REGISTERED NUMBER: |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD |
PREVIOUSLY KNOWN AS |
ALL SAINTS HOTELS LTD |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD |
PREVIOUSLY KNOWN AS |
ALL SAINTS HOTELS LTD |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 | to | 6 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 | to | 21 |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
Mrs S Thurlby |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and the non-complex nature of the business and is written in the context of the risks and uncertainties faced. The director considers the key performance and business performance indicators as being those that represent the financial performance and strength of the company as a whole. These are viewed as being revenue, gross profit and net profit. |
The results for the year and financial position of the company are as shown in the annexed financial statements: |
2023 | 2022 | Change |
£k | £k | % |
Revenue | 4,236 | 4,089 | 3.6% |
Gross profit | 3,129 | 2,961 | 5.7% |
Gross profit percentage | 73.9% | 72.4% | 1.5% |
Net profit before taxation | 257 | 287 | (10.5)% |
Net profit before taxation / sales percentage | 6.1% | 7.0% | (0.9)% |
Both The Crown Hotel and Paten & Co maintain a prime position in the town of Stamford and uphold a strong reputation. They both boast a 4.5 star rating and ‘Travellers Choice’ awards on Tripadvisor as well as a 5 star food hygiene rating. The company has a strong asset base which will enable investment as opportunities arise. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks arising from the company's activities are liquidity risk and interest rate risk. |
Liquidity risk |
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility can be achieved by overdraft facilities. |
Interest rate risk |
The company finances its operations through bank borrowings. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and variable rate facilities. |
ON BEHALF OF THE BOARD: |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
CHANGE OF NAME |
The company passed a special resolution on 20 November 2024 changing its name from All Saints Hotels Ltd to Knead Group Ltd now T/as All Saints Hotels Ltd. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of running public houses and a hotel. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
Other changes in directors holding office are as follows: |
Mrs S Thurlby was appointed as a director after 31 December 2023 but prior to the date of this report. |
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. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD |
Opinion |
We have audited the financial statements of Knead Group Ltd now T/as All Saints Hotels Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with the director and other management obtained as part of the work required by auditing standards. We have also discussed with the director and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably. |
Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Alcohol licensing, food hygiene standards and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the director and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, international omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD |
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. |
for and on behalf of |
14 All Saints Street |
Stamford |
Lincolnshire |
PE9 2PA |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
404,855 | 332,797 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
456,109 | 353,701 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of investment property | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans advanced |
Capital loan repayments | ( |
) | ( |
) |
Amount introduced by directors | 326,706 | 3,352 |
Amount withdrawn by directors | (466,904 | ) | (193,990 | ) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 541,334 |
Cash and cash equivalents at end of year | 2 | 203,484 | 210,449 |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 199,297 | 66,580 |
Finance income | - | (4 | ) |
686,228 | 578,525 |
(Increase)/decrease in stocks | ( |
) |
Decrease in trade and other debtors |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 203,484 | 210,449 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 210,449 | 541,334 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 210,449 | (6,965 | ) | 203,484 |
210,449 | ( |
) | 203,484 |
Debt |
Debts falling due within 1 year | (173,015 | ) | (21,832 | ) | (194,847 | ) |
Debts falling due after 1 year | (2,555,214 | ) | 189,501 | (2,365,713 | ) |
(2,728,229 | ) | 167,669 | (2,560,560 | ) |
Total | (2,517,780 | ) | 160,704 | (2,357,076 | ) |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Knead Group Ltd now T/as All Saints Hotels Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the financial reporting date the company had net current liabilities however the director considers the financial statements should be prepared on a going concern basis because: |
- | He has given an undertaking not to withdraw monies lent to the company by a company under common control if it would prejudice the ability of the company to continue as a going concern. |
- | In his opinion, the company's bankers will continue to support the company for the foreseeable future. |
- | In his opinion, the company will continue to achieve profitability in future periods. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Food and drink revenue is recgonised at the point of sale. Accomodation and room hire income is recognised over the period in which services were provided. |
Tangible fixed assets |
Freehold property | - |
Improvements to leasehold property | - |
Fixtures, fittings and equipment | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Government grants |
Government grants are recognised when there is reasonable assurance that the grant will be received and any conditions attached will be complied with. Grants are recognised as income over the period necessary to match them with related costs, for which they are intended to compensate, on a systematic basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Inventories |
Inventories are stated at the lower of cost and fair value less costs to complete and sell, after making due allowances for obsolete and slow moving items. Stocks are accounted for on a first-in-first-out basis. |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. |
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 the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another part or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities, including trade and other creditors and bank loans that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
There are few critical accounting judgements or estimation uncertainty that, in the opinion of the director, will have a material effect on the financial statements. The only estimate of significance is deemed to be the fair value of investment property. For the years ended 31 December 2022 and 31 December 2023, fair value is represented by cost on the basis that the properties were recently acquired on an open market in November 2022 and April 2023 so a market valuation would not materially differ. |
3. | REVENUE |
The revenue and profit before taxation are attributable to the principal activities of the company. |
An analysis of revenue by class of business is given below: |
2023 | 2022 |
£ | £ |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Rents received |
Sundry receipts | 15,488 | - |
Government grants |
51,254 | 20,900 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 1 | 1 |
Direct | 77 | 78 |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Director's remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Adjustment for previous years | - | 5 |
Total current tax |
Deferred tax |
Tax on profit |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods |
Land remediation relief | (7,217 | ) | - |
Profits to March 2023 taxed at 19% | (3,440 | ) | - |
Total tax charge | 77,866 | 68,316 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures, |
to | fittings |
Freehold | leasehold | and | Computer |
property | property | equipment | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | INVESTMENT PROPERTY - continued |
Investment property of value £2,099,887 is valued at cost on the basis that the property was acquired on an open market in November 2022. |
Investment property of value £333,046 was valued on an open market basis in January 2023 by Eddisons Commercial Ltd, a qualified independent valuer. In accordance with the RICS standards, the valuation was prepared with regard to market based evidence for similar property in the local area, subject to occupational leases where relevant. |
The director, having assessed the local property market, does not consider that a current market valuation at December 2023 for either property would materially differ. |
11. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Corporation tax |
Other taxes and social security |
Other creditors |
Directors' current accounts | 98,110 | 238,308 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The company utilises two bank loans, one of which commenced in April 2020 and the other in November 2022. Both loans are repayable in instalments over terms of 5 years and interest on both loans is charged at 2.85% over the Bank of England base rate. |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans are secured by fixed and floating charges over all of the company's property and assets as well as a personal guarantee of up to £100,000 from the director. |
18. | FINANCIAL INSTRUMENTS |
The company has the following financial instruments: |
2023 | 2022 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 53,584 | 62,208 |
Other debtors | 67,663 | 54,511 |
Financial liabilities measured at amortised cost |
Bank loans | 2,560,560 | 2,728,229 |
Trade creditors | 538,462 | 559,350 |
Other creditors | 2,799,465 | 2,282,062 |
Director's current account | 98,110 | 238,308 |
The total interest expense for financial liabilities that are not measured at fair value through profit or loss was £199,297 (2022 - £66,580). |
19. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 120,763 | 97,588 |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Movement during the year | 23,175 |
Balance at 31 December 2023 |
The rate of deferred taxation provisions has been modified to 25% (2022 - 19%) in line with corporation tax rates. |
The reversal of deferred tax timing differences is not expected to be significant in the forthcoming period. |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 500 | 500 |
21. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 1,371,279 |
Profit for the year |
At 31 December 2023 | 1,550,225 |
Retained earnings |
The retained earnings reserve represents cumulative profit and loss net of dividends and other adjustments. |
Capital redemption reserve |
The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of the company's own shares out of distributable profits. |
22. | RELATED PARTY DISCLOSURES |
Director |
At the year end, loans due to the director totalled £98,110 (2022 - £238,308). The loans are unsecured, interest free and repayable on demand. |
During the year, the company purchased investment property of value £333,046 (including fees) from the director. An independent valuation was obtained for the property prior to this transaction which was conducted at arms' length. |
Company under common control |
2023 | 2022 |
£ | £ |
Purchases including management charges | 268,992 | 343,371 |
Sales | 27,406 | 13,074 |
Amount due to related party (including trade creditors) | 3,048,920 | 2,574,630 |
The company trades and has a loan with a company under common control. The amounts due to this related party are unsecured, interest free and repayable on demand. The director will not demand any repayments that would leave this company unable to meet its other obligations. |
KNEAD GROUP LTD NOW T/AS ALL SAINTS |
HOTELS LTD (REGISTERED NUMBER: 06481221) |
PREVIOUSLY KNOWN AS ALL SAINTS HOTELS LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
23. | SUBSEQUENT EVENTS |
On 1 October 2024 the company acquired 100 Ordinary shares of £1 each (repesenting 100% of the share capital) of Knead Group Limited, a company under the common control of the ultimate controlling party. In exchange, 100 further Ordinary shares of £1 each were issued by All Saints Hotels Limited to the ultimate controlling party, taking the total issued share capital of the company to 600 Ordinary shares of £1 each. The net assets of Knead Group Limited will be transferred to All Saints Hotels Limited by an interim distribution in specie. |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is M J Thurlby. |