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Registered number: 03214479










ANGLIAN COUNTRY INNS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
ANGLIAN COUNTRY INNS LIMITED
 
 
COMPANY INFORMATION


Directors
P Lay 
C C Nye 
C O Nye 
H C B Nye 
J O B Nye 
G Whitaker 




Registered number
03214479



Registered office
20-21 Hermitage Road
Hitchin

England

SG5 1BT




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
ANGLIAN COUNTRY INNS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 33


 
ANGLIAN COUNTRY INNS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The directors present their Strategic Report for the period ended 31 March 2024.

Business review
 
Last year saw a strong top line performance from Anglian Country Inns (ACI) with sales increasing by 14.1% to £20.6m (2023: £18.0m) The growth came from a combination of increased footfall and spend per head, evenly spread between drinks, food, accommodation and events. Amidst challenging trading environment for the sector, the sales have remained robust and ACI was able to meet the continued demand for premium pub food. It has been encouraging to see that the business customer satisfaction scores increased by two points compared to the previous year demonstrating the continued commitment to providing a great experience for the guests. 
Inflation remained a constant challenge throughout the year on many different stock items. Cost was in part passed on to customers however, smart menu engineering, innovation around menu formats and close operational control allowed margin to be improved on food and drinks margin maintained. Overall gross profit margin of the business increased 0.4% to 74.7% (2023: 74.3%). 
The significant rise in National Minimum Wage at the start of the year represented the highest ever increase in staff costs to the business, however, with careful labour control and an increase in productivity, the site level staffing ratio remained the same as the previous year. ACI also took pre-emptive steps in promoting staff welfare such as scrapping the 20-22 year old age pay bracket and paying apprentices based on age rather than apprentice bracket. Developing young talent has been promoted too and the business took on thirteen apprentices in the year. Investment was focused on driving productivity and has been orientated around better training and inductions, new and improved Rising/Shining Stars leadership training programme, coaching for the executive team and a complete overhaul of performance reviews and reward programmes. As a result of the investment, staff retention and employee engagement improved considerably.
Other administrative expenses to the business (excluding wages) reduced by 0.8% to 25% (2023: 25.8%) through better use of data to reduce costs and tackle inflation. The business was protected from energy inflation with a fixed price deal on mains gas and electric. ACI established a sustainability committee during the year with the purpose of delivering impactful changes across the business to reduce its impact on the planet, improve the welfare of the teams and invest responsibly. Part of this initiative is the ‘War on Waste’ campaign, designed to reduce waste, and subsequently cost, from business activities. 
The business continued to invest in the estate to keep the sites to a high level of repair but also included extending capacity at certain sites with the introduction of outside kitchens, new playgrounds and other assets to improve appeal and consistency in service. 
Site EBITDA was £3.7m (2023: £3.0m) a 23% increase on the previous year and the directors are very pleased with the performance of the business in what has been perceived as a challenging year for the sector. All of the growth has come from the existing sites and the business continues to evolve using relevant and insightful data combined with strong leadership to make better decisions across the different parts of the business.
In October 2023, the business acquired the freehold of The White Horse, Holme-next-the-Sea which had a sitting tenant. ACI acquired the tenancy in January 2024 and started refurbishing the site, but it was not ready to trade until June 2024, well after the year end. 
The business continues to seek opportunities to grow and future developments include a bakery due to open early 2025 at The White Horse, Holme-next-the-Sea. Other capital projects are under consideration including staff communications platform and an improved customer loyalty system. 

Page 1

 
ANGLIAN COUNTRY INNS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The principal risk to the business is the slowdown in consumer confidence and spending on non-essential items. For the current year, turnover remains resilient with 9.2% increase in sales year-on-year (3.9% on a like-for-like basis) yet there are strong signs that trading patterns are changing and footfall is struggling to consistently match the previous year. Key occasions are still holding up well but the quieter times of the week and year are noticeable. A strong line up of events and a concerted effort to drive value through better service and food quality are where the business is focusing to counter the trend.
There is significant risk attached to the 2024 autumn budget from the increase in Employers NI, drop in threshold and increase in NMW rate due in April 2025. The new rates will add material cost to the business without any sign of support for the sector, which will result in price increases within the business. Plans to manage proposed changes to the employment law have already been discussed and the business is well prepared to deal with the expected headwinds.
Interest rates are expected to remain the same for longer which will not put further pressure on the business as it has well leveraged bank debt and is operating comfortably within the loan covenants. The business is looking to renegotiate part of the debt that is up for renewal within the year and may put slightly higher pricing on the debt than may have been expected.
Interest remains a challenge with food inflation and drink inflation stabilising but some sub categories are still experiencing sharp increases. ACI is looking to seek unrealised commercial benefits to offset some of these increases. Initial work has already yielded positive results.

Financial and non-financial key performance indicators
 
ACI continues to develop better data around business performance and better communication of key information to the right people in the business.

The primary financial KPIs for the business in 2024 were:
 
Revenue increased to £20.6m (2023: £18.0m), an increase on 14.1% on a like-for-like basis.
Gross profit margin has increased to 74.7% (2023: 74.3%)
Administrative expenses have increased to £14.6m (2023: £12.9m) an increase of 11.6%
Other operating income has increased to £0.12m (2023: £0.05m)
Company EBITDA was £1.6m (2023: £1.1m) 
Company operating profit was £0.9m (2023: £0.5m)

In addition to the financial KPIs, the business closely monitors non-financial measures including staff engagement, staff retention and customer satisfaction to ensure all stakeholders of the business are happy.


This report was approved by the board and signed on its behalf.



................................................
J O B Nye
Director

Date: 20 November 2024

Page 2

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors present their report and the financial statements for the period ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the period, after taxation, amounted to £259,164 (2023: loss £105,989).

The total distribution of dividends for the period was £216,544 (2023: £266,545).

Directors

The directors who served during the period were:

P Lay 
C C Nye 
C O Nye 
H C B Nye 
J O B Nye 
G Whitaker 

Future developments

In accordance with s414C(11) of the Companies Act 2006, the information relating to future developments and financial risk management are included in the Strategic Report.

Page 3

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Engagement with employees and disabled employees

The business continues to improve internal communication with employees using multiple channels. Information is also cascaded down through teams and communicated at team meetings and pre shift briefings. Key information and updates are shared regularly with the team and the business also seeks feedback across the board via staff surveys and engagement monitors and exit interviews to better understand and improve the employee value proposition.
At ACI, we are committed to fostering an inclusive and diverse environment where everyone is treated with respect, dignity, and fairness. The Company EDI policy outlines our commitment to promoting equality, diversity, and inclusion across all aspects of the business. We believe that embracing diversity and creating an inclusive workplace enhances our company culture, improves employee morale, and enhances the overall guest experience. This is closely aligned to our values; Family, Friends, Focus and Fun and our Company mission of making people happy. We are committed to providing equal opportunities for all individuals, regardless of their age, disability, race, ethnicity, religion, gender identity, sexual orientation, or any other protected characteristic as defined by local laws. We will ensure that recruitment, training, career development, and promotional opportunities are based solely on merit and job-related criteria.

Post balance sheet events

In June 2024, the business started to trade at the new site: The White Horse, Holme. It has just received planning permission for a bakery to be added to the site which is planning to open in January 2025. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

On 18 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP. The auditorsHaysMac LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
J O B Nye
Director

Date: 20 November 2024

Page 4

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLIAN COUNTRY INNS LIMITED
 

Opinion


We have audited the financial statements of Anglian Country Inns Limited (the 'Company') for the period ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows, and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 March 2024 and of its profit for the period 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 5

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLIAN COUNTRY INNS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLIAN COUNTRY INNS LIMITED (CONTINUED)


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 an Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
 
inspecting correspondence with regulators and tax authorities;
discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
evaluating management’s controls designed to prevent and detect irregularities;
identifying and testing journals, in particular journal entries posted with unusual account combinations,
postings by unusual users or with unusual descriptions; and
challenging assumptions and judgements made by management in their critical accounting estimates.


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 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 Auditors' Report.


Page 7

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANGLIAN COUNTRY INNS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Emma Bernardez (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

20 November 2024
Page 8

 
ANGLIAN COUNTRY INNS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
Note
£
£

Turnover
 4 
20,577,201
18,029,875

Cost of sales
  
(5,206,272)
(4,640,183)

Gross profit
  
15,370,929
13,389,692

Administrative expenses
  
(14,614,272)
(12,889,983)

Other operating income
 5 
123,473
5,000

Operating profit
 6 
880,130
504,709

Interest receivable and similar income
 10 
8,560
219

Interest payable and similar expenses
 11 
(524,117)
(348,916)

Profit before tax
  
364,573
156,012

Tax on profit
 12 
(105,409)
(262,001)

Profit/(loss) for the financial period
  
259,164
(105,989)

There was no other comprehensive income for the period ended 31 March 2024 (2023: £nil).

The notes on pages 15 to 33 form part of these financial statements.

Page 9

 
ANGLIAN COUNTRY INNS LIMITED
REGISTERED NUMBER: 03214479

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

31 March
2 April
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
755,977
799,044

Tangible assets
 15 
12,909,882
11,470,413

  
13,665,859
12,269,457

Current assets
  

Stocks
 17 
213,003
203,289

Debtors
 18 
938,610
632,861

Cash at bank and in hand
 19 
1,466,403
1,766,456

  
2,618,016
2,602,606

Creditors: amounts falling due within one year
 20 
(3,943,642)
(3,960,746)

Net current liabilities
  
 
 
(1,325,626)
 
 
(1,358,140)

Total assets less current liabilities
  
12,340,233
10,911,317

Creditors: amounts falling due after more than one year
 21 
(6,815,119)
(5,534,762)

Provisions for liabilities
  

Deferred tax
 24 
(1,159,807)
(1,055,301)

Net assets
  
 
 
4,365,307
 
 
4,321,254


Capital and reserves
  

Called up share capital 
 25 
1,164
1,164

Share premium account
 26 
2,231,229
2,231,229

Revaluation reserve
 26 
1,741,174
1,741,174

Capital redemption reserve
 26 
2
2

Other reserves
 26 
12,896
11,463

Profit and loss account
 26 
378,842
336,222

  
4,365,307
4,321,254


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2024.

................................................
J O B Nye
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 10

 

 
ANGLIAN COUNTRY INNS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£
£



At 4 April 2022
1,166
2,231,229
-
1,741,174
10,030
732,817
4,716,416





Loss for the period
-
-
-
-
-
(105,989)
(105,989)


Dividends paid
-
-
-
-
-
(266,545)
(266,545)


Purchase of own shares
-
-
2
-
-
(24,061)
(24,059)


Purchase of own shares
(2)
-
-
-
-
-
(2)


Share option charge
-
-
-
-
1,433
-
1,433





At 3 April 2023
1,164
2,231,229
2
1,741,174
11,463
336,222
4,321,254





Profit for the period
-
-
-
-
-
259,164
259,164


Dividends paid
-
-
-
-
-
(216,544)
(216,544)


Share option charge
-
-
-
-
1,433
-
1,433



At 31 March 2024
1,164
2,231,229
2
1,741,174
12,896
378,842
4,365,307



The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
ANGLIAN COUNTRY INNS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial period
259,164
(105,989)

Adjustments for:

Amortisation of intangible assets
43,067
43,200

Depreciation of tangible assets
584,956
490,517

Loss on disposal of tangible assets
38,250
-

Interest payable
524,117
348,916

Interest receivable
(8,560)
(219)

Taxation payable
105,409
262,001

(Increase) in stocks
(9,714)
(51,509)

(Increase) in debtors
(306,754)
(190,175)

Increase in creditors
20,259
370,781

Corporation tax paid
(2,167)
(198,525)

Share option charge
1,433
1,433

Net cash generated from operating activities

1,249,460
970,431

Cash flows from investing activities

Purchase of tangible fixed assets
(3,062,675)
(1,256,983)

Sale of tangible fixed assets
1,000,000
-

Interest received
8,560
219

HP interest paid
(2,087)
(710)

Net cash used in investing activities

(2,056,202)
(1,257,474)
Page 12

 
ANGLIAN COUNTRY INNS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

52 weeks ended
31 March
52 weeks ended
2 April

2024
2023

£
£



Cash flows from financing activities

Purchase of ordinary shares
-
(24,061)

New secured loans
4,292,041
-

Repayment of loans
(3,000,528)
(87,495)

Repayment of debenture loans
(35,653)
(249,170)

Repayment of/new finance leases
(8,510)
10,980

Dividends paid
(216,544)
(266,544)

Interest paid
(524,117)
(348,916)

HP interest paid
-
710

Net cash generated from/(used in) financing activities
506,689
(964,496)

Net (decrease) in cash and cash equivalents
(300,053)
(1,251,539)

Cash and cash equivalents at beginning of period
1,766,456
3,017,995

Cash and cash equivalents at the end of period
1,466,403
1,766,456


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,466,403
1,766,456


The notes on pages 15 to 33 form part of these financial statements.

Page 13

 
ANGLIAN COUNTRY INNS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024




At 3 April 2023
Cash flows
At 31 March 2024
£

£

£





Cash at bank and in hand

1,766,456

(300,053)

1,466,403

Debt due after 1 year

(5,522,152)

(1,391,722)

(6,913,874)

Debt due within 1 year

(518,050)

221,850

(296,200)

Finance leases

(21,274)

8,510

(12,764)


(4,295,020)
(1,461,415)
(5,756,435)

The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Anglian Country Inns Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 03214479 and registered office address is 20-21 Hermitage Road, Hitchin, England, SG5 1BT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the Statement of Financial Position date, the Company had net assets of £4,367,408 (2023: £4,321,254). Included within amounts due in less than year are amounts due to directors totalling £300,279 (2023: £380,433) which will not be repaid unless there are sufficient funds to do so.
The directors have prepared an operating and cash flow forecast for the period up to March 2025 which verify that the Company can continue to operate within its approved facilities for the foreseeable future.
Given that this is based on reasonable assumptions and forecasts for the coming 12 months the directors believe that it is appropriate for these financial statements to be prepared on a going concern basis.

  
2.3

Revenue

Revenue is the fair value of goods and services sold to third parties as party of the Company's trading activities, after deducting sales based taxes, coupons and staff discounts.
The majority of revenue comprises food, beverages and accommodation sold in the Company's establishments. This revenue is recognised at the point of sale to the customer.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 16

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
 
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20 years

Page 17

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
straight line over the lease period
Freehold property
-
50 years with 100% residual value
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20%-33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.16

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 18

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.18

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the process of applying its accounting policies, the Company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.
On an ongoing basis, the Company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.
The significant judgements made by the directors in applying the Company's accounting policies as set out above, and the key sources of estimation, were:
Property, plant and equipment (PPE)
The estimated useful economic lives of PPE are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PPE investment to the Company, variations between actual and estimated useful economic lives could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required.
The Company is required to evaluate the carrying values of PPE for impairment whenever circumstances indicate, in management's judgement, that the carrying value of such assets may not be recoverable. An impairment review requires management to make estimates of the value in use and recoverable amounts. The directors have elected not to recognise depreciation on freehold property and improvements as the residual value of the freehold properties is greater than carrying value and the useful economic lives of these assets are considered sufficiently long as to make any resulting depreciation charge immaterial to the accounts.

Page 20

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

Beverage sales
6,560,480
5,787,502

Food sales
10,892,699
9,516,023

Accomodation sales
1,671,724
1,484,437

Bar sales
1,452,299
1,241,913

20,577,202
18,029,875


Analysis of turnover by country of destination:

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

United Kingdom
20,577,201
18,029,875

20,577,201
18,029,875



5.


Other operating income

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

Net rents receivable
5,000
5,000

Other income
118,473
-

123,473
5,000



Page 21

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Operating profit

The operating profit is stated after charging:

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

Depreciation of tangible fixed assets
584,956
490,517

Amortisation of goodwill
43,067
43,200

Other operating lease rentals
474,658
454,539

Defined contribution pension costs
187,528
160,685


7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
37,400
28,800

8.


Employees

Staff costs, including directors' remuneration, were as follows:


52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

Wages and salaries
8,169,411
6,980,419

Social security costs
555,253
510,232

Cost of defined contribution scheme
187,528
160,685

8,912,192
7,651,336


The average monthly number of employees, including the directors, during the period was 406 (2023: 283).

Page 22

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Directors' remuneration

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

Directors' emoluments
321,654
366,417

Company contributions to defined contribution pension schemes
24,492
-

346,146
366,417


During the period retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £142,980 (2023: £151,908).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,549 (2023: £nil).

The total key management personnel remuneration (including employer's national insurance contributions of the Company were £406,261 (2023: £407,815). The key management personnel of the Company are considered to be the directors.


10.


Interest receivable

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£


Other interest receivable
8,560
219


11.


Interest payable and similar expenses

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£


Bank interest payable
522,030
348,206

Finance leases and hire purchase contracts
2,087
710

524,117
348,916

Page 23

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Taxation


52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
903
(35,905)

Deferred tax


Origination and reversal of timing differences
104,506
269,834

Changes to tax rates
-
28,072

Total deferred tax
104,506
297,906

Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023:19%). The differences are explained below:

52 weeks ended
31 March
52 weeks ended
2 April
2024
2023
£
£


Profit on ordinary activities before tax
364,572
156,012


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19%)
91,259
29,642

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,148
13,671

Fixed asset differences
20,345
46,475

Changes to tax rates applied to deferred tax compared to the standard rate of tax
-
28,072

Adjustments to tax charge in respect of prior periods
903
(35,905)

Movement in deferred tax not recognised
(13,246)
179,968

Other differences leading to an increase in the tax charge
-
78

Total tax charge for the period
105,409
262,001


Factors that may affect future tax charges

There were no factors that may affect future tax charges.
Page 24

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Dividends

31 March
2 April
2024
2023
£
£


Interim dividends on ordinary shares
216,544
266,545


14.


Intangible assets






Goodwill

£



Cost


At 3 April 2023
1,057,534



At 31 March 2024

1,057,534



Amortisation


At 3 April 2023
258,490


Charge for the period
43,067



At 31 March 2024

301,557



Net book value



At 31 March 2024
755,977



At 2 April 2023
799,044




Page 25

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

15.


Tangible fixed assets







Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 3 April 2023
9,094,124
2,602,177
5,730
3,655,495
15,357,526


Additions
2,662,649
16,202
1,500
382,324
3,062,675


Disposals
(1,000,000)
-
-
(38,250)
(1,038,250)



At 31 March 2024

10,756,773
2,618,379
7,230
3,999,569
17,381,951



Depreciation


At 3 April 2023
-
1,597,189
(11,626)
2,301,550
3,887,113


Charge for the period
-
189,362
5,668
389,926
584,956



At 31 March 2024

-
1,786,551
(5,958)
2,691,476
4,472,069



Net book value



At 31 March 2024
10,756,773
831,828
13,188
1,308,093
12,909,882



At 2 April 2023
9,094,124
1,004,988
17,356
1,353,945
11,470,413

Under the transitional arrangements of section 35 of FRS 102 the Company elected to adopt a previous GAAP revaluation of freehold land and buildings as deemed cost as at the date of transition of 1 April 2014. These land and buildings were last revalued on 29 March 2011 by Colliers International UK Plc on an existing use basis at £3,000,000 including fixtures, fittings and equipment. £2,931,408 was incorporated into the accounts to allow for the estimated value of fixtures included in the report and this has been adopted as deemed cost.

Page 26

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

16.


Fixed asset investments








Investments in subsidiary companies

£



Valuation


At 3 April 2023
785,755



At 31 March 2024

785,755



Impairment


At 3 April 2023
785,755



At 31 March 2024

785,755



Net book value



At 31 March 2024
-



At 2 April 2023
-

Subsidiary undertaking
The following was a subsidiary undertaking of the 
Name      Registered office  Class of shares  Holding
The Farmhouse@Redcoats Ltd 20-21 Hermitage Road, Ordinary   100%
     Hitchin, England, SG5      
     1BT

17.


Stocks

31 March
2 April
2024
2023
£
£

Goods for resale
213,003
203,289


Page 27

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

18.


Debtors

31 March
2 April
2024
2023
£
£

Trade debtors
142,792
33,879

Other debtors
391,791
308,338

Prepayments and accrued income
404,027
290,644

938,610
632,861



19.


Cash

31 March
2 April
2024
2023
£
£

Cash at bank and in hand
1,466,403
1,766,456



20.


Creditors: amounts falling due within one year

31 March
2 April
2024
2023
£
£

Debenture loans
122
35,775

Bank loans
104,480
100,086

Trade creditors
847,685
737,988

Corporation tax
-
2,167

Other taxation and social security
204,233
952,023

Obligations under finance lease and hire purchase contracts
6,916
8,664

Other creditors
788,414
635,558

Accruals and deferred income
1,991,792
1,488,485

3,943,642
3,960,746


Included within other creditors are amounts due to directors totalling £383,884 which will not be repaid unless there are sufficient funds to do so. These amounts are interest free, and payable on demand.

Page 28

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

21.


Creditors: amounts falling due after more than one year

31 March
2 April
2024
2023
£
£

Bank loans
6,809,271
5,522,152

Obligations under finance lease and hire purchase contracts
5,848
12,610

6,815,119
5,534,762


In May 2020 the Company obtained a loan totalling £3.33m under the Coronavirus Business Interruption Loan Scheme. The loan is repayable over a period of 6 years, with no amounts being payable for the first 2 years. Interest is payable at the reference rate plus a margin of 3.65%. The loan is secured by a guarantee from the UK government of £2,664,000, a personal guarantee from a director for amounts totalling £666,000 and by a fixed and floating charge over the assets of the Company.
In October 2023, the Company obtained a loan totalling £4.29m facility. The loan is repayable over 5 years, with no capital repayments for the first year. Interest is payable monthly at 7.4%. The loan is secured by a personal guarantee from a director for amounts totalling £195,000 and by a fixed and floating charge over the assets of the Company.


22.


Loans


Analysis of the maturity of loans is given below:


31 March
2 April
2024
2023
£
£

Amounts falling due within one year

Bank loans
104,480
100,086

Debenture loans
122
35,775

Amounts falling due 1-2 years

Bank loans
151,905
-

Amounts falling due 2-5 years

Bank loans
4,483,476
2,300,973

Amounts falling due after more than 5 years

Bank loans
2,173,890
3,221,179


Page 29

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 March
2 April
2024
2023
£
£


Within one year
8,020
8,664

Between 1-5 years
6,069
12,610

14,089
21,274


24.


Deferred taxation






2024


£






At beginning of the period
(1,055,301)


Charged to profit or loss
(104,506)



At end of the period
(1,159,807)

The provision for deferred taxation is made up as follows:

31 March
2 April
2024
2023
£
£


Accelerated capital allowances
(414,608)
(455,159)

Tax losses carried forward
106,186
252,687

Other
9,069
7,624

Unrealised capital gains
(860,454)
(860,453)

(1,159,807)
(1,055,301)

Page 30

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

25.


Share capital

31 March
2 April
2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023: 100,000) Ordinary shares of £0.01 each
1,000
1,000
1,000 (2023: 1,000) Class A Ordinary shares of £0.01 each
10
10
1,000 (2023: 1,000) Class B Ordinary shares of £0.01 each
10
10
14,411 (2023: 14,400) Class C Ordinary shares of £0.01 each
144
144

1,164

1,164

The Ordinary shares have full rights in the Company with respect to voting, dividends and distributions, The “A”, “B” and “C” ordinary shares have full rights with respect to distributions but no voting rights and is only entitled to dividends at the directors discretion.



26.


Reserves

Share premium account

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Revaluation reserve

The revaluation reserve arose on the revaluation of freehold land and buildings adopted as deemed cost on transition to FRS 102 and includes the associated deferred tax related to the revalued assets. Amounts representing the movements on the associated deferred tax are transferred to retained earnings each year.

Capital redemption reserve

The capital redemption reserve arose following the purchase of the Company's own shares.

Other reserves

Other reserves represents the fair value of share options granted by the Company to its employees under its share option plan. Further information about share-based payments to employees is set out in Note 27.

Profit and loss account

Retained earnings represents accumulated comprehensive income for the period and prior periods plus share-based payments adjustments.

Page 31

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

27.


Share-based payments

On 9 December 2015 the Company introduced a share-based payment arrangement for key employees in the form of a share option scheme.
The Company granted 3,600 options over ordinary shares during 2015 with an an exercise price of £11.50 per share. The rights to share options accrue over a period of between one to five years from grant and are exercisable only after the earliest occurrence of a sale of the Company, a listing of the Company's shares or after the ninth anniversary from the date of grant. The share options automatically lapse after the tenth anniversary of the date of grant or where the employee ceases to work for the Company or mest certain other conditions. The lapse date of these options is December 2025.
The fair value of the options granted during 2015 was determined using a Black-Scholes option pricing model at £9.21 per option, The significant inputs to the model were a weighted average share price of £13 per share, exercise price of £11.50, an expected option life of 10 years, expected volatility of 60% and a risk-free rate of return of 1.89%. Volatility was estimated on the basis of volatility of comparable listed companies. The total share-based payment expense recognised in the Statement of Comprehensive Income for the year in respect of share options is £1,433 (2023: £1,433).


28.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £187,528 (2023: £180,685). Contributions totalling £36,276 (2023: £30,945) were payable to the fund at the Statement of Financil Position date and are included in creditors.


29.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
2 April
2024
2023
£
£


Not later than 1 year
425,697
425,697

Later than 1 year and not later than 5 years
1,200,747
1,235,652

Later than 5 years
2,035,402
2,150,465

3,661,846
3,811,814

Page 32

 
ANGLIAN COUNTRY INNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

30.


Related party transactions

N & P Windows Limited
N & P Windows Limited ("N&P") is a private limited company controlled by Mr C O Nye. During the period, the Company purchased goods and services from N&P totalling £8,819 (2023: £23,832). At the Statement of Financial Position date, the Company owed £639 (2023: £nil) in respect of these transactions. At the Statement of Financial Position date a loan balance of £320,000 (2023: £200,000) was owed from N&P to the Company. The loan is free of interest and repayable on demand. 
At the start of the previous year, a cross guarantee existed between the Company and N&P in favour of Barclays Bank Plc in respect of overdraft and lending facilities. This charge was satisfied in May 2020 following the refinancing of the Company. 
The Farmhouse@Redcoats Limited
During the year, the Company received a dividend of £nil (2023: £785,755) from The Farmhouse@Redcoats Limited ("TFR"), a company controlled by Mr C O Nye and in which Mr H C B Nye, Mr J O B NYE and Mr C O Nye are directors. 
Transactions with directors
Three directors had amounts owed to them by the Company at the Statement of Financial Position date of £248,044 (2023: £286,972 due to the Company), £38,829 (2023: £80,016 due to the Company) and £4,070 (2023: £5,000) respectively. 
Interim dividends totalling £216,544 (2023: £266,545) were paid by the Company to directors of the Company.
Other related party transactions
During the period, a brother of Mr C 0 Nye, invoiced the Company £12,949 (2023: £11,410) for goods and services supplied. At the Statement of Financial Position date £1,080 was owed (2023: £nil) by the Company and amounts were due of £nil (2023: £593). 
During the period, Style Envy, a business owned by the wife of a director of the Company, invoiced the Company £19,997 (2023: £55,019) for goods and services supplied. At the Statement of Financial Position date £nil (2023: £nil) was owed to the Company. 
During the period, Bumblebee Collective, a business owned by the wife of a director of the Company, invoiced the Company £44,400 (2023: £45,882) for consultancy services. At the Statement of Financial Position date £3,300 (2023: £nil) was owed to the Company.


31.


Controlling party

The ultimate controlling party is Mr C O Nye by virtue of his majority interest in the ordinary share capital of the Company.

Page 33