Registered number
03565394
Mogford Hotels Limited
Annual Report of the Directors and
Audited Financial Statements for the Year Ended
31 December 2023
Mogford Hotels Limited
Report and Financial Statements
Contents
Page
Company information 1
Strategic report 2
Directors' report 4
Independent auditor's report 6
Income statement 9
Statement of comprehensive income 10
Statement of financial position 11
Statement of changes in equity 12
Statement of cash flows 13
Notes to the financial statements 14
Mogford Hotels Limited
Company Information
Directors
Mr J L Mogford
Mrs H J Mogford (Resigned 19 April 2024)
Mr P R L Hughes
Ms R J Mofford (Appointed 19 April 2024)
Secretary
Mrs E R Shelver
Auditors
Ridgefield Consulting Ltd
2 Hinksey Court
Church Way
Oxford
Oxfordshire
OX2 9SX
Registered office
10a Woodstock Road
Oxford
Oxfordshire
OX2 6HT
Registered number
03565394
Mogford Hotels Limited
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of business
Mogford Hotels Limited operates the Old Bank Hotel and Quod Restaurant in the centre of Oxford city.

The company's key financial highlights are as follows:
2023 2022 2021 2020
£ £ £ £
Turnover 10,812,905 10,683,531 7,292,755 3,889,493
Gross profit margin 46.19% 49.44% 51.78% 20.70%
Profit/(Loss) before tax 444,797 1,236,020 874,628 (1,816,396)
2023 saw a slightly above budget result for the Old Bank Hotel and Quod Restaurant as we expected this to be a difficult year due to significant increased cost pressures.

Inflation ran at very high levels and we were unable to raise our prices enough to counteract this increase in costs without suffering corresponding falls in occupancy.

Staffing was again a major contributory factor in the result with high wage inflation due to government mandated increases in wages and staff shortages.

In the hotel, occupancy was as expected with weakness still showing in the early part of the week, we did manage to raise our average daily rate by 4% but this wasn’t enough to counteract the cost pressures.

However good cost control across all areas mitigated the effect of these cost pressures.

In the restaurant, we exceeded budget but covers were down 6% on the previous year with staff costs albeit below budget were above the 30% of revenue that a restaurant requires to maintain profitability.

Overall, food and beverage margins were maintained very well and other costs were also well controlled.

The outlook for the business remains positive with the fundamental strengths still present such as the best locations in the city and a strong management team with a clear vision of the future.
Principal risks and uncertainties
The main risks and uncertainties for the business are high inflation, high interest rates and a lack of suitable staff. The business will continue to try and improve productivity and to invest to improve the offering to our guests. The location of the business, with good cost control, experienced and in touch management with a clear understanding of what our guests are looking for, the future of the company is bright.
This report was approved by the board on 25 September 2024 and signed on its behalf.
Mr J L Mogford
Director
Mogford Hotels Limited
Registered number: 03565394
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2023.
Financial instruments
2023 2022 2021 2020
Liquidity ratio (Current assets/ current liabilities) 111.09% 63.58% 25.50% 4.96%
Gearing ratio (Total borrowing/ total assets) 33.05% 29.64% 33.25% 36.25%
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and loans made available to the company. The main purpose of these instruments is to raise funds and finance the company's operations.

Owing to the nature of the instruments used by the company, 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 company has used £57,289 in cash in the year (2022: generated £18,254). Cash resources at the year end were £220,922 (2022: cash resources of £278,208).

The borrowings of the company comprise a loan from its holding company. Recharged bank interest payable to the holding company is deemed to be the interest on the inter company loan account.

Trade debtors form only a relatively small part of the company'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.
Dividends
No dividends will be distributed for the year ended 31 December 2023.
Directors
The following persons served as directors during the year:
Mr J L Mogford
Mrs H J Mogford (Resigned 19 April 2024)
Mr P R L Hughes
Ms R J Mofford (Appointed 19 April 2024)
Directors' responsibilities
The directors are responsible for preparing the report and 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 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 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 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.
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 company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 25 September 2024 and signed on its behalf.
Mr J L Mogford
Director
Mogford Hotels Limited
Independent auditor's report
to the members of Mogford Hotels Limited
Opinion
We have audited the financial statements of Mogford Hotels Limited for the year ended 31 December 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows 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 FRS 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 company's affairs as at 31 December 2023 and of its 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 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 financial statements and our auditor's report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the 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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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, 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 directors’ responsibilities statement, 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 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 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.
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.
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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Thomas BA, BFP, FCCA, ACA
(Senior Statutory Auditor) 2 Hinksey Court
for and on behalf of Church Way
Ridgefield Consulting Ltd Oxford
Chartered Accountants and Statutory Auditors Oxfordshire
25 September 2024 OX2 9SX
Mogford Hotels Limited
Income Statement
for the year ended 31 December 2023
Notes 2023 2022
£ £
Turnover 3 10,812,905 10,683,531
Cost of sales (5,818,304) (5,401,183)
Gross profit 4,994,601 5,282,348
Administrative expenses (4,345,354) (3,932,812)
Other operating income - 6,000
Operating profit 4 649,247 1,355,536
Interest payable 6 (204,450) (119,516)
Profit on ordinary activities before taxation 444,797 1,236,020
Tax on profit on ordinary activities 7 (188,223) (346,979)
Profit for the financial year 256,574 889,041
Mogford Hotels Limited
Statement of comprehensive income
for the year ended 31 December 2023
Notes 2023 2022
£ £
Profit for the financial year 256,574 889,041
Other comprehensive income
Loss on revaluation of land and buildings 16-17 (1,153,258) -
Deferred taxation arising on the revaluation of short leasehold 14 145,151 560,712
Total comprehensive income for the year (751,533) 1,449,753
Mogford Hotels Limited
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 8 7,286,709 8,928,525
Current assets
Stocks 9 50,530 57,341
Debtors 10 2,148,471 1,010,239
Cash at bank and in hand 220,922 278,208
2,419,923 1,345,788
Creditors: amounts falling due within one year 11 (2,178,272) (2,116,715)
Net current assets/(liabilities) 241,651 (770,927)
Total assets less current liabilities 7,528,360 8,157,598
Creditors: amounts falling due after more than one year 12 (2,878,750) (2,705,089)
Provisions for liabilities
Deferred taxation 14 - (51,366)
Net assets 4,649,610 5,401,143
Capital and reserves
Called up share capital 15 1,000 1,000
Revaluation reserve 16 6,288,544 7,739,161
Retained earnings 17 (1,639,934) (2,339,018)
Shareholders' funds 4,649,610 5,401,143
Mr J L Mogford
Director
Approved by the board and authorised for issue on 25 September 2024
Mogford Hotels Limited
Statement of Changes in Equity
for the year ended 31 December 2023
Share Revaluation Retained Total
capital reserve earnings
£ £ £ £
At 1 January 2022 1,000 7,697,859 (3,747,469) 3,951,390
Profit for the financial year - - 889,041 889,041
Reserve movements - 41,302 519,410 560,712
Total comprehensive income for the financial year - 41,302 1,408,451 1,449,753
At 31 December 2022 1,000 7,739,161 (2,339,018) 5,401,143
At 1 January 2023 1,000 7,739,161 (2,339,018) 5,401,143
Profit for the financial year - - 256,574 256,574
Loss on revaluation of land and buildings (1,153,258) (1,153,258)
Reserve movements - (297,359) 442,510 145,151
Total comprehensive income for the financial year - (1,450,617) 699,084 (751,533)
At 31 December 2023 1,000 6,288,544 (1,639,934) 4,649,610
Mogford Hotels Limited
Statement of Cash Flows
for the year ended 31 December 2023
Notes 2023 2022
£ £
Operating activities
Profit for the financial year 256,574 889,041
Adjustments for:
Interest payable 204,450 119,516
Tax on profit on ordinary activities 188,223 346,979
Depreciation 523,503 594,219
Decrease/(increase) in stocks 6,811 (769)
Increase in debtors (1,050,423) (671,106)
Increase/(decrease) in creditors 190,080 (800,340)
319,218 477,540
Corporation tax paid (300,001) -
Cash generated by operating activities 19,217 477,540
Investing activities
Payments to acquire tangible fixed assets (34,945) -
Cash used in investing activities (34,945) -
Financing activities
Interest paid (204,450) (119,516)
Repayment of loans 162,892 (339,770)
Cash used in financing activities (41,558) (459,286)
Net cash (used)/generated
Cash generated by operating activities 19,217 477,540
Cash used in investing activities (34,945) -
Cash used in financing activities (41,558) (459,286)
Net cash (used)/generated (57,286) 18,254
Cash and cash equivalents at 1 January 278,208 259,954
Cash and cash equivalents at 31 December 220,922 278,208
Cash and cash equivalents comprise:
Cash at bank 220,922 278,208
Mogford Hotels Limited
Notes to the Financial Statements
for the year ended 31 December 2023
1 Summary of significant accounting policies
Basis of preparation
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 as modified by the revaluation of certain assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents net invoiced rentals of hotel rooms and sales of food and beverages. Revenue is recognised when rooms are occupied and food and beverages are sold.
Tangible fixed assets
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. All other tangible fixed assets are recognised at historical cost less accumulative depreciation.

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.
Short leasehold land and buildings over the duration of the lease
Fixtures, fittings, tools and equipment 20% reducing balance
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.
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 company 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
Financial assets (including trade and other debtors) (Cont'd)
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 company'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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined 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 statement of financial position date.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to income statement in the period to which they relate.
2 Significant judgements and estimates
The preparation of the Financial Statements requires Management to exercise judgement and to make estimates and assumptions that affect the application of policies, reported amounts of revenues, expenses, assets and liabilities and disclosures. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these 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.
3 Turnover
The turnover is attributable to the principal activities of the company. All turnover arose within the United Kingdom.
4 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 523,503 594,219
Operating lease rentals - land and buildings 1,013,940 1,010,230
Auditors' remuneration for audit services 15,288 14,560
5 Staff costs 2023 2022
£ £
Wages and salaries 2,883,474 2,704,047
Social security costs 190,911 189,887
Other pension costs 37,967 39,395
3,112,352 2,933,329
Average number of employees during the year Number Number
Office and management 4 4
Restaurant and hotel 101 102
105 106
6 Interest payable 2023 2022
£ £
Bank loans and overdrafts 204,450 119,516
7 Taxation 2023 2022
Analysis of charge in period £ £
Current tax:
UK corporation tax on profits of the period 217,343 346,190
Adjustments in respect of previous periods (35,096) -
182,247 346,190
Deferred tax:
Origination and reversal of timing differences 5,976 789
Tax on profit/ (loss) on ordinary activities 188,223 346,979
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:
Taxation (cont'd) 2023 2022
£ £
Profit on ordinary activities before tax 444,797 1,236,020
Standard rate of corporation tax in the UK 24% 19%
£ £
Profit/ (Loss) on ordinary activities multiplied by the standard rate of corporation tax 106,751 234,844
Effects of:
Expenses not deductible for tax purposes 110,592 111,346
Adjustments to tax charge in respect of previous periods (35,096) -
Current tax charge for period 182,247 346,190
8 Tangible fixed assets
Short leasehold Fixtures, fittings, tools and equipment Total
Cost or valuation £ £ £
At 1 January 2023 11,800,000 2,928,104 14,728,104
Additions - 34,945 34,945
Revaluation (1,153,258) - (1,153,258)
At 31 December 2023 10,646,742 2,963,049 13,609,791
Depreciation
At 1 January 2023 2,951,114 2,848,465 5,799,579
Charge for the year 513,291 10,212 523,503
At 31 December 2023 3,464,405 2,858,677 6,323,082
Carrying amount
At 31 December 2023 7,182,337 104,372 7,286,709
At 31 December 2022 8,848,886 79,639 8,928,525
If the short leasehold property had not been revalued it would have been included at the following historical cost:
2023 2022
£ £
Cost 2,674,886 2,674,886
Aggregate depreciation 1,687,538 1,617,008
Carrying amount of short leasehold on cost basis 987,348 1,057,878
Tangible fixed assets (Cont'd)
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.
9 Stocks 2023 2022
£ £
Finished goods and goods for resale 50,530 57,341
10 Debtors
2023 2022
£ £
Trade debtors 35,059 4,105
Amounts owed by group undertakings 1,637,751 576,472
Deferred tax asset (see note 14) 87,809 -
Other debtors 52,395 100,140
Prepayments and accrued income 335,457 329,522
2,148,471 1,010,239
11 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 329,000 339,769
Trade creditors 293,431 79,332
Corporation tax 228,436 346,190
Other taxes and social security costs 463,029 716,649
Other creditors 303,495 344,084
Accruals and deferred income 560,881 290,691
2,178,272 2,116,715
12 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,878,750 2,705,089
13 Loans 2023 2022
£ £
Analysis of maturity of debt:
Within one year or on demand 329,000 339,769
Between one and two years 658,000 2,705,089
Between two and five years 2,220,750 -
3,207,750 3,044,858
Loans (continued)
The company's borrowings are secured as follows:

By a debenture;
By a fixed and floating charge on all the assets of the company;
By a composite guarantee between the company and Mogford Limited.
14 Deferred taxation 2023 2022
£ £
Accelerated capital allowances (87,809) 51,366
2023 2022
£ £
At 1 January 51,366 611,289
Charged to the profit and loss account 5,976 789
Credited to other comprehensive income (145,151) (560,712)
At 31 December (87,809) 51,366
15 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 1,000 1,000 1,000
16 Other reserves 2023 2022
Revaluation reserve £ £
At 1 January 7,739,161 7,697,859
Loss on revaluation of land and buildings (1,153,258) -
Reserve movements (442,510) (519,410)
Deferred taxation arising on the revaluation of short leasehold 145,151 560,712
At 31 December 6,288,544 7,739,161
17 Profit and loss account 2023 2022
£ £
At 1 January (2,339,018) (3,747,469)
Profit for the financial year 256,574 889,041
Reserve movements 442,510 519,410
At 31 December (1,639,934) (2,339,018)
18 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 1,010,230 1,010,230
within two to five years 5,051,150 5,051,150
in over five years 6,642,350 7,546,600
12,703,730 13,607,980
19 Controlling party
During the current and previous financial year, the company was controlled by Mr J L Mogford, the director who has a majority shareholding in its ultimate parent company, Mogford Limited.
20 Presentation currency
The financial statements are presented in Sterling.
21 Ultimate parent company
Mogford Limited is regarded by the directors as being the company's immediate and ultimate parent undertaking.
22 Legal form of entity and country of incorporation
Mogford Hotels Limited is a private company limited by shares and incorporated in England.
23 Principal place of business
The address of the company's principal place of business and registered office is:
10a Woodstock Road
Oxford
Oxfordshire
OX2 6HT
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