REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
CALON LODGE (UK) LTD |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
CALON LODGE (UK) LTD |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
CALON LODGE (UK) LTD |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
Avalon House |
5-7 Cathedral Road |
Cardiff |
CF11 9HA |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
FAIR REVIEW OF THE BUSINESS |
The results for the year as set out on page 8 of the financial statements are for a trading period from 1 April 2023 to 31 March 2024. |
Calon Lodge (UK) Ltd commenced trading on 1 August 2022 after the incorporation of Calon Lodge LLP. Therefore the corresponding figures are for a trading period from 1 August 2022 to 31 March 2023 being a period of eight months. |
Turnover for the period totalled £5,256,055 (2023 - Eight month trading period £3,170,440) and the company showed a profit before tax of £435,062 (2023 - Eight month trading period £87,606). |
The directors believe that turnover and profit is as expected in the financial year. |
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered facilities in place at the date of signing the report. The business currently has strong bookings for future accommodation and events. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Business Continuity - The business recovery plan continues to be reviewed and strengthened. |
Interest Rate Risk - The company finances its operations through a mixture retained profits and bank borrowings. The company exposure is managed by the directors and a close working relationship with its financial institutions. |
Liquidity Risk - The company utilises appropriately termed debt finance that is designed to ensure that it has sufficient funds for operations. |
Credit Risk - The company has robust credit controls in place to mitigate the risk of bad debts. |
FUTURE DEVELOPMENTS |
The directors continually invest retained earnings back into the business to ensure the property is maintained to an acceptable standard for customers. The company is continually looking to expand and develop the existing site, to enable it to provide an enhanced service for customers and generate additional future revenues. |
KEY PERFORMANCE INDICATORS |
The Directors consider that the Key Performance Indicators of the business are those that communicate the financial performance and strength of the business, being turnover, gross profit, operating profit, and profit on ordinary activities before taxation as set out in the profit and loss account. |
The company also considers accommodation utilisation rates and event booking rates on a month-by-month basis in comparison to prior years. This also helps the company to monitor potential future revenues and manage the resources required in advance. |
ON BEHALF OF THE BOARD: |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of owning and operating a leisure venue trading as Llanerch Vineyard. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £37,457 (2023: £nil). Details of dividends declared are summarised in Note 9 to the financial statements |
RESEARCH AND DEVELOPMENT |
No significant research and development activities were undertaken during the period ending 31 March 2024 (2023: £nil). |
FUTURE DEVELOPMENTS |
Please refer to the fair review of business within the strategic report. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
See note 2 in relation to disclosure on financial instruments. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information. |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Report of the Directors |
for the Year Ended 31 March 2024 |
AUDITORS |
The auditors, Advantage Accountancy & Advisory Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Calon Lodge (UK) Ltd |
Opinion |
We have audited the financial statements of Calon Lodge (UK) Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Calon Lodge (UK) Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 three, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the |
economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
•The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
•We obtained understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006 , UK corporate taxation laws, employment legislation and health and safety legislation. |
•We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to management. We corroborated our inquiries through our review of legal correspondence. |
•We assessed the susceptibility of the company's financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included: |
Report of the Independent Auditors to the Members of |
Calon Lodge (UK) Ltd |
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
• identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
• understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
• performing analytical procedures to identify any unusual or unexpected relationships; |
• challenging assumptions and judgements made by management in its significant accounting estimates; |
• identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and |
• assessing the extent of compliance with relevant laws and regulations. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
and Statutory Auditors |
Avalon House |
5-7 Cathedral Road |
Cardiff |
CF11 9HA |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Income Statement |
for the Year Ended 31 March 2024 |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 7 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME |
Fair value adjustment | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital contribution reserve | 18 |
Retained earnings | 18 | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up | Capital |
share | Retained | contribution | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2023 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2024 |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Cash Flow Statement |
for the Year Ended 31 March 2024 |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | - | 5,558,930 |
Amount withdrawn by directors | (108,893 | ) | (44,236 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
100 |
Cash and cash equivalents at end of year | 2 | 241,513 | 358,733 |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 115,474 | 71,385 |
687,549 | 324,509 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 241,513 | 358,733 |
Period ended 31 March 2023 |
31.3.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 358,733 | 100 |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 358,733 | (117,220 | ) | 241,513 |
358,733 | ( |
) | 241,513 |
Debt |
Debts falling due within 1 year | (4,043,424 | ) | 122,191 | (3,921,233 | ) |
Debts falling due after 1 year | (3,256,959 | ) | 277,493 | (2,979,466 | ) |
(7,300,383 | ) | 399,684 | (6,900,699 | ) |
Total | (6,941,650 | ) | 282,464 | (6,659,186 | ) |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Calon Lodge (UK) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies that are shown at fair value. |
Summary of significant accounting policies and key accounting estimates |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 33.7. |
Revenue recognition |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. |
The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Depreciation |
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: |
Asset class | Depreciation method |
Land and Buildings | 0% - 20% Straight line |
Plant and machinery | 5% - 33% Straight line |
Office equipment | 10% - 33% Straight line |
Fixtures and fittings | 10% - 50% Straight line |
Motor vehicles | 12.5% - 20% Straight line |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months |
after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
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. |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Provisions |
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
Leases |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. |
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. |
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
Dividends |
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Classification |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Debt instruments are subsequently measured at amortised cost. |
Impairment |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Management | 12 | 12 |
Administration and support | 8 | 7 |
Other departments | 93 | 109 |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Foreign exchange differences |
6. | AUDITORS' REMUNERATION |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
10,750 |
9,500 |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Bank interest |
Bank loan interest |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
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: |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax expense on fixed asset timing differences |
Total tax charge | 130,997 | 89,165 |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Fair value adjustment | ( |
) | - | (17,733 | ) |
1.3.22 to 31.3.23 |
Gross | Tax | Net |
£ | £ | £ |
Fair value adjustment | - | 95,845 |
9. | DIVIDENDS |
Period |
1.3.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Ordinary A Shares shares of £1 each |
Interim |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials and consumables |
Work-in-progress |
Finished goods |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
The bank loans are secured by fixed and floating charge over the assets of the business. |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) |
Other creditors |
Accruals and deferred income |
The bank loans are secured by fixed and floating charge over the assets of the business. |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The bank borrowings are secured by a debenture dated the 31 August 2022 creating a first legal charge over the property at Llanerch Vineyard. They are also secured by a second legal charge dated 31 August 2022 and a personal guarantee by certain directors. The interest rate applicable on the bank borrowings is 3.35% over base rate. |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax | 25,401 | - |
98,256 | 72,855 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge to Income Statement during year |
Balance at 31 March 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A Shares | £1 | 98 | 98 |
Ordinary B Shares | £1 | 1 | 1 |
Ordinary C Shares | £1 | 1 | 1 |
100 | 100 |
18. | RESERVES |
Capital |
Retained | contribution |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | 94,286 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Fair value adjustment | - | (17,733 | ) | (17,733 | ) |
At 31 March 2024 | 343,161 |
Included in the capital contribution reserve is a fair value adjustment which has arisen from the discounting of loans due to directors over 1 year. |
CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
19. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contribution payable by the company to the scheme and amounted to £32,964 (2023:£19,873). |
Contributions totalling £3,223 (2022:£1,996) were payable to the scheme at the end of the year and are included in creditors. |
20. | RELATED PARTY DISCLOSURES |
On the 1st August 2022 the company acquired the trade, assets £9,185,485 and liabilities £3,626,555 of Calon Lodge LLP as part of an incorporation. |
The directors are the controlling party by virtue of their controlling interest in the limited company. The ultimate controlling party is Mr R Davies. |
Included in other creditors at the year end is £5,347,412 (2023: £5,418,848) owed to Mr R Davies. The balance is interest free, unsecured and no set repayment terms. |