REGISTERED NUMBER: 05110517 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 September 2023 |
for |
Ashdale UK Limited |
REGISTERED NUMBER: 05110517 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 September 2023 |
for |
Ashdale UK Limited |
Ashdale UK Limited (Registered number: 05110517) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Independent Auditors' Report | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
Ashdale UK Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
Marland House |
13 Huddersfield Road |
Barnsley |
South Yorkshire |
S70 2LW |
Ashdale UK Limited (Registered number: 05110517) |
Group Strategic Report |
for the Year Ended 30 September 2023 |
The directors present their strategic report of the Company and the Group for the year ended 30 September 2023. |
REVIEW OF BUSINESS |
The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
The group's turnover decreased by £251k (7.1%) to £3,263k following the sale of one of the group's hotels in the prior year, which had contributed an additional two months of trade within last year's revenue. As a result the group generated a loss before tax of £28k, (2022: profit before tax of £63k). Group shareholders funds at the year end are therefore £811k (2022: £858k). |
The residual impact of the pandemic, together with cost of living pressures on consumer spending combine to create a challenging business environment. These factors are being monitored by the directors in order for the related risks to be managed swiftly and effectively. |
The group's financial projections indicate that it has sufficient facilities and funds to operate for at least the next 12 months and it's bankers and director shareholders continue to be supportive. Accordingly, the directors believe that the group has adequate resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's operations expose it to a variety of financial and other risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied. |
The board of directors is responsible for monitoring financial risk and for deciding where it would be appropriate to use financial instruments to manage the risk. |
Exchange rate risk |
As the group has minimal transactions in foreign currency, it is not significantly exposed to exchange rate risk. |
Price risk |
The group has no exposure to equity securities risk, as it holds no listed or other equity investments. |
Credit risk |
The group has implemented policies that require credit checks on potential customers before significant credit sales are made. |
Liquidity risk |
The group actively maintains sufficient cash and bank balances and regularly reviews its overall borrowing requirements to ensure that the company has sufficient available funds for operations and any planned expansions. The group renegotiated its long-term loan facilities after the balance sheet date. |
Interest rate cash flow risk |
During the year, the group had interest bearing assets, comprising cash and bank balances which earn interest at variable rates, and interest bearing liabilities comprising its long term bank loans which bear interest at variable rates. The board of directors regularly reviews the mix of cash, overdraft and debt to manage interest rate risk. and has renegotiated its long term facilities and interest rates. |
Ashdale UK Limited (Registered number: 05110517) |
Group Strategic Report |
for the Year Ended 30 September 2023 |
KEY PERFORMANCE INDICATORS |
We consider that our key financial performance indicators are those that communicate the financial performance of the group, these being turnover, operating profit, profit before taxation and EBITDA. |
ON BEHALF OF THE BOARD: |
Ashdale UK Limited (Registered number: 05110517) |
Report of the Directors |
for the Year Ended 30 September 2023 |
The directors present their report with the financial statements of the Company and the Group for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Group in the year under review was that of hoteliers. |
DIVIDENDS |
Particulars of dividends are disclosed within the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. |
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. |
Ashdale UK Limited (Registered number: 05110517) |
Report of the Directors |
for the Year Ended 30 September 2023 |
AUDITORS |
The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Independent Auditors' Report to the Members of |
Ashdale UK Limited |
Opinion |
We have audited the financial statements of Ashdale UK Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 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 30 September 2023 and of the Group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group'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 Auditors' Report 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. |
Independent Auditors' Report to the Members of |
Ashdale UK Limited |
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. |
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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: |
- | Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations; |
- | Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act, UK Generally Accepted Accounting Practice and tax legislation. |
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 Auditors' Report. |
Independent Auditors' Report to the Members of |
Ashdale UK Limited |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |
- | Enquiring of management concerning actual and potential litigation and claims; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and |
- | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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. |
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 Auditors' 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. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
Marland House |
13 Huddersfield Road |
Barnsley |
South Yorkshire |
S70 2LW |
Ashdale UK Limited (Registered number: 05110517) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 30 September 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3,262,628 | 3,513,443 |
Cost of sales | 1,690,753 | 1,791,360 |
GROSS PROFIT | 1,571,875 | 1,722,083 |
Administrative expenses | 1,164,561 | 1,377,256 |
OPERATING PROFIT | 5 | 407,314 | 344,827 |
Interest payable and similar expenses | 6 | 435,476 | 281,882 |
(LOSS)/PROFIT BEFORE TAXATION | (28,162 | ) | 62,945 |
Tax on (loss)/profit | 7 | - | - |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME |
Revaluation | - | (1,424,284 | ) |
Deferred tax on revaluation | (19,069 | ) | 335,588 |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(19,069 |
) |
(1,088,696 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(47,231 |
) |
(1,025,751 |
) |
(Loss)/profit attributable to: |
Owners of the parent | (28,162 | ) | 62,945 |
Total comprehensive income attributable to: |
Owners of the parent | (47,231 | ) | (1,025,751 | ) |
Ashdale UK Limited (Registered number: 05110517) |
Consolidated Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 374,589 | 463,123 |
Tangible assets | 10 | 7,654,719 | 7,295,675 |
Investments | 11 | - | - |
8,029,308 | 7,758,798 |
CURRENT ASSETS |
Stocks | 12 | 102,578 | 99,186 |
Debtors | 13 | 194,018 | 345,202 |
Cash at bank and in hand | 480,355 | 655,804 |
776,951 | 1,100,192 |
CREDITORS |
Amounts falling due within one year | 14 | 1,911,736 | 2,020,799 |
NET CURRENT LIABILITIES | (1,134,785 | ) | (920,607 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,894,523 |
6,838,191 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(5,443,372 |
) |
(5,358,878 |
) |
PROVISIONS FOR LIABILITIES | 19 | (639,970 | ) | (620,901 | ) |
NET ASSETS | 811,181 | 858,412 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 122 | 122 |
Revaluation reserve | 21 | 321,542 | 340,611 |
Retained earnings | 21 | 489,517 | 517,679 |
SHAREHOLDERS' FUNDS | 811,181 | 858,412 |
The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by: |
Mr M G M Wicks - Director |
Ashdale UK Limited (Registered number: 05110517) |
Company Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (5,428 | ) | (204,945 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ashdale UK Limited (Registered number: 05110517) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2021 | 122 | 1,717,679 | 166,362 | 1,884,163 |
Changes in equity |
Total comprehensive income | - | (1,200,000 | ) | 174,249 | (1,025,751 | ) |
Balance at 30 September 2022 | 122 | 517,679 | 340,611 | 858,412 |
Changes in equity |
Total comprehensive income | - | (28,162 | ) | (19,069 | ) | (47,231 | ) |
Balance at 30 September 2023 | 122 | 489,517 | 321,542 | 811,181 |
Ashdale UK Limited (Registered number: 05110517) |
Company Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2023 |
Ashdale UK Limited (Registered number: 05110517) |
Consolidated Cash Flow Statement |
for the Year Ended 30 September 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 834,822 | 197,561 |
Interest paid | (427,831 | ) | (278,303 | ) |
Interest element of hire purchase payments paid |
(7,645 |
) |
(3,579 |
) |
Tax repayments received /(paid) | (2,100 | ) | 44,109 |
Net cash from operating activities | 397,246 | (40,212 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (416,622 | ) | (230,030 | ) |
Sale of tangible fixed assets | - | 3,119,879 |
Net cash from investing activities | (416,622 | ) | 2,889,849 |
Cash flows from financing activities |
Loan repayments in year | (151,079 | ) | (2,846,737 | ) |
New hire purchase agreements | 75,200 | - |
Capital repayments of hire purchases | (31,713 | ) | (17,387 | ) |
Amounts repaid by directors | (48,481 | ) | (3,441 | ) |
Net cash from financing activities | (156,073 | ) | (2,867,565 | ) |
Decrease in cash and cash equivalents | (175,449 | ) | (17,928 | ) |
Cash and cash equivalents at beginning of year |
2 |
655,804 |
673,732 |
Cash and cash equivalents at end of year |
2 |
480,355 |
655,804 |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 September 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit before taxation | (28,162 | ) | 62,945 |
Depreciation charges | 146,112 | 144,143 |
Profit on disposal of fixed assets | - | (29,773 | ) |
Finance costs | 435,476 | 281,882 |
553,426 | 459,197 |
(Increase)/decrease in stocks | (3,392 | ) | 14,956 |
Decrease/(increase) in trade and other debtors | 180,422 | (150,931 | ) |
Increase/(decrease) in trade and other creditors | 104,366 | (125,661 | ) |
Cash generated from operations | 834,822 | 197,561 |
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 30 September 2023 |
30/9/23 | 1/10/22 |
£ | £ |
Cash and cash equivalents | 480,355 | 655,804 |
Year ended 30 September 2022 |
30/9/22 | 1/10/21 |
£ | £ |
Cash and cash equivalents | 655,804 | 673,732 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/10/22 | Cash flow | At 30/9/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 655,804 | (175,449 | ) | 480,355 |
655,804 | (175,449 | ) | 480,355 |
Debt |
Finance leases | (42,572 | ) | (43,487 | ) | (86,059 | ) |
Debts falling due within 1 year | (388,858 | ) | 216,209 | (172,649 | ) |
Debts falling due after 1 year | (5,333,651 | ) | (65,130 | ) | (5,398,781 | ) |
(5,765,081 | ) | 107,592 | (5,657,489 | ) |
Total | (5,109,277 | ) | (67,857 | ) | (5,177,134 | ) |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Ashdale UK 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 and functional currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the 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 fixed assets. |
Going concern |
The Group's financial projections indicate that it has access to sufficient facilities and funds to |
operate for at least the next 12 months on the basis that its bankers and the director shareholders continue to be supportive and will continue to provide financial support when required. Accordingly, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis. |
Basis of consolidation |
The financial statements incorporate the financial statements of the company and all group undertakings made up to 30 September 2023. |
A subsidiary is an entity controlled by the company. Control exists when the company has power, directly or indirectly to govern the operating policies of the entity so as to derive benefits from its activities. |
The consolidation of the subsidiary companies has been accounted for using the acquisition method of accounting. Any subsidiary undertakings sold or acquired during the year are included up to, or from, the dates of change of control. The financial statements of all subsidiary companies are prepared to the same accounting date as the parent company. Uniform accounting policies are followed throughout the group. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
The significant judgements and estimates applied in the preparation of these financial statements are the going concern basis, the valuation and useful economic lives of intangible and tangible fixed assets. These, and other policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated. |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents amounts earned on services provided during the year and derives from the provision of services falling within the company's ordinary activities. |
Goodwill |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Goodwill - 20 years straight line |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
All fixed assets are initially recorded at cost. |
No depreciation is provided in respect of freehold land and buildings as they are kept in a continual state of good repair and, in the opinion of the directors, the residual value at the end of the useful life will not be materially less than carrying value in the financial statements. An annual impairment review of non-depreciated assets is carried out in accordance with FRS102. The directors of the company consider that this accounting policy is necessary for the accounts to show a true and fair view. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
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. |
Deferred taxation on land and buildings is provided based on current market property valuations and current tax rates. To the extent that land and buildings are sold in the future, either the property market or tax rates may have fluctuated which means that the value of deferred tax may be different to that disclosed in these financial statements. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,166,081 | 1,313,844 |
Social security costs | 95,103 | 93,801 |
Other pension costs | 20,737 | 22,014 |
1,281,921 | 1,429,659 |
The average number of employees during the year was as follows: |
2023 | 2022 |
General staff |
2023 | 2022 |
£ | £ |
Directors' remuneration | 120,025 | 125,223 |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 13,494 | 14,358 |
Other operating leases | 10,199 | 10,199 |
Depreciation - owned assets | 57,578 | 55,609 |
Profit on disposal of fixed assets | - | (29,773 | ) |
Goodwill amortisation | 88,534 | 88,534 |
Auditors' remuneration | 15,250 | 20,000 |
Auditors' remuneration for non audit work | 2,750 | 5,500 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 426,938 | 278,303 |
Interest on overdue taxation | 893 | - |
Hire purchase | 7,645 | 3,579 |
435,476 | 281,882 |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 September 2023 nor for the year ended 30 September 2022. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
(Loss)/profit before tax | (28,162 | ) | 62,945 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
(5,351 |
) |
11,960 |
Effects of: |
Expenses not deductible for tax purposes | 2,055 | 17,499 |
Income not taxable for tax purposes | (64 | ) | (24,702 | ) |
Capital allowances in excess of depreciation | - | (22,721 | ) |
Depreciation in excess of capital allowances | 3,289 | - |
Utilisation of tax losses | - | (2,350 | ) |
buildings |
Losses carried forward | 71 | 79 |
Losses unavailable to carry forward | - | 20,235 |
Total tax charge | - | - |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation |
Deferred tax on revaluation | (19,069 | ) | - | (19,069 | ) |
(19,069 | ) | - | (19,069 | ) |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation | (1,424,284 | ) | - | (1,424,284 | ) |
Deferred tax on revaluation | 335,588 | - | 335,588 |
(1,088,696 | ) | - | (1,088,696 | ) |
8. | 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. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 | 2,069,673 |
AMORTISATION |
At 1 October 2022 | 1,606,550 |
Amortisation for year | 88,534 |
At 30 September 2023 | 1,695,084 |
NET BOOK VALUE |
At 30 September 2023 | 374,589 |
At 30 September 2022 | 463,123 |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2022 | 6,949,008 | 470,845 | 1,463,286 | 3,532 | 8,886,671 |
Additions | 344,232 | 13,000 | 55,761 | 3,629 | 416,622 |
At 30 September 2023 | 7,293,240 | 483,845 | 1,519,047 | 7,161 | 9,303,293 |
DEPRECIATION |
At 1 October 2022 | - | 469,802 | 1,119,689 | 1,505 | 1,590,996 |
Charge for year | - | 2,106 | 54,465 | 1,007 | 57,578 |
At 30 September 2023 | - | 471,908 | 1,174,154 | 2,512 | 1,648,574 |
NET BOOK VALUE |
At 30 September 2023 | 7,293,240 | 11,937 | 344,893 | 4,649 | 7,654,719 |
At 30 September 2022 | 6,949,008 | 1,043 | 343,597 | 2,027 | 7,295,675 |
The group's remaining trading property, which operates as a hotel, was subject to an external professional valuation as at 30 September 2022 carried out by David Elton (MRICS) of Savills (UK) Limited. The valuations were on an open market basis as operational entities having regard to trading potential and including fixtures and fittings. |
In respect of certain fixed assets stated at valuations, the comparable historical cost and depreciation values are as follows: |
Freehold | TOTAL |
Historical costs: | £ | £ |
At 1 October 2022 | 3,490,068 | 3,490,068 |
Additions | 344,232 | 344,232 |
Disposals | - | - |
As at 30 September 2023 | 3,834,300 | 3,834,300 |
Depreciation: |
At 1 October 2022 | - | - |
Charge for the year | - | - |
Disposals | - | - |
As at 30 September 2023 | - | - |
Net historical cost value: |
At 30 September 2023 | 3,834,300 | 3,834,300 |
At 30 September 2022 | 3,490,068 | 3,490,068 |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Freehold |
property |
£ |
COST |
Additions | 132,814 |
At 30 September 2023 | 132,814 |
NET BOOK VALUE |
At 30 September 2023 | 132,814 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ |
Nature of business: |
% |
Class of shares: | holding |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ |
Nature of business: |
% |
Class of shares: | holding |
Northern Touch Limited and Surgeforward Limited are owned by Hazlewood Holdings Limited. |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Finished goods | 102,578 | 99,186 |
13. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 28,781 | 70,654 |
Other debtors | 3,000 | 3,000 |
Directors' current accounts | 29,239 | - | - | - |
Tax | 3,750 | 3,750 |
Prepayments and accrued income | 129,248 | 267,798 |
194,018 | 345,202 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 194,018 | 345,202 |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 85,050 | 301,260 |
Other loans (see note 16) | 87,599 | 87,598 |
Hire purchase contracts (see note 17) | 41,468 | 17,345 |
Trade creditors | 316,307 | 282,633 |
Payments received on account | 981,689 | 829,446 | - | - |
Corporation tax | - | 2,100 |
Social security and other taxes | 31,817 | 18,508 |
VAT | 82,242 | 75,307 | - | 1,029 |
Other creditors | 8,831 | 36,351 |
Directors' current accounts | - | 19,242 | - | 2,683 |
Accruals and deferred income | 276,733 | 351,009 |
1,911,736 | 2,020,799 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 5,335,469 | 5,182,740 |
Other loans (see note 16) | 63,312 | 150,911 |
Hire purchase contracts (see note 17) | 44,591 | 25,227 |
Amounts owed to group undertakings | - | - | 3,728,800 | 3,644,405 |
5,443,372 | 5,358,878 |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 85,050 | 301,260 |
Other loans | 87,599 | 87,598 |
172,649 | 388,858 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 102,060 | 361,512 |
Other loans - 1-2 years | 63,312 | 87,598 | - |
165,372 | 449,110 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 5,233,409 | 1,084,536 |
Other loans - 2-5 years | - | 63,313 |
5,233,409 | 1,147,849 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more than 5 years |
by instalments | - | 3,736,692 | - | 3,736,692 |
- | 3,736,692 | - | 3,736,692 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 41,468 | 17,345 |
Between one and five years | 44,591 | 25,227 |
86,059 | 42,572 |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
17. | LEASING AGREEMENTS - continued |
Company |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 5,420,519 | 5,484,000 |
Bank loans totalling £5,420,519 at 30 September 2023 (2022: £5,484,000) incurs an interest charge of 3.65% above LIBOR. Repayments were made during the year on an interest only basis, but with an agreed interest payment holiday during the pandemic. |
The bank loans are secured by a debenture, being a first legal mortgage, legal assignment and fixed and floating charge over all assets, business, undertakings and rights of the company, and of Surgeforward Limited, Northern Touch Limited and Hazlewood Holdings Limited. Mr M G M Wicks has also provided a personal guarantee capped at 20% of the amount owing after the proceeds of enforcement of security has been applied. The bank loans are also secured by a cross guarantee between Hazlewood Holdings Limited, Northern Touch Limited, Surgeforward Limited and Ashdale UK Limited. |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 639,970 | 620,901 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2022 | 620,901 |
Movement in year | 19,069 |
Balance at 30 September 2023 | 639,970 |
Ashdale UK Limited (Registered number: 05110517) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 82 | 82 |
Ordinary B | £1 | 40 | 40 |
122 | 122 |
21. | RESERVES |
Reserves consist of the following: |
Retained earnings comprise cumulative distributable reserves. |
Revaluation reserve comprises cumulative reserves relating to the revaluation of freehold property, less deferred tax. |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022: |
2023 | 2022 |
£ | £ |
Mr M G M Wicks |
Balance outstanding at start of year | - | - |
Amounts advanced | 29,239 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 29,239 | - |
23. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ 128,157 (2022 - £ 133,864 ) was paid. |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr M G M Wicks. |
The ultimate controlling party is Mr M G M Wicks. |