Company registration number 03698783 (England and Wales)
VALE OF GLAMORGAN HOTEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
VALE OF GLAMORGAN HOTEL LIMITED
COMPANY INFORMATION
Directors
E J Leeke
S J Leeke
M A Fowler FCCA
P Martin
C Leeke
J E Littlejohn
M Leeke
(Appointed 3 April 2023)
Secretary
M Leeke
Company number
03698783
Registered office
Mwyndy Business Park
Mwyndy
Pontyclun
Mid Glamorgan
Wales
CF72 8PN
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
VALE OF GLAMORGAN HOTEL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
VALE OF GLAMORGAN HOTEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

The company's principal activity is that of the operation of a 4* hotel, leisure and golf resort which includes an events and conference venue at Hensol Castle which opened in March 2015 and has subsequently had an extremely positive effect on both revenues and profitability.

 

The Vale Resort has achieved many years of revenue growth and excellent profitability and the group’s policy of reinvesting significantly in capital expenditure to maintain and improve upon the facilities has yielded significant benefits both in terms of customer satisfaction and the outstanding profit returns generated.

 

 

2023/​24

2022/​​23

Variance

 

£000

£000

£000

Turnover

17,880

16,741

1,139

EBITDA

3,362

3,187

175

Pre-tax profit/​​(loss)

2,234

2,010

224

 

The Resort continued with the excellent profitability returns in the 2023/​24 financial year with £3.362m EBITDA and £2.2m pre-tax profits. The pre-tax profit of £2.2m was £0.2m up on last year’s exceptional profit of £2.0m which represents an extremely strong performance. Turnover was up £1.1m (7%) on the prior year helped by strong growth in rooms, food & beverage and golf revenues.

 

Gross margins improved by 1.3% to 52.1% despite the considerable payroll and product (especially food) inflation. As a result of the sales and gross margin improvements, gross profit was up £0.8m (10%). Administrative expenses were up £0.5m (8%) on last year which was attributable to inflation on utility costs and indirect payroll. Despite the £0.5m increase in overhead costs and higher interest charges, the company still achieved an outstanding pre-tax profit of £2.234m which represents a 12.5% return on turnover with the profits achieved continuing to out-perform our competitor set. The company reinvested £1.2m of these profits in the form of capital expenditure.

 

Post year-end trading

Despite a difficult economic climate, the Vale Resort continues to generate strong profitability post year-end.

Principal risks and uncertainties

The J. H. Leeke group has moderate exposure to variations in interest rates and foreign exchange. At present, the directors do not consider it necessary to hedge our exposure to foreign exchange rate fluctuations but, given the amount of dollar purchases it makes in the retail business, it has a policy of holding the equivalent of at least 6 months purchases in US dollars. In respect of interest rate hedging, during 2019/20 the group took advantage of a 3-month LIBOR (subsequently converted to a base rate swap on the abolition of LIBOR) 10-year swap rate of 0.8825% per annum for £10m which will protect it against interest rate volatility over that period. The business is monitored for changes in the risk profile of such exposure and will consider using other financial instruments and derivatives as appropriate.

 

Our management of exposure to fluctuations in energy costs meant that 100% of our required consumption had been hedged by the start of the year to March 24 and at a blended rate considerably below the market average due to most of our requirement being hedged prior to the considerable price increases linked to the start of the war in Ukraine. We monitor our hedging strategy on a continuous basis to ensure we are protected from short term movements in pricing. In addition, our exposure to increased prices has been reduced by our energy consumption reduction strategies as indicated by our investment in solar panels on our owned properties.

 

The group has some exposure to credit or liquidity risk on its trade receivables, but this is not significant relative to the size of its balance sheet because it is principally a cash-based business. Cash flow risks, relating to demands of working capital, are mitigated through the careful management of stock holdings, review of supplier credit terms and the management of cash on a group-wide basis to meet the group's cash requirements.

 

VALE OF GLAMORGAN HOTEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Future prospects and going concern

The company is a wholly-owned subsidiary within J H Leeke and Sons Limited and is party to the group banking facilities. The group will continue to operate in the business areas in which it is engaged and aims to exploit new activities as they arise by reinvesting profits back into the group’s activities.

 

The group continues to comply with all its banking covenants with significant headroom including interest cover, senior leverage, gearing and loan to value covenants. The forward projections show that this compliance will continue for the foreseeable future. We will continue to benefit from the 10-year £10m 0.8825% interest rate swap which has provided the group significant protection against interest rate rises.

 

The group has net assets of £87.9m which includes substantial freehold property interests and continues to perform strongly post year-end despite the challenging economic environment. The group financial projections for the 12 months following the date of signing of the financial statements show continued strong profitability and significant headroom on its debt facilities due to the highly cash generative nature of the groups’ activities.

Key performance indicators

The directors closely monitor the business performance using both financial and non-financial KPIs. Financial KPIs include room occupancy percentages, average room rates, membership numbers, food & beverage revenues per available room, new leisure membership targets, leisure membership retention targets, and spa & golf course utilisations. The directors compare the performance on these KPIs against both the internal budgets and targets set and against competitor benchmarking data. The directors are pleased to report that the Vale Resort has consistently outperformed its competitor set in respect of profitability per available room over an extended period. Non-financial KPIs used include guest and member feedback surveys, mystery guest programmes, staff retention levels and sales conversion targets.

VALE OF GLAMORGAN HOTEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Section 172 statement

Section 172 of the Companies Act 2006 requires that directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

 

a) The likely consequences of any decision in the long term

b) The interests of the company's employees

c) The need to foster the company's business relationships with suppliers, customers and others

d) The impact of the company's operations on the community and the environment

e) The desirability of the company maintaining a reputation for high standards of business conduct

f) The need to act fairly as between members of the company.

 

The directors acknowledge their responsibilities and are satisfied they have met their duties regarding these matters in the decisions they have made during the year ended 31 March 2024.

 

Corporate commitments

As a family business we appreciate the wider impact that we have on our teams, communities and the environment and have defined the following commitments:

 

Stakeholder responsibilities

The J. H. Leeke group recognises the contribution of all its employees and is committed to recruiting, developing and retaining a strong and diverse workforce. The group has implemented a structured framework for employees to progress their careers with the Leekes Retail and Leisure Group and has reinforced the importance of fair and transparent performance management.

 

The directors acknowledge the importance of the group's customers to its success. We are committed to providing the highest levels of service to our customers.

 

We recognise the key part that our suppliers play in our business. We value all our suppliers and enjoy positive and long-standing relationships with our key suppliers.

 

The group is aware of its corporate social accountability, particularly around our interaction with our community and the environment.

 

Health & safety

We acknowledge our responsibilities under the Health and Safety at Work Act 1974, The Management of Health and Safety at Work Regulations 1992 and 1999 and associated protective legislation, both as an employer and as a business. To achieve these objectives the company has appointed designated team members to be responsible for ensuring that we keep workplace health, safety and welfare procedures under constant review, to implement continuous improvement; to liaise with the Health and Safety Executive wherever necessary and to keep the company and its Board of Directors abreast of new legislation, in order to ensure ongoing compliance with the law.

On behalf of the board

M A Fowler FCCA
Group Finance Director
26 September 2024
VALE OF GLAMORGAN HOTEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be that of the operation of a hotel, leisure and golf resort.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G L Leeke OBE FCA
(Resigned 31 July 2024)
E J Leeke
S J Leeke
M A Fowler FCCA
P Martin
P Beddoe
(Resigned 26 September 2023)
C Leeke
J E Littlejohn
M Leeke
(Appointed 3 April 2023)
Results and dividends

The results for the year are set out on page 10. A fair review of the business is included in the Strategic report on page 1.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

UHY Hacker Young have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

Energy and carbon report

Details around the company's energy and carbon usage are included in the parent company consolidated accounts.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

VALE OF GLAMORGAN HOTEL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Employment policies

It is the policy of the company that there should be no discrimination in considering applications for employment including those from disabled persons. All employees, including the disabled, are given equal opportunities in terms of career development and promotion. Appropriate training is arranged for disabled persons, including retraining for alternative work of employees who became disabled while in employment with the company, to promote their career development within the organisation.

The company remains committed to its policy of keeping employees fully informed about all matters which concern them; formal communications are used to achieve this objective. Employee involvement takes different forms, ranging from formal committee meetings to less formal discussion groups.

Schemes have been implemented to ensure that employees are properly rewarded for performance and loyalty.

 

On behalf of the board
M A Fowler FCCA
Group Finance Director
26 September 2024
VALE OF GLAMORGAN HOTEL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

VALE OF GLAMORGAN HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALE OF GLAMORGAN HOTEL LIMITED
- 7 -
Opinion

We have audited the financial statements of Vale Of Glamorgan Hotel Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

VALE OF GLAMORGAN HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALE OF GLAMORGAN HOTEL LIMITED
- 8 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

VALE OF GLAMORGAN HOTEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALE OF GLAMORGAN HOTEL LIMITED
- 9 -

To address the risk of fraud through management bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
26 September 2024
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
VALE OF GLAMORGAN HOTEL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
17,879,793
16,740,784
Cost of sales
(8,563,148)
(8,237,633)
Gross profit
9,316,645
8,503,151
Administrative expenses
(6,714,010)
(6,208,436)
Operating profit
4
2,602,635
2,294,715
Interest receivable and similar income
8
-
0
154
Interest payable and similar expenses
9
(368,986)
(284,568)
Profit before taxation
2,233,649
2,010,301
Tax on profit
10
(184,587)
(823,161)
Profit for the financial year
2,049,062
1,187,140

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

VALE OF GLAMORGAN HOTEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
£
£
Profit for the year
2,049,062
1,187,140
Other comprehensive income
-
-
Total comprehensive income for the year
2,049,062
1,187,140
VALE OF GLAMORGAN HOTEL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
6,273
6,273
Tangible assets
12
51,523,582
51,106,112
51,529,855
51,112,385
Current assets
Stocks
13
513,327
471,699
Debtors falling due after more than one year
14
24,790,590
20,435,958
Debtors falling due within one year
14
1,632,833
1,030,010
Cash at bank and in hand
-
0
266,274
26,936,750
22,203,941
Creditors: amounts falling due within one year
15
(11,139,814)
(7,786,706)
Net current assets
15,796,936
14,417,235
Total assets less current liabilities
67,326,791
65,529,620
Creditors: amounts falling due after more than one year
16
(11,384,552)
(11,821,030)
Provisions for liabilities
Deferred tax liability
19
2,362,045
2,177,458
(2,362,045)
(2,177,458)
Net assets
53,580,194
51,531,132
Capital and reserves
Called up share capital
21
22,500,000
22,500,000
Revaluation reserve
3,152,876
3,260,053
Profit and loss reserves
27,927,318
25,771,079
Total equity
53,580,194
51,531,132
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
M A Fowler FCCA
Group Finance Director
Company Registration No. 03698783
VALE OF GLAMORGAN HOTEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
22,500,000
3,260,053
24,583,939
50,343,992
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,187,140
1,187,140
Balance at 31 March 2023
22,500,000
3,260,053
25,771,079
51,531,132
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
2,049,062
2,049,062
Other movements
-
(107,177)
107,177
-
Balance at 31 March 2024
22,500,000
3,152,876
27,927,318
53,580,194

The revaluation reserve represents the cumulative effect of revaluations of freehold and leasehold land and buildings. This is net of the associated deferred tax liability of £(107,177) (note 19).

 

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Vale Of Glamorgan Hotel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mwyndy Business Park, Mwyndy, Pontyclun, Mid Glamorgan, Wales, CF72 8PN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold and leasehold properties. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of J.H. Leeke and Sons Limited. These consolidated financial statements are available from its registered office, Mwyndy Business Park, Mwyndy, Pontyclun, Mid Glamorgan, Wales, CF72 8PN.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company is a wholly-owned subsidiary within J H Leeke and Sons Limited and is party to the group banking facilities. The group will continue to operate in the business areas in which it is engaged and aims to exploit new activities as they arise by reinvesting profits back into the group’s activities.

 

The group continues to comply with all its banking covenants with significant headroom including interest cover, senior leverage, gearing and loan to value covenants. The forward projections show that this compliance will continue for the foreseeable future. We will continue to benefit from the 10-year £10m 0.8825% interest rate swap which has provided the group significant protection against interest rate rises.

 

The group has net assets of £87.9m which includes substantial freehold property interests and continues to perform strongly post year-end despite the challenging economic environment. The group financial projections for the 12 months following the date of signing of the financial statements show continued strong profitability and significant headroom on its debt facilities due to the highly cash generative nature of the groups’ activities.

VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Hotel revenue is recognised in the period in which the service is provided.

Golf resort membership revenue is recognised evenly over the period to which it relates. Golf retail revenue is recognised at the time of sale. Other golf resort revenue is recognised in the period to which it relates.

Leisure club membership revenue is recognised evenly over the period to which it relates. Leisure club retail revenue is recognised at the time of sale. Other leisure club revenue is recognised in the period to which it relates.

Operating lease income is recognised on a straight-line basis over the period to which it relates.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Trademarks
10 years straight line
1.5
Tangible fixed assets

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

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

Land and buildings
not depreciated
Plant and machinery
15% reducing balance or 10% to 20% straight line
Fixtures, fittings and motor vehicles
8% to 15% reducing balance or 10% to 33% straight line
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

No depreciation is provided on freehold or leasehold land and buildings as, in the opinion of the directors, the residual values of the properties are not lower than their value at the date of acquisition. An annual impairment review is carried out by the directors in respect of these buildings.

Revaluations of freehold and leasehold land and buildings are undertaken with sufficient regularity to ensure that the carrying value does not materially differ from that which would be determined using fair value at the end of the reporting period. The surplus or deficit on book value is transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the property, or the reversal of such deficit, is charged (or credited) to the profit and loss account. A deficit which represents a clear consumption of economic benefits is charged to the profit and loss account regardless of any such previous surplus.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

 

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.

Valuation of tangible fixed assets and frequency of valuation

The key area of estimation uncertainty relates to the carrying value of the company's tangible fixed assets. As at 31 March 2024 the company had tangible fixed assets of £51,523,582 (2023: £51,106,112). Land and buildings were revalued by an independent valuer during the year ended 31 March 2022; the directors have re-considered the value in the intervening years using the same methodology. Overall the carrying value of the company's tangible fixed assets exceed depreciated historical cost by £3,260,053 (2023: £3,260,053).

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Hotel
12,505,294
11,556,115
Leisure
2,762,832
2,715,549
Golf
1,893,963
1,771,323
Rental income
488,358
449,212
Visitor centre
229,346
248,585
17,879,793
16,740,784
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
17,879,793
16,740,784
2024
2023
£
£
Other revenue
Interest income
-
154
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
741,641
863,515
Depreciation of tangible fixed assets held under finance leases
43,804
21,902
(Profit)/loss on disposal of tangible fixed assets
(27,051)
5,707
Operating lease charges
260,000
227,425
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,750
8,000
For other services
Other taxation services
5,550
5,100
6
Employees

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

2024
2023
Number
Number
Administrative
108
124
Directors
2
2
Sales
24
23
Spa
21
17
Events and catering
188
188
Ground staff
27
26
Total
370
380

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,763,790
6,342,956
Social security costs
505,184
485,048
Pension costs
117,007
109,145
7,385,981
6,937,149
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
218,647
290,745
Company pension contributions to defined contribution schemes
47,481
47,798
266,128
338,543
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 21 -

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

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
162,930
180,273
Company pension contributions to defined contribution schemes
44,691
41,694

In addition to the above, the majority of the directors are remunerated by a fellow subsidiary, Leekes Limited, for their services to the group as a whole, remuneration totalling £929,618 (2023: £872,647) and company pension contributions to defined contribution schemes totalling £134,364 (2023: £122,571). It is not practicable to allocate their remuneration between services to this company and to the group as a whole.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
154
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank loans, arrangement fees and other charges
45,183
45,183
Interest payable to group undertakings
323,803
239,385
368,986
284,568
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
184,587
211,931
Changes in tax rates
-
0
471,726
Adjustment in respect of prior periods
-
0
139,504
Total deferred tax
184,587
823,161
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,233,649
2,010,301
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
558,412
381,957
Tax effect of expenses that are not deductible in determining taxable profit
1,121
650
Adjustments in respect of prior years
-
0
139,503
Effect of change in corporation tax rate
-
0
510,513
Group relief
(383,186)
(250,198)
Permanent capital allowances in excess of depreciation
-
0
(11,363)
Depreciation on assets not qualifying for tax allowances
1,478
53
Other permanent differences
(37)
-
0
Other temporary timing differences
6,799
3,286
Other timing differences
-
0
48,760
Taxation charge for the year
184,587
823,161

 

11
Intangible fixed assets
Trademarks
£
Cost
At 1 April 2023 and 31 March 2024
6,273
Amortisation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
6,273
At 31 March 2023
6,273
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
12
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings and motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2023
42,699,084
5,763,090
6,821,656
55,283,830
Additions
440,362
449,703
315,241
1,205,306
Disposals
-
0
(10,182)
(31,097)
(41,279)
At 31 March 2024
43,139,446
6,202,611
7,105,800
56,447,857
Depreciation and impairment
At 1 April 2023
-
0
1,296,280
2,881,438
4,177,718
Depreciation charged in the year
-
0
262,337
523,108
785,445
Eliminated in respect of disposals
-
0
(7,791)
(31,097)
(38,888)
At 31 March 2024
-
0
1,550,826
3,373,449
4,924,275
Carrying amount
At 31 March 2024
43,139,446
4,651,785
3,732,351
51,523,582
At 31 March 2023
42,699,084
4,466,810
3,940,218
51,106,112

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
284,723
328,526

In the year ended 31 March 2022 a valuation was undertaken by an external, independent valuer, being Cushman & Wakefield. The valuation was prepared in accordance with the RICS Valuation - Global Standards, This lead to an upwards revaluation of all fixed assets of £419,768. The directors undertook further reviews in the intervening years to 31 March 2024 and concluded that there was no significant movement in carrying value

If tangible fixed assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
65,661,834
64,497,807
Accumulated depreciation
(17,398,305)
(16,651,748)
Carrying value
48,263,529
47,846,059
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
13
Stocks
2024
2023
£
£
Raw materials and consumables
513,327
471,699
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,025,328
428,973
Prepayments and accrued income
607,505
601,037
1,632,833
1,030,010
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
24,790,590
20,435,958
Total debtors
26,423,423
21,465,968
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
46,306
-
0
Obligations under finance leases
18
116,751
116,751
Trade creditors
370,499
267,277
Amounts owed to group undertakings
7,351,296
3,879,010
Taxation and social security
621,722
694,254
Other creditors
163,453
175,616
Accruals and deferred income
2,469,787
2,653,798
11,139,814
7,786,706
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
58,376
175,127
Amounts owed to group undertakings
11,326,176
11,645,903
11,384,552
11,821,030
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
17
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
46,306
-
0
Payable within one year
46,306
-
0

The company is party to a composite accounting agreement with Barclays Bank Plc which allows overdrafts to be offset against cash balances within the group. The overall group net cash at bank and in hand as at 31 March 2024 is £1,538,714 (2023: £1,165,055).

 

There are also inter-group cross guarantees in place, see 22.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
116,751
116,751
In two to five years
58,376
175,127
175,127
291,878

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases held have now come to an end.

Obligations under finance lease and hire purchase are secured on the assets to which they relate.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,257,246
2,089,251
Revaluations
107,177
93,644
Retirement benefit obligations
(2,378)
(3,923)
Bonus accrual
-
(1,514)
2,362,045
2,177,458
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Deferred taxation
(Continued)
- 26 -
2024
Movements in the year:
£
Liability at 1 April 2023
2,177,458
Charge to profit or loss
184,587
Liability at 31 March 2024
2,362,045
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
117,007
109,145

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

At the year end the company had outstanding pension contributions of £22,408 (2023: £35,833), this amount being included within creditors due within one year.

VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
22,500,000
22,500,000
22,500,000
22,500,000

Only one class of shares, therefore all shares rank pari passu.

22
Financial commitments, guarantees and contingent liabilities

A contingent liability exists in respect of inter-group cross-guarantees entered into in respect of group bank borrowings with Barclays Bank PLC and HSBC Bank PLC. Group bank borrowings at the balance sheet date amount to £17,558,333 (2023: £16,316,667). Group bank borrowings are secured over the assets of the group including the assets of the company.

23
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for certain of its properties. The leases are negotiated over terms of 70 years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
260,000
260,000
Between two and five years
1,040,000
1,040,000
In over five years
16,553,333
16,813,333
17,853,333
18,113,333
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
107,122
134,319
VALE OF GLAMORGAN HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
25
Ultimate controlling party

The ultimate parent company is J H Leeke and Sons Limited, a company registered in England and Wales.

J H Leeke and Sons Limited is the parent of the smallest and largest group of which the company is a member and for which group financial statements are drawn up. Copies of the financial statements of J H Leeke and Sons Limited are available from Companies House, Crown Way, Maindy, Cardiff.

The directors consider the parent company's controlling party to be the board of Trustees of the G L Leeke Settlement Trust.

26
Related party transactions

The company has taken advantage of exemption, under the terms of FRS 102, Section 33.1A, from disclosing related party transactions with wholly owned subsidiaries within the group.

G L Leeke, S N Leeke, S J Leeke, E J Leeke, C Leeke and J E Littlejohn are trustees of J H Leeke & Sons Executive Pension Scheme. During the year, the company paid rent of £260,000 (2023: £220,000) to the pension scheme in respect of land and buildings.

2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200G L Leeke OBE FCAE J LeekeS J LeekeM A Fowler FCCAP MartinP BeddoeC LeekeJ E LittlejohnM LeekeM Leekefalsefalse036987832023-04-012024-03-3103698783bus:Director22023-04-012024-03-3103698783bus:Director32023-04-012024-03-3103698783bus:Director42023-04-012024-03-3103698783bus:Director52023-04-012024-03-3103698783bus:Director72023-04-012024-03-3103698783bus:Director82023-04-012024-03-3103698783bus:CompanySecretaryDirector12023-04-012024-03-3103698783bus:CompanySecretary12023-04-012024-03-3103698783bus:Director12023-04-012024-03-3103698783bus:Director62023-04-012024-03-3103698783bus:Director92023-04-012024-03-3103698783bus:RegisteredOffice2023-04-012024-03-31036987832024-03-31036987832022-04-012023-03-3103698783core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103698783core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3103698783core:OtherResidualIntangibleAssets2024-03-3103698783core:OtherResidualIntangibleAssets2023-03-3103698783core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3103698783core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31036987832023-03-3103698783core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3103698783core:PlantMachinery2024-03-3103698783core:FurnitureFittings2024-03-3103698783core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3103698783core:PlantMachinery2023-03-3103698783core:FurnitureFittings2023-03-3103698783core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3103698783core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3103698783core:WithinOneYear2024-03-3103698783core:WithinOneYear2023-03-3103698783core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3103698783core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103698783core:CurrentFinancialInstruments2024-03-3103698783core:CurrentFinancialInstruments2023-03-3103698783core:Non-currentFinancialInstruments2024-03-3103698783core:Non-currentFinancialInstruments2023-03-3103698783core:ShareCapital2024-03-3103698783core:ShareCapital2023-03-3103698783core:RevaluationReserve2024-03-3103698783core:RevaluationReserve2023-03-3103698783core:RetainedEarningsAccumulatedLosses2024-03-3103698783core:RetainedEarningsAccumulatedLosses2023-03-3103698783core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3103698783core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3103698783core:PlantMachinery2023-04-012024-03-3103698783core:FurnitureFittings2023-04-012024-03-3103698783core:OwnedAssets2023-04-012024-03-3103698783core:OwnedAssets2022-04-012023-03-3103698783core:LeasedAssets2023-04-012024-03-3103698783core:LeasedAssets2022-04-012023-03-310369878312023-04-012024-03-310369878312022-04-012023-03-3103698783core:UKTax2023-04-012024-03-3103698783core:UKTax2022-04-012023-03-310369878322023-04-012024-03-310369878322022-04-012023-03-310369878332023-04-012024-03-310369878332022-04-012023-03-310369878342023-04-012024-03-310369878342022-04-012023-03-3103698783core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3103698783core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3103698783core:PlantMachinery2023-03-3103698783core:FurnitureFittings2023-03-31036987832023-03-3103698783core:AfterOneYear2024-03-3103698783core:AfterOneYear2023-03-3103698783core:BetweenTwoFiveYears2024-03-3103698783core:BetweenTwoFiveYears2023-03-3103698783core:MoreThanFiveYears2024-03-3103698783core:MoreThanFiveYears2023-03-3103698783bus:PrivateLimitedCompanyLtd2023-04-012024-03-3103698783bus:FRS1022023-04-012024-03-3103698783bus:Audited2023-04-012024-03-3103698783bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP