Company registration number 01023840 (England and Wales)
VELADAIL HOTELS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
VELADAIL HOTELS LIMITED
COMPANY INFORMATION
Directors
Mr S K Gulhati
Mr S Gulhati
Mrs S Gulhati
Secretary
Mrs S Gulhati
Company number
01023840
Registered office
7-12 Half Moon Street
Mayfair
London
W1J 7BH
Auditor
PK Audit LLP
1 Parkshot
Richmond
Surrey
TW9 2RD
Business address
7-12 Half Moon Street
Mayfair
London
W1J 7BH
VELADAIL HOTELS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 43
VELADAIL HOTELS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The principal activity of Veladail Hotels Limited and its subsidiaries (the group) continues to be the provision and management of hotel accommodation, golf course and investment in residential properties. The group owns and operates the hotels located in Mayfair, Central London and in Hatfield Heath; a golf course in Bushey, Watford; and investment properties in Central London.

 

During the year ended 31 December 2023, the group has faced new challenges following the Covid pandemic, such as increased costs of operation, supply shortages, a tight labour market and the instability in the property market. However, the group has adapted effectively to these challenges and has managed to navigate through the difficulties. Despite the obstacles, the group has shown resilience and has successfully adjusted its operations to meet the evolving demands of the post-Covid environment.

Principal risks and uncertainties

There are several principal risks and uncertainties that impact operations and financial performance of the group:

Economic conditions and market risks: Fluctuations in the overall economic environment, such as recessions or downturns, can have a significant impact on the demand for hotel services. Reduced consumer spending, decreased business travel, and lower discretionary income can lead to decreased occupancy rates and revenue. Fluctuations in financial markets can affect the value of the holding company's investments, especially in publicly traded securities.

Competitive landscape: The hotel industry is highly competitive. Increased competition, emergence of alternative accommodation options, and changing customer preferences can pose risks to hotel profitability.

Market demand and seasonality: Demand for hotel accommodation can vary significantly based on factors such as travel trends, local events and seasonality.

Operational risks: The hotels can face operational risks such as maintenance issues, supply chain disruptions, technology failures, and regulatory compliance. These risks can result in reputational damage, guest dissatisfaction, increased costs, or even legal consequences.

Health and safety concerns: The hotel industry is particularly sensitive to health and safety concerns, including outbreaks of diseases, natural disasters, or other unforeseen events. Such incidents can lead to reduced travel, cancellations, or changes in travel patterns, negatively impacting hotel performance.

Environmental factors: The hotels must contend with environmental risks such as climate change, natural disasters, and sustainability expectations. These factors can affect infrastructure, property damage, insurance costs, and operational efficiencies.

Financial risks: The group faces financial risks and uncertainties related to the use of financial instruments. The directors' report aims to provide a comprehensive understanding of how the company utilise financial instruments to support its operations and manage financial risks effectively.

The directors monitor and manage these risks effectively through comprehensive risk assessment, contingency planning, strategic pricing, brand differentiation, investment in technology, and continuous adaptation to changing market dynamics. Throughout the year, the group remained committed to investing in its infrastructure to ensure ongoing sustainability. Significant investments were made in renovation projects aimed at enhancing the overall hospitality experience and ensuring that the hotels can meet the demands and expectations of its guests. These renovations have positively contributed to the hotels' ability to deliver exceptional service, improve guest satisfaction, and maintain a competitive edge in the market. By continually investing in the property, the group strives to provide a welcoming and comfortable environment that exceeds guest expectations and fosters long-term loyalty.

The board of directors actively oversees the group's operations, with a specific focus on optimising interest rates, complying with bank covenants, and maintaining liquidity across all subsidiaries within the group. Additionally, the board diligently selects appropriate accounting policies, which serves the dual purpose of mitigating the impact of price fluctuations during periods of economic instability.

VELADAIL HOTELS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Development and performance

The group made a loss after taxation of £1,675,628 for the year ended 31 December 2023, compared to the profit of £1,546,817 in the previous year. This loss includes the recognition of deferred tax amounting to £472,869. The board of directors have not re-evaluated assets. Last year it was increased by £1,166,881.

 

The net current liabilities as at 31 December 2023 have significantly reduced to £3,057,261 from the previous year's figure of £60,859,479. This substantial movement can be attributed primarily to the reclassification of the bank loan facility amounting to £62,229,385. This is now classified as due after one year. The facility was successfully renewed during the year . The group's total net assets has decreased from £64,194,200 as of 31 December 2022 to £62,518,572 as at 31 December 2023.

 

The directors consider the financial position and future prospects at 31 December 2023 to be in line with expectations. Overall, the balance sheet remains strong and well-positioned for future growth from both a liquidity and capital perspective.

Key performance indicators

The Board receives monthly updates from all divisions across the group to track and assess key performance indicators ("KPIs") against targets set each and every year. The group's performance is monitored in a number of ways including KPIs, some of which are disclosed below. The group's results are reviewed and compared against budgets and prior year numbers on a monthly basis.

 

The group's KPIs are gross profit, gross profit percentage, operating profit and operating profit percentage. For the year under review, the group's results were as follows:

- Gross profit/​(loss) - £9,817,356 (2022: £8,245,843)

- Gross profit/​(loss) percentage - 43.32% (2022: 43.54%: )

- Operating profit/​(loss) - £4,282,839 (2022: £2,566,127)

- Operating profit/​(loss) percentage – 18.89% (2022: 13.55%)

Promoting the success of the company

Veladail Hotels Limited and its subsidiaries operate hotels and are also investors in residential investment properties in and around London. The group maintains its properties to a high standard and seeks to meet or exceed clients' expectations.

Employees, clients and suppliers

The directors recognise that employees are key to the group’s success and invest in staff development and training with a view to maintaining employee satisfaction and fostering a spirit of commitment. Our aim is to be an employer of choice, to provide our employees with challenges and to support career progression, to reward and recognise their contribution, whilst ensuring diversity across the workforce.

 

We work in partnership with our suppliers with whom we seek to develop long term relationships.

 

Our commitment to delivering an outstanding service to our discerning clients has resulted in several long-standing client relationships and this has contributed to the group’s exceptional reputation for quality and service.

Being a responsible business

We understand the impact we have on the environment and take our responsibilities seriously. Accordingly, we seek to control our environmental footprint, investing in responsibly sourced materials and striving to recycle where possible. We are subject to various legislative constraints including data privacy, licencing laws, equal opportunities and the national minimum wage and take these obligations seriously.

VELADAIL HOTELS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Challenging economic environment

The hotel industry has faced unprecedented challenges in the wake of the COVID-19 pandemic. The sudden and prolonged lockdowns, travel restrictions, and overall uncertainty have significantly impacted the way hotels operate. While the initial shock of the pandemic caused a steep decline in bookings and revenues, the recovery phase has proven to be a journey filled with adaptive strategies and innovative approaches. While the road to full recovery may still be ongoing, the resilience and adaptability demonstrated by the group during this challenging period are paving the way for a stronger, more resilient future.

 

As the cost of living continues to increase, hotels face the challenge of maintaining competitive pricing while still offering quality services. Hoteliers are exploring cost-saving measures without compromising the guest experience. This ongoing commitment to meeting customer expectations, combined with carefully managed expenditures, positions hotels to remain competitive and thrive in the ever-competitive hospitality industry.

 

 

 

 

 

 

On behalf of the board

Mr S K Gulhati
Director
19 September 2024
VELADAIL HOTELS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and its group continued to be that of hoteliers. The group has also invested in investment properties from which it receives rental income.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S K Gulhati
Mr S Gulhati
Mrs S Gulhati
Supplier payment policy
It is the company's policy to agree terms of payment with its suppliers when agreeing the terms of a business transaction or transactions. All suppliers are aware of this procedure and the company endeavours to abide by the agreed payment terms.
Market value of land and buildings

In the opinion of the directors the market value of land and buildings is in line with the current net book value, having been the subject of the directors' valuation at the end of the financial year.

Financial instruments
Treasury operations

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the group’s activities. The group’s principal financial instruments can include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the group’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the group’s operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. No derivative instruments were used during the year.

Foreign currency risk

Foreign currency risk is considered to be low as the principal currency is sterling. The group’s principal foreign currency exposures arise from trading with overseas investment trading. Group policy permits but does not demand that these exposures may be hedged. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Having reviewed the group’s exposure to credit, liquidity, interest and foreign currency risks, the directors are of the view that these are manageable notwithstanding adverse market conditions.

VELADAIL HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Research and development

The group continues to develop new processes and services to improve and enhance its customer service and customer experience.

Disabled persons

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

Employee involvement

The group's policy is to consult and discuss with employees, on matters likely to affect employees' interests.

Post reporting date events

Events occurring after the reporting date, which are disclosed in the notes to the financial statements, consist of positive developments that have a favourable impact on the group.

Auditor

The auditor, PK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The parent is not required to report on group's emissions, energy consumption or energy efficiency activities on the basis that all subsidiaries are exempt from reporting due to their size.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr S K Gulhati
Director
19 September 2024
VELADAIL HOTELS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

VELADAIL HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VELADAIL HOTELS LIMITED
- 7 -
Opinion

We have audited the financial statements of Veladail Hotels Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and 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 group's and parent 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 annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

VELADAIL HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VELADAIL HOTELS LIMITED
- 8 -
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 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:

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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

VELADAIL HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VELADAIL HOTELS LIMITED
- 9 -

Based on our understanding of the company, its group and industry, and through discussion with the directors and other management, we identified that the principal risks were in relation to:

 

In response to the risk of irregularities, including fraud and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

VELADAIL HOTELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VELADAIL HOTELS LIMITED
- 10 -

In addition, the following procedures were conducted on the consolidated balances:

recognised in the financial statements and ensuring that sufficient appropriate audit evidence has been obtained; and

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

 

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

David Truscott (Senior Statutory Auditor)
For and on behalf of PK Audit LLP
20 September 2024
Chartered Accountants
Statutory Auditor
1 Parkshot
Richmond
Surrey
TW9 2RD
VELADAIL HOTELS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
22,661,776
18,936,774
Cost of sales
(12,844,420)
(10,690,931)
Gross profit
9,817,356
8,245,843
Administrative expenses
(7,045,619)
(5,842,929)
Other operating income
1,511,102
163,213
Operating profit
4
4,282,839
2,566,127
Interest receivable and similar income
8
631,492
330,068
Interest payable and similar expenses
9
(6,236,647)
(3,282,608)
Amounts written off investments
10
121,567
609,838
(Loss)/profit before taxation
(1,200,749)
223,425
Tax on (loss)/profit
11
(474,879)
1,323,392
(Loss)/profit for the financial year
(1,675,628)
1,546,817
(Loss)/profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

VELADAIL HOTELS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
£
£
(Loss)/profit for the year
(1,675,628)
1,546,817
Other comprehensive income
Revaluation of tangible fixed assets
-
0
1,166,881
Total comprehensive income for the year
(1,675,628)
2,713,698
Total comprehensive income for the year is all attributable to the owners of the parent company.
VELADAIL HOTELS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
13
13,450
19,771
Tangible assets
14
133,118,688
134,460,231
Investment property
15
15,150,000
22,737,154
Investments
16
7,010,138
6,538,658
155,292,276
163,755,814
Current assets
Stocks
18
207,455
186,590
Debtors
19
5,372,278
6,368,897
Cash at bank and in hand
11,290,039
10,699,703
16,869,772
17,255,190
Creditors: amounts falling due within one year
20
(19,927,033)
(78,114,669)
Net current liabilities
(3,057,261)
(60,859,479)
Total assets less current liabilities
152,235,015
102,896,335
Creditors: amounts falling due after more than one year
21
(72,631,369)
(21,114,543)
Provisions for liabilities
Deferred tax liability
25
17,085,074
17,587,592
(17,085,074)
(17,587,592)
Net assets
62,518,572
64,194,200
Capital and reserves
Called up share capital
27
7,590,000
7,590,000
Revaluation reserve
67,271,050
67,282,775
Capital redemption reserve
168,667
168,667
Profit and loss reserves
(12,511,145)
(10,847,242)
Total equity
62,518,572
64,194,200
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr S K Gulhati
Director
Company registration number 01023840 (England and Wales)
VELADAIL HOTELS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
13
3,498
4,811
Tangible assets
14
182,700
113,461
Investment property
15
-
0
1,600,000
Investments
16
6,524,936
5,866,716
6,711,134
7,584,988
Current assets
Debtors
19
75,928,895
79,496,497
Cash at bank and in hand
5,668,371
5,362,183
81,597,266
84,858,680
Creditors: amounts falling due within one year
20
(9,376,296)
(13,417,776)
Net current assets
72,220,970
71,440,904
Total assets less current liabilities
78,932,104
79,025,892
Creditors: amounts falling due after more than one year
21
(5,601,984)
(7,561,661)
Provisions for liabilities
Deferred tax liability
25
91,662
335,414
(91,662)
(335,414)
Net assets
73,238,458
71,128,817
Capital and reserves
Called up share capital
27
7,590,000
7,590,000
Capital redemption reserve
168,667
168,667
Profit and loss reserves
65,479,791
63,370,150
Total equity
73,238,458
71,128,817

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit after tax for the year was £2,109,641 (2022 - £1,382,305 loss).

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr S K Gulhati
Director
Company registration number 01023840 (England and Wales)
VELADAIL HOTELS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
7,590,000
66,182,846
168,667
(12,461,011)
61,480,502
Year ended 31 December 2022:
Profit for the year
-
-
-
1,546,817
1,546,817
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,166,881
-
-
1,166,881
Total comprehensive income
-
1,166,881
-
1,546,817
2,713,698
Transfers
-
(66,952)
-
66,952
-
Balance at 31 December 2022
7,590,000
67,282,775
168,667
(10,847,242)
64,194,200
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(1,675,628)
(1,675,628)
Transfers
-
(11,725)
-
11,725
-
Balance at 31 December 2023
7,590,000
67,271,050
168,667
(12,511,145)
62,518,572
VELADAIL HOTELS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
7,590,000
168,667
64,752,455
72,511,122
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(1,382,305)
(1,382,305)
Balance at 31 December 2022
7,590,000
168,667
63,370,150
71,128,817
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,109,641
2,109,641
Balance at 31 December 2023
7,590,000
168,667
65,479,791
73,238,458
VELADAIL HOTELS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
6,082,339
4,695,810
Interest paid
(6,236,647)
(3,282,608)
Income taxes paid
(2,009)
(1,032)
Net cash (outflow)/inflow from operating activities
(156,317)
1,412,170
Investing activities
Purchase of tangible fixed assets
(1,367,533)
(1,669,743)
Proceeds from disposal of tangible fixed assets
22,928
-
Purchase of investment property
-
(44,159)
Proceeds from disposal of investment property
7,946,556
-
Purchase of investments
(3,322,457)
(1,502,841)
Proceeds from disposal of investments
2,566,703
3,482,418
Interest received
568,727
238,335
Dividends received
51,001
91,733
Other income received from investments
11,764
-
0
Net cash generated from investing activities
6,477,689
595,743
Financing activities
Proceeds from borrowings
1,000,000
3,500,000
Repayment of borrowings
(2,000,000)
-
Repayment of bank loans
(4,716,982)
(3,415,954)
Payment of finance leases obligations
(14,054)
95,132
Net cash (used in)/generated from financing activities
(5,731,036)
179,178
Net increase in cash and cash equivalents
590,336
2,187,091
Cash and cash equivalents at beginning of year
10,699,703
8,512,612
Cash and cash equivalents at end of year
11,290,039
10,699,703
VELADAIL HOTELS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
34
3,367,529
(3,749,293)
Interest paid
(802,676)
(494,438)
Income taxes paid
(2,010)
(1,033)
Net cash inflow/(outflow) from operating activities
2,562,843
(4,244,764)
Investing activities
Purchase of tangible fixed assets
(89,000)
(114,641)
Proceeds from disposal of investment property
1,656,400
-
0
Purchase of investments
(3,308,456)
(1,477,925)
Proceeds from disposal of investments
2,566,703
3,449,808
Interest received
386,486
210,069
Dividends received
2,051,001
91,733
Net cash generated from investing activities
3,263,134
2,159,044
Financing activities
Proceeds from borrowings
1,000,000
3,500,000
Repayment of borrowings
(2,000,000)
-
Repayment of bank loans
(4,505,735)
(393,234)
Payment of finance leases obligations
(14,054)
95,132
Net cash (used in)/generated from financing activities
(5,519,789)
3,201,898
Net increase in cash and cash equivalents
306,188
1,116,178
Cash and cash equivalents at beginning of year
5,362,183
4,246,005
Cash and cash equivalents at end of year
5,668,371
5,362,183
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

Veladail Hotels Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office address is 7-12 Half Moon Street, Mayfair, London, W1J 7BH.

 

The group consists of Veladail Hotels Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit after tax for the year was £2,109,641 (2022 - £1,382,305 loss).

1.2
Basis of consolidation

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.3
Going concern

Whilst the balance sheet as at 31 December 2023 presents net current liabilities amounting to £3,057,261 (2022: £60,859,479), total net assets are positive and amount £62,518,572 (2022: £64,194,200). The substantial reduction in net current liabilities is primarily attributed to the recognition of a renewed outstanding bank loan facility, amounting to £62,229,385 within creditors due after one year. The facility was renewed during the year. As at 31 December 2023, the revaluation reserve amounted to £67,271,050 (2022: £67,282,775).

 

The board of directors manage the continued availability of all group borrowing facilities, and the terms associated with their renewal, in order to secure the group’s short and long term funding.

 

The group's directors continue to explore the redevelopment of the golf course, club house and surrounding grounds. The timing of the redevelopment is yet to be determined as the directors consider the various economic factors of such an investment. As anticipated, the redevelopment has necessitated the temporary closure of the golf course operations in October 2019. This has resulted in no turnover during the year ended 31 December 2023 (2022: £Nil). The directors do not expect any turnover in the foreseeable future as they continue to develop the aforementioned plans.

 

The directors have carried out a detailed review of the company’s financial position including a review of cash flows and forecasts. At the time of approving the financial statements, the directors are of the opinion that the group will continue to be able to meet its financial obligations as they fall due and to continue in operational existence for at least the next twelve months from the date of approval of the accounts.

 

Therefore the directors consider it appropriate to prepare the financial statements on the going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover represents amounts receivable from ordinary activities and is in respect of hotel accommodation, conference facilities, golf club membership, rental income, green fees and food and beverage sold during the year, excluding value added tax. Sales of rooms, conference and events facilities are recognised on the date of the stay or event. Deposits received in advance are not recognised as revenue until the day of the stay or event.

 

The group operates restaurants, bars and a spa. Sales of goods are recognised when the hotel restaurant, spa or bar sells a product to a customer.

 

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

 

Rental income, included in turnover, represents amounts receivable in respect of rent from investment properties and it is recognised over the rental period.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trade mark
5 years straight line
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Freehold land and buildings
over 10-50 years (land is not depreciated)
Plant, machinery, fixtures & fittings, computer equipment
over 3-30 years straight line
Fixtures and fittings
over 3-10 years straight line
Motor vehicles
over 5 years straight line or over the lease period

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

 

Freehold property includes developmental expenditure in respect of certain building projects. Such costs include planning fees, planning permission and structural works. Once the developmental stage is completed and construction begins, the assets will be transferred to fixed assets under construction.

 

Management monitors the assets during the developmental phase and consider whether changes indicate that impairment is required.

 

Fixed assets under construction represent construction in progress after the developmental construction phase. Relevant fixed assets continue to be categorised as such until the assets are put in to service, at which time the aggregate costs of the assets are transferred into property and plant and equipment. Assets under construction are not depreciated until they are brought into use.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -

Recoverable amount is the higher of fair value less costs to sell and value in use. 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 for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.17
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of the assets

Assets are valued at the lower of cost and net realisable value. Calculation of net realisable value in use requires judgements to be made, which include estimated future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate the present value of future cash flows.

 

The carrying amount of tangible fixed assets at 31 December 2023 was £133,118,688 (2022: £134,460,231). The amount stated as at 31 December 2022 is after the recognition of an impairment reversal amounting to £1,882,404.

 

The group used a discounting factor of 6.75%-9.50% (2022: 6.15%-7.88%), being the weighted average cost of capital for the travel and leisure sector.

Deferred tax assets

The deferred tax asset in respect of unrelieved tax losses is recognised only to the extent that it is probable that it will be recovered against the reversal of deferred tax liabilities or other future taxable profits in the company or the group. The group's ability to generate future taxable profits is dependent on many factors, amongst which is its ability to continue to build occupancy rates and to consolidate on each hotel's improvements and developments made to date. Another key function of the group's future profitability is the movement in interest rates charged on the group's borrowings. The recovery of the deferred tax asset may also be influenced by the tax policy decisions made by the group.

 

By its very nature, the recognition and measurement of deferred tax requires assumptions to be made about the future. The group estimates that, as at 31 December 2023, the deferred tax asset in respect of unrelieved tax losses amounted to £3,384,666 (2022: £4,466,121).

 

The directors, whilst confident as to the recoverability of the deferred tax asset, feel it inappropriate to provide an estimate of the time period over which this asset may be recovered.

 

Residual value of the freehold property

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. As at 31 December 2023, the residual value of the freehold property amounted to £112,651,696 (2022: £112,480,567).

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Hotelier trade
22,055,380
18,268,543
Rental income
606,396
668,231
22,661,776
18,936,774
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
22,661,776
18,936,774
2023
2022
£
£
Other revenue
Interest income
568,727
238,335
Dividends received
51,001
91,733
Grants received
-
12,000
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(124,465)
(154,074)
Government grants
-
(12,000)
Depreciation of owned tangible fixed assets
2,686,198
2,621,051
Reversal of past impairment of tangible fixed assets
-
0
(1,882,404)
(Profit)/loss on disposal of tangible fixed assets
(50)
21,386
Loss on disposal of investment property
46,439
-
0
Amortisation of intangible assets
6,321
6,321
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,200
18,355
Audit of the financial statements of the company's subsidiaries
81,550
83,723
101,750
102,078
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Operating
235
219
-
-
Office and management
28
25
5
6
Total
263
244
5
6

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,364,450
5,348,729
352,018
388,307
Social security costs
589,680
504,427
35,863
43,445
Pension costs
104,116
79,081
1,533
1,389
7,058,246
5,932,237
389,414
433,141
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
260,000
293,333
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
200,000
233,333
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
214,368
28,274
Other interest income
354,359
210,061
Total interest revenue
568,727
238,335
Other income from investments
Dividends received
51,001
91,733
619,728
330,068
Income from fixed asset investments
Income from other fixed asset investments
11,764
-
0
Total income
631,492
330,068
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
214,368
28,274
Dividends from financial assets measured at fair value through profit or loss
51,001
91,733
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
5,962,446
3,089,074
Other interest on financial liabilities
268,773
188,306
6,231,219
3,277,380
Other finance costs:
Interest on finance leases and hire purchase contracts
5,428
5,228
Total finance costs
6,236,647
3,282,608
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
10
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(33,275)
(462,021)
Other gains/(losses)
Loss on disposal of fixed asset investments
(65,338)
(321,136)
Changes in the fair value of investment properties
405,841
1,392,995
Other gains and losses
(185,661)
-
121,567
609,838
11
Taxation
2023
2022
£
£
Current tax
Foreign current tax on profits for the current period
2,010
1,033
Deferred tax
Origination and reversal of timing differences
472,869
(1,324,425)
Total tax charge/(credit)
474,879
(1,323,392)

The applicable tax rate during the year ended 31 December 2022 was 19%. Following changes introduced by the Finance Act 2021, the applicable rate for the year ended 31 December 2023 was 19% to 31 March 2023, and 25% thereafter.

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
(Continued)
- 30 -

The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(1,200,749)
223,425
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(300,187)
42,451
Tax effect of expenses that are not deductible in determining taxable profit
21,862
8,990
Gains not taxable
312,500
(135,949)
Tax effect of utilisation of tax losses not previously recognised
(529,392)
(31,004)
Unutilised tax losses carried forward
-
0
25
Change in unrecognised deferred tax assets
1,088,636
(1,524,640)
Group relief
(630,593)
-
0
Permanent capital allowances in excess of depreciation
232,029
20,033
Depreciation on assets not qualifying for tax allowances
-
0
10,460
Effect of revaluations of investments
42,042
104,226
Other permanent differences
(158,664)
-
0
Effect of overseas tax rates
2,010
1,033
Dividend income
(512,750)
(17,429)
Interest restriction
907,386
198,412
Taxation charge/(credit)
474,879
(1,323,392)
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Fixed asset investments
16
185,661
-
Recognised in:
Amounts written off investments
185,661
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Impairments
(Continued)
- 31 -

Reversals of previous impairment losses have been recognised in profit or loss as follows:

2023
2022
Notes
£
£
In respect of:
Property, plant and equipment
14
-
715,523
Recognised in:
Administrative expenses
-
715,523
13
Intangible fixed assets
Group
Trade mark
£
Cost
At 1 January 2023 and 31 December 2023
48,750
Amortisation and impairment
At 1 January 2023
28,979
Amortisation charged for the year
6,321
At 31 December 2023
35,300
Carrying amount
At 31 December 2023
13,450
At 31 December 2022
19,771
Company
Trade mark
£
Cost
At 1 January 2023 and 31 December 2023
8,750
Amortisation and impairment
At 1 January 2023
3,939
Amortisation charged for the year
1,313
At 31 December 2023
5,252
Carrying amount
At 31 December 2023
3,498
At 31 December 2022
4,811

 

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
14
Tangible fixed assets
Group
Freehold land and buildings
Plant, machinery, fixtures & fittings, computer equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
124,525,724
28,817,753
480,478
119,871
153,943,826
Additions
397,717
880,816
-
0
89,000
1,367,533
Disposals
-
0
-
0
(209,682)
(5,230)
(214,912)
At 31 December 2023
124,923,441
29,698,569
270,796
203,641
155,096,447
Depreciation and impairment
At 1 January 2023
2,713,492
16,440,518
311,759
17,826
19,483,595
Depreciation charged in the year
399,689
2,239,668
27,080
19,761
2,686,198
Eliminated in respect of disposals
-
0
-
0
(186,804)
(5,230)
(192,034)
At 31 December 2023
3,113,181
18,680,186
152,035
32,357
21,977,759
Carrying amount
At 31 December 2023
121,810,260
11,018,383
118,761
171,284
133,118,688
At 31 December 2022
121,812,232
12,377,235
168,719
102,045
134,460,231
Company
Freehold land and buildings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
11,416
114,641
126,057
Additions
-
0
89,000
89,000
At 31 December 2023
11,416
203,641
215,057
Depreciation and impairment
At 1 January 2023
-
0
12,596
12,596
Depreciation charged in the year
-
0
19,761
19,761
At 31 December 2023
-
0
32,357
32,357
Carrying amount
At 31 December 2023
11,416
171,284
182,700
At 31 December 2022
11,416
102,045
113,461

More information on impairment movements in the year is given in note 12.

 

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Tangible fixed assets
(Continued)
- 33 -

Freehold property includes developmental expenditure amounting to £988,232 (2022: £988,232) in respect of consultancy fees, planning permissions, designs and structural architect fees relating to proposed further development of the hotel.

15
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
22,737,154
1,600,000
Disposals
(7,992,995)
(1,600,000)
Net gains or losses through fair value adjustments
405,841
-
At 31 December 2023
15,150,000
-
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Investment property
(Continued)
- 34 -

The Company

 

The company disposed of its investment property during the year to 31 December 2023. As at that date, the company held no further investment properties. The value of this property disclosed in the comparative figures represented the fair value of the investment property based on a valuation carried out at 31 December 2022 by the directors. The valuation was made on an open market value basis by reference to a professional valuation carried out on a property in November 2022. Having considered all relevant valuation factors and market conditions during the period from November 2022 to December 2022, the directors were of the opinion that there were no material changes in the property's value compared to the previous year and as such they valued the property at 31 December 2022 at £1,600,000. On a historical cost basis this would have been included in the comparative figures at an original cost of £493,360 and aggregate depreciation of £Nil.

 

The Group

 

The investment property in Audley Mayfair Properties Limited has been stated at a directors' valuation of £5,950,000 (2022: £5,544,159) as at 31 December 2023. To arrive at this value, the directors considered numerous factors, such as location, condition, rental income, market trends, legal considerations and similar transactions on the active market at the year-end. Directors considered post-year-end events that could impact property valuation and provide new information or circumstances that affect the fair value of the property. On a historical cost basis the investment property would have been included at an original cost of £4,746,827 (2022: £4,746,827) and aggregate depreciation of £Nil (2021: Nil).

 

The investment property held in Mayfair Village Properties Limited was sold during the year. In the previous financial year, the value was stated at the directors' valuation of £6,392,995. The sale took place between unconnected parties and on an arm’s length basis. On a historical cost basis, the investment property would have been included in the comparative figures at an original cost of £4,698,143 and aggregate depreciation of £Nil.

 

In July 2020, Clarges Mayfair Properties Limited entered into a tenancy agreement attached to which was an option held by the tenant to buy the company’s investment property. The option needed be extended annually during the period up to 31 January 2025 and was divided into five option periods. The contractual amount of the property was £10,300,000, plus £200,000 for chattels. In order to maintain the option throughout the period to 31 January 2025, the tenant was required to pay a purchase deposit before the beginning of each option period.

 

During the year to 31 December 2023, the tenant did not extend their option to 31 January 2025 and vacated the property at the end of the tenancy in 2024. The aggregate value of option payments received have been released to the profit and loss account during the year to 31 December 2023 on the basis the options had lapsed by that date. Total purchase options received and released to the profit and loss account amount to £750,000. Payments received to 31 December 2022, amounting to £550,000 were presented as part of other creditors.

 

The property has been re-let on a commercial basis.

 

In accordance with the terms of the tenancy agreement, the property continues to be recognised as an investment property in Clarges Mayfair Properties Limited, and presented at the directors' estimate of its fair value, as the risks and rewards of ownership remain with the company. As at 31 December 2023 the directors have valued the property at £9,200,000 (2022: £9,200,000). To arrive at this value, the directors considered numerous factors, such as location, condition, rental income, market trends, legal considerations, similar transactions on the active market at the year-end and the current tenancy agreement. The directors also considered post-year-end events that could impact property valuation and provide new information on circumstances that affect the fair value of the property. On a historical cost basis the investment property would have been included at an original cost of £8,855,990 (2022: £8,855,990) and aggregate depreciation of £Nil (2022: Nil).

 

A fixed charge exists over the properties as security for the group's borrowings.

 

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
16
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Listed investments
6,524,234
5,866,014
6,524,234
5,866,014
Unlisted investments
485,904
672,644
702
702
7,010,138
6,538,658
6,524,936
5,866,716
Fixed asset investments revalued

Listed investments amounted to £6,524,234 (2022: £5,866,014) and historical cost of £6,500,814 (2022: £5,826,503) have been valued by the directors based on observable prices on trading markets.

 

Unlisted investments presented at fair value of £245,486 (2022: £246,564) and historical cost of £166,576 (2022: £152,575) have been valued by the directors based on the valuation provided by the fund's investment managers and the fund's audited accounts. While observable prices were not available for the investments, the investment managers used valuation techniques to derive their fair value.

 

Unlisted investments with a deemed cost of £55,850 (2022: £169,242) and a historical cost of £33,265 (2021: £33,265) have been presented using the price from the last funding round of the relevant entity, less impairment in order to state the carrying value at recoverable amount. An impairment amounting to £113,392 was made during the year.

Financial assets for which fair value cannot be measured reliably

As at 31 December 2023, unlisted investments amounting to £184,568 (2022: £256,838) had been valued at amortised cost as the fair value information could not be measured reliably. An impairment amounting to £72,269 has been made against the value of these investments during the year.

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023
6,538,658
Additions
3,322,457
Valuation changes
(284,274)
Disposals
(2,566,703)
At 31 December 2023
7,010,138
Carrying amount
At 31 December 2023
7,010,138
At 31 December 2022
6,538,658
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Fixed asset investments
(Continued)
- 36 -
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 January 2023
5,866,716
Additions
3,308,456
Valuation changes
(83,533)
Disposals
(2,566,703)
At 31 December 2023
6,524,936
Carrying amount
At 31 December 2023
6,524,936
At 31 December 2022
5,866,716
17
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Audley Mayfair Properties Limited
United Kingdom
Property investment
Ordinary shares
100
Clarges Mayfair Properties Limited
United Kingdom
Property investment
Ordinary shares
100
Downhall Hotel Limited
United Kingdom
Hotelier
Ordinary shares
100
Fleming Hotel Mayfair Limited
United Kingdom
Hotelier
Ordinary shares
100
Fox Mayfair Limited
United Kingdom
Dormant company
Ordinary shares
100
Mayfair Village Properties Limited
United Kingdom
Dormant company
Ordinary shares
100
Sparkling Ventures Limited
United Kingdom
Property investment
Ordinary shares
100
Veladail Leisure Limited
United Kingdom
Golf course
Ordinary shares
100
18
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
207,455
186,590
-
0
-
0
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
19
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
433,933
428,669
223,300
163,300
Amounts owed by group undertakings
-
-
75,685,834
79,301,696
Other debtors
407,436
487,458
19,761
26,787
Prepayments and accrued income
2,428,650
2,375,123
-
0
4,714
3,270,019
3,291,250
75,928,895
79,496,497
Amounts falling due after more than one year:
Deferred tax asset (note 25)
2,102,259
3,077,647
-
0
-
0
Total debtors
5,372,278
6,368,897
75,928,895
79,496,497

Other debtors include costs incurred in connection with the potential golf course redevelopment outlined in note 1.3 and 1.6. These costs will be transferred to work in progress upon completion of the project's development phase.

20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
22
15,787,788
73,036,496
7,003,538
10,564,496
Obligations under finance leases
24
15,317
14,471
15,317
14,471
Trade creditors
1,069,737
1,178,436
278,497
212,842
Amounts owed to group undertakings
-
0
-
0
2,000,000
2,000,000
Other taxation and social security
996,653
1,000,039
14,356
18,508
Other creditors
727,860
1,500,219
(9)
558,321
Accruals and deferred income
1,329,678
1,385,008
64,597
49,138
19,927,033
78,114,669
9,376,296
13,417,776
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
22
67,029,385
14,533,882
-
0
981,000
Obligations under finance leases
24
65,761
80,661
65,761
80,661
Other borrowings
22
5,536,223
6,500,000
5,536,223
6,500,000
72,631,369
21,114,543
5,601,984
7,561,661
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
22
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
82,817,173
87,570,378
7,003,538
11,545,496
Loans from related parties
5,536,223
6,500,000
5,536,223
6,500,000
88,353,396
94,070,378
12,539,761
18,045,496
Payable within one year
15,787,788
73,036,496
7,003,538
10,564,496
Payable after one year
72,565,608
21,033,882
5,536,223
7,481,000

The bank overdraft and loans are secured on the freehold and long leasehold properties and by a debenture over the group's assets.

Interest is charged on bank loans and overdrafts at average commercial rates of interest of 6.94% (2022: 3.48%).

 

Included in borrowings payable within one year is a loan amounting to £7,003,538 (2022: £10,564,496), which relates to a listed investment amounting to £6,524,234 (2022: £5,866,014) and cash balances amounting to £4,111,566 (2022: £5,242,572).

 

Also, included in borrowings are loans from a related party amounting to £4,000,000 (2022: £3,000,000), repayable in February 2025 and March 2026 and a further loan from the ultimate parent company of £1,500,000, repayable in November 2025. These loans carry interest at rates between 2% and 6%.

23
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
831,365
903,165
75,923,959
79,486,696
Equity instruments measured at cost less impairment
240,418
426,079
-
-
Instruments measured at fair value through profit or loss
6,769,720
8,621,183
6,524,234
8,362,756
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost
92,558,402
98,229,173
14,978,280
20,960,929
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
24
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
15,317
14,471
15,317
14,471
In two to five years
65,761
80,661
65,761
80,661
81,078
95,132
81,078
95,132

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

25
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
27,430
28,366
(1,282,407)
(1,388,474)
Tax losses
-
-
3,384,666
4,466,121
Revaluations
16,117,533
16,117,533
-
-
Investment property
263,378
703,448
-
-
Investments
5,856
67,368
-
-
Other deferred tax
670,877
670,877
-
-
17,085,074
17,587,592
2,102,259
3,077,647
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
27,430
28,366
-
-
Investment property
-
238,795
-
-
Investments
5,856
9,877
-
-
Other deferred tax
58,376
58,376
-
-
91,662
335,414
-
-
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Deferred taxation
(Continued)
- 40 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
14,509,945
335,414
Charge/(credit) to profit or loss
472,870
(243,752)
Liability at 31 December 2023
14,982,815
91,662

The deferred tax assets set out above are expected to reverse after 12 months and relate to the utilisation of tax losses against future expected profits.

The deferred tax provision is calculated using a corporation tax rate of 25% (2022: 25%). Future changes to corporate tax laws that affect the prevailing rate may in turn affect the deferred tax assets and liabilities. Any movements in the assets and liabilities resulting from such changes will be reflected as part of the tax charge included in the financial statements for future periods.

26
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
104,116
79,081

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

27
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
2,530,000 Ordinary shares of £3 each
7,590,000
7,590,000

Each A Ordinary Share has full rights in the company with respect to voting, dividends and distribution.

28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of investments
-
26,675
-
-
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
29
Events after the reporting date

The group's directors continue to explore the redevelopment of the golf course, club house and surrounding grounds. The timing of the redevelopment is yet to be determined as the directors consider the various economic factors of such an investment. As anticipated, the redevelopment necessitated the temporary closure of the golf course operations in October 2019. This has resulted in no turnover during the year ended 31 December 2023 (2022: £Nil). The directors do not expect any turnover in the foreseeable future as they continue to develop the aforementioned plans.

 

In June 2024, the group extended a bank loan facility for a further 5 years. As at 31 December 2023, the loan amounted to £5,906,210

 

30
Related party transactions

The company

As at 31 December 2023, the company owed £4,000,000 (2022: £3,000,000) to a member of the directors’ family. Interest charged on the loan amounted to £216,602 (2022: £180,000).

 

31
Directors' transactions

Interest payable loans have been granted by directors as follows:

Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Mr S K Gulhati - Loan to Veladail Hotels Limited
2.00
(1,002,097)
(10,000)
1,012,097
-
Mr S Gulhati - Loan to Veladail Hotels Limited
2.00
(1,002,587)
(9,994)
1,012,581
-
(2,004,684)
(19,994)
2,024,678
-
32
Controlling party

The ultimate holding company is Arrow Trading & Investment Est. 1920, a company incorporated in Vaduz.

The  ultimate controlling party is Arrow Trust.

VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 42 -
33
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(1,675,628)
1,546,817
Adjustments for:
Taxation charged/(credited)
474,879
(1,323,392)
Finance costs
6,236,647
3,282,608
Investment income
(631,492)
(330,068)
(Gain)/loss on disposal of tangible fixed assets
(50)
21,386
Loss on disposal of investment property
46,439
-
0
Fair value gain on investment properties
(405,841)
(1,392,995)
Amortisation and impairment of intangible assets
6,321
6,321
Depreciation and impairment of tangible fixed assets
2,686,197
1,905,528
Loss on sale of investments
65,338
321,136
Other gains and losses
218,936
462,021
Movements in working capital:
Increase in stocks
(20,864)
(26,098)
Decrease/(increase) in debtors
21,231
(692,830)
(Decrease)/increase in creditors
(939,774)
915,376
Cash generated from operations
6,082,339
4,695,810
34
Cash generated from/(absorbed by) operations - company
2023
2022
£
£
Profit/(loss) for the year after tax
2,109,641
(1,382,305)
Adjustments for:
Taxation credited
(241,742)
(75,142)
Finance costs
802,676
494,438
Investment income
(2,437,487)
(301,802)
Gain on disposal of investment property
(56,400)
-
Amortisation and impairment of intangible assets
1,313
1,313
Depreciation and impairment of tangible fixed assets
19,761
12,596
Loss on sale of investments
65,338
321,136
Other gains and losses
18,195
457,853
Movements in working capital:
Decrease/(increase) in debtors
3,567,602
(3,501,934)
(Decrease)/increase in creditors
(481,368)
224,554
Cash generated from/(absorbed by) operations
3,367,529
(3,749,293)
VELADAIL HOTELS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 43 -
35
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
10,699,703
590,336
11,290,039
Borrowings excluding overdrafts
(94,070,378)
5,716,982
(88,353,396)
Obligations under finance leases
(95,132)
14,054
(81,078)
(83,465,807)
6,321,372
(77,144,435)
36
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
5,362,183
306,188
5,668,371
Borrowings excluding overdrafts
(18,045,496)
5,505,735
(12,539,761)
Obligations under finance leases
(95,132)
14,054
(81,078)
(12,778,445)
5,825,977
(6,952,468)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr S K GulhatiMr S GulhatiMrs S GulhatiMrs S 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