Registered number |
Audited Financial Statements for the Year Ended |
Mogford Limited | |
Contents | |
Page | |
Company information | 1 |
Strategic report | 2 |
Directors' report | 3 |
Independent auditor's report | 5 |
Income statement | 8 |
Statement of comprehensive income | 9 |
Statement of financial position | 10 |
Company statement of financial position | 11 |
Statement of changes in equity | 12 |
Company statement of changes in equity | 13 |
Statement of cash flows | 14 |
Notes to the financial statements | 15 |
Company Information |
Directors |
Secretary |
Auditors |
2 Hinksey Court |
Church Way |
Oxford |
Oxfordshire |
OX2 9SX |
Registered office |
10a Woodstock Road |
Oxford |
Oxfordshire |
OX2 6HT |
Registered number |
Strategic Report | |||||
The directors present their strategic report of the company and the group for the year ended 31 December 2023. | |||||
Review of business | |||||
Mogford Limited and its subsidiary Mogford Hotels Limited operate the Old Bank Hotel, which is a 42 bedroom hotel, Quod Restaurant, The Old Parsonage Hotel, with its own restaurant and Gees Restaurant. All the businesses are located in the city of Oxford. Administration and management services for all the businesses are provided by Mogford Limited. The group's key financial highlights are as follows: |
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2023 | 2022 | 2021 | 2020 | ||
£ | £ | £ | £ | ||
Turnover | 19,712,624 | 18,771,478 | 13,481,824 | 6,485,041 | |
Gross profit margin | 46.26% | 48.37% | 47.64% | 11.64% | |
Profit/ (Loss) before tax | 593,975 | 1,480,635 | 2,294,987 | (2,295,907) | |
The Group had the challenging year we expected, due to the very difficult trading conditions that have affected all hospitality companies. High inflation, especially wage inflation, led to the increase in costs outstripping our ability to increase our revenues in line and this has resulted in a reduction in profits. However, costs were very well controlled, especially in our food and beverage margins, which mitigated the effects of the market headwinds. The directors are confident that the fundamental strengths of the business, being long established concepts in excellent locations with a strong and experienced management team, will see profits recover to former levels in the future. |
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Principal risks and uncertainties | |||||
The main issues that the Group faces are common to all hospitality businesses in the UK. High inflation, a severe labour shortage, increased regulation and over capacity results in a poor outlook for hospitality in the UK. However with Oxford being a unique attraction and with the location of the businesses in the city, the Group remains confident that the businesses will continue to be profitable. |
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This report was approved by the board on 25 September 2024 and signed on its behalf. | |||||
Mr J L Mogford | |||||
Director | |||||
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report with the financial statements of the company and the group for the year ended |
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Financial instruments | |||||||
2023 | 2022 | 2021 | 2020 | ||||
Liquidity ratio (Current assets/ current liabilities) | 129.52% | 92.05% | 156.45% | 74.85% | |||
Gearing ratio (Total borrowing/ total assets) | 37.73% | 34.45% | 32.62% | 38.26% | |||
The group's principal financial instruments comprise bank balances, trade debtors, trade creditors and loans made available to the group. The main purpose of these instruments is to raise funds and finance the group's operations. Owing to the nature of the instruments used by the group, the value of these instruments will not fluctuate as a result of changes in market prices and therefore there is no exposure to price risk. The group experienced a net increase in cash of £172,225 in the year (2022: decrease in cash of £676,665). Cash resources at the year end were £2,482,656 (2022: £2,310,431). |
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Trade debtors form only a very small part of the group's current assets. They are managed in respect of credit and cash flow risks by internal policies concerning the credit offered to customers and all are subject to both the regular monitoring of amounts outstanding and credit limits. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts when due. |
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Dividends | |||||||
No dividends will be distributed for the year ended |
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Directors | |||||||
The following persons served as directors during the year: | |||||||
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 (Financial Reporting Standard 102 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 group and of the profit or loss of the company and group for that period. In preparing these financial statements, the directors are required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; | ||||||
● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. | ||||||
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the group's auditors are unaware; and | ||||||
● | each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
This report was approved by the board on |
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Mr J L Mogford | |||||||
Director | |||||||
Mogford Limited | ||
Independent auditor's report | ||
to the members of Mogford Limited | ||
Opinion |
We have audited the financial statements of Mogford Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position and the parent company Statement of Financial Position, the Statement of Changes in Equity and the parent company Statement of Changes in Equity, the Cash Flow Statement and 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the financial statements: | ||
● | give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis of 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent 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 other information comprises the information included in the report and financial statements, other than the group's and the parent company's financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the group's and the parent company's 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 group's and the parent company's financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group's and the parent company's 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 there is a material misstatement in the group's and the parent company's financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. | ||
We have nothing to report in this regard. | ||
Opinions on other matters prescribed by the Companies Act 2006 | ||
In our opinion, based on the work undertaken in the course of the audit: | ||
● | the information given in the group strategic report and the group directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and | |
● | the group strategic report and the group directors’ 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the group directors’ 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the parent company financial statements are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the group's and the parent company's financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. | ||
In preparing the group's and the parent company's financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. | ||
Auditor’s 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 auditor’s 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. |
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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. | ||
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to health and safety legislation, fire regulations, food hygiene, employment legislation, the financial reporting framework and the Companies Act 2006. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above and corroborated our enquiries with management by reference to submissions and correspondence with H.M. Revenue and Customs where appropriate. | ||
We assessed the risks of material misstatements in respect of fraud and made appropriate enquiries of management and relevant related parties independently of management. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries and other adjustments for appropriateness into our audit approach. |
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 auditor’s report. | ||
Use of our report | ||
This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditor's 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed. | ||
(Senior Statutory Auditor) | 2 Hinksey Court | |
for and on behalf of | Church Way | |
Oxford | ||
Chartered Accountants and Statutory Auditors | Oxfordshire | |
OX2 9SX | ||
Income Statement | ||||||||
for the year ended |
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Notes | 2023 | 2022 | ||||||
£ | £ | |||||||
Turnover | 3 | |||||||
Cost of sales | ( |
( |
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Gross profit | ||||||||
Administrative expenses | ( |
( |
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Other operating income | - | |||||||
Operating profit | 4 | |||||||
Interest receivable | ||||||||
Interest payable | 7 | ( |
( |
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Profit on ordinary activities before taxation | ||||||||
Tax on profit on ordinary activities | 8 | ( |
( |
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Profit for the financial year | ||||||||
Profit attributable to: | ||||||||
Owners of the parent company | 423,559 | 989,166 | ||||||
Statement of comprehensive income | |||||||
for the year ended |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Profit for the financial year | |||||||
Other comprehensive income | |||||||
Loss on revaluation of land and buildings | ( |
- | |||||
Deferred taxation arising on the revaluation of short leasehold | 18 | ||||||
Total comprehensive income for the year | ( |
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Total comprehensive income attributable to: | |||||||
Owners of the parent company | (1,818,254) | 1,844,034 | |||||
Statement of Financial Position | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 10 | ||||||
Investment property | 11 | ||||||
Other investments | 12 | ||||||
Current assets | |||||||
Stocks | 13 | ||||||
Debtors | 14 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 15 | ( |
( |
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Net current assets/(liabilities) | ( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 16 | ( |
( |
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Provisions for liabilities | |||||||
Deferred taxation | 18 | - | ( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 19 | ||||||
Revaluation reserve | 20 | ||||||
Other reserve | 20 | (123,750) | (123,750) | ||||
Retained earnings | 21 | ( |
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Shareholders' funds | |||||||
Mr J L Mogford | |||||||
Director | |||||||
Approved by the board and authorised for issue on |
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Mogford Limited | |||||||
Company Statement of Financial Position | |||||||
as at 31 December 2023 | |||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 10 | 5,859,347 | 7,879,348 | ||||
Investment property | 11 | 1,857,324 | 1,861,256 | ||||
Investments | 12 | 234,750 | 234,750 | ||||
7,951,421 | 9,975,354 | ||||||
Current assets | |||||||
Stocks | 13 | 58,508 | 68,512 | ||||
Debtors | 14 | 1,841,901 | 1,015,722 | ||||
Cash at bank and in hand | 2,261,734 | 2,032,223 | |||||
4,162,143 | 3,116,457 | ||||||
Creditors: amounts falling due within one year | 15 | (3,277,029) | (2,681,153) | ||||
Net current assets | 885,114 | 435,304 | |||||
Total assets less current liabilities | 8,836,535 | 10,410,658 | |||||
Creditors: amounts falling due after more than one year | 16 | (3,246,250) | (3,700,420) | ||||
Provisions for liabilities | |||||||
Deferred taxation | 18 | - | (53,235) | ||||
Net assets | 5,590,285 | 6,657,003 | |||||
Capital and reserves | |||||||
Called up share capital | 19 | 892 | 892 | ||||
Revaluation reserve | 20 | 3,187,767 | 4,563,433 | ||||
Retained earnings | 21 | 2,401,626 | 2,092,678 | ||||
Shareholders' funds | 5,590,285 | 6,657,003 | |||||
Mr J L Mogford | |||||||
Director | |||||||
Approved by the board and authorised for issue on 25 September 2024 | |||||||
Statement of Changes in Equity | ||||||||||
for the year ended |
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Share | Other | Revaluation | Retained | Total | ||||||
capital | reserve | reserve | earnings | |||||||
£ | £ | £ | £ | £ | ||||||
At 1 January 2022 | ( |
( |
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Profit for the financial year | 989,166 | 989,166 | ||||||||
Reserve movements | 736,582 | |||||||||
Total comprehensive income for the financial year | - | - | 1,725,748 | 1,844,034 | ||||||
At 31 December 2022 | 892 | (123,750) | 12,302,594 | (246,339) | 11,933,397 | |||||
At 1 January 2023 | ( |
( |
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Profit for the financial year | ||||||||||
Loss on revaluation of land and buildings | (2,658,068) | (2,658,068) | ||||||||
Reserve movements | ( |
584,473 | 416,255 | |||||||
Total comprehensive income for the financial year | - | - | ( |
( |
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At 31 December 2023 | ( |
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Mogford Limited | ||||||||
Company Statement of Changes in Equity | ||||||||
for the year ended 31 December 2023 | ||||||||
Share | Revaluation | Retained | Total | |||||
capital | reserve | earnings | ||||||
£ | £ | £ | £ | |||||
At 1 January 2022 | 892 | 4,486,449 | 1,775,380 | 6,262,721 | ||||
Profit for the financial year | - | - | 100,126 | 100,126 | ||||
Reserve movements | - | 76,984 | 217,172 | 294,156 | ||||
Total comprehensive income for the financial year | - | 76,984 | 317,298 | 394,282 | ||||
At 31 December 2022 | 892 | 4,563,433 | 2,092,678 | 6,657,003 | ||||
At 1 January 2023 | 892 | 4,563,433 | 2,092,678 | 6,657,003 | ||||
Profit for the financial year | - | - | 166,985 | 166,985 | ||||
Loss on revaluation of land and buildings | (1,504,807) | (1,504,807) | ||||||
Reserve movements | - | 129,141 | 141,963 | 271,104 | ||||
Total comprehensive income for the financial year | - | (1,375,666) | 308,948 | (1,066,718) | ||||
At 31 December 2023 | 892 | 3,187,767 | 2,401,626 | 5,590,285 | ||||
Statement of Cash Flows | |||||
for the year ended |
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Notes | 2023 | 2022 | |||
£ | £ | ||||
Operating activities | |||||
Profit for the financial year | 423,559 | 989,166 | |||
Adjustments for: | |||||
Interest receivable | (40,381) | (12,192) | |||
Interest payable | 435,000 | 254,288 | |||
Tax on profit on ordinary activities | 170,416 | 491,469 | |||
Depreciation | 1,055,768 | 1,220,484 | |||
Decrease in stocks | 16,815 | 2,759 | |||
(Increase)/decrease in debtors | (601,593) | 1,223,635 | |||
(Decrease)/increase in creditors | (241,233) | 35,858 | |||
Corporation tax paid | ( |
( |
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Cash generated by operating activities | |||||
Investing activities | |||||
Payments to acquire tangible fixed assets | ( |
( |
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Payments to acquire investment properties | ( |
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Payments to acquire investments | - | ( |
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Cash used in investing activities | ( |
( |
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Financing activities | |||||
Interest received | |||||
Interest paid | ( |
( |
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Repayment of loans | ( |
( |
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Cash used in financing activities | ( |
( |
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Net cash generated/(used) | |||||
Cash generated by operating activities | |||||
Cash used in investing activities | ( |
( |
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Cash used in financing activities | ( |
( |
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Net cash generated/(used) | ( |
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Cash and cash equivalents at 1 January | 2,310,431 | 2,987,096 | |||
Cash and cash equivalents at 31 December | 2,482,656 | 2,310,431 | |||
Cash and cash equivalents comprise: | |||||
Cash at bank | |||||
Mogford Limited | ||||||||
Notes to the Financial Statements | ||||||||
for the year ended 31 December 2023 | ||||||||
1 | Summary of significant accounting policies | |||||||
Basis of preparation | ||||||||
The assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiary are presented as those of a single economic entity in the financial statements. |
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Turnover | ||||||||
Tangible fixed assets |
Tangible fixed assets are measured at historical cost less accumulative depreciation and any accumulative impairment losses. Short leasehold property is recognised at fair value based on periodic valuations by external independent valuers, less subsequent depreciation for the property. A revaluation surplus is credited to revaluation reserves in shareholders' equity. Depreciation is provided on all tangible fixed assets excluding 'Artworks', at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter. |
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Short leasehold land and buildings | over the duration of the lease | |||||||
Fixtures, fittings, tools and equipment | 20% reducing balance | |||||||
Motor vehicles | 20% straight line on cost |
In the directors' opinion, 'Artworks' may have a long economic life and may also have high residual value, consequently depreciation has not been charged. | ||||||||
Short leasehold properties were revalued in 2023 in order to reflect the current market value. | ||||||||
Impairment | ||||||||
Financial assets (including trade and other debtors) | ||||||||
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. | ||||||||
Impairment | ||||||||
Financial assets (including trade and other debtors) (continued) | ||||||||
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment, an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the group would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. | ||||||||
Non-financial assets | ||||||||
The carrying amounts of the group's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. |
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Investment property | ||||||||
Investments in subsidiaries | ||||||||
Stocks | ||||||||
Taxation | ||||||||
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 statement of financial position date. |
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Deferred tax | ||||||||
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the year end. 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. |
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Provisions | ||||||||
Hire purchase and leasing commitments | ||||||||
Pension costs and other post-retirement benefits | ||||||||
2 | Significant judgements and estimates | |||||||
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Those areas affect mainly provisions and contingencies, tangible assets, allowance for doubtful receivables and taxes. |
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3 | Turnover | |||||||
The turnover is attributable to the principal activities of the company and the group. All turnover arose within the United Kingdom. | ||||||||
4 | Operating profit | 2023 | 2022 | |||||
£ | £ | |||||||
This is stated after charging: | ||||||||
Depreciation of owned fixed assets | ||||||||
Depreciation of assets held under finance leases and hire purchase contracts | ||||||||
Operating lease rentals - plant and machinery | ||||||||
Operating lease rentals - land and buildings | ||||||||
Auditors' remuneration for audit services | ||||||||
5 | Directors' emoluments | 2023 | 2022 | |||||
£ | £ | |||||||
Emoluments | ||||||||
6 | Staff costs | 2023 | 2022 | |||||
£ | £ | |||||||
Wages and salaries | ||||||||
Social security costs | ||||||||
Other pension costs | ||||||||
Staff costs (continued) | 2023 | 2022 | ||||||
Average number of employees during the year | Number | Number | ||||||
Office and management | ||||||||
Restaurants and hotels | ||||||||
The average number of employees by undertakings that were consolidated during the year was 105 (2022: 106). | ||||||||
7 | Interest payable | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
8 | Taxation | 2023 | 2022 | |||||
£ | £ | |||||||
Analysis of charge in period | ||||||||
Current tax: | ||||||||
UK corporation tax on profits of the period | ||||||||
Adjustments in respect of previous periods | ( |
- | ||||||
Deferred tax: | ||||||||
Origination and reversal of timing differences | ||||||||
Tax on profit on ordinary activities | ||||||||
Factors affecting tax charge for period | ||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Profit on ordinary activities before tax | ||||||||
£ | £ | |||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax | ||||||||
Effects of: | ||||||||
Expenses not deductible for tax purposes | ||||||||
Adjustments to tax charge in respect of previous periods | ( |
- | ||||||
Current tax charge for period | ||||||||
9 | Individual Income Statement | |||||||
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was £160,986 (2017: loss £160,986). |
||||||||
10 | Tangible fixed assets | |||||||
Group | ||||||||
Short leasehold | Motor vehicles | Fixtures, fittings, tools and equipment | Total | |||||
Cost or valuation | £ | £ | £ | £ | ||||
At 1 January 2023 | ||||||||
Additions | - | - | ||||||
Revaluation | ( |
- | - | ( |
||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
At 1 January 2023 | ||||||||
Charge for the year | - | |||||||
At 31 December 2023 | ||||||||
Carrying amount | ||||||||
At 31 December 2023 | - | |||||||
At 31 December 2022 | - | 16,807,873 | ||||||
If the short leasehold properties had not been revalued they would have been included at the following historical cost: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Cost | 5,319,692 | 5,319,692 | ||||||
Aggregate depreciation | 3,356,494 | 3,245,054 | ||||||
Carrying amount of short leasehold on cost basis | ||||||||
Assets held under finance leases and hire purchase | 2023 | 2022 | ||||||
£ | £ | |||||||
Cost | 89,799 | 89,799 | ||||||
Aggregate depreciation | 82,266 | 80,383 | ||||||
Carrying value of plant and machinery included above held under finance leases and hire purchase contracts | ||||||||
Tangible fixed assets (continued) | ||||||||
Company | Short leasehold | Motor vehicles | Fixtures, fittings, tools and equipment | Total | ||||
£ | £ | £ | £ | |||||
Cost or valuation | ||||||||
At 1 January 2023 | 8,640,019 | 115,134 | 6,979,609 | 15,734,762 | ||||
Additions | - | - | 17,073 | 17,073 | ||||
Revaluation | (1,504,807) | (1,504,807) | ||||||
At 31 December 2023 | 7,135,212 | 115,134 | 6,996,682 | 14,247,028 | ||||
Depreciation | ||||||||
At 1 January 2023 | 1,548,191 | 115,134 | 6,192,089 | 7,855,414 | ||||
Charge for the year | 440,653 | - | 91,614 | 532,267 | ||||
At 31 December 2023 | 1,988,844 | 115,134 | 6,283,703 | 8,387,681 | ||||
Carrying amount | ||||||||
At 31 December 2023 | 5,146,368 | - | 712,979 | 5,859,347 | ||||
At 31 December 2022 | 7,091,828 | - | 787,520 | 7,879,348 | ||||
If the short leasehold properties had not been revalued they would have been included at the following historical cost: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Cost | 2,644,806 | 2,644,806 | ||||||
Aggregate depreciation | 1,668,956 | 1,628,046 | ||||||
Carrying amount of short leasehold on cost basis | 975,850 | 1,016,760 | ||||||
The short leasehold property was revalued on a fair value basis on 15 May 2023 by Colliers International Property Consultants Ltd and the property's market value is reflected in the financial statements. | ||||||||
Company | ||||||||
Assets held under finance leases and hire purchase | 2023 | 2022 | ||||||
£ | £ | |||||||
Cost | 89,799 | 89,799 | ||||||
Aggregate depreciation | 82,266 | 80,383 | ||||||
Carrying value of plant and machinery included above held under finance leases and hire purchase contracts | 7,533 | 9,416 | ||||||
11 | Investment property | 2023 | ||||||
£ | ||||||||
Valuation | ||||||||
At 1 January 2023 | ||||||||
Movements | ( |
|||||||
At 31 December 2023 | ||||||||
12 | Investments | Investments in | ||||||
Company | subsidiary | Other | ||||||
undertakings | investments | Total | ||||||
Cost | £ | £ | £ | |||||
At 1 January 2023 | 124,750 | 110,000 | ||||||
At 31 December 2023 | 124,750 | 110,000 | 234,750 | |||||
Historical cost | £ | |||||||
At 1 January 2023 | 234,750 | |||||||
At 31 December 2023 | 234,750 | |||||||
The parent company holds 20% or more of the share capital of the following company: | ||||||||
Capital and | Profit | |||||||
Shares held | reserves | for the year | ||||||
Class | % | £ | £ | |||||
13 | Stocks | 2023 | 2022 | |||||
Group | £ | £ | ||||||
Finished goods and goods for resale | ||||||||
Company | 2023 | 2022 | ||||||
£ | £ | |||||||
Finished goods and goods for resale | 58,508 | 68,512 | ||||||
14 | Debtors | |||||||
Group | Company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Trade debtors | 58,850 | 34,636 | ||||||
Deferred tax asset (see note 18) | 301,542 | - | - | |||||
Other debtors | 1,212,070 | 803,625 | ||||||
Prepayments and accrued income | 780,161 | 611,227 | ||||||
2,352,623 | 1,449,488 | 1,841,901 | 1,015,722 | |||||
15 | Creditors: amounts falling due within one year | |||||||
Group | Company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Bank loans | 700,000 | 722,913 | ||||||
Trade creditors | 558,946 | 520,478 | ||||||
Amounts owed to group undertakings | - | - | ||||||
Corporation tax | 351,662 | 491,358 | ||||||
Other taxes and social security costs | 616,193 | 854,107 | ||||||
Other creditors | 625,268 | 946,097 | ||||||
Accruals and deferred income | 965,485 | 686,443 | ||||||
3,817,554 | 4,221,396 | 3,277,029 | 2,681,153 | |||||
16 | Creditors: amounts falling due after one year | |||||||
Group | Company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Bank loans | 6,125,000 | 6,405,509 | ||||||
17 | Loans | 2023 | 2022 | |||||
£ | £ | |||||||
Analysis of maturity of debt: | ||||||||
Within one year or on demand | ||||||||
Between one and two years | ||||||||
Between two and five years | ||||||||
- By a fixed and floating charge on all the assets of the group. - By a debenture and an unlimited composite guarantee between Mogford Limited and its trading subsidiary supported by legal charges over the Old Parsonage Hotel, Gees restaurant and the Old Bank Hotel including Quod Restaurant. |
||||||||
18 | Deferred taxation | |||||||
Group | Company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
Accelerated capital allowances | (301,542) | 104,601 | ( |
|||||
Deferred taxation (continued) | Group | Company | ||||||
2023 | 2022 | 2023 | 2022 | |||||
£ | £ | £ | £ | |||||
At 1 January | 104,601 | 959,357 | ||||||
Charged/ (Credited) to the income statement | 10,112 | 112 | ( |
|||||
Credited to other comprehensive income | (416,255) | (854,868) | ( |
( |
||||
At 31 December | (301,542) | 104,601 | ( |
|||||
19 | Share capital | Nominal | 2023 | 2023 | 2022 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
£ |
||||||||
20 | Reserves | |||||||
Group | Other | Revaluation | Totals | |||||
reserve | reserve | |||||||
£ | £ | £ | ||||||
At 1 January | (123,750) | 12,302,594 | ||||||
Loss on revaluation of land and buildings | - | ( |
( |
|||||
Deferred taxation arising on the revaluation of short leasehold | - | 271,104 | ||||||
Reserve movements | - | (439,322) | (439,322) | |||||
At 31 December | (123,750) | |||||||
Company | Other | Revaluation | Totals | |||||
reserve | reserve | |||||||
£ | £ | £ | ||||||
At 1 January | - | 4,563,433 | 4,563,433 | |||||
Loss on revaluation of land and buildings | - | (1,504,807) | (1,504,807) | |||||
Deferred taxation arising on the revaluation of short leasehold | - | 271,104 | 271,104 | |||||
Reserve movements | - | (141,963) | (141,963) | |||||
At 31 December | - | 3,187,767 | 3,187,767 | |||||
21 | Retained earnings | |||||||
Group | 2023 | 2022 | ||||||
£ | £ | |||||||
At 1 January | ( |
( |
||||||
Movements | 584,473 | 736,582 | ||||||
Profit for the financial year | ||||||||
At 31 December | ( |
|||||||
Company | 2023 | 2022 | ||||||
£ | £ | |||||||
At 1 January | 2,092,678 | 1,775,380 | ||||||
Movements | 141,963 | 217,172 | ||||||
Profit/ (loss) for the financial year | 166,985 | 100,126 | ||||||
Dividends | - | - | ||||||
At 31 December | 2,401,626 | 2,092,678 | ||||||
22 | Other financial commitments | |||||||
Total future minimum lease payments under non-cancellable operating leases: | ||||||||
Land and buildings | Land and buildings | |||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Falling due: | ||||||||
within one year | ||||||||
within two to five years | ||||||||
in over five years | ||||||||
23 | Controlling party | |||||||
24 | Presentation currency | |||||||
25 | Legal form of entity and country of incorporation | |||||||
Mogford Limited and Mogford Hotels Limited are private companies limited by shares and incorporated in England. | ||||||||
26 | Principal place of business | |||||||
The address of the group's principal place of business and registered office is: | ||||||||
10a Woodstock Road | ||||||||
Oxford | ||||||||
Oxfordshire | ||||||||
OX2 6HT |