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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: Mr M G M Wicks
Mrs J E Wicks





SECRETARY: Mr M G M Wicks





REGISTERED OFFICE: Hazlewood Castle Paradise Lane
Hazlewood
Tadcaster
Leeds
North Yorkshire
LS24 9NJ





REGISTERED NUMBER: 05110517 (England and Wales)





AUDITORS: Harris & Co Limited
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:





Mr M G M Wicks - Director


20 September 2024

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.

Mr M G M Wicks
Mrs J E Wicks

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:



Mr M G M Wicks - Director


20 September 2024

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.




Tom Garner CA CTA (Senior Statutory Auditor)
for and on behalf of Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

20 September 2024

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

(28,162

)

62,945

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 7,862,278 7,862,278
7,862,278 7,862,278

CURRENT ASSETS
Debtors 13 4,837,101 4,883,805
Cash at bank 57,084 81,365
4,894,185 4,965,170
CREDITORS
Amounts falling due within one year 14 285,824 571,118
NET CURRENT ASSETS 4,608,361 4,394,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,470,639

12,256,330

CREDITORS
Amounts falling due after more than one
year

15

9,072,109

8,852,372
NET ASSETS 3,398,530 3,403,958

CAPITAL AND RESERVES
Called up share capital 20 122 122
Retained earnings 21 3,398,408 3,403,836
SHAREHOLDERS' FUNDS 3,398,530 3,403,958

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 20 September 2024 and were signed on its behalf by:





Mr M G M Wicks - Director


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 122 3,038,056 570,725 3,608,903

Changes in equity
Total comprehensive income - 365,780 (570,725 ) (204,945 )
Balance at 30 September 2022 122 3,403,836 - 3,403,958

Changes in equity
Total comprehensive income - (5,428 ) - (5,428 )
Balance at 30 September 2023 122 3,398,408 - 3,398,530

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost straight line, 15% on reducing balance and 5% on cost straight line
Fixtures and fittings - 20% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance

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 80 92

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 7,862,278
NET BOOK VALUE
At 30 September 2023 7,862,278
At 30 September 2022 7,862,278

The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Grants Hotel Limited
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ
Nature of business: property development (now dormant)
%
Class of shares: holding
Ordinary 100.00

Northern Touch Limited
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ
Nature of business: hoteliers
%
Class of shares: holding
Ordinary 100.00

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

Hazlewood Holdings Limited
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ
Nature of business: holding company
%
Class of shares: holding
Ordinary 100.00

Surgeforward Limited
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ
Nature of business: property company
%
Class of shares: holding
Ordinary 100.00

Grants Hotel (Harrogate) Limited
Registered office: Hazlewood Castle Paradise Lane, Hazlewood, Tadcaster, Leeds, England, LS24 9NJ
Nature of business: dormant company
%
Class of shares: holding
Ordinary 100.00

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 - 9,345
Other debtors 3,000 3,000 - -
Directors' current accounts 29,239 - - -
Tax 3,750 3,750 3,750 3,750
Prepayments and accrued income 129,248 267,798 - 37,359
194,018 345,202 3,750 50,454

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 4,833,351 4,833,351

Aggregate amounts 194,018 345,202 4,837,101 4,883,805

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 85,050 301,260
Other loans (see note 16) 87,599 87,598 - -
Hire purchase contracts (see note 17) 41,468 17,345 17,345 17,345
Trade creditors 316,307 282,633 3,132 19,306
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 276,733 351,009 180,297 229,495
1,911,736 2,020,799 285,824 571,118

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 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 7,840 25,227
Amounts owed to group undertakings - - 3,728,800 3,644,405
5,443,372 5,358,878 9,072,109 8,852,372

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 85,050 301,260
Other loans 87,599 87,598 - -
172,649 388,858 85,050 301,260
Amounts falling due between one and two years:
Bank loans - 1-2 years 102,060 361,512 102,060 361,512
Other loans - 1-2 years 63,312 87,598 - -
165,372 449,110 102,060 361,512
Amounts falling due between two and five years:
Bank loans - 2-5 years 5,233,409 1,084,536 5,233,409 1,084,536
Other loans - 2-5 years - 63,313 - -
5,233,409 1,147,849 5,233,409 1,084,536
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 17,345 17,345
Between one and five years 7,840 25,227
25,185 42,572

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 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: £    £   
82 Ordinary A £1 82 82
40 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.