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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 |
Independent auditor's report to the members |
6 |
Consolidated statement of comprehensive income |
10 |
Consolidated statement of financial position |
11 |
Company statement of financial position |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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4 Broadgate |
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Broadway Business Park |
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Chadderton |
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Oldham |
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OL9 9XA |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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(Appointed
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Director |
Registered office: |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
4 Broadgate |
Broadway Business Park |
Chadderton |
Oldham |
OL9 9XA |
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Consolidated Statement of Comprehensive Income |
2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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Gross profit |
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Distribution costs |
– |
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Administrative expenses |
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Operating profit |
5 |
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Income from interests in associates |
9 |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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Profit before taxation |
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Tax on profit |
12 |
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Profit for the financial year and total comprehensive income |
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The owners of the parent company |
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Non-controlling interests |
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Consolidated Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
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Intangible assets |
14 |
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Tangible assets |
15 |
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Investments |
16 |
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Stocks |
17 |
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Debtors |
18 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
19 |
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Net current (liabilities)/assets |
(
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
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Taxation including deferred tax |
21 |
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Net assets |
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Called up share capital |
24 |
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Profit and loss account |
25 |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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Director |
Director |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
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Investments |
16 |
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Debtors |
18 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
19 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
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Net assets |
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Called up share capital |
24 |
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Profit and loss account |
25 |
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Shareholders funds |
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Director |
Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
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£ |
£ |
£ |
£ |
£ |
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At 1 April 2022 |
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Profit for the year |
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---- |
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
13 |
– |
(
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(
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(
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(
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Equity transaction |
– |
73,637 |
73,637 |
(73,487) |
150 |
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---- |
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Total investments by and distributions to owners |
– |
(
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(
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(
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(
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At 31 March 2023 |
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Profit for the year |
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---- |
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Total comprehensive income for the year |
– |
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Issue of shares |
– |
– |
– |
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Dividends paid and payable |
13 |
– |
(
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(
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(
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(
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---- |
------------ |
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Total investments by and distributions to owners |
– |
(
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(
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(
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(
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---- |
------------ |
------------ |
------------ |
------------ |
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At 31 March 2024 |
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---- |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 April 2022 |
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Profit for the year |
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
13 |
– |
(
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(
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---- |
------------ |
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Total investments by and distributions to owners |
– |
(
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(
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At 31 March 2023 |
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Profit for the year |
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---- |
------------ |
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
13 |
– |
(
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(
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---- |
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Total investments by and distributions to owners |
– |
(
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(
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---- |
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At 31 March 2024 |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
1,113,386 |
1,136,374 |
Amortisation of intangible assets |
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Income from interests in associates |
(
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(
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Tax on profit |
1,355,602 |
1,285,854 |
Accrued (income)/expenses |
(
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Impairment of trade debtor |
2,475 |
– |
Changes in: |
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Stocks |
(
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Trade and other debtors |
(
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(
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Trade and other creditors |
(
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------------ |
------------ |
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
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Tax paid |
(
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(
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------------ |
------------ |
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Net cash from operating activities |
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------------ |
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Purchase of tangible assets |
(
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(
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Dividends received |
– |
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Equity transaction |
– |
150 |
------------ |
------------ |
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Net cash used in investing activities |
(
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(
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Capital injection from non-controlling shareholders |
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– |
Repayment of borrowings |
(
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(
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Proceeds from loans from group undertakings |
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Proceeds from loans from participating interests |
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Dividends paid |
(
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(
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------------ |
------------ |
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Net cash (used in)/from financing activities |
(
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
8,450,647 |
2,974,929 |
------------ |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
Goodwill |
- |
5 to 20 years straight line |
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Freehold property |
- |
50 years (excluding freehold land) |
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Long leasehold property |
- |
50 years |
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Plant and machinery |
- |
3 to 20 years straight line |
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Fixtures and fittings |
- |
3 to 20 years straight line |
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Motor vehicles |
- |
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Equipment |
- |
3 to 20 years straight line |
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2024 |
2023 |
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£ |
£ |
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Sale of goods |
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Rendering of services |
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------------- |
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2024 |
2023 |
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£ |
£ |
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Amortisation of intangible assets |
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Depreciation of tangible assets |
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Impairment of trade debtors |
2,475 |
– |
Foreign exchange differences |
(
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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-------- |
-------- |
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2024 |
2023 |
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No. |
No. |
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Management staff |
22 |
20 |
Number of hotel staff |
331 |
369 |
---- |
---- |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Remuneration |
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-------- |
-------- |
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2024 |
2023 |
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£ |
£ |
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Income from interests in associates |
168,274 |
292,514 |
--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Interest on loans and receivables |
66,171 |
45,305 |
Interest on cash and cash equivalents |
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--------- |
-------- |
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--------- |
-------- |
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2024 |
2023 |
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£ |
£ |
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Interest on banks loans and overdrafts |
|
– |
Interest due to group undertakings |
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Other interest payable and similar charges |
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------------ |
------------ |
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------------ |
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2024 |
2023 |
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£ |
£ |
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UK current tax income |
|
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Adjustments in respect of prior periods |
(
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– |
------------ |
--------- |
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Total current tax |
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------------ |
--------- |
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Origination and reversal of timing differences |
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------------ |
------------ |
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Tax on profit |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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------------ |
------------ |
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Profit on ordinary activities by rate of tax |
|
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Adjustment to tax charge in respect of prior periods |
(
|
– |
Effect of expenses not deductible for tax purposes |
|
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Effect of capital allowances and depreciation |
(
|
(
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Utilisation of tax losses |
(
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|
Unused tax losses |
|
– |
Deferred taxation movement |
120,592 |
311,530 |
Goodwill amortisation |
27,881 |
21,719 |
Share of Associates profit |
(42,069) |
(55,576) |
------------ |
------------ |
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Tax on profit |
|
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------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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------------ |
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Group |
Goodwill |
£ |
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Cost |
|
At 1 April 2023 and 31 March 2024 |
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------------ |
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Amortisation |
|
At 1 April 2023 |
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Charge for the year |
|
------------ |
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At 31 March 2024 |
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------------ |
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Carrying amount |
|
At 31 March 2024 |
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------------ |
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At 31 March 2023 |
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Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 April 2023 |
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Additions |
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– |
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------------- |
--------- |
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-------- |
------------- |
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At 31 March 2024 |
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------------- |
--------- |
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-------- |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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– |
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------------- |
--------- |
------------ |
-------- |
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At 31 March 2024 |
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------------- |
--------- |
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-------- |
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Carrying amount |
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At 31 March 2024 |
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– |
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------------- |
--------- |
------------ |
-------- |
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At 31 March 2023 |
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– |
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Group |
Interests in associates |
£ |
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Share of net assets/cost |
|
At 1 April 2023 |
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Share of profit or loss |
|
--------- |
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At 31 March 2024 |
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--------- |
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Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
--------- |
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Carrying amount |
|
At 31 March 2024 |
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--------- |
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At 31 March 2023 |
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Company |
Shares in group undertakings |
£ |
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Cost |
|
At 1 April 2023 |
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Additions |
|
------- |
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At 31 March 2024 |
|
------- |
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Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
------- |
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Carrying amount |
|
At 31 March 2024 |
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------- |
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At 31 March 2023 |
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------- |
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Class of share |
Percentage of shares held |
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Subsidiary undertakings |
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Ordinary |
70 |
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Ordinary |
100 |
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Ordinary |
100 |
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Ordinary |
100 |
|
Ordinary |
100 |
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Ordinary |
60 |
|
Ordinary |
100 |
|
Ordinary |
60 |
|
Ordinary |
70 |
|
Ordinary |
70 |
|
Ordinary |
70 |
|
Ordinary |
70 |
|
Ordinary |
70 |
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Ordinary |
55 |
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Ordinary |
55 |
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Ordinary |
60 |
|
Ordinary |
60 |
|
Ordinary |
60 |
Other significant holdings |
||
Compass Seacare Holdings Limited |
Ordinary |
30 |
Group |
Company |
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2024 |
2023 |
2024 |
2023 |
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£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
--------- |
-------- |
---- |
---- |
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Group |
Company |
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2024 |
2023 |
2024 |
2023 |
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£ |
£ |
£ |
£ |
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Trade debtors |
|
|
– |
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Amounts owed by group undertakings |
– |
– |
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Amounts owed by undertakings in which the company has a participating interest |
|
– |
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Prepayments and accrued income |
|
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Other debtors |
|
|
– |
– |
------------ |
------------ |
------------- |
------------- |
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------------ |
------------ |
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Group |
Company |
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2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Amounts owed to undertakings in which the company has a participating interest |
|
|
– |
– |
Accruals and deferred income |
|
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Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------ |
------------ |
--------- |
--------- |
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------------ |
------------ |
--------- |
--------- |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Amounts owed to group undertakings |
|
|
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------------- |
------------- |
------------- |
------------- |
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------------- |
------------- |
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------------- |
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Group |
Deferred tax (note 22) |
£ |
|
At 1 April 2023 |
|
Additions |
|
------------ |
|
At 31 March 2024 |
|
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
– |
Revaluation of tangible assets |
|
|
|
– |
------------ |
------------ |
------------ |
---- |
|
3,127,510 |
3,006,919 |
3,015,998 |
– |
|
------------ |
------------ |
------------ |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(5,361,229) |
|
Debt due within one year |
(3,718,763) |
(2,377,847) |
(6,096,610) |
Debt due after one year |
(39,680,428) |
1,922,435 |
(37,757,993) |
------------- |
------------ |
------------- |
|
(
|
(
|
(
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------------- |
------------ |
------------- |
|
|
Notes to the Financial Statements (continued) |