Registered number
02094400
Mogford Limited
Annual Report of the Directors and
Audited Financial Statements for the Year Ended
31 December 2023
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
Mogford Limited
Company Information
Directors
Mr J L Mogford
Mrs H J Mogford (Resigned 26 October 2023)
Ms R Mofford
Mr P R L Hughes
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
02094400
Mogford Limited
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:
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.
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.
This report was approved by the board on 25 September 2024 and signed on its behalf.
Mr J L Mogford
Director
Mogford Limited
Registered number: 02094400
Directors' Report
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.
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).
The loans held by the group comprise loans from the directors and a loan from a UK bank. Financial risk from fluctuating interest rates is not considered to be significant in the present climate of low interest rates. Quarterly repayments of the bank loan are fixed. The group manages liquidity risk by ensuring there are sufficient funds to meet the repayments when due.

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.
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 26 October 2023)
Ms R Mofford
Mr P R L Hughes
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 25 September 2024 and signed on its behalf.
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.
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.
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 Limited
Income Statement
for the year ended 31 December 2023
Notes 2023 2022
£ £
Turnover 3 19,712,624 18,771,478
Cost of sales (10,592,776) (9,691,617)
Gross profit 9,119,848 9,079,861
Administrative expenses (8,131,254) (7,373,271)
Other operating income - 16,141
Operating profit 4 988,594 1,722,731
Interest receivable 40,381 12,192
Interest payable 7 (435,000) (254,288)
Profit on ordinary activities before taxation 593,975 1,480,635
Tax on profit on ordinary activities 8 (170,416) (491,469)
Profit for the financial year 423,559 989,166
Profit attributable to:
Owners of the parent company 423,559 989,166
Mogford Limited
Statement of comprehensive income
for the year ended 31 December 2023
Notes 2023 2022
£ £
Profit for the financial year 423,559 989,166
Other comprehensive income
Loss on revaluation of land and buildings (2,658,068) -
Deferred taxation arising on the revaluation of short leasehold 18 416,255 854,868
Total comprehensive income for the year (1,818,254) 1,844,034
Total comprehensive income attributable to:
Owners of the parent company (1,818,254) 1,844,034
Mogford Limited
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 10 13,146,056 16,807,875
Investment property 11 1,857,324 1,861,256
Other investments 12 110,000 110,000
15,113,380 18,779,131
Current assets
Stocks 13 109,038 125,853
Debtors 14 2,352,623 1,449,488
Cash at bank and in hand 2,482,656 2,310,431
4,944,317 3,885,772
Creditors: amounts falling due within one year 15 (3,817,554) (4,221,396)
Net current assets/(liabilities) 1,126,763 (335,624)
Total assets less current liabilities 16,240,143 18,443,507
Creditors: amounts falling due after more than one year 16 (6,125,000) (6,405,509)
Provisions for liabilities
Deferred taxation 18 - (104,601)
Net assets 10,115,143 11,933,397
Capital and reserves
Called up share capital 19 892 892
Revaluation reserve 20 9,476,308 12,302,594
Other reserve 20 (123,750) (123,750)
Retained earnings 21 761,693 (246,339)
Shareholders' funds 10,115,143 11,933,397
Mr J L Mogford
Director
Approved by the board and authorised for issue on 25 September 2024
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
Mogford Limited
Statement of Changes in Equity
for the year ended 31 December 2023
Share Other Revaluation Retained Total
capital reserve reserve earnings
£ £ £ £ £
At 1 January 2022 892 (123,750) 12,184,308 (1,972,087) 10,089,363
Profit for the financial year 989,166 989,166
Reserve movements 118,286 736,582 854,868
Total comprehensive income for the financial year - - 118,286 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 892 (123,750) 12,302,594 (246,339) 11,933,397
Profit for the financial year 423,559 423,559
Loss on revaluation of land and buildings (2,658,068) (2,658,068)
Reserve movements (168,218) 584,473 416,255
Total comprehensive income for the financial year - - (2,826,286) 1,008,032 (1,818,254)
At 31 December 2023 892 (123,750) 9,476,308 761,693 10,115,143
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
Mogford Limited
Statement of Cash Flows
for the year ended 31 December 2023
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
1,218,351 4,205,467
Corporation tax paid (300,000) (5,847)
Cash generated by operating activities 918,351 4,199,620
Investing activities
Payments to acquire tangible fixed assets (52,017) (1,740,019)
Payments to acquire investment properties 3,932 (1,861,256)
Payments to acquire investments - (110,000)
Cash used in investing activities (48,085) (3,711,275)
Financing activities
Interest received 40,381 12,192
Interest paid (435,000) (254,289)
Repayment of loans (303,422) (922,914)
Cash used in financing activities (698,041) (1,165,011)
Net cash generated/(used)
Cash generated by operating activities 918,351 4,199,620
Cash used in investing activities (48,085) (3,711,275)
Cash used in financing activities (698,041) (1,165,011)
Net cash generated/(used) 172,225 (676,665)
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 2,482,656 2,310,431
Mogford 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.

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.
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
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.
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.
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less provision for permanent diminution in value. Dividends are brought into account in the income statement when received.
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 group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions payable to the group'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 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 1,053,886 1,218,131
Depreciation of assets held under finance leases and hire purchase contracts 1,883 2,354
Operating lease rentals - plant and machinery 10,483 7,638
Operating lease rentals - land and buildings 1,652,040 1,649,341
Auditors' remuneration for audit services 30,576 29,120
5 Directors' emoluments 2023 2022
£ £
Emoluments 464,107 441,312
6 Staff costs 2023 2022
£ £
Wages and salaries 6,640,333 6,199,078
Social security costs 494,213 500,248
Other pension costs 194,444 179,749
7,328,990 6,879,075
Staff costs (continued) 2023 2022
Average number of employees during the year Number Number
Office and management 19 14
Restaurants and hotels 216 232
235 246
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 435,000 254,288
8 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 340,568 491,357
Adjustments in respect of previous periods (180,264) -
160,304 491,357
Deferred tax:
Origination and reversal of timing differences 10,112 112
Tax on profit on ordinary activities 170,416 491,469
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 593,975 1,480,635
Standard rate of corporation tax in the UK 24% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 142,554 281,321
Effects of:
Expenses not deductible for tax purposes 198,014 210,036
Adjustments to tax charge in respect of previous periods (180,264) -
Current tax charge for period 160,304 491,357
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 20,440,019 115,134 9,907,713 30,462,866
Additions - - 52,017 52,017
Revaluation (2,658,068) - - (2,658,068)
At 31 December 2023 17,781,951 115,134 9,959,730 27,856,815
Depreciation
At 1 January 2023 4,499,304 115,134 9,040,555 13,654,993
Charge for the year 953,944 - 101,822 1,055,766
At 31 December 2023 5,453,248 115,134 9,142,377 14,710,759
Carrying amount
At 31 December 2023 12,328,703 - 817,353 13,146,056
At 31 December 2022 15,940,715 - 867,158 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 1,963,198 2,074,638
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.
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
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 1,861,256
Movements (3,932)
At 31 December 2023 1,857,324
12 Investments Investments in
Company subsidiary Other
undertakings investments Total
Cost £ £ £
At 1 January 2023 124,750 110,000 234,750
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 % £ £
Mogford Hotels Ltd Ordinary 100 4,649,610 256,574
13 Stocks 2023 2022
Group £ £
Finished goods and goods for resale 109,038 125,853
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 23,790 30,531
Deferred tax asset (see note 18) 301,542 - 213,733 -
Other debtors 1,212,070 803,625 1,159,674 703,485
Prepayments and accrued income 780,161 611,227 444,704 281,706
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 700,000 722,913 371,000 383,144
Trade creditors 558,946 520,478 265,515 441,145
Amounts owed to group undertakings - - 1,637,751 576,472
Corporation tax 351,662 491,358 123,226 145,168
Other taxes and social security costs 616,193 854,107 153,165 137,459
Other creditors 625,268 946,097 321,773 602,013
Accruals and deferred income 965,485 686,443 404,599 395,752
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 3,246,250 3,700,420
17 Loans 2023 2022
£ £
Analysis of maturity of debt:
Within one year or on demand 700,000 722,913
Between one and two years 1,400,000 5,755,509
Between two and five years 4,725,000 650,000
6,825,000 7,128,422
The group's borrowings are secured as follows:
- 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 (213,733) 53,235
Deferred taxation (continued) Group Company
2023 2022 2023 2022
£ £ £ £
At 1 January 104,601 959,357 53,235 348,068
Charged/ (Credited) to the income statement 10,112 112 4,136 (677)
Credited to other comprehensive income (416,255) (854,868) (271,104) (294,156)
At 31 December (301,542) 104,601 (213,733) 53,235
19 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 892 892 892
20 Reserves
Group Other Revaluation Totals
reserve reserve
£ £ £
At 1 January (123,750) 12,302,594 12,178,844
Loss on revaluation of land and buildings - (2,658,068) (2,658,068)
Deferred taxation arising on the revaluation of short leasehold - 271,104 271,104
Reserve movements - (439,322) (439,322)
At 31 December (123,750) 9,476,308 9,352,558
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 (246,339) (1,972,087)
Movements 584,473 736,582
Profit for the financial year 423,559 989,166
At 31 December 761,693 (246,339)
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 1,638,258 1,638,258
within two to five years 8,191,290 8,191,290
in over five years 15,987,362 17,519,640
25,816,910 27,349,188
23 Controlling party
During the current and previous financial year, the group was controlled by Mr J L Mogford, the director of the group who owns a majority of issued share capital of the parent company, Mogford Ltd.
24 Presentation currency
The financial statements are presented in Sterling.
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
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