Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetruetruetruetrue2023-04-0173false47falseNo description of principal activitytruefalse 05500642 2023-03-31 05500642 2023-04-01 2024-03-31 05500642 2022-03-28 2023-04-02 05500642 2024-03-31 05500642 2023-04-02 05500642 2022-03-28 05500642 1 2023-04-01 2024-03-31 05500642 1 2022-03-28 2023-04-02 05500642 d:CompanySecretary1 2023-04-01 2024-03-31 05500642 d:Director1 2023-04-01 2024-03-31 05500642 d:RegisteredOffice 2023-04-01 2024-03-31 05500642 e:Buildings 2023-04-01 2024-03-31 05500642 e:Buildings 2024-03-31 05500642 e:Buildings 2023-04-02 05500642 e:Buildings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05500642 e:PlantMachinery 2023-04-01 2024-03-31 05500642 e:PlantMachinery 2024-03-31 05500642 e:PlantMachinery 2023-04-02 05500642 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05500642 e:FurnitureFittings 2023-04-01 2024-03-31 05500642 e:FurnitureFittings 2024-03-31 05500642 e:FurnitureFittings 2023-04-02 05500642 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05500642 e:ComputerEquipment 2023-04-01 2024-03-31 05500642 e:ComputerEquipment 2024-03-31 05500642 e:ComputerEquipment 2023-04-02 05500642 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05500642 e:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05500642 e:OtherPropertyPlantEquipment 2024-03-31 05500642 e:OtherPropertyPlantEquipment 2023-04-02 05500642 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05500642 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05500642 e:Goodwill 2024-03-31 05500642 e:Goodwill 2023-04-02 05500642 e:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 05500642 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-02 05500642 e:CurrentFinancialInstruments 2024-03-31 05500642 e:CurrentFinancialInstruments 2023-04-02 05500642 e:Non-currentFinancialInstruments 2024-03-31 05500642 e:Non-currentFinancialInstruments 2023-04-02 05500642 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 05500642 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-02 05500642 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 05500642 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-02 05500642 e:ShareCapital 2024-03-31 05500642 e:ShareCapital 2023-04-02 05500642 e:ShareCapital 2022-03-28 05500642 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05500642 e:RetainedEarningsAccumulatedLosses 2024-03-31 05500642 e:RetainedEarningsAccumulatedLosses 2022-03-28 2023-04-02 05500642 e:RetainedEarningsAccumulatedLosses 2023-04-02 05500642 e:RetainedEarningsAccumulatedLosses 2022-03-28 05500642 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 05500642 e:AcceleratedTaxDepreciationDeferredTax 2023-04-02 05500642 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 05500642 e:TaxLossesCarry-forwardsDeferredTax 2023-04-02 05500642 d:OrdinaryShareClass1 2023-04-01 2024-03-31 05500642 d:OrdinaryShareClass1 2024-03-31 05500642 d:OrdinaryShareClass1 2023-04-02 05500642 d:FRS102 2023-04-01 2024-03-31 05500642 d:Audited 2023-04-01 2024-03-31 05500642 d:FullAccounts 2023-04-01 2024-03-31 05500642 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05500642 2 2023-04-01 2024-03-31 05500642 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 05500642







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024


FANHAMS HALL HOTEL LIMITED






































img3aba.png                        

 


FANHAMS HALL HOTEL LIMITED
 


 
COMPANY INFORMATION


Director
D L E Pecorelli 




Company secretary
C L Davies



Registered number
05500642



Registered office
Executive Office
Pennyhill Park Hotel & Spa

London Road

Bagshot

Surrey

GU19 5EU




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


FANHAMS HALL HOTEL LIMITED
 



CONTENTS



Page
Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 24


 


FANHAMS HALL HOTEL LIMITED
 


 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The director presents his report together with the audited financial statements of Fanhams Hall Hotel Limited for the period ended 31 March 2024.

Business review
 
The principal activity of the company is that of the ownership and operation of Fanhams Hall Hotel, Ware, Hertfordshire.  Fanhams Hall Hotel Limited is part of the Exclusive Collection, operating at the top end of the conference, weddings and leisure market segments. With a strong focus on differentiating our offering through quality of product, service and the development of our people. 
The company has generated revenue of £4.05m (2023: £4.59m) and a profit on ordinary activities before taxation of £0.1m (2023 £0.47m).
Weddings continued to remain strong both in terms of numbers and average spend helped by the tail end of Covid backlog and our flexible approach to couples during the pandemic. Our meetings, incentives, conferences and exhibitions business was weaker than expected at the Fanhams price point.

Financial key performance indicators
 
The company’s EBITDA was £0.2m for the period (2023 £0.6m).

Principal risks and uncertainties
 
The group is exposed to events that prevent the normal operation of our hotels, including pandemics, extreme weather events and other operational issues. Having a number of properties, in various locations, provides some mitigation to these operational risks. Some risks are covered by insurance.
We are also exposed to a downturn in demand for hotel stays, due to an economic recession or for other reasons. We seek to mitigate this risk by targeting different market segments, including the conference market, the leisure market and weddings.
We are impacted by changes in regulation, including legislation relating to employment, the environment and health and safety. The board regularly reviews changes in regulations, ensuring we have in place appropriate processes to maintain compliance, and adapting our business model as necessary.


This report was approved by the board and signed on its behalf.



D L E Pecorelli
Director

Date: 24 September 2024

Page 1

 


FANHAMS HALL HOTEL LIMITED
 


 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The director presents his report and the financial statements for the period ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the period, after taxation, amounted to £82,853 (2023 - £366,943).

Dividends of £200,000 have been declared and paid by the director for the period (2023: £250,000).

Director

The director who served during the period was:

D L E Pecorelli 

Environmental matters

We continue to be exceptionally focused on respecting our environment. Our zero direct to landfill policy is a focus key for us, and in all major decisions the environmental impact is discussed.

Streamlined energy and carbon reporting (SECR) disclosure

The company has not disclosed information in respect of greenhouse gas emissions, energy consumptions and energy efficiency actions as it is included in the group report of The Manor House Hotel (Castle Combe) Limited.

Employee consultation

The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company. Employees are consulted regularly on a wide range of matters affecting their current and future interests.

Page 2

 


FANHAMS HALL HOTEL LIMITED
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

Qualifying third party indemnity provisions

The company has indemnity provisions in place for the directors during the year and at the date of approval of the director's
report.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





D L E Pecorelli
Director

Date: 24 September 2024

Page 3

 


FANHAMS HALL HOTEL LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FANHAMS HALL HOTEL LIMITED

Opinion


We have audited the financial statements of Fanhams Hall Hotel Limited (the 'Company') for the period ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 period 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4

 


FANHAMS HALL HOTEL LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FANHAMS HALL HOTEL LIMITED (CONTINUED)

Opinion 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 Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, 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 director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


FANHAMS HALL HOTEL LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FANHAMS HALL HOTEL LIMITED (CONTINUED)

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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions;
°Misappropriation of funds through fraudulent supplier ledger and payroll activity; and 
°Manipulation of amounts subject to significant judgement or estimate.


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.


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.


Page 6

 


FANHAMS HALL HOTEL LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FANHAMS HALL HOTEL LIMITED (CONTINUED)

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 2006Our 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.





James Hadfield FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

25 September 2024
Page 7

 


FANHAMS HALL HOTEL LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

2024
2023
£
£

  

Turnover
 4 
4,049,184
4,595,361

Cost of sales
  
(594,083)
(645,160)

Gross profit
  
3,455,101
3,950,201

Administrative expenses
  
(3,374,580)
(3,476,018)

Other operating income
 5 
-
559

Operating profit
 6 
80,521
474,742

Interest receivable and similar income
 8 
-
18,121

Interest payable and similar expenses
 9 
(2,327)
(19,867)

Profit before tax
  
78,194
472,996

Tax on profit
 10 
4,659
(106,053)

Profit for the financial period
  
82,853
366,943

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 11 to 24 form part of these financial statements.

Page 8

 


FANHAMS HALL HOTEL LIMITED
REGISTERED NUMBER:05500642



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
99
99

Tangible assets
 13 
4,094,620
4,125,054

  
4,094,719
4,125,153

Current assets
  

Stocks
 14 
15,428
12,968

Debtors: amounts falling due after more than one year
 15 
3,909,600
3,909,600

Debtors: amounts falling due within one year
 15 
599,567
165,564

Cash at bank and in hand
 16 
505,453
1,274,278

  
5,030,048
5,362,410

Creditors: amounts falling due within one year
 17 
(1,581,739)
(1,827,388)

Net current assets
  
 
 
3,448,309
 
 
3,535,022

Total assets less current liabilities
  
7,543,028
7,660,175

Creditors: amounts falling due after more than one year
 18 
(4,608,000)
(4,608,000)

  

Net assets
  
2,935,028
3,052,175


Capital and reserves
  

Called up share capital 
 20 
2,000,000
2,000,000

Profit and loss account
 21 
935,028
1,052,175

  
2,935,028
3,052,175


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D L E Pecorelli
Director

Date: 24 September 2024

The notes on pages 11 to 24 form part of these financial statements.

Page 9

 


FANHAMS HALL HOTEL LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 28 March 2022
2,000,000
935,232
2,935,232


Comprehensive income for the period

Profit for the period
-
366,943
366,943


Contributions by and distributions to owners

Dividends
-
(250,000)
(250,000)



At 1 April 2023
2,000,000
1,052,175
3,052,175


Comprehensive income for the period

Profit for the period
-
82,853
82,853


Contributions by and distributions to owners

Dividends
-
(200,000)
(200,000)


At 31 March 2024
2,000,000
935,028
2,935,028


The notes on pages 11 to 24 form part of these financial statements.

Page 10

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Fanhams Hall Hotel Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is disclosed on the company information page.
The financial statements are presented for the 52 week period ended 31 March 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of The Manor House Hotel (Castle Combe) Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

 
2.3

Turnover

Turnover represents amounts receivable for accommodation, food and beverage sales, spa services provided and ancillary hotel services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes. Turnover is recognised at the point which goods and services are delivered to the customer. All turnover arises in the United Kingdom.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 11

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 12

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the statement of comprehensive income over its estimated economic life.
The director has determined that goodwill is to be amortised over 15 years.

Intellectual property is not amortised and the recognition of amortisation would be immaterial to these financial statements.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Freehold land and buildings are maintained to ensure that their value does not diminish over time and maintenance costs are charged to the statement of comprehensive income in the period incurred. In the directors’ opinion, the high level of maintenance ensures that the residual value of the buildings is such that depreciation would be immaterial and consequently has not been charged. The buildings are reviewed for impairment at the end of each reporting period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 14

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:
Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Interest is imputed on the company's long term intercompany loans. Factors taken into account in reaching the imputed interest rate include the company's cost of external borrowing and the terms and conditions of the intercompany loans.
Freehold property is not depreciated. This is because any depreciation charge would be highly immaterial as the property's useful economic life can be measured in centuries, and if the property were to be depreciated the residual value would be significant due to frequent maintenance and refurbishment works.
Other key sources of estimation uncertainty:
· Tangible fixed assets (see note 13)
Tangible fixed assets, other than freehold properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives factors such as product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 

Page 15

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Turnover

The whole of the turnover is attributable to the principle activities of the company.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable
-
559

-
559



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
112,517
85,428

Fees payable to the company's auditor and its associates for the audit of the company's financial statements
10,700
10,000

Defined contribution pension contribution
29,011
28,619

Page 16

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,742,660
1,778,597

Social security costs
114,532
125,065

Cost of defined contribution scheme
29,082
28,619

1,886,274
1,932,281


The director is considered to be the key management of the company.
The director is remunerated by a fellow subsidiary undertaking, Pennyhill Park Limited.

The average monthly number of employees, including the director, during the period was as follows:


        2024
        2023
            No.
            No.







Operational staff
65
40



Management staff
8
7

73
47


8.


Interest receivable

2024
2023
£
£


Imputed interest on long term group debt
-
18,121

-
18,121


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,995
-

Other loan interest payable
-
46

Imputed interest on long term group debt
-
19,269

Finance leases and hire purchase contracts
332
552

2,327
19,867

Page 17

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(7,223)
110,493

Adjustment in respect of prior periods
2,564
(4,440)

Total deferred tax
(4,659)
106,053


Taxation on (loss)/profit on ordinary activities
(4,659)
106,053

Factors affecting tax charge for the period

The tax assessed for the period is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
78,194
472,996


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
19,549
89,869

Effects of:


Permanent differences
19,098
(13,136)

Group relief (received) / surrendered
(33,593)
17,329

Adjustments to tax charge in respect of prior periods - deferred tax
2,564
(4,440)

Remeasurement of deferred tax for changes in tax rates
-
26,518

Transfer pricing adjustments
(12,277)
(10,087)

Total tax charge for the period
(4,659)
106,053

Page 18

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

A change in the main UK corporation tax rate, announced in the budget on 3 March 2021, was substantively enacted on 24 May 2021 to increase the main corporation tax rate from 19% to 25% on profits over £250,000 from 1 April 2023. 
In addition the rate for small profits under £50,000 are to remain at 19%, and where the company's profits fall between £50,000 and £250,000, the lower and upper limits marginal relief rules are due to apply. 
The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.


11.


Dividends

2024
2023
£
£


Dividends
200,000
250,000

200,000
250,000


12.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 April 2023
99
3,250,000
3,250,099



At 31 March 2024

99
3,250,000
3,250,099



Amortisation


At 1 April 2023
-
3,250,000
3,250,000



At 31 March 2024

-
3,250,000
3,250,000



Net book value



At 31 March 2024
99
-
99



At 31 March 2023
99
-
99



Page 19

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
3,460,017
3,156,648
2,341,194
181,513
194,877
9,334,249


Additions
53,960
8,835
23,866
3,208
45,105
134,974


Disposals
-
-
-
-
(52,891)
(52,891)


Transfers between classes
-
45,230
74,780
21,976
(141,986)
-



At 31 March 2024

3,513,977
3,210,713
2,439,840
206,697
45,105
9,416,332



Depreciation


At 1 April 2023
-
2,941,183
2,098,906
169,106
-
5,209,195


Charge for the period on owned assets
-
43,267
59,358
9,892
-
112,517



At 31 March 2024

-
2,984,450
2,158,264
178,998
-
5,321,712



Net book value



At 31 March 2024
3,513,977
226,263
281,576
27,699
45,105
4,094,620



At 31 March 2023
3,460,017
215,465
242,288
12,407
194,877
4,125,054

Page 20

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
15,428
12,968

15,428
12,968


No stock was impaired or written off in the current or previous period.


15.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
3,909,600
3,909,600

3,909,600
3,909,600


The intercompany loans are interest free and repayable on a rolling 366 day basis. The loans are carried at amortised cost using an imputed interest rate of 4%.

2024
2023
£
£

Due within one year

Trade debtors
43,428
43,612

Amounts owed by group undertakings
426,042
5,092

Other debtors
100,601
91,960

Prepayments and accrued income
187
250

Deferred taxation
29,309
24,650

599,567
165,564


The impairment loss in respect of trade debtors recognised in the statement of comprehensive income was £226 (2023 - £2,659).
Amounts owed by group undertakings are interest free and repayable on demand.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
505,453
1,274,278

505,453
1,274,278


Page 21

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
186,124
154,259

Amounts owed to group undertakings
54,104
200,927

Other taxation and social security
169,378
162,343

Obligations under finance lease and hire purchase contracts
-
1,995

Other creditors
18,945
27,769

Accruals and deferred income
1,153,188
1,280,095

1,581,739
1,827,388


Amounts owed to group undertakings are interest free and repayable on demand.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
4,608,000
4,608,000

4,608,000
4,608,000


The intercompany loans are interest free and are repayable on a rolling 366 day basis. The loans are carried at amortised cost using an imputed interest rate of 4%.

Page 22

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

19.


Deferred taxation




2024


£






At beginning of year
24,650


Charged to profit or loss
4,659



At end of year
29,309

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
29,309
22,086

Losses and other deductions
-
2,564

29,309
24,650


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000,000 (2023 - 2,000,000) Ordinary shares of £1.00 each
2,000,000
2,000,000

Each ordinary share has equal voting and dividend rights.



21.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends paid and other adjustments.


22.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperatly from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £29,011 (2023 - £28,619). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the statement of financial position date and are included in other creditors. 


23.


Related party transactions

Under the provisions of Financial Reporting Standard 102 section 33, the company is exempt from disclosing transactions or balances with other wholly owned group companies.

Page 23

 


FANHAMS HALL HOTEL LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

24.


Controlling party

The ultimate parent company and controlling party is The Manor House Hotel (Castle Combe) Limited, a company registered in England and Wales. This is also the largest and smallest group in which the results of the company are consolidated. Copies of the group financial statements of The Manor House Hotel (Castle Combe) Limited are available from Companies House. 
Mr G Pecorelli and his family control 100% of the issued share capital of The Manor House Hotel (Castle Combe) Limited.

 
Page 24