
( 25,701)
5,577
---------
------------
Cash generated from operations
785,527
1,211,781
Interest paid
( 96,894)
( 62,855)
Tax paid
( 79,782)
( 143,151)
---------
------------
Net cash from operating activities
608,851
1,005,775
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 248,865)
( 95,834)
---------
------------
Net cash used in investing activities
( 248,865)
( 95,834)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
450,000
Repayments of borrowings
( 515,243)
( 398,975)
Payments of finance lease liabilities
34,951
( 23,332)
Dividends paid
( 68,200)
( 69,500)
---------
------------
Net cash used in financing activities
( 98,492)
( 491,807)
---------
------------
Net increase in cash and cash equivalents
261,494
418,134
Cash and cash equivalents at beginning of year
480,937
62,803
---------
---------
Cash and cash equivalents at end of year
742,431
480,937
---------
---------
Saddlebrook (Holdings) Limited
Notes to the Audited Consolidated Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, CF35 5LJ.
2. Statement of compliance
These Audited consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Audited consolidated financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Audited consolidated financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment the director has reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report. The group has reviewed its cash flow requirements for the coming months and the director has a reasonable expectation the group has sufficient cash available to meet its present obligations. The director concludes it is appropriate to prepare the financial statements on a going concern basis.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The Audited consolidated financial statements consolidate the Audited consolidated financial statements of Saddlebrook (Holdings) Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
Estimate and judgements are continually evaluated and are based on historical experiences and other factors including expectations of future events that are believed to be reasonable under the circumstances. In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have significant affect on the amounts recognised in the financial statements are described below: (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimate, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the tangible fixed assets, and above for the useful economic lives for each class of assets. (ii) Useful economic lives of intangible assets The annual depreciation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimate, based on technological advancement, future investments and economic utilisation of the assets. See the notes to the financial statements for the carrying amount of the intangible fixed assets, and above for the useful economic lives for each class of assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and services. (i) Sale of goods The subsidiary company sells a variety of goods including items at the restaurant/bar, health products and equipment from the golf club. Sales of goods are recognised when all of the significant risks and rewards of ownership have been passed to the customer, being the point at which goods are acquired by the customer. (ii) Provision of services The subsidiary company sells golf subscriptions to its members to allow them to use the facilities provided by the company. Revenue is recognised in the accounting period in which the memberships relate and is deferred accordingly on a monthly basis. The subsidiary company also offers its facilities to customers for functional events. Revenue is recognised in the accounting period in which the function is rendered and is deferred until the function takes place. The parent company has no turnover to report. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in ‘intangible assets’. Goodwill amortisation is calculated by applying the straight-line method to its estimated useful life. If a reliable estimate cannot be made, the useful life of goodwill is presumed to be 10 years. Goodwill is being amortised to ‘administrative expenses’ over pa period of 10 years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
20 to 50 years
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
20% reducing balance
Computers
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Hotel
930,370
1,073,399
Bars
824,619
961,736
Health Club
744,564
671,303
Restaurants and functions
1,468,378
1,676,488
Golf Club
302,785
328,272
Pro Shop
71,005
76,325
------------
------------
4,341,721
4,787,523
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Government grant income
10,000
Other operating income
78,822
310
--------
--------
78,822
10,310
--------
--------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
20,449
20,448
Depreciation of tangible assets
217,916
102,532
Impairment of tangible assets recognised in:
Administrative expenses
151,504
Gains on disposal of tangible assets
( 1,667)
Impairment of debenture
18,000
---------
---------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the audited consolidated financial statements
11,000
9,000
--------
-------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
119
118
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
1,568,874
1,475,556
Social security costs
85,771
92,423
Other pension costs
35,607
26,640
------------
------------
1,690,252
1,594,619
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
25,828
4,030
Company contributions to defined contribution pension plans
10,920
2,920
--------
-------
36,748
6,950
--------
-------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
2
1
----
----
10. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
83,034
56,380
Interest on obligations under finance leases and hire purchase contracts
7,642
4,166
Other interest payable and similar charges
6,218
2,309
--------
--------
96,894
62,855
--------
--------
11. Tax on profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
123,564
218,999
Adjustments in respect of prior periods
( 1,981)
---------
---------
Total current tax
123,564
217,018
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 71,512)
7,022
--------
---------
Tax on profit
52,052
224,040
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 25 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
371,603
1,139,074
---------
------------
Profit on ordinary activities by rate of tax
92,901
216,424
Adjustment to tax charge in respect of prior periods
( 1,981)
Effect of expenses not deductible for tax purposes
451
5,485
Effect of capital allowances and depreciation
15,852
( 2,910)
Deferred tax
(71,512)
7,022
Changes in UK tax rates
(23,515)
Revaluation losses
37,875
---------
------------
Tax on profit
52,052
224,040
---------
------------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Dividend on Ordinary A Shares
40,000
40,000
Dividend on Ordinary B Shares
28,200
29,500
--------
--------
68,200
69,500
--------
--------
13. Intangible assets
Group
Goodwill on consolidation
£
Cost
At 1 August 2022 and 31 July 2023
204,485
---------
Amortisation
At 1 August 2022
47,713
Charge for the year
20,449
---------
At 31 July 2023
68,162
---------
Carrying amount
At 31 July 2023
136,323
---------
At 31 July 2022
156,772
---------
The company has no intangible assets.
Goodwill arising on consolidation is being amortised over the director's estimate of its useful life of 10 years.
14. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
6,381,847
535,701
170,881
7,088,429
Additions
123,580
56,517
16,600
52,168
248,865
Revaluations
( 440,410)
( 440,410)
------------
---------
---------
--------
------------
At 31 July 2023
6,065,017
592,218
187,481
52,168
6,896,884
------------
---------
---------
--------
------------
Depreciation
At 1 August 2022
151,776
302,817
77,891
532,484
Charge for the year
137,130
53,178
20,652
6,956
217,916
Revaluations
( 288,906)
( 288,906)
------------
---------
---------
--------
------------
At 31 July 2023
355,995
98,543
6,956
461,494
------------
---------
---------
--------
------------
Carrying amount
At 31 July 2023
6,065,017
236,223
88,938
45,212
6,435,390
------------
---------
---------
--------
------------
At 31 July 2022
6,230,071
232,884
92,990
6,555,945
------------
---------
---------
--------
------------
The company has no tangible assets.
Tangible assets held at valuation
Under the revaluation model, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. The company obtained a new valuation on 27 March 2023 by an independent valuer, Fleuret Leisure Property Specialists. The methods and significant assumptions used to ascertain the fair value of £6,000,000 are as follows: - The property is freehold. - The property has a good location from both an accessibility and setting perspective. - The property is well laid out and in generally good repair. - The property is an attractive 4 star resort and would attract interest from local entrepreneurs/investors. In addition to the above, the property would be subject to the following additional special assumptions to remove the value of goodwill: - The property is presented with vacant possession. - The property would be sold as if the business was closed. - Accounts or records of trade are not available to a prospective purchaser so the purchaser is effectively bidding for the property without the benefit of evidence supporting the previous trading history. - The stock has been removed for furnishing and equipping the property appropriate to the style of business. - The licences, consents, certificates and permits are lost or breached. The historic cost equivalent of land and buildings included at the most recent valuation was £4,790,555. Since the valuation the company incurred property development expenditure of £65,017 resulting in a total carrying value of £6,065,017 at the reporting period. There are no revaluation reserves to report on consolidation because the historical surplus was pre acquisition of the subsidiary. As there is no revaluation surplus on consolidation, the decrease in value of the asset by £151,504 has been reported in the profit and loss.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 July 2023
214,465
90,424
304,889
---------
--------
---------
At 31 July 2022
107,390
107,390
---------
--------
---------
15. Investments
The group has no investments.
Company
Shares in group
£
Cost
At 1 August 2022 and 31 July 2023
2,020,000
------------
Impairment
At 1 August 2022 and 31 July 2023
------------
Carrying amount
At 1 August 2022 and 31 July 2023
2,020,000
------------
At 31 July 2022
2,020,000
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Bryn Meadows Golf & Country Club Limited
Ordinary
50
The parent does not own, directly or indirectly through subsidiaries, more than half of the voting power of its subsidiary undertaking, Bryn Meadows Golf & Country Club Limited. However, control exists because the minority shareholder of the subsidiary undertaking also has significant influence over the parent company.
16. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Total stock
52,403
47,582
--------
--------
----
----
17. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
85,228
5,138
Amounts owed by group undertakings
76,697
141,927
Prepayments and accrued income
98,027
97,549
Other debtors
914,195
952,446
2
2
------------
------------
--------
---------
1,097,450
1,055,133
76,699
141,929
------------
------------
--------
---------
18. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
439,073
445,581
Trade creditors
322,539
318,277
2,030
Accruals and deferred income
566,848
550,689
2,030
2,030
Corporation tax
261,661
217,879
Social security and other taxes
203,163
239,847
Obligations under finance leases and hire purchase contracts
33,345
36,365
Director loan accounts
81,719
112,543
Other creditors
518,554
497,167
313,123
313,123
------------
------------
---------
---------
2,426,902
2,418,348
315,153
317,183
------------
------------
---------
---------
19. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
1,282,197
1,265,932
Obligations under finance leases and hire purchase contracts
107,967
69,996
Other creditors
1,723,304
1,798,304
1,723,304
1,798,304
------------
------------
------------
------------
3,113,468
3,134,232
1,723,304
1,798,304
------------
------------
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £474,829 (2022: £167,136) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
HSBC Bank plc hold a legal mortgage over the assets of Bryn Meadows Golf & Country Club Limited, and a first legal mortgage over the Bryn Meadows Hotel, The Bryn, Maesycwmmer. HSBC Bank plc also hold a composite unlimited Multilateral Guarantee dated 28 October 2011 given by Bryn Meadows Golf & Country Club Limited, Eatfresh Wales Limited and Mayo Dining Limited. HSBC Bank plc hold fixed and floating charge over the assets of the company and undertaking both present and future dated 28 October 2011. The bank loans are repayable over a term of 120 months and are subject to an interest rate of 2.64% and 3.00% above the Bank of England base rate. In February 2024, there was a full redemption of its flexible business loan. DBW Investments (10) Limited hold a fixed and floating charge over the company assets.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
33,345
36,365
Later than 1 year and not later than 5 years
107,967
69,996
---------
---------
----
----
141,312
106,361
---------
---------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 August 2022
148,296
Additions
( 71,513)
---------
At 31 July 2023
76,783
---------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 21)
76,783
148,296
--------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
76,783
65,772
Revaluation of tangible assets
82,524
--------
---------
----
----
76,783
148,296
--------
---------
----
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 22,437 (2022: £ 20,720 ).
24. Government grants
The amounts recognised in the Audited consolidated financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
10,000
----
--------
----
----
25. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
2
2
2
2
----
----
----
----
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Aug 2022
Cash flows
At 31 Jul 2023
£
£
£
Cash at bank and in hand
480,937
261,494
742,431
Debt due within one year
(594,489)
40,352
(554,137)
Debt due after one year
(1,335,928)
(54,236)
(1,390,164)
------------
---------
------------
( 1,449,480)
247,610
( 1,201,870)
------------
---------
------------
28. Capital commitments
Capital expenditure contracted for but not provided for in the Audited consolidated financial statements is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Tangible assets
325,000
---------
----
----
----
29. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
27,674
28,485
Later than 1 year and not later than 5 years
32,715
39,655
--------
--------
----
----
60,389
68,140
--------
--------
----
----
Saddlebrook (Holdings) Limited
Notes to the Audited Consolidated Financial Statements (continued)
Year ended 31 July 2023
30. Related party transactions
Group
Mayo Property Development Limited
2023
£
Debtor as at 1 August 2022 918,670
Net transfers during the year (22,657)
---------
Debtor as at 31 July 2023 896,013
---------
The company is related through common control. Transactions with Directors During the year the Company voted and paid dividends of £40,000 (2022: £40,000) to Mr G Mayo, a Director of the company. During the year Mr G Mayo advanced £30,824 by the company. As at the balance sheet date, the company owed Mr G Mayo £81,719 (2022: £112,543). The amounts due to director are interest-free and are repayable on demand. During the year the Company voted and paid dividends of £28,200 (2022: £29,500) to Mrs S Mayo , a Director of the company.
Company
Mayo Property Development Limited
2023
£
Creditor as at 1 August 2022 238,123
Creditor as at 31 July 2023 238,123
The company is related through common control. Bryn Meadows Golf & Country Club Limited
2023
£
Debtor as at 1 August 2022 141,927
Net transfers during the year (105,380)
Dividends 40,000
---------
Debtor as at 31 July 2023 552,793
---------
The company is related through common control.
31. Controlling party
In the opinion of the director, there is no ultimate controlling party.