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REGISTERED NUMBER: 04791696 (England and Wales)















Wookey Hole Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 29 February 2024






Wookey Hole Limited (Registered number: 04791696)






Contents of the Financial Statements
for the year ended 29 February 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Financial Statements 13


Wookey Hole Limited

Company Information
for the year ended 29 February 2024







DIRECTORS: S J Ramsay
W Ramsay





REGISTERED OFFICE: Wookey Hole Caves
The Mill
Wookey Hole
Somerset
BA5 1BB





REGISTERED NUMBER: 04791696 (England and Wales)





AUDITORS: Webb & Co Ltd
Accountants and Business Advisers
& Statutory Auditor
One New Street
Wells
Somerset
BA5 2LA

Wookey Hole Limited (Registered number: 04791696)

Strategic Report
for the year ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our
business during the year and its position at the year end. Our review is consistent with the size and
non-complex nature of our business and is written in the context of risks and uncertainties we face.
We consider that our key financial performance indicators are those that communicate the financial
performance of the company as a whole, these being turnover, turnover growth, gross margin, profit
before tax and net asset value.

FINANCIAL KEY PERFORMANCE INDICATORS

The key financial highlights are as follows;

2024 2023 2022 2021
£ £ £ £
Turnover (£   ) 6703 6563 7127 3814
Turnover Growth % 2 -9 87 37
Gross Profit Margin
%

78

80

83

84
Profit Before Tax -173 362 2001 892
Net Asset Value
(£   )

4930

5104

4926

4634

Work has continued with the development and improvement of the site infrastructure with significant investment in electrical programmes and the tarmacking of roadways at both Wookey Hole and Bucklegrove Holiday Park, a number of these work programmes will continue for a further two years. We invested in purchasing additional static units at Bucklegrove Holiday Park and Homestead residential park, with the aim of driving additional revenue and providing increased flexibility.

We started a programme of improvements works in the hotel that will see all the bedrooms refreshed, and we have commenced a programme of updating and upgrading the provision of lighting and sound in the caves - all this work will help enhance the guest experience.

We successfully secured new Premises Licenses for Bucklegrove Holiday Park and the Wookey Hole Hotel, allowing for extended opening hours and greater flexibility with the range of activities we can offer, and we successfully secured planning permission that allows Bucklegrove Holiday Park to operate 12-months of the year. Rebranding work has continued at Wookey Hole with the updating of signage and design work is nearing completion on a similar programme of works that will be rolled out at Bucklegrove Holiday Park in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The uncertain economic climate is a key risk for the coming year. Family choices on whether to holiday at home or abroad are all factors to consider. Cost control remains a key focus for us with pressure on wages and utility costs being hardest affected areas. With a strong core business and exciting developments we look forward to a successful trading year.


Wookey Hole Limited (Registered number: 04791696)

Strategic Report
for the year ended 29 February 2024

FUTURE OUTLOOK
Whilst further investment will be needed in site infrastructure, attention is also focused on 2027, when we will be celebrating the caves having been open to the public for 100 years. Our goal is to have a new attraction ready for the centenary that will excite audiences and help to drive visitation and initial research and planning work has commenced.

ON BEHALF OF THE BOARD:





S J Ramsay - Director


15 July 2024

Wookey Hole Limited (Registered number: 04791696)

Report of the Directors
for the year ended 29 February 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

DIVIDENDS
The total distribution of dividends for the year ended 29 February 2024 will be £ 8,122 .

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

S J Ramsay
W Ramsay

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Webb & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Ramsay - Director


15 July 2024

Report of the Independent Auditors to the Members of
Wookey Hole Limited

Opinion
We have audited the financial statements of Wookey Hole Limited (the 'company') for the year ended 29 February 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 company's affairs as at 29 February 2024 and of its loss 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 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
Wookey Hole Limited


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 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, 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
Wookey Hole Limited


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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined in the Auditors' responsibilities for the audit of the
financial statements section, 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.

Based on our understanding of the company and industry we identified that the principal risks of non-compliance 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. 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 manipulation of financial results and potential management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- Discussions with the Directors and Financial Controller including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Identifying and testing the validity of journal entries
- Challenging assumptions made by management in its significant accounting estimates
- Reviewing disclosures for accounting estimates
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery of intentional misrepresentations, or through collusion.

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.

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.




Barry Davidson FCA FCCA (Senior Statutory Auditor)
for and on behalf of Webb & Co Ltd
Accountants and Business Advisers
& Statutory Auditor
One New Street
Wells
Somerset
BA5 2LA

15 July 2024

Wookey Hole Limited (Registered number: 04791696)

Profit and Loss Account
for the year ended 29 February 2024

2024 2023
Notes £    £   

TURNOVER 2 6,703,836 6,563,752

Cost of sales (1,486,792 ) (1,323,442 )
GROSS PROFIT 5,217,044 5,240,310

Administrative expenses (5,098,124 ) (4,620,820 )
OPERATING PROFIT 4 118,920 619,490

Interest receivable and similar income 20 -
118,940 619,490

Interest payable and similar expenses 5 (292,747 ) (257,005 )
(LOSS)/PROFIT BEFORE TAXATION (173,807 ) 362,485

Tax on (loss)/profit 6 7,807 (154,268 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(166,000

)

208,217

Wookey Hole Limited (Registered number: 04791696)

Other Comprehensive Income
for the year ended 29 February 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (166,000 ) 208,217


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(166,000

)

208,217

Wookey Hole Limited (Registered number: 04791696)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 326,195 459,011
Tangible assets 9 8,974,122 9,044,241
Investments 10 600,099 600,099
9,900,416 10,103,351

CURRENT ASSETS
Stocks 11 84,352 106,855
Debtors 12 378,118 298,828
Cash at bank and in hand 446,718 1,673,634
909,188 2,079,317
CREDITORS
Amounts falling due within one year 13 2,116,850 2,304,045
NET CURRENT LIABILITIES (1,207,662 ) (224,728 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,692,754

9,878,623

CREDITORS
Amounts falling due after more than one
year

14

(3,605,295

)

(4,576,368

)

PROVISIONS FOR LIABILITIES 18 (156,810 ) (197,484 )
NET ASSETS 4,930,649 5,104,771

CAPITAL AND RESERVES
Called up share capital 19 1,800,000 1,800,000
Capital redemption reserve 450,000 450,000
Retained earnings 2,680,649 2,854,771
SHAREHOLDERS' FUNDS 4,930,649 5,104,771

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2024 and were signed on its behalf by:





S J Ramsay - Director


Wookey Hole Limited (Registered number: 04791696)

Statement of Changes in Equity
for the year ended 29 February 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 1,800,000 2,676,554 450,000 4,926,554

Changes in equity
Dividends - (30,000 ) - (30,000 )
Total comprehensive income - 208,217 - 208,217
Balance at 28 February 2023 1,800,000 2,854,771 450,000 5,104,771

Changes in equity
Dividends - (8,122 ) - (8,122 )
Total comprehensive income - (166,000 ) - (166,000 )
Balance at 29 February 2024 1,800,000 2,680,649 450,000 4,930,649

Wookey Hole Limited (Registered number: 04791696)

Cash Flow Statement
for the year ended 29 February 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 22 645,957 1,197,685
Interest paid (291,843 ) (256,101 )
Interest element of hire purchase
payments paid

(904

)

(904

)
Tax paid (122,631 ) (473,072 )
Net cash from operating activities 230,579 467,608

Cash flows from investing activities
Purchase of tangible fixed assets (251,946 ) (163,138 )
Sale of tangible fixed assets - 2,667
Interest received 20 -
Net cash from investing activities (251,926 ) (160,471 )

Cash flows from financing activities
Loan repayments in year (1,186,675 ) (602,884 )
Capital repayments in year (4,772 ) (4,771 )
Amount withdrawn by directors (6,000 ) -
Equity dividends paid (8,122 ) (30,000 )
Net cash from financing activities (1,205,569 ) (637,655 )

Decrease in cash and cash equivalents (1,226,916 ) (330,518 )
Cash and cash equivalents at
beginning of year

23

1,673,634

2,004,152

Cash and cash equivalents at end of
year

23

446,718

1,673,634

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements
for the year ended 29 February 2024

1. ACCOUNTING POLICIES

General information and basis of preparing the financial statements
The company is a private company, limited by shares, registered in England. The address of the registered office is One New Street, Wells, Somerset, BA5 2LA. The address of the principal place of business is Wookey Hole, Wells, Somerset, BA5 1BB.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity

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

Impairment of assets
The tangible fixed assets are periodically reviewed for impairment by the directors based on their
knowledge and judgements.

Key sources of estimation uncertainty

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

Depreciation and amortisation
The directors use their knowledge of the business and the industry to estimate the useful life and
residual value of tangible assets in order to arrive at applicable deprecation and amortisation
rates. In accordance with FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

It must be noted that there is inherent uncertainty within these estimates as factors such as
unexpected wear and tear, technological advancement and changes in market prices may result
in future changes to the appropriate rate of deprecation.

Revenue recognition
Revenue arises from the operation of visitor attractions and accommodation. Revenue
represents the amounts received from customers (excluding VAT) for admission tickets,
accommodation revenue, retail, food and beverage sales.

Ticket revenue is recognised at point of entry. Revenue from the sale of annual passes is
deferred and then recognised over the period that the pass is valid. Retail and food and
beverage revenues are recognised at the point of sale. Accommodation revenue is recognised at
the time when the customer stays in the accommodation.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, 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.

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Land 0%. Buildings over 50 years.
Plant and machinery - 10% on cost
Exhibits - 10% on cost
Motor vehicles - 25% on cost

Government grants
Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are measured at the lower of cost and net reasliable value. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition. The cost formula used to value stock is first-in-first-out. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

1. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
Contributions payable to a NEST pension scheme are charged to the profit or loss in the period to which they relate.

Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view. These financial statements refer only to the parent company.

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

1. ACCOUNTING POLICIES - continued

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

2. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 2,318,733 1,790,946
Rendering of services 4,385,103 4,772,806
6,703,836 6,563,752

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,268,774 2,112,130
Social security costs 143,918 146,972
Other pension costs 33,963 32,434
2,446,655 2,291,536

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

Distribution staff - 2
Administrative staff 7 12
Management staff (including directors) 16 14
Facilities staff 125 108
148 136

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 127,617 123,058

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 7,200 7,200
Depreciation - owned assets 321,526 350,257
Depreciation - assets on hire purchase contracts 539 5,965
Profit on disposal of fixed assets - (2,667 )
Goodwill amortisation 132,816 132,816
Auditors' remuneration 14,950 13,600

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 291,843 256,101
Hire purchase interest 904 904
292,747 257,005

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 32,919 122,683
Taxation adjustment for
earlier years (52 ) (992 )
Total current tax 32,867 121,691

Deferred tax at 25% (40,674 ) 32,577
Tax on (loss)/profit (7,807 ) 154,268

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

6. TAXATION - continued

Reconciliation of total tax (credit)/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
£    £   
(Loss)/profit before tax (173,807 ) 362,485
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 19%)

(43,452

)

68,872

Effects of:
Expenses not deductible for tax purposes - 1,425
Depreciation in excess of capital allowances 79,245 52,386
Adjustments to tax charge in respect of previous periods (52 ) (992 )
Deferred taxation movement (40,674 ) 32,577
Marginal taxation rate (2,874 ) -
Total tax (credit)/charge (7,807 ) 154,268

7. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of £1 each
Interim 8,122 30,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 1,256,782
AMORTISATION
At 1 March 2023 797,771
Amortisation for year 132,816
At 29 February 2024 930,587
NET BOOK VALUE
At 29 February 2024 326,195
At 28 February 2023 459,011

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

9. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery Exhibits vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 10,009,494 1,830,525 1,404,342 125,199 13,369,560
Additions 175,812 67,011 - 9,123 251,946
At 29 February 2024 10,185,306 1,897,536 1,404,342 134,322 13,621,506
DEPRECIATION
At 1 March 2023 1,561,662 1,330,932 1,326,097 106,628 4,325,319
Charge for year 142,740 139,110 34,543 5,672 322,065
At 29 February 2024 1,704,402 1,470,042 1,360,640 112,300 4,647,384
NET BOOK VALUE
At 29 February 2024 8,480,904 427,494 43,702 22,022 8,974,122
At 28 February 2023 8,447,832 499,593 78,245 18,571 9,044,241

Assets with a net book value of £8,488,969 (2023 £8,448,371) have been pledged as security
against liabilities for the year.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023
and 29 February 2024 23,859
DEPRECIATION
At 1 March 2023 23,320
Charge for year 539
At 29 February 2024 23,859
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 539

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

10. FIXED ASSET INVESTMENTS
Shares in
group
under-
takings
£   
COST
At 1 March 2023
and 29 February 2024 600,099
NET BOOK VALUE
At 29 February 2024 600,099
At 28 February 2023 600,099

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

W.H.C. HOLDINGS LIMITED
Registered office: One, New Street, Wells, Somerset, BA5 2LA
Nature of business: dormant company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 599,999 599,999

WOOKEY HOLE CAVES LIMITED
Registered office: One New Street, Wells, Somerset, BA5 2LA
Nature of business: dormant company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 10,600 10,600

BUCKLEGROVE CARAVAN & CAMPING PARK LIMITED
Registered office: 1 New Street, Wells, Somerset, England, BA5 2LA
Nature of business: dormant company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

W H C Holdings Limited is a wholly owned subsidiary company of Wookey Hole Limited. W H C Holdings Limited owns 100% of the issued share capital of Wookey Hole Caves Limited.

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

11. STOCKS
2024 2023
£    £   
Finished goods 84,352 106,855

Stocks with a value of £84,352 (2023 £106,855) have been pledged as security for liabilities during the year.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 31,684 59,595
Other debtors 251,502 141,934
Directors' current accounts 6,000 -
Prepayments 88,932 97,299
378,118 298,828

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 600,000 816,000
Hire purchase contracts (see note 16) 398 4,772
Trade creditors 374,013 261,993
Amounts owed to group undertakings 599,999 599,999
Taxation 32,919 122,683
Social security and other taxes 31,884 36,229
VAT 31,161 55,340
Pension contributions 4,682 4,269
Accruals and deferred income 441,794 402,760
2,116,850 2,304,045

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 3,605,295 4,575,970
Hire purchase contracts (see note 16) - 398
3,605,295 4,576,368

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 600,000 816,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,605,295 4,575,970

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 398 4,772
Between one and five years - 398
398 5,170

Non-cancellable operating leases
2024 2023
£    £   
Within one year 3,664 4,387
Between one and five years 14,654 -
18,318 4,387

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 4,205,295 5,391,970
Hire purchase contracts 398 5,170
4,205,693 5,397,140

The bank borrowings are secured by a first legal charge over Hole Ground, Wookey Hole, Wells, Somerset, BA5 1BB title numbers WS19727 and WS27015 dated 16 December 2016.

First legal charge over Bucklegrove Caravan Park, Wells Road, Rodney Stoke, Cheddar, Somerset, BS27 3UZ title number ST132618 dated 16 December 2016.

First legal charge over Homestead Park, Wookey Hole, Wells, Somerset, BA5 1BW title number WS47063 dated 18 April 2018.

Debenture dated 16 December 2016. Taken in support of unlimited inter Company Cross Guarantee from Wookey Hole Ltd, Wookey Hole Caves Ltd, W.H.C. Holdings Ltd and Bucklegrove Caravan & Camping Park Ltd.

Unlimited inter Company Cross Guarantee by and between Wookey Hole Limited, Wookey Hole Caves Limited, W.H.C. Holdings Limited and Bucklegrove Caravan & Camping Park Limited dated 16 December 2016. Supported by debentures dated 16 December 2016 from Wookey Hole Limited, Wookey Hole Caves Limited, W.H.C. Holdings Limited and Bucklegrove Caravan & Camping Park Limited.

The hire purchase liabilities are secured against the assets to which they relate.

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 156,810 197,484

Deferred
tax
£   
Balance at 1 March 2023 197,484
Released during year (40,674 )
Balance at 29 February 2024 156,810

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,799,750 Ordinary £1 1,799,750 1,799,750
250 Ordinary B £1 250 250
1,800,000 1,800,000

The Ordinary and Ordinary B shares have full voting rights and full participating rights to distributions or in winding up.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
S J Ramsay
Balance outstanding at start of year - -
Amounts advanced 11,000 -
Amounts repaid (5,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,000 -

Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

21. RELATED PARTY DISCLOSURES

During the year the company paid £7,200 (2023 £7,200) to other related parties for rental for staff accommodation. The amount outstanding from other related parties at the balance sheet date totals £251,498 (2023 £170,096).

During the year expenditure totalling £4,942 (2023 £1,868) was invoiced to Willie Ramsay Ltd - a company owned and run by a director of Wookey Hole Ltd.

During the year expenditure totalling £9,132 (2023 £nil) was invoiced by a director personally to Wookey Hole Ltd.

Dividends paid to key management personnel in the year totalled £nil (2023 £nil) and dividends paid to other related parties totalled £8,122 (2023 £30,000).

22. RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED
FROM OPERATIONS

2024 2023
£    £   
(Loss)/profit for the financial year (166,000 ) 208,217
Depreciation charges 454,881 489,038
Profit on disposal of fixed assets - (2,667 )
Finance costs 292,747 257,005
Finance income (20 ) -
Taxation (7,807 ) 154,268
573,801 1,105,861
Decrease/(increase) in stocks 22,503 (11,883 )
(Increase)/decrease in trade and other debtors (73,290 ) 193,571
Increase/(decrease) in trade and other creditors 122,943 (89,864 )
Cash generated from operations 645,957 1,197,685

23. 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 29 February 2024
29/2/24 1/3/23
£    £   
Cash and cash equivalents 446,718 1,673,634
Year ended 28 February 2023
28/2/23 1/3/22
£    £   
Cash and cash equivalents 1,673,634 2,004,152


Wookey Hole Limited (Registered number: 04791696)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

24. ANALYSIS OF CHANGES IN NET DEBT

At 1/3/23 Cash flow At 29/2/24
£    £    £   
Net cash
Cash at bank and in hand 1,673,634 (1,226,916 ) 446,718
1,673,634 (1,226,916 ) 446,718
Debt
Finance leases (5,170 ) 4,772 (398 )
Debts falling due within 1 year (816,000 ) 216,000 (600,000 )
Debts falling due after 1 year (4,575,970 ) 970,675 (3,605,295 )
(5,397,140 ) 1,191,447 (4,205,693 )
Total (3,723,506 ) (35,469 ) (3,758,975 )