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COMPANY REGISTRATION NUMBER: 10614765
Cresta Court Hotel Holdings Limited
Financial Statements
31 March 2024
Cresta Court Hotel Holdings Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16 to 30
Cresta Court Hotel Holdings Limited
Officers and Professional Advisers
The board of directors
Mr G Dyke
Mr N Burgin (Resigned 31 October 2024)
Mr G J Davies
Company secretary
Mr N Burgin
Registered office
C/O Director Of Finance
Mosborough Hall Hotel
Highe Street
Mosborough
Sheffield
S20 5EA
Auditor
Hebblethwaites
Chartered Accountants & Statutory Auditors
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
Cresta Court Hotel Holdings Limited
Strategic Report
Year ended 31 March 2024
Whilst still creating something of a legacy, in financial terms, the impact of the COVID-19 pandemic has largely subsided, in trading terms, if with other global macro-economic issues coming to the fore in the subsequent period. Against this background and in a very competitive trading period as a result of local challenges, the group has suffered a decline in revenue in this latest year, if with some consequential savings in certain cost areas assisting in diluting the net impact in financial terms. Increased finance costs have added to the challenges if, as is anticipated, with the prospect of interest rates falling going forward. Following on from the significant increase in revenue in the prior year of over £1 million, this latest year has seen a reduction of 7.2%, and with slightly lower gross profit percentage returns as a result of direct cost increases. The key performance indicators for the year were as follows: Turnover reduced by £300k or 7.2% to a total of £3.826 million and compares with the pre pandemic 2020 equivalent of £3.756 million. The gross profit percentage return achieved on this reduced turnover suffered further as a result of cost increases, falling from 45.1% in 2023 to 42.6% in this latest period. The operating result for the year was a small loss of £1,656 as against an equivalent profit in the prior year of £159,015. The net result before tax for the year was a loss of £462,319 as against a loss in the prior period of £205,096, this after further increased finance costs. The directors are clearly closely monitoring the cash flow position and the availability of working capital to fund this re-emergence from the economic and social impact of world events and are confident of having access to the resources sufficient to take maximum advantage of the opportunities which will arise.
The group continues to be reliant on funding from its bankers and from the its shareholders. This funding is under constant review, with the group meeting its debt servicing obligations and thus supporting the view that the funding will remain in place for the foreseeable future. In addition, during the post year end period, the group has negotiated a new contract which is expected to provide further financial stability and positivity, subject to performance and retention.
This report was approved by the board of directors on 2 December 2024 and signed on behalf of the board by:
Mr G J Davies
Director
Registered office:
C/O Director Of Finance
Mosborough Hall Hotel
Highe Street
Mosborough
Sheffield
S20 5EA
Cresta Court Hotel Holdings Limited
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the group for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
Mr G Dyke
Mr N Burgin
Mr G J Davies
Dividends
The directors do not recommend the payment of a dividend.
Future developments
Having acquired the Cresta Court Hotel, Altrincham, by means of the purchase of Cresta Court Hotel Property Ltd, some five years ago, the group has continued to expand upon the strong established reputation and financial success which the hotel has achieved under its previous ownership, this despite the recent challenges of the global pandemic and the general economic climate.
Financial instruments
The group's principal financial instruments comprise bank facilities, trade debtors, trade creditors and directors loans. The main purpose of these instruments are to raise funds and to finance the group's operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk.
The group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank facilities the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of day to day bank facilities and medium term bank loans.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 2 December 2024 and signed on behalf of the board by:
Mr G J Davies
Director
Registered office:
C/O Director Of Finance
Mosborough Hall Hotel
Highe Street
Mosborough
Sheffield
S20 5EA
Cresta Court Hotel Holdings Limited
Independent Auditor's Report to the Members of Cresta Court Hotel Holdings Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Cresta Court Hotel Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.
Material uncertainty related to going concern
We draw your attention to Note 3 in the financial statements, which indicates that a material uncertainty exists, that may cast an element of doubt on the company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 group's and the parent 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 group or the parent 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance, including the identification of related party transactions, and matters which could potentially impact on the company's continuation as a going concern; - results of our enquiries of management and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team, including how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Andrew Throssell FCA
(Senior Statutory Auditor)
For and on behalf of
Hebblethwaites
Chartered Accountants & Statutory Auditors
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
3 December 2024
Cresta Court Hotel Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
3,825,690
4,122,213
Cost of sales
( 2,194,388)
( 2,261,510)
------------
------------
Gross profit
1,631,302
1,860,703
Administrative expenses
( 1,632,958)
( 1,701,688)
------------
------------
Operating (loss)/profit
5
( 1,656)
159,015
Other interest receivable and similar income
8
1,055
Interest payable and similar expenses
9
( 461,718)
( 364,111)
------------
------------
Loss before taxation
( 462,319)
( 205,096)
Tax on loss
10
2,882
( 32,221)
---------
---------
Loss for the financial year
( 459,437)
( 237,317)
---------
---------
Revaluation of tangible assets
( 97,000)
---------
---------
Total comprehensive income for the year
( 556,437)
( 237,317)
---------
---------
All the activities of the group are from continuing operations.
Cresta Court Hotel Holdings Limited
Consolidated Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
11
1,050,829
1,403,683
Tangible assets
12
6,193,183
6,174,980
------------
------------
7,244,012
7,578,663
Current assets
Stocks
14
24,357
28,436
Debtors: due within one year
15
826,422
1,029,442
Debtors: due after more than one year
15
523,707
527,397
Cash at bank and in hand
70,948
66,350
------------
------------
1,445,434
1,651,625
Creditors: amounts falling due within one year
17
4,480,686
4,426,611
------------
------------
Net current liabilities
3,035,252
2,774,986
------------
------------
Total assets less current liabilities
4,208,760
4,803,677
Creditors: amounts falling due after more than one year
18
3,952,291
3,987,889
Provisions
20
128,050
130,932
------------
------------
Net assets
128,419
684,856
------------
------------
Capital and reserves
Called up share capital
24
100
100
Non-distributable revaluation reserve
25
2,753,000
2,850,000
Profit and loss account
25
( 2,624,681)
( 2,165,244)
------------
------------
Shareholders funds
128,419
684,856
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr G J Davies
Director
Company registration number: 10614765
Cresta Court Hotel Holdings Limited
Company Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
13
4,225,387
4,225,387
Creditors: amounts falling due within one year
17
3,625,287
3,625,287
------------
------------
Net current liabilities
3,625,287
3,625,287
------------
------------
Total assets less current liabilities
600,100
600,100
Creditors: amounts falling due after more than one year
18
600,000
600,000
---------
---------
Net assets
100
100
---------
---------
Capital and reserves
Called up share capital
24
100
100
----
----
Shareholders funds
100
100
----
----
The profit for the financial year of the parent company was £Nil (2023: £Nil).
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr G J Davies
Director
Company registration number: 10614765
Cresta Court Hotel Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Non-distributable revaluation reserve
Profit and loss account
Total
Note
£
£
£
£
At 1 April 2022
100
2,850,000
( 1,927,927)
922,173
Loss for the year
( 237,317)
( 237,317)
----
------------
------------
---------
Total comprehensive income for the year
( 237,317)
( 237,317)
At 31 March 2023
100
2,850,000
( 2,165,244)
684,856
Loss for the year
( 459,437)
( 459,437)
Other comprehensive income for the year:
Revaluation of tangible assets
12
( 97,000)
( 97,000)
----
------------
------------
---------
Total comprehensive income for the year
( 97,000)
( 459,437)
( 556,437)
----
------------
------------
---------
At 31 March 2024
100
2,753,000
( 2,624,681)
128,419
----
------------
------------
---------
Cresta Court Hotel Holdings Limited
Company Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
100
100
Profit for the year
At 31 March 2023
100
100
Profit for the year
----
----
----
At 31 March 2024
100
100
----
----
----
Cresta Court Hotel Holdings Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2024
2024
2023
Note
£
£
Cash flows from operating activities
Loss for the financial year
( 459,437)
( 237,317)
Adjustments for:
Depreciation of tangible assets
36,133
20,136
Amortisation of intangible assets
352,854
352,854
Other interest receivable and similar income
( 1,055)
Interest payable and similar expenses
461,718
364,111
Tax on profit
( 2,882)
32,221
Accrued (income)/expenses
( 101,912)
92,182
Changes in:
Stocks
4,079
6,898
Trade and other debtors
206,710
( 20,342)
Trade and other creditors
113,011
( 11,099)
---------
---------
Cash generated from operations
609,219
599,644
Interest paid
( 373,718)
( 275,469)
Interest received
1,055
---------
---------
Net cash from operating activities
236,556
324,175
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 151,336)
( 20,435)
---------
---------
Net cash used in investing activities
( 151,336)
( 20,435)
---------
---------
Cash flows from financing activities
Repayment of borrowings
( 178,628)
( 178,627)
Repayments of loans from participating interests
( 200,000)
Repayment of finance lease liabilities
( 110,098)
( 110,098)
Repayment of hire purchase liabilities
( 294)
( 3,524)
---------
---------
Net cash used in financing activities
( 289,020)
( 492,249)
---------
---------
Net decrease in cash and cash equivalents
( 203,800)
( 188,509)
Cash and cash equivalents at beginning of year
(250,921)
(62,412)
---------
---------
Cash and cash equivalents at end of year
16
( 454,721)
( 250,921)
---------
---------
Cresta Court Hotel Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Director Of Finance, Mosborough Hall Hotel, Highe Street, Mosborough, Sheffield, S20 5EA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Management have determined that a material uncertainty exists which may cast doubt on the company's ability to continue as a going concern. Given the then market conditions in the post pandemic era, a valuation of the group property was undertaken in March 2022 which resulted in a reduction in the value of the long leasehold property assets in the subsequent group financial statements. In order to update the position and to satisfy the requirements of the company bankers in relation to the group funding, a further property valuation has been undertaken during this latest year, in addition to which the group has undertaken a value in use appraisal and valuation. As a result, the carrying value of the group property has again been re-assessed and reduced, this reflected in both the Statement of Comprehensive Income as a revaluation deficit and in the group Statement of Financial Position in terms of the carrying value of the tangible assets and the related revaluation reserve. Despite this downward movement, there remains a net positive revaluation reserve in relation to the group property, this as a result of earlier upward valuation movements, with the current carrying value of the property, as revalued, being in excess of cost. The nature of the group property assets is such that the valuation is very much structured around the earning capacity of those assets which itself has been substantially impacted by the effect of world events and macro-economic factors which have significantly affected the financial results recorded during this difficult period. As a result of the reduction in value, there has been a historic technical breach of the 'loan to value' financial covenant applicable to the bank debt secured as against the group property. Management have subsequently re-negotiated variations to the terms of the group loan finance which will address the subject covenant going forward and negate the breach. This re-negotiation is also indicative of the ongoing support being provided by the funding provider. As a result of the technical breach during the accounting period, management have determined that the long term portion of the debt be presented as a current liability in the group Statement of Financial Position at the period end date which presentation exacerbates the net current liability position and, whilst the group is still considered to be a going concern, a material uncertainty inevitably exists.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the supply of accommodation, food, drinks and related goods at the group's hotel site, stated net of discounts and of Value Added Tax. Revenue from the sale of the above items is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax is not provided on property sold subject to a sale and leaseback arrangement. The long length of the lease connected to the property and the associated discount effect would mean any deferred tax charge would be trivial.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15%, 20%, 33.3% and 50% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
3,825,690
4,122,213
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
352,854
352,854
Depreciation of tangible assets
36,133
20,136
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
8,500
8,500
-------
-------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
67
56
Management staff
3
3
Administration and support
6
6
----
----
76
65
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,465,379
1,366,729
Social security costs
76,077
73,932
Other pension costs
14,534
23,537
------------
------------
1,555,990
1,464,198
------------
------------
8. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
1,055
-------
----
9. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
289,913
198,041
Interest on obligations under finance leases and hire purchase contracts
111,805
106,070
Other interest payable and similar charges
60,000
60,000
---------
---------
461,718
364,111
---------
---------
10. Tax on profit
Major components of tax income
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
( 2,882)
797
Impact of change in tax rate
31,424
-------
--------
Total deferred tax
( 2,882)
32,221
-------
--------
Tax on profit
( 2,882)
32,221
-------
--------
Reconciliation of tax (income)/expense
The tax assessed on the loss on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Loss on ordinary activities before taxation
( 462,319)
( 205,096)
---------
---------
Loss on ordinary activities by rate of tax
( 115,580)
( 51,274)
Effect of expenses not deductible for tax purposes
( 4,602)
( 4,602)
Effect of capital allowances and depreciation
54,270
84,646
Utilisation of tax losses
( 27,973)
Unused tax losses
63,030
Change in tax rate
31,424
---------
---------
Tax on profit
( 2,882)
32,221
---------
---------
11. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
3,528,542
------------
Amortisation
At 1 April 2023
2,124,859
Charge for the year
352,854
------------
At 31 March 2024
2,477,713
------------
Carrying amount
At 31 March 2024
1,050,829
------------
At 31 March 2023
1,403,683
------------
The company has no intangible assets.
Cresta Court Hotel Holdings Limited acquired the entire issued share capital of Cresta Court Hotel Property Limited on 23 March 2017. The price paid for the shares was £4,000,000 and related costs amounted to £225,387. The net book value of the assets acquired was £696,845.
12. Tangible assets
Group
Long Leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
6,150,000
110,770
6,260,770
Additions
151,336
151,336
Revaluations
( 97,000)
( 97,000)
------------
---------
------------
At 31 March 2024
6,053,000
262,106
6,315,106
------------
---------
------------
Depreciation
At 1 April 2023
85,790
85,790
Charge for the year
36,133
36,133
------------
---------
------------
At 31 March 2024
121,923
121,923
------------
---------
------------
Carrying amount
At 31 March 2024
6,053,000
140,183
6,193,183
------------
---------
------------
At 31 March 2023
6,150,000
24,980
6,174,980
------------
---------
------------
The company has no tangible assets.
The leasehold property comprises hotel property, being the land, buildings, and integral fixtures and fittings contained therein. The company property was freehold until March 2017 when the company sold the freehold and entered a sale and leaseback arrangement. During the current financial period, and in support of the ongoing financial facilities provided to the company, the directors obtained a formal valuation with the sale and leaseback arrangement in place. The directors have also performed their own value in use calculations using an earnings based approach, to determine the fair value of the property in the accounts. The directors consider this value to be prudent and the property has been revalued to £6,053,000 during the financial year ended 31 March 2024, decreasing the property value by £97,000. Depreciation has not been provided as the value in use of the property and the anticipated long expected useful life, coupled with the 150 year lease and high expected residual value, mean that any depreciation charge would not be material. Deferred tax is not provided on property sold subject to a sale and leaseback arrangement. The long length of the lease connected to the property and the associated discount effect would mean any deferred tax charge would be trivial.
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Long leasehold property
£
At 31 March 2024
Aggregate cost
3,300,000
Aggregate depreciation
------------
Carrying value
3,300,000
------------
At 31 March 2023
Aggregate cost
3,300,000
Aggregate depreciation
------------
Carrying value
3,300,000
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Long leasehold property
£
At 31 March 2024
6,053,000
------------
At 31 March 2023
6,150,000
------------
13. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
4,225,387
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 1 April 2023 and 31 March 2024
4,225,387
------------
At 31 March 2023
4,225,387
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Cresta Court Hotel Property Limited
Ordinary
100
Harrop Hotels Limited
Ordinary
100
All subsidaries are consolidated in the group accounts, have the same registered address as the company and are registered in England and Wales.
14. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
24,357
28,436
--------
--------
----
----
15. Debtors
Debtors falling due within one year are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
58,901
89,157
Prepayments and accrued income
180,830
202,730
Other debtors
586,691
737,555
---------
------------
----
----
826,422
1,029,442
---------
------------
----
----
Debtors falling due after one year are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Other debtors
523,707
527,397
---------
---------
----
----
Other debtors includes a figure of £531,086 (2023: £531,086) relating to the loss on disposal of a freehold property in March 2017. The property in question had a carrying value of £3,853,310 and was sold for a total of £3,300,000 as part of a sale and leaseback arrangement. Under the terms of the arrangement the group has the option to re-purchase the freehold, for £1, on the day before the lease expires. Sale and leaseback accounting treatment requires the loss on disposal to be taken to the balance sheet as a debtor and this will be amortised at a rate of £3,689 per annum for 150 years. The figure of £523,707 (2023: £527,397) shown as debtors due after more than one year relates entirely to this transaction.
16. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
70,948
66,350
Bank overdrafts
( 525,669)
( 317,271)
---------
---------
( 454,721)
( 250,921)
---------
---------
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
3,332,577
3,289,307
Trade creditors
170,682
157,619
Amounts owed to group undertakings
3,625,287
3,625,287
Accruals and deferred income
375,377
477,289
Social security and other taxes
66,676
96,685
Obligations under finance leases and hire purchase contracts
22,000
22,294
Other creditors
513,374
383,417
------------
------------
------------
------------
4,480,686
4,426,611
3,625,287
3,625,287
------------
------------
------------
------------
An unlimited cross guarantee has been given to Santander UK plc as security over any amounts owing to the bank by Cresta Court Hotel Holdings Limited and it two subsidiaries, Cresta Court Hotel Property Ltd and Harrop Hotels Ltd. Amounts owed by the company to group undertakings are repayable on demand and are interest free.
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Director loan accounts
600,000
600,000
600,000
600,000
Bank loans and overdrafts
228,375
241,875
Obligations under finance leases and hire purchase contracts
3,123,916
3,146,014
------------
------------
---------
---------
3,952,291
3,987,889
600,000
600,000
------------
------------
---------
---------
The obligations under finance leases and hire purchase contracts includes a figure of £3,145,916 (2023: £3,168,014) relating to monies received by the company as part of the freehold property sale and leaseback agreement. The amount advanced to the company in March 2017 in respect of this transaction was £3,300,000 and a lease for 150 years was entered into for an initial rent of £110,000 per annum; this sum will increase by RPI each year. Under the terms of the arrangement the company has the option to re-purchase the freehold, for £1, on the day before the lease expires.
Sale and leaseback accounting treatment requires the sum of £3,300,000 received for the property to be taken to the balance sheet as a creditor and payments of the lease element to be apportioned between capital repayments and interest over the term of the lease.
The element repayable over five years from the balance sheet date is £3,035,916 (2023: £3,058,014).
The group has borrowed £270,000 under the Government's Coronavirus Business Interruption Loan Scheme.
This loan is repayable within 6 years from March 2021, with no repayments due for the first 12 months.
Interest of 3.5% is payable monthly, in arrears, on this loan; the Government covers the first 12 months interest charge.
The borrower remains responsible for repaying the whole of the loan at all times.
An unlimited cross guarantee has been given to Santander UK plc as security over any amounts owing to the bank by Cresta Court Hotel Holdings Limited and it two subsidiaries, Cresta Court Hotel Property Ltd and Harrop Hotels Ltd. A further bank loan of £3,123,663 was taken out in March 2022, with an initial term of 2 years. Quarterly capital repayments are scheduled over 2 years from June 2022 and the loan has a renewal date of February 2024. Interest is payable at 3.5% per annum. With reference to note 3 to the accounts and the going concern position, the whole of this loan is now included as a liability falling due within one year of the accounting reference date.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
22,000
22,294
Later than 1 year and not later than 5 years
88,000
88,244
Later than 5 years
3,035,916
3,057,770
------------
------------
----
----
3,145,916
3,168,308
------------
------------
----
----
20. Provisions
Group
Deferred tax (note 21)
£
At 1 April 2023
130,932
Additions
( 2,882)
---------
At 31 March 2024
128,050
---------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
128,050
130,932
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
128,050
130,932
---------
---------
----
----
22. Financial risk management objectives and policies
The exposure of the company to price risk, credit risk, liquidity risk and cash flow risk is not considered material for the assessment of the assets, liabilities, financial position and income or expenditure of the company.
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 14,534 (2023: £ 23,537 ).
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
25. Reserves
Non-distributable revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
66,350
4,598
70,948
Bank overdrafts
(317,271)
(208,398)
(525,669)
Debt due within one year
(2,994,330)
165,422
(2,828,908)
Debt due after one year
(3,987,889)
35,598
(3,952,291)
------------
---------
------------
( 7,233,140)
( 2,780)
( 7,235,920)
------------
---------
------------
27. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
425,000
425,000
---------
---------
----
----
Cresta Court Hotel Holdings Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2024
28. Other financial commitments
There is a cross guarantee with the following companies in respect of the obligations of Cresta Court Hotel Holdings Limited : Vine Hotels Limited Sheffield Park Hotel Property Limited Sheffield Park Hotel Limited Dolphin Hotel Property Limited Dolphin Hotel (Hampshire) Limited Vine Kenwood Limited Kenwood Hotel Property Limited Venice Regal Sheffield Limited Cresta Court Hotel Property Limited Harrop Hotels Limited The bank borrowings of the above are secured upon all assets of the company and also by a debenture from each of (i) Vine Hotels Limited and (ii) Vine Kenwood Limited over all of their assets and undertakings. In addition, there is an inter-creditor deed between Santander Bank, each obligor above, Greg Dyke, Susan Howes and Garin Davies.
29. Directors' advances, credits and guarantees
The company has entered into a debenture loan arrangement as between two of its directors, the wife of a director, and the following members of the Cresta Court Hotel Holdings Ltd Group: Cresta Court Hotel Property Limited Harrop Hotels Limited The guarantee covers loans totalling £600,000, advanced to the holding company, Cresta Court Hotel Holdings Limited , by Mr G Dyke . The loans attract interest of 10% per annum and are secured by a fixed and floating charge over all assets of the group companies. Interest totalling £60,000 (2023: £60,000) in respect of these loans has been charged to the company during the year.
30. Related party transactions
Company
An unlimited cross guarantee has been given to Santander UK plc as security over any amounts owing to the bank by Cresta Court Hotel Holdings Limited and it two subsidiaries, Cresta Court Hotel Property Ltd and Harrop Hotels Ltd. The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, not to disclose related party transactions with fellow 100% group companies.
31. Controlling party
The group and company is controlled by its directors. Mr G Dyke controls 75% (2023: 75%) of the issued share capital whilst Mr G Davies controls 25% (2023: 25%).