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REGISTERED NUMBER: 09573350 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

ALF SEDDON LIMITED

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


ALF SEDDON LIMITED

COMPANY INFORMATION
for the year ended 30 April 2024







DIRECTORS: Mrs I Seddon
N A Seddon
Mrs E P Brown





REGISTERED OFFICE: 17 St Peters Place
Fleetwood
Lancashire
FY7 6EB





REGISTERED NUMBER: 09573350 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Statutory Auditor
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

GROUP STRATEGIC REPORT
for the year ended 30 April 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The company operates as a holding company only. During the period the group has continued to operate two hotels on the blackpool promenade and the performance as a whole is the combination of the two subsidiaries, Elgin Hotel Limited and Sheraton Hotel (Blackpool) Limited.

Results
The directors are pleased to report that during the year ended 30th April 2024 the group continued to maintain year on year turnover growth, and profitability has been maintained at expected levels despite the impact of rising operating costs.The following group key performance indicators demonstrate this information.


2024 2023 2022
£    £    £   

Turnover 8,406 7,819 6,984

Operating profit/(loss) 847 1,104 1,165

Profit/(loss) before taxation 728 938 1,037
Profit/(loss) after taxation 545 575 857

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations and their results are subject to a number of factors that could adversely affects the Group's business, many of which are common to the hotel industry and beyond the group's control. The current economic effects of high inflation, cost-of-living crisis and rising supply costs mainly in the energy sector has had a damaging impact on the whole industry.The group's results remained strong in light of this and are confident that we can continue in business for the foreseeable future with support from our creditors.

ON BEHALF OF THE BOARD:





N A Seddon - Director


16 October 2024

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

REPORT OF THE DIRECTORS
for the year ended 30 April 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
A Ordinary £1 - £1750 - 31 August 2023
B Ordinary £1 - £750 - 31 August 2023
C Ordinary £1 - £1750 - 31 August 2023

The total distribution of dividends for the year ended 30 April 2024 will be £ 425,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mrs I Seddon
N A Seddon
Mrs E P Brown

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N A Seddon - Director


16 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALF SEDDON LIMITED

Opinion
We have audited the financial statements of Alf Seddon Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Material uncertainty 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALF SEDDON LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.
- Evaluation of the operating effectiveness of the management's controls designed to prevent and detect irregularities.
- Reviewing key correspondence with regulatory authorities in relation to compliance with relevant regulations.
- Challenging assumptions and judgements made by the management as well as explanations given.
- Identifying and testing journal entries, in particular those posted with unusual account combinations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALF SEDDON LIMITED


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 a Report of the Auditors 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.




Charles Bryning FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Statutory Auditor
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

16 October 2024

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 8,406,209 7,818,793

Cost of sales 1,713,141 1,602,685
GROSS PROFIT 6,693,068 6,216,108

Administrative expenses 5,846,372 5,153,179
846,696 1,062,929

Other operating income - 36,369
OPERATING PROFIT 4 846,696 1,099,298

Interest receivable and similar income 36,482 4,355
883,178 1,103,653

Interest payable and similar expenses 5 154,794 166,049
PROFIT BEFORE TAXATION 728,384 937,604

Tax on profit 6 183,398 362,159
PROFIT FOR THE FINANCIAL YEAR 544,986 575,445

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

544,986

575,445

Profit attributable to:
Owners of the parent 544,986 575,445

Total comprehensive income attributable to:
Owners of the parent 544,986 575,445

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

CONSOLIDATED BALANCE SHEET
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 73,438 132,188
Tangible assets 10 5,430,495 5,096,976
Investments 11 - -
5,503,933 5,229,164

CURRENT ASSETS
Stocks 12 54,227 51,980
Debtors 13 431,833 411,066
Cash at bank and in hand 625,836 780,193
1,111,896 1,243,239
CREDITORS
Amounts falling due within one year 14 (2,152,103 ) (2,061,964 )
NET CURRENT LIABILITIES (1,040,207 ) (818,725 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,463,726

4,410,439

CREDITORS
Amounts falling due after more than one
year

15

(2,280,995

)

(2,399,759

)

PROVISIONS FOR LIABILITIES 19 (600,965 ) (548,900 )
NET ASSETS 1,581,766 1,461,780

CAPITAL AND RESERVES
Called up share capital 20 50,300 50,300
Share premium 5,100 5,100
Revaluation reserve 1,029,633 1,051,572
Other reserves 2,500 2,500
Retained earnings 494,233 352,308
SHAREHOLDERS' FUNDS 1,581,766 1,461,780

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





N A Seddon - Director


ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

COMPANY BALANCE SHEET
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 50,301 50,301
50,301 50,301

CURRENT ASSETS
Debtors 13 799,107 712,897

CREDITORS
Amounts falling due within one year 14 (788,445 ) (704,757 )
NET CURRENT ASSETS 10,662 8,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

60,963

58,441

CAPITAL AND RESERVES
Called up share capital 20 50,300 50,300
Retained earnings 10,663 8,141
SHAREHOLDERS' FUNDS 60,963 58,441

Company's profit for the financial year 427,522 386,118

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





N A Seddon - Director


ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 April 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 50,300 132,903 5,100

Changes in equity
Dividends - (393,005 ) -
Total comprehensive income - 612,410 -
Balance at 30 April 2023 50,300 352,308 5,100

Changes in equity
Dividends - (425,000 ) -
Total comprehensive income - 566,925 -
Balance at 30 April 2024 50,300 494,233 5,100
Revaluation Other Total
reserve reserves equity
£    £    £   
Balance at 1 May 2022 1,088,537 2,500 1,279,340

Changes in equity
Dividends - - (393,005 )
Total comprehensive income (36,965 ) - 575,445
Balance at 30 April 2023 1,051,572 2,500 1,461,780

Changes in equity
Dividends - - (425,000 )
Total comprehensive income (21,939 ) - 544,986
Balance at 30 April 2024 1,029,633 2,500 1,581,766

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 50,300 15,028 65,328

Changes in equity
Dividends - (393,005 ) (393,005 )
Total comprehensive income - 386,118 386,118
Balance at 30 April 2023 50,300 8,141 58,441

Changes in equity
Dividends - (425,000 ) (425,000 )
Total comprehensive income - 427,522 427,522
Balance at 30 April 2024 50,300 10,663 60,963

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,357,140 1,694,570
Interest paid (153,672 ) (164,203 )
Interest element of hire purchase payments
paid

(1,122

)

(1,846

)
Tax paid (141,268 ) (97,173 )
Net cash from operating activities 1,061,078 1,431,348

Cash flows from investing activities
Purchase of tangible fixed assets (725,571 ) (736,321 )
Interest received 36,482 4,355
Net cash from investing activities (689,089 ) (731,966 )

Cash flows from financing activities
New loans in year - 2,500,000
Loan repayments in year (104,905 ) (3,398,020 )
Capital repayments in year (4,875 ) (4,153 )
Amount introduced by directors 425,000 403,005
Amount withdrawn by directors (416,566 ) (400,866 )
Equity dividends paid (425,000 ) (393,005 )
Net cash from financing activities (526,346 ) (1,293,039 )

Decrease in cash and cash equivalents (154,357 ) (593,657 )
Cash and cash equivalents at beginning of
year

2

780,193

1,373,850

Cash and cash equivalents at end of year 2 625,836 780,193

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 728,384 937,604
Depreciation charges 450,801 425,878
Finance costs 154,794 166,049
Finance income (36,482 ) (4,355 )
1,297,497 1,525,176
Increase in stocks (2,247 ) (43 )
Increase in trade and other debtors (20,765 ) (209,167 )
Increase in trade and other creditors 82,655 378,604
Cash generated from operations 1,357,140 1,694,570

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 625,836 780,193
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 780,193 1,373,850


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 780,193 (154,357 ) 625,836
780,193 (154,357 ) 625,836
Debt
Finance leases (33,714 ) 4,875 (28,839 )
Debts falling due within 1 year (104,147 ) (8,268 ) (112,415 )
Debts falling due after 1 year (2,370,831 ) 113,172 (2,257,659 )
(2,508,692 ) 109,779 (2,398,913 )
Total (1,728,499 ) (44,578 ) (1,773,077 )

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Alf Seddon Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The group balance sheet shows net current liabilities of £1,040,207 (2023: £818,725). Total net assets £1,581,766 (2023: £1,461,780).

The group is dependent upon the continuing support of its directors and other creditors to enable it to meet its day to day working capital requirements. The directors have indicated that they are willing to provide such support for the foreseeable future and therefore believe it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
The accounts have been prepared using the merger accounting basis of consolidation. The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover representing the value of services is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the service has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover representing the sale of goods is shown net of VAT and trade discounts and is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Nil
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on cost

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is included in finance revenue in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,042,286 2,822,459
Social security costs 240,196 215,959
Other pension costs 48,693 42,456
3,331,175 3,080,874

The average number of employees during the year was as follows:
2024 2023

Elgin Hotel 62 64
Sheraton Hotel 86 82
148 146

2024 2023
£    £   
Directors' remuneration 6,240 6,240

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 900 810
Other operating leases 7,267 4,265
Depreciation - owned assets 392,052 367,128
Goodwill amortisation 58,750 58,750
Auditors' remuneration 24,290 21,990

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 153,672 164,203
Hire purchase 1,122 1,846
154,794 166,049

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 131,333 141,268

Deferred tax 52,065 220,891
Tax on profit 183,398 362,159

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 728,384 937,604
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19.493 %)

182,096

182,767

Effects of:
Expenses not deductible for tax purposes 215 -
Capital allowances in excess of depreciation (50,174 ) (30,969 )
Utilisation of tax losses - (10,530 )
Deferred tax 52,065 220,891
Enhanced capital allowances (804 ) -
Total tax charge 183,398 362,159

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

8. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 175,000 138,124
B Ordinary shares of £1 each
Interim 75,000 70,385
C Ordinary shares of £1 each
Interim 175,000 184,496
425,000 393,005

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 615,000
AMORTISATION
At 1 May 2023 482,812
Amortisation for year 58,750
At 30 April 2024 541,562
NET BOOK VALUE
At 30 April 2024 73,438
At 30 April 2023 132,188

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 3,294,958 5,282,097 43,890 123,284 8,744,229
Additions 292,908 429,097 - 3,566 725,571
At 30 April 2024 3,587,866 5,711,194 43,890 126,850 9,469,800
DEPRECIATION
At 1 May 2023 - 3,514,494 15,800 116,959 3,647,253
Charge for year - 382,857 5,618 3,577 392,052
At 30 April 2024 - 3,897,351 21,418 120,536 4,039,305
NET BOOK VALUE
At 30 April 2024 3,587,866 1,813,843 22,472 6,314 5,430,495
At 30 April 2023 3,294,958 1,767,603 28,090 6,325 5,096,976

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 50,301
NET BOOK VALUE
At 30 April 2024 50,301
At 30 April 2023 50,301

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Elgin Hotel Limited
Registered office: 17 St Peter's Place, Fleetwood, Lancashire, FY7 6EB
Nature of business: Hotel
%
Class of shares: holding
Ordinary 100.00

Sheraton Hotel (Blackpool) Limited
Registered office: 17 St Peter's Place, Fleetwood, Lancashire, FY7 6EB
Nature of business: Hotel
%
Class of shares: holding
Ordinary 100.00


12. STOCKS

Group
2024 2023
£    £   
Stocks 54,227 51,980

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts owed by group undertakings - - 799,107 712,897
Other debtors 383,334 367,051 - -
Prepayments and accrued income 48,499 44,015 - -
431,833 411,066 799,107 712,897

Other debtors contains £380,657 (2023 - £362,642) which represents a cash backed bond issued to ABTA Insurance PCC Ltd, this will mature March 2025.

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 112,415 104,147 - -
Hire purchase contracts (see note 17) 5,503 4,786 - -
Trade creditors 1,410,724 1,290,014 - -
Amounts owed to group undertakings - - 675,365 598,256
Tax 131,333 141,268 - -
Social security and other taxes 34,006 37,378 - -
VAT 178,517 178,494 - -
Other creditors 7,154 8,663 1 1
Directors' current accounts 108,434 100,000 108,434 100,000
Accruals and deferred income 164,017 197,214 4,645 6,500
2,152,103 2,061,964 788,445 704,757

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) 2,257,659 2,370,831
Hire purchase contracts (see note 17) 23,336 28,928
2,280,995 2,399,759

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 112,415 104,147
Amounts falling due between one and two years:
Bank loans 112,060 110,956
Amounts falling due between two and five years:
Bank loans 2,145,599 2,259,875

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

16. LOANS - continued

The group has two bank loans with terms as follows:







Maturity date
Repayable
by
instalments
of






Interest rate


Fixed rate loan facility

2027
£16,230.04
per month


6.35%

Fixed rate loan facility

2027
£48,690.13
per month


6.35%

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,503 4,786
Between one and five years 23,336 28,928
28,839 33,714

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,645 4,187
Between one and five years 21,641 698
27,286 4,885

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 2,370,074 2,474,978
Hire purchase contracts 28,839 -
2,398,913 2,474,978

Bank loans are secured over the assets of the group.

Assets financed under hire purchase are secured upon the assets to which they relate.

ALF SEDDON LIMITED (REGISTERED NUMBER: 09573350)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 425,007 394,880
Deferred tax on capital gains 175,958 154,020
600,965 548,900

Group
Deferred
tax
£   
Balance at 1 May 2023 548,900
Provided during year 30,126
Deferred tax on capital gains 21,939
Balance at 30 April 2024 600,965

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000
100 A Ordinary £1 100 100
100 B Ordinary £1 100 100
100 C Ordinary £1 100 100
50,300 50,300

The A - C ordinary shares carried no rights beyond the right to receive a dividend.

21. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Transfers 416,566 390,865
Dividends paid to related party 425,000 393,005
Amount due to related party 108,434 100,000