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REGISTERED NUMBER: 13179994 (United Kingdom)















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: Mr G L Davies
Mrs J G Davies
Mr R Davies



REGISTERED OFFICE: Llanerch Vineyard
Hensol
Pontyclun
CF72 8GG



REGISTERED NUMBER: 13179994 (United Kingdom)



SENIOR STATUTORY AUDITOR: Stephen John Bickerton



AUDITORS: Advantage Accountancy & Advisory Ltd
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:





Mr R Davies - Director


27 August 2024

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.

Mr G L Davies
Mrs J G Davies
Mr R Davies

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:





Mr R Davies - Director


27 August 2024

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.




Stephen John Bickerton (Senior Statutory Auditor)
for and on behalf of Advantage Accountancy & Advisory Ltd
Chartered Certified Accountants
and Statutory Auditors
Avalon House
5-7 Cathedral Road
Cardiff
CF11 9HA

27 August 2024

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 5,256,055 3,170,440

Cost of sales (1,399,859 ) (868,761 )
GROSS PROFIT 3,856,196 2,301,679

Administrative expenses (3,305,660 ) (2,142,688 )
OPERATING PROFIT 5 550,536 158,991


Interest payable and similar expenses 7 (115,474 ) (71,385 )
PROFIT BEFORE TAXATION 435,062 87,606

Tax on profit 8 (130,997 ) (89,165 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 304,065 (1,559 )

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 304,065 (1,559 )


OTHER COMPREHENSIVE INCOME
Fair value adjustment (17,733 ) 95,845
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

(17,733

)

95,845
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

286,332

94,286

CALON LODGE (UK) LTD (REGISTERED NUMBER: 13179994)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 8,204,737 8,303,350

CURRENT ASSETS
Stocks 11 641,058 287,338
Debtors 12 278,010 156,303
Cash at bank 241,513 358,733
1,160,581 802,374
CREDITORS
Amounts falling due within one year 13 5,771,897 5,808,751
NET CURRENT LIABILITIES (4,611,316 ) (5,006,377 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,593,421 3,296,973

CREDITORS
Amounts falling due after more than one
year

14

(3,151,904

)

(3,129,732

)

PROVISIONS FOR LIABILITIES 16 (98,256 ) (72,855 )
NET ASSETS 343,261 94,386

CAPITAL AND RESERVES
Called up share capital 17 100 100
Capital contribution reserve 18 78,112 95,845
Retained earnings 18 265,049 (1,559 )
SHAREHOLDERS' FUNDS 343,261 94,386

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





Mr R Davies - Director


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 100 - - 100

Changes in equity
Total comprehensive income - (1,559 ) 95,845 94,286
Balance at 31 March 2023 100 (1,559 ) 95,845 94,386

Changes in equity
Dividends - (37,457 ) - (37,457 )
Total comprehensive income - 304,065 (17,733 ) 286,332
Balance at 31 March 2024 100 265,049 78,112 343,261

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 1 298,425 1,598,502
Interest paid (115,474 ) (71,385 )
Tax paid (16,310 ) -
Net cash from operating activities 166,641 1,527,117

Cash flows from investing activities
Purchase of tangible fixed assets (55,901 ) (8,468,867 )
Sale of tangible fixed assets 17,500 -
Net cash from investing activities (38,401 ) (8,468,867 )

Cash flows from financing activities
New loans in year - 3,478,800
Loan repayments in year (99,110 ) (1,693,111 )
Amount introduced by directors - 5,558,930
Amount withdrawn by directors (108,893 ) (44,236 )
Equity dividends paid (37,457 ) -
Net cash from financing activities (245,460 ) 7,300,383

(Decrease)/increase in cash and cash equivalents (117,220 ) 358,633
Cash and cash equivalents at beginning of
year

2

358,733

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 435,062 87,606
Depreciation charges 139,616 165,518
Profit on disposal of fixed assets (2,603 ) -
Finance costs 115,474 71,385
687,549 324,509
Increase in stocks (353,720 ) (287,338 )
Increase in trade and other debtors (121,707 ) (156,303 )
Increase in trade and other creditors 86,303 1,717,634
Cash generated from operations 298,425 1,598,502

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 (117,220 ) 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 private company, limited by shares , registered in United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention 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 classDepreciation method
Land and Buildings0% - 20% Straight line
Plant and machinery5% - 33% Straight line
Office equipment10% - 33% Straight line
Fixtures and fittings10% - 50% Straight line
Motor vehicles12.5% - 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
£    £   
UK Sales - Hospitality 5,256,055 3,170,440
5,256,055 3,170,440

4. EMPLOYEES AND DIRECTORS
Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Wages and salaries 1,819,589 1,131,739
Social security costs 140,934 83,602
Other pension costs 32,964 19,873
1,993,487 1,235,214

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
113 128

Period
1.3.22
Year Ended to
31.3.24 31.3.23
£    £   
Directors' remuneration 12,773 12,570

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 13,448 4,750
Depreciation - owned assets 139,617 165,517
Profit on disposal of fixed assets (2,603 ) -
Foreign exchange differences - 17

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 173 -
Bank loan interest 115,301 71,385
115,474 71,385

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 105,596 16,310

Deferred tax 25,401 72,855
Tax on profit 130,997 89,165

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 435,062 87,606
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

108,766

16,645

Effects of:
Expenses not deductible for tax purposes 800 215
Capital allowances in excess of depreciation (3,970 ) (550 )
Deferred tax expense on fixed asset timing differences 25,401 72,855
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 ) - (17,733 )

1.3.22 to 31.3.23
Gross Tax Net
£    £    £   
Fair value adjustment 95,845 - 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 37,457 -

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 7,598,460 445,023 803,091
Additions - 34,563 10,075
Disposals - - -
At 31 March 2024 7,598,460 479,586 813,166
DEPRECIATION
At 1 April 2023 82,999 164,998 370,289
Charge for year 5,141 47,026 73,773
Eliminated on disposal - - -
At 31 March 2024 88,140 212,024 444,062
NET BOOK VALUE
At 31 March 2024 7,510,320 267,562 369,104
At 31 March 2023 7,515,461 280,025 432,802

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 96,358 38,042 8,980,974
Additions 10,135 1,128 55,901
Disposals (30,300 ) - (30,300 )
At 31 March 2024 76,193 39,170 9,006,575
DEPRECIATION
At 1 April 2023 34,496 24,842 677,624
Charge for year 6,812 6,865 139,617
Eliminated on disposal (15,403 ) - (15,403 )
At 31 March 2024 25,905 31,707 801,838
NET BOOK VALUE
At 31 March 2024 50,288 7,463 8,204,737
At 31 March 2023 61,862 13,200 8,303,350

11. STOCKS
2024 2023
£    £   
Raw materials and consumables 153,856 86,143
Work-in-progress 221,641 120,439
Finished goods 265,561 80,756
641,058 287,338

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,840 1,055
Other debtors 161,731 111,644
Prepayments 113,439 43,604
278,010 156,303

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) 99,111 99,111
Trade creditors 230,674 313,535
Tax 105,596 16,310
Social security and other taxes 41,216 36,117
Other creditors 4,082,226 4,178,124
Accruals and deferred income 1,213,074 1,165,554
5,771,897 5,808,751

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) 1,491,623 1,590,734
Other creditors 1,487,843 1,474,535
Accruals and deferred income 172,438 64,463
3,151,904 3,129,732

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 99,111 99,111

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,491,623 1,590,734

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 72,855 72,855
Deferred tax 25,401 -
98,256 72,855

Deferred
tax
£   
Balance at 1 April 2023 72,855
Charge to Income Statement during year 25,401
Balance at 31 March 2024 98,256

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
98 Ordinary A Shares £1 98 98
1 Ordinary B Shares £1 1 1
1 Ordinary C Shares £1 1 1
100 100

18. RESERVES
Capital
Retained contribution
earnings reserve Totals
£    £    £   

At 1 April 2023 (1,559 ) 95,845 94,286
Profit for the year 304,065 304,065
Dividends (37,457 ) (37,457 )
Fair value adjustment - (17,733 ) (17,733 )
At 31 March 2024 265,049 78,112 343,161

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.