Company registration number 02060782 (England and Wales)
LANGDALE LEISURE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
LANGDALE LEISURE LIMITED
COMPANY INFORMATION
Directors
Mr J Longmuir
Mr M Coletta
Ms S Spencer
Secretary
Mrs J A Bell
Company number
02060782
Registered office
The Langdale Estate
Great Langdale
Ambleside
LA22 9JD
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
LANGDALE LEISURE LIMITED
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 29
LANGDALE LEISURE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
Chairman's statement

Business Performance

 

In last year’s accounts and at the AGM we reported early indications on trading during the first half of the year were very positive, with revenues and profits showing an upward trend. All areas of the business enjoyed buoyant trading. This trend slowed somewhat in the third quarter, though at the end of month nine, sales were still above the previous year by 12.6% and net profit was ahead of the prior year by a relatively healthy £209,510.

 

Unfortunately, the last three months of the 2023/24 financial year were significantly impacted by the pool hall closure for the roof replacement and solar PV array installation and this was the main driver of the disappointing year end position.

 

The decision to close such an integral part of the operation and a key component of the Langdale experience for all guests, is never taken lightly, we know the disappointment it can cause and the negative impact it has on profits. However, structurally the roof was compromised and in need of urgent repair and there was no alternative other than to carry out the work at the earliest opportunity.

 

Whilst closure has an obvious and direct impact on operating performance of these departments, it was the knock on effect to the Brimstone and Langdale Hotels that had a more significant impact on performance, with over £186k in lost accommodation revenue alone, plus the related impact on demand for food and beverage in Stove and Wainwrights, due to fewer hotel residents over this period.

 

Marketing messages in this time were very challenging indeed, trying to find the right balance of pricing to attract visitors without these facilities being available.

 

The sales and marketing team have responded to the challenging business environment with improved internal marketing activities to hotel guests and lodge owners, to promote the facilities and offerings. These offerings have included improved pre-arrival communications and improved internal promotions.

 

More detail on departmental trading follows in the Managing Director’s Trading Review, though worth noting is that Stove has improved, but has still struggled at times with the consistency of its service delivery, exacerbated by continued difficulties in recruitment and retention of the kitchen brigade. This remains an ongoing challenge, where salaries and benefits need to be always at the upper end. In addition, the year was punctuated with severe challenges with food cost in particular, amplified by abnormal price rises and some challenging kitchen management issues. Both issues have been resolved through food inflation recovery, more appropriate allocations of revenue from dinner bed and breakfast packages, stronger auditing, and the introduction of a more experienced Executive Chef. This appointment is key to bringing standards of delivery back into line, whilst building up the skills, confidence, and capabilities of our kitchen brigade. Chef recruitment generally remains a huge industry challenge.

 

The first quarter of the new financial year has been challenging. There has been a slowdown in demand for accommodation nationally, on the back of nervousness over cost of living and direction of travel for the economy with the change of government. In addition, the poor weather has seen an increase in demand for overseas holidays rise significantly this summer. We are anticipating this will settle towards the autumn and there will be more optimism around the latter part of the year.

 

With continuing cost pressures unlikely to abate, the challenge for the business is to find ways to continue to maintain the traditional strong occupancy and high room rate, while at the same time capturing increased revenue share from guests and looking for efficiencies in our cost base. This is the challenge that Michael Coletta and his team face on a daily basis.

LANGDALE LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Shareholder Discounts

 

Shareholders and indeed all Owners benefitted from a record level of discount from the Owner Privilege Card. The total value of the discount in the year was £161,546. This is a direct cost to the P&L, but Directors recognise the value of this to Owners and regard it as a key benefit which we would wish to maintain.

 

The Company continues to offer Langdale Owners Club an arrangement to reduce the fee due under the management agreement. In addition, all guests staying in the timeshare properties continue to enjoy free access to the Leisure Club facilities, which is not the case in most other resorts.

 

As you will be aware, the Board suspended Shareholder Discount on Management Fees at the start of the pandemic, to protect the balance sheet. Should trading in the second half of the year indicate a recovery, the Board would be minded to cautiously reinstate the Shareholders Discount, beginning at a modest level, from 2025.

 

Governance

 

There are four scheduled formal Board meetings each year, in addition to the AGM. The Board also has a monthly virtual call to discuss business issues. It is the role of the Non-executive Directors to support and constructively challenge the Executive Team, this is achieved by collective discussion at Board meetings and through ongoing interaction with the operational team on a regular basis, where a Non-Executive Directors field of expertise can be of assistance.

 

In the early part on the new year, we have commenced a period of Director refresher training, this has included the subjects Anti-Bribery and Business Ethics, Equality and Diversity and General Data Protection Regulations (GDPR), this has been delivered through the Langdale cloud-based training platform. To date, each course has included a debrief with the Head of HR at Langdale to further understand how our own polices on these topics are being managed and applied, and how the ongoing messaging is being communicated through the business on these very important governance subjects.

 

The Renumeration Committee has reviewed senior management pay levels, to make sure they remain competitive, reflective of our own business performance and relative to our position in the marketplace.

 

A continued major area of focus has been in health and safety, with a great deal of emphasis in two particular areas, fire management systems and food safety including allergens management. Heads of Departments remain a key focus, as like all operating businesses we need them and their respective teams to ensure that health & safety delivery is alive in their day-to-day operational activities. We have further reinforced compliance across the business with the introduction of a Health and Safety Compliance Manager role. In addition, the business is supported through Shield Safety, our third-party partner and our appointed advisor on health and safety.

 

The Treasury Committee has developed and evolved through the year, working with the operating team to develop a greater understanding of the cash requirements of the business. Integral to this is optimising the delivery of the operating business to feed cash flows, and the careful management and timing of ongoing plans to maintain the core central facilities. The more significant demands on cash through this period have been the replacement of the spa & leisure roof and the installation of the solar PV array, this project alone amounted to £935k of capital spend. In addition, the opportunity created by the closure of the facilities allowed for the replacement of the sauna, steam room, spa bath and all gym equipment.

 

Given the significant investment in the Leisure Club roof project and the impact on profits during the work, the development of new staff accommodation has been put on hold. The sourcing of rental accommodation in the local area is affording time to review this project and the need for further major capital investment.

 

The Energy Subgroup has worked in support of the push towards increased on-site energy generation through renewable technology. Since April 2023 117 solar PV panels have been commissioned on the maintenance and Gateway buildings and with a further 190 due to come online from the new Leisure Club roof, this will give a total generation capacity of 133kW on site.

LANGDALE LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The Team

 

The challenges of obtaining and keeping high quality team members have been well documented. This above all is fundamental to the success of the business in delivering great levels of service and the profits that flow from it.

 

Under the leadership of Tia Marcos, the Human Resources department has continued to grow and develop and is making a strong contribution to the management and implementation of policies. Focus has been firmly on the onboarding of new employees, recruitment and retention tools and various management policies through the introduction of a new staff handbook, allowing the management team to manage more effectively. Key areas of focus remain on training and development and performance management.

 

Part of the operational team succession planning has included the recruiting of some key positions, to build up capability and the operational bench strength of the team, this has included the appointment of a Timeshare Operations Manager to oversee and manage the requirements of lodge management focusing on service delivery, particularly maintenance and lodge cleaning. In addition to the recruitment of a Facilities Operations Manager, to support the delivery of planned and preventative maintenance across the estate.

 

Our people have always been at the heart of the Langdale experience and last December we celebrated over 742 years of loyal service for Langdale Leisure employees, at an awards ceremony for 72 members of the team. We were incredibly proud to celebrate this achievement, in particular for four people serving twenty years, six for twenty-five years and four thirty years. The highlight was a remarkable forty years of service for Andy Dawson, Estate Grounds Manager, who has been tending the grounds on the Estate magnificently since he was a lad. Congratulations again and our thanks to Andy and everyone else for their dedication and commitment to our Company.

 

Succession

 

Board succession has continued with new board members over recent years. The handover from longer serving to new board members has been carefully managed, allowing new members to develop their understanding of Langdale, whilst still having longer serving hands around to assist with that understanding, particularly with regard to the legacy of Langdale, which is so important to us all. We welcome fellow Owner Richard Smith, who joined the Board at the last AGM replacing Founder Director Dale Watler.

 

We have taken the approach that some skill sets should be mirrored at board level with that of the executive team, certainly Finance, Hotel Operations and Property Management to date. The next phase of recruitment will look to introduce a Commercial skillset to the board table. It would be fair to say that for many years Langdale has operated in the relative comfort of a commercial vacuum insulated from market pressures by its unique position, its offering, its self-contained market, and its relatively weak competition. The competitive landscape has changed, there are more competitors in the upscale market, more spa experience venues. A Non-Executive Director with the right balance of commercial experience underpinned by sector specific knowledge, would support and stimulate the right level of challenge for our great commercial team in the ongoing shared goal of profitable business delivery.

 

We will be looking beyond our stakeholders to fill the available next position; an independent director would strengthen Board governance. However, if any shareholders have an interest in joining the board for any future vacancy, please contact the Company Secretary.

 

The next Non-executive Director to step aside creating a vacancy will be myself. I made a commitment, when appointed back in 2019, to serve five years as Chair, which I will honour by retiring after the upcoming AGM. I will be handing over to Robert Crook, who I know will continue to drive the company forward for the benefit of Shareholders and all Owners, while being true to the values set out at the inception of our Company. I wish Robert and the rest of the Board well in their stewardship of the company and thank them sincerely for their valuable contribution and support during my tenure.

LANGDALE LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

Succession (continued)

 

I would also like to offer my deepest thanks to Michael Coletta, Managing Director, and his team for all of their efforts and hard work during my time at the helm of LLL.

 

It has been an honour and a privilege to be an integral part of the Langdale story, for nine years as Managing Director and for the last seven years as a Non-Executive Director. I look forward to continuing my association as an Owner and Shareholder.

 

The Annual General Meeting will once again be in the form of a hybrid meeting with the opportunity to attend either online or in person and is scheduled to take place on the evening of 31st October 2024. Given that the significant majority of shareholders attending are now doing so on-line, the meeting has been brought forward to October.

 

Finally, I would like to thank you, our shareholders, and all owners for your continued support. The last five years have been the most challenging of times for all businesses, nevertheless Langdale has come through in good shape and with a strong foundation still in place for future success. The business environment is undoubtedly more challenging than ever before, but with a strong Board and committed team I am sure the Company will continue to flourish, and the Estate remain the incredibly special place we all know and love.

Mr J Longmuir
Chair
6 September 2024
LANGDALE LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Directors' strategic report

The directors present the strategic report for the year ended 30 April 2024.

Financial Summary

 

Turnover £10,883,103 - an increase of £674,443 on previous year

Profit Before Interest & Tax £50,792 - a decrease of £140,838 on the previous year.

 

Loss Before Tax £63,234 - a decrease of £108,390 on the previous year.

 

Loss After Tax £66,502 - a decrease of £84,100.

Total shareholder funds (Net Assets) decreased by 1.6% to £4,034,032.

The cash funds position remains strong, with a balance of £2,680,879, but will come under pressure due to the leisure club roof project.

The increase in creditors falling due within one year is largely as a result of the leisure club roof project.

Loan debt repayments continued as planned, with a creditable loan reduction in the year of £484,499.

The balance sheet is in a strong position, the continued aim is to get net liabilities into a positive position.

Managing Directors Trading Review

 

2023/24 proved to be a challenging year. It started strongly in accommodation sales, but this closed flat against the prior year. Conversely the investment in and increased focus upon Stove saw food and beverage revenues grow by 10.9% while the Spa continued to improve with 14.5% year on year growth. The end result was an overall 6.6% growth in revenue, which at a time when inflation was falling from double digits down to 4%, cannot be viewed with great enthusiasm.

On reviewing the year, the importance of accommodation sales to the company is clearly visible and it is disappointing to note that at the time of the 2023 AGM, accommodation sales growth was 11% but the impact of the leisure club roof project in particular, which started in late February 2024, resulting in the closure of the swimming pool for the remainder of the financial year, combined with a general downturn in demand in the sector due to the cost of living pressures, wiped all accommodation growth from the financial results. This has highlighted the inflexibility in the company’s cost base and the low margins within which the business operates, meaning that there was no opportunity for recovery in such a short timeline for the company.

The number of hotel rooms sold in 2023/24 was up by 419 in Langdale, but down by 411 in Brimstone, therefore while accommodation revenues were flat, the number of guests on site was similar to the previous year, which benefitted the food and beverage outlets and the Brimstone Spa, where good progress is being made in the development and delivery of the product offerings.

LANGDALE LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -

Managing Directors Trading Review (continued)

 

In the report last year, the investment in the team at Stove was mentioned and the new menu that had been introduced was well received, with the number of covers in the year increasing by 11.4% (4,561). The impact of this has been a year-on-year increase in revenue of 14.3%. The timeshare ownership has enjoyed the new approach with a 21.4% increase in the value of lodge owner discounts being processed in the year. A new Executive Chef, Duncan McKay, has joined the team and will be building upon the success achieved to date.

 

Wainwrights continues with its upward trajectory posting another record sales year, with growth of 7.2% over the previous year. This could have been higher had there not been some long-term illness within the kitchen brigade which restricted the amount of covers that could be served over the 2023 summer period.

The Brimstone Spa team has stabilised, and this has helped to grow the reputation of Langdale as a Spa destination. Despite the impact of the leisure club roof work and this department posted a record turnover and growth of 18.8%.

 

There were 115 owners’ weeks sold, which was 5 less than the previous year, but the proceeds generated increased to £639,385 from £570,320 (+12.1%), with the average achieved sale price of £5,560 v £4,753 (+16.9%).

The number of weeks available for rent was slightly up on the prior year by 12 to 1,063, but the number of weeks rented out was down by 59, with the average rental price increasing slightly to £1,417 from £1,401. While not confirmed, it is felt that the pool closure will have affected rental bookings.

Langdale in recent years has had a policy of offering base salaries ahead of the National Living Wage as its lowest pay band and as a consequence has moved the percentage of colleagues who fell between the government mandated level and £2 above that from 80% of the workforce to 46%. However, the inflation busting increases of recent years in the National Living Wage have made this a difficult policy to maintain while seeking to secure the financial stability of the company. In April 2023, the increase in National Living Wage was 9.7% which had a significant impact on payroll costs, as has the desire to maintain differentials in pay levels. In addition to this, the increased efficiency of the recruitment team to fill vacancies and the unfortunate shortage of skills in the chef sector generally, which has resulted in increased agency staff, has meant that the payroll costs increased by 11.8% over the previous year.

There has been concern regarding energy costs for the company and the opportunity has been taken in the last 12 months to install solar panels on roofs where significant repairs have been necessary, such as the Gateway building and the Leisure Club and these will bring benefits to the company in future years, but the growth in utility costs was not as high as expected in 2023/24, growing by just 4.9% and good control over other cost lines meant that the overall growth in operational expenditure was restricted to 4.2%

As stated earlier, the impact of the lost revenue in the final quarter of the year meant that it was very difficult to recover the financial performance for the year and with costs increasing at rates higher than our revenue growth, particularly in payroll, the result has seen a £140,838 (73.5%) decline in the reported operating profit, which after interest resulted in a pre-tax loss of £63,234 against the pre-tax profit of the previous year of £45,156.

 

As alluded to in the Chairs report, good progress is being made in the development of our team with our HR department supporting every colleague to be the best that they can be, and this has also assisted in creating a more transparent succession plan within the business. This has prompted an organisational restructuring and a review of the Langdale Culture to ensure that the purpose, vision, and values of the company are being realised in every corner of the operation.

 

Change in culture takes time and can be challenging in itself, but the early indications are that the team understand what needs to be done and are rising to meet the challenges with which they are presented. This should come as no surprise because the team care deeply about Langdale and the business. In many cases it’s more than just a job, it’s a way of life and this is reflected in their attitude towards the difficult final quarter of the financial year.

LANGDALE LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Managing Directors Trading Review (continued)

 

There was huge disappointment at the downturn in trade and concern that Owners and guests were not able to enjoy their time in Langdale to the levels they have in the past. I would like to acknowledge and praise the team for the approach that they always adopt and the enthusiasm to do the best that they possibly can, every time.

 

The new year is proving to be difficult and the weight of this is showing in some areas, but there is a sense of togetherness around the business and a determination to overcome the economic conditions that is being experienced by everyone and bring Langdale through yet more stormy waters.

 

It has been a tough 4 years for all businesses and it is easy to forget the impact that this has had on everyone at Langdale, but I am proud of every member of the team who keep on driving to achieve the very best that they can and I would like to record my thanks to them all for their hard work. Without them Langdale is just another place in the Lakes, with them it is an incredibly special place to visit, work and which many call home.

On behalf of the board

Mr J Longmuir
Director
9 September 2024
LANGDALE LEISURE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continues to be the operation and management of the Langdale resort, which includes a hotel and timeshare development.

 

A detailed review of the business is included in the financial statements of the parent company, Langdale Owners Plc, a copy of which can be obtained from Companies House.

Results and dividends

The results for the year are set out on page 14.

The directors have not recommended a 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 J Longmuir
Mr M Coletta
Ms S Spencer
Financial instruments

The company holds or issues financial instruments in order to achieve three main objectives, being:

 

 

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

Auditor

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

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

LANGDALE LEISURE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
Statement of disclosure to auditor

So far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the directors 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 company's auditor is aware of that information.

On behalf of the board
Mr J Longmuir
Mr M Coletta
Director
Director
Ms S Spencer
Director
6 September 2024
LANGDALE LEISURE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LANGDALE LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANGDALE LEISURE LIMITED
- 11 -
Opinion

We have audited the financial statements of Langdale Leisure Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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.

LANGDALE LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANGDALE LEISURE LIMITED (CONTINUED)
- 12 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

LANGDALE LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LANGDALE LEISURE LIMITED (CONTINUED)
- 13 -

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.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
9 September 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
LANGDALE LEISURE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
Turnover
3
10,883,103
10,208,660
Cost of sales
(7,574,374)
(6,850,118)
Gross profit
3,308,729
3,358,542
Administrative expenses
(3,504,457)
(3,354,755)
Other operating income
246,520
187,843
Operating profit
4
50,792
191,630
Interest receivable and similar income
7
70,883
34,377
Interest payable and similar expenses
8
(184,909)
(180,851)
(Loss)/profit before taxation
(63,234)
45,156
Tax on (loss)/profit
9
(3,268)
(27,558)
(Loss)/profit for the financial year
(66,502)
17,598

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

LANGDALE LEISURE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
9,756,308
10,007,532
Current assets
Stocks
11
58,009
37,969
Debtors
12
1,173,210
991,275
Cash at bank and in hand
2,680,879
2,912,953
3,912,098
3,942,197
Creditors: amounts falling due within one year
13
(5,321,385)
(5,044,075)
Net current liabilities
(1,409,287)
(1,101,878)
Total assets less current liabilities
8,347,021
8,905,654
Creditors: amounts falling due after more than one year
14
(3,421,833)
(3,903,677)
Provisions for liabilities
Deferred tax liability
16
891,156
901,443
(891,156)
(901,443)
Net assets
4,034,032
4,100,534
Capital and reserves
Called up share capital
18
3,685,000
3,685,000
Profit and loss reserves
349,032
415,534
Total equity
4,034,032
4,100,534

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr J Longmuir
Mr M Coletta
Director
Director
Ms S Spencer
Director
Company registration number 02060782 (England and Wales)
LANGDALE LEISURE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
3,685,000
397,936
4,082,936
Year ended 30 April 2023:
Profit and total comprehensive income
-
17,598
17,598
Balance at 30 April 2023
3,685,000
415,534
4,100,534
Year ended 30 April 2024:
Loss and total comprehensive income
-
(66,502)
(66,502)
Balance at 30 April 2024
3,685,000
349,032
4,034,032
LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
1
Accounting policies
Company information

Langdale Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Langdale Estate, Great Langdale, Ambleside, LA22 9JD.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

As a qualifying entity, the company has taken advantage of the reduced disclosure exemptions permitted under FRS 102 as follows:

 

 

Langdale Leisure Limited is a wholly owned subsidiary of Langdale Owners PLC and the results of Langdale Leisure Limited are included in the consolidated financial statements of Langdale Owners PLC which are available from Companies House, Cardiff.

1.2
Going concern

The directors consider the company to have a sufficient level of working capital to see it through the upcoming months and therefore remains wholly solvent at this time.true

1.3
Turnover

Timeshare resales income relates to the commission receivable on any timeshares sold on behalf of the owners during the year. This is recognised when the invoice is raised.

 

Timeshare commission sales are the commissions receivable on sub-lets managed on behalf of the timeshare holders during the period. These are recognised when the week stay occurs.

 

Timeshare management fees are the annual fees paid by the timeshare owners for the costs incurred by the company for the upkeep of the timeshare units. These are recognised in the profit and loss account when the service is provided to the unit owner. Any amounts invoiced in advance of the customers stay are held in deferred income.

 

Income received from all other sources are recognised when the service is provided to the customer.

1.4
Tangible fixed assets

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

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -

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

Freehold land and buildings
2-10% per annum
Plant and machinery
5-50% per annum
Fixtures & fittings
5-33% per annum
Motor vehicles
20% per annum

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.6
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 is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include 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.

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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.

Impairment of financial assets

Financial assets 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 the statement of comprehensive income.

 

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 the statement of comprehensive income.

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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 receipts 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.

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Deferred tax assets and liabilities are offset when the company has 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.

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement in respect of employees whom served during the year is fully accrued in the period.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

1.13
Government grants

Government grants receivable represent income under the Coronavirus Job Retention Scheme (CJRS) to reimburse the company for costs incurred in retaining staff who we were furloughed due to the impact of closure due to COVID-19 and local council support grants. CJRS grants are recognised to match the costs incurred by the company for the period claims are made.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Depreciation

In determining the appropriate depreciation rates for the Company’s assets, management reviews the operating policies of the business and makes judgements as to the applicable useful economic lives of the assets, considering residual values.

Classification of finance and operating leases

At the inception of each lease, management undertake an assessment of the terms of the lease including payments to be made over the life of the lease, the fair value of the asset subject to the lease, the length of the lease and whether the terms of the lease transfer substantially all of the risks and rewards of ownership.

 

Based on this assessment, management will determine whether the lease should be classified as a finance or operating lease.

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The residual value and estimated useful life of freehold property

At the acquisition date of the property, management made an assessment of the useful life of the property. They have used their knowledge of the business, geographical area and the property itself in reaching a decision of a useful life of 50 years.

 

Management have also assessed the estimated residual value of the property at the end of its 50 year useful life. Using the factors noted above they have reached an appropriate residual value which has been applied in the depreciation calculation.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Hotel Accommodation
3,692,497
3,691,066
Food and Beverages
3,313,047
2,988,133
Timeshare Management Fees
2,148,305
1,951,653
Spa and Leisure
977,613
853,608
Services
383,608
359,858
Rental Commissions
242,106
250,278
Resale Commissions
125,927
114,064
10,883,103
10,208,660
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,883,103
10,208,660
2024
2023
£
£
Other revenue
Interest income
70,883
34,377
Grants received
220,000
155,833

Grants received represent local council support grants.

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(220,000)
(155,833)
Fees payable to the company's auditor for the audit of the company's financial statements
12,900
11,200
Depreciation of owned tangible fixed assets
748,075
768,728
5
Employees

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

2024
2023
Number
Number
Part time
32
33
Full time
161
151
Total
193
184

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,482,704
3,984,273
Social security costs
381,799
347,733
Pension costs
137,900
152,761
5,002,403
4,484,767
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
206,062
180,156
Company pension contributions to defined contribution schemes
24,916
29,786
230,978
209,942

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Directors' remuneration
(Continued)
- 24 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
143,013
n/a
Company pension contributions to defined contribution schemes
12,106
n/a
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
70,883
34,377
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
184,909
180,851
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
13,555
-
0
Deferred tax
Origination and reversal of timing differences
(9,478)
27,558
Adjustment in respect of prior periods
(809)
-
0
Total deferred tax
(10,287)
27,558
Total tax charge
3,268
27,558
LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 25 -

The actual charge 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:

2024
2023
£
£
(Loss)/profit before taxation
(63,234)
45,156
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
(15,809)
8,805
Tax effect of income not taxable in determining taxable profit
-
0
(10,186)
Effect of change in corporation tax rate
-
0
6,063
Permanent capital allowances in excess of depreciation
(1,912)
-
0
Depreciation on assets not qualifying for tax allowances
22,801
22,876
Deferred tax adjustments in respect of prior years
(810)
-
0
Tax at marginal rate
(1,002)
-
0
Taxation charge for the year
3,268
27,558
10
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
8,876,837
6,724,821
4,187,050
137,247
19,925,955
Additions
223,012
201,116
72,723
-
0
496,851
At 30 April 2024
9,099,849
6,925,937
4,259,773
137,247
20,422,806
Depreciation and impairment
At 1 May 2023
2,295,649
3,953,225
3,555,143
114,406
9,918,423
Depreciation charged in the year
137,701
390,723
201,807
17,844
748,075
At 30 April 2024
2,433,350
4,343,948
3,756,950
132,250
10,666,498
Carrying amount
At 30 April 2024
6,666,499
2,581,989
502,823
4,997
9,756,308
At 30 April 2023
6,581,188
2,771,596
631,907
22,841
10,007,532

Freehold land and buildings with a carrying amount of £6,666,499 (2023 - £6,581,188) have been pledged to secure borrowings of the company.

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
11
Stocks
2024
2023
£
£
Raw materials and consumables
58,009
37,969
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
604,296
496,262
Other debtors
196,058
214,733
Prepayments and accrued income
372,856
280,280
1,173,210
991,275
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
494,888
497,543
Trade creditors
719,370
590,600
Amounts owed to group undertakings
149
9,199
Corporation tax
13,555
-
0
Other taxation and social security
389,859
416,548
Other creditors
446,350
200,858
Accruals and deferred income
3,257,214
3,329,327
5,321,385
5,044,075
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
3,421,833
3,903,677
15
Loans and overdrafts
2024
2023
£
£
Bank loans
3,916,721
4,401,220
Payable within one year
494,888
497,543
Payable after one year
3,421,833
3,903,677
LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Loans and overdrafts
(Continued)
- 27 -

The bank borrowings are secured by a debenture and cross guarantee between Langdale Leisure Limited and Langdale Owners PLC. Two loans with Barclays Bank are repayable by quarterly instalments until they are due to be refinanced in March 2026 and September 2027. The interest rate is calculated at 2.96% and 5.68% respectively.The third loan with Barclays Bank is repayable in monthly instalments and is due to end in 3 years. Interest is being charged on this loan at a variable rate.

16
Deferred taxation

Deferred tax assets and liabilities are offset where the 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
2024
2023
Balances:
£
£
Accelerated capital allowances
891,156
947,643
Tax losses
-
(43,498)
Short term timing differences
-
(2,702)
891,156
901,443
2024
Movements in the year:
£
Liability at 1 May 2023
901,443
Credit to profit or loss
(10,287)
Liability at 30 April 2024
891,156

As at the signing date of these financial statements, the company has not finalised its capital expenditure programme for the forthcoming year and therefore an assessment as to the likely movement of other relating timing differences cannot be made.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
137,900
152,761

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,685,000
3,685,000
3,685,000
3,685,000
19
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
519,724
-
LANGDALE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
20
Related party transactions

The company has taken advantage of the exemption permitted under Section 33 'Related Party Disclosures' paragraph 33.1A from disclosing transactions with its parent company.

21
Ultimate controlling party

At 30 April 2024, the company's ultimate parent company was Langdale Owners Plc which is a parent of both the smallest and largest groups of which the company is a member. Copies of the consolidated financial statements of Langdale Owners Plc are available from Companies House.

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