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COMPANY REGISTRATION NUMBER: 13190949
Bredbury Hall Propco Limited
Financial Statements
31 March 2024
Bredbury Hall Propco 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 income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the financial statements
15 to 25
Bredbury Hall Propco Limited
Officers and Professional Advisers
The board of directors
Mr C Dix
Mr N Burgin (Resigned 31 October 2024)
Mr G J Davies
Mr D J K Wilson
Registered office
C/O Director of Finance
Mosborough Hall Hotel
High Street
Mosborough
Sheffield
S20 5EA
Auditor
Hebblethwaites
Chartered accountants & statutory auditor
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
Bredbury Hall Propco Limited
Strategic Report
Year ended 31 March 2024
The principal activity of the group is provision of accommodation and related guest spend. Key performance highlights: The directors are pleased to report revenues amounting to £7.6m in this second full year of trading activities for the group. The gross profit for the year amounted to £5.33 million (2023: £3.68 million, and overall profit before tax this year totals £2.953 million (2023: £1.873 million. Turnover £7,616,259 (2023: £6,133,623) Gross profit £5,333,089 (2023: £3,681,955) Profit before tax £2,952,600 (2023: £1,882,121) Year end position The year end position of the group, as portrayed by the Statement of Financial Position, is reflective of a further very successful trading year. The net current assets are strong, placing the group on a sound financial footing at the year end date, with a total net worth of £1.163 million.
Market risk factors The market remains competitive, with ongoing challenges in terms of sales pricing as against upward pressures on costs, in particular in relation to the costs of employment. The group has established a strong asset base and has been able to significantly reduce its' exposure to funding, which provides a competitive advantage as compared to other venues with substantial costs of finance. The ongoing profitability and retention continues to strengthen the reserves thus reducing the exposure to market fluctuations and sensitivities. Funding requirements and retention policies remain under constant review to avoid any complacency impacting the medium to long term strength of the group.
There are no post balance sheet events to report.
The directors continue to explore opportunities to further increase the services available to our valued customers.
Financial risk management The Directors and senior management monitor the financial requirements of the group and associated risks. The group finances its operations and developments via borrowings as required. Interest rate risk Principal sources of borrowings are not currently subject to rates of interest. Liquidity risk The company maintains sufficient levels of cash and liquidity to meet its medium-term working capital and funding obligations. Credit risk Credit risk from revenue streams is monitored closely by the management, to ensure problems are identified at an early stage. Financial reporting risks Potential weaknesses in the company's financial systems could result in the incorrect reporting of financial results. This risk is mitigated by the production of detailed management accounts to monitor income and costs closely.
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
High Street
Mosborough
Sheffield
S20 5EA
Bredbury Hall Propco 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 C Dix
Mr N Burgin
Mr G J Davies
Mr D J K Wilson
Dividends
The directors do not recommend the payment of a dividend.
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; - 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
High Street
Mosborough
Sheffield
S20 5EA
Bredbury Hall Propco Limited
Independent Auditor's Report to the Members of Bredbury Hall Propco Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Bredbury Hall Propco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, 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 profit 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.
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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 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
(Senior Statutory Auditor)
For and on behalf of
Hebblethwaites
Chartered accountants & statutory auditor
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
3 December 2024
Bredbury Hall Propco Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
7,616,259
6,133,623
Cost of sales
2,283,170
2,451,668
------------
------------
Gross profit
5,333,089
3,681,955
Administrative expenses
2,394,993
1,812,289
Other operating income
5
1,799
3,228
------------
------------
Operating profit
6
2,939,895
1,872,894
Other interest receivable and similar income
9
12,705
9,227
------------
------------
Profit before taxation
2,952,600
1,882,121
Tax on profit
10
738,125
377,687
------------
------------
Profit for the financial year and total comprehensive income
2,214,475
1,504,434
------------
------------
Retained earnings at the start of the year
1,947,404
442,970
------------
------------
Retained earnings at the end of the year
4,161,879
1,947,404
------------
------------
All the activities of the group are from continuing operations.
Bredbury Hall Propco Limited
Company Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
156,713
159,249
Retained earnings at the start of the year
253,022
93,773
---------
---------
Retained earnings at the end of the year
409,735
253,022
---------
---------
Bredbury Hall Propco Limited
Consolidated Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
11
4,587,030
4,636,084
Current assets
Stocks
13
21,629
33,589
Debtors
14
240,670
451,521
Cash at bank and in hand
2,010,178
3,442,285
------------
------------
2,272,477
3,927,395
Creditors: amounts falling due within one year
15
1,665,693
1,340,656
------------
------------
Net current assets
606,784
2,586,739
------------
------------
Total assets less current liabilities
5,193,814
7,222,823
Creditors: amounts falling due after more than one year
16
877,605
5,108,825
Provisions
17
152,902
165,166
------------
------------
Net assets
4,163,307
1,948,832
------------
------------
Capital and reserves
Called up share capital
20
1,428
1,428
Profit and loss account
4,161,879
1,947,404
------------
------------
Shareholders funds
4,163,307
1,948,832
------------
------------
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: 13190949
Bredbury Hall Propco Limited
Company Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
11
4,209,304
4,225,304
Investments
12
1
1
------------
------------
4,209,305
4,225,305
Current assets
Debtors
14
108,203
1,246,023
Cash at bank and in hand
300
37,301
---------
------------
108,503
1,283,324
Creditors: amounts falling due within one year
15
2,970,569
82,883
------------
------------
Net current (liabilities)/assets
( 2,862,066)
1,200,441
------------
------------
Total assets less current liabilities
1,347,239
5,425,746
Creditors: amounts falling due after more than one year
16
877,605
5,108,825
Provisions
17
58,471
62,471
------------
------------
Net assets
411,163
254,450
------------
------------
Capital and reserves
Called up share capital
20
1,428
1,428
Profit and loss account
409,735
253,022
---------
---------
Shareholders funds
411,163
254,450
---------
---------
The profit for the financial year of the parent company was £ 156,713 (2023: £ 159,249 ).
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: 13190949
Bredbury Hall Propco Limited
Consolidated Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
2,214,475
1,504,434
Adjustments for:
Depreciation of tangible assets
163,431
97,381
Other interest receivable and similar income
( 12,705)
( 9,227)
Tax on profit
738,125
377,687
Accrued expenses/(income)
17,839
( 319,850)
Changes in:
Stocks
11,960
6,887
Trade and other debtors
210,851
235,399
Trade and other creditors
( 133,164)
469,043
------------
------------
Cash generated from operations
3,210,812
2,361,754
Interest received
12,705
9,227
Tax paid
( 310,027)
( 22,827)
------------
------------
Net cash from operating activities
2,913,490
2,348,154
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 114,377)
( 351,960)
Proceeds from sale of tangible assets
4,197
------------
------------
Net cash used in investing activities
( 114,377)
( 347,763)
------------
------------
Cash flows from financing activities
Repayments of borrowings
( 4,231,220)
------------
------------
Net cash used in financing activities
( 4,231,220)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,432,107)
2,000,391
Cash and cash equivalents at beginning of year
3,442,285
1,441,894
------------
------------
Cash and cash equivalents at end of year
2,010,178
3,442,285
------------
------------
Bredbury Hall Propco 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, High 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.
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 Bredbury Hall Propco Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
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, other than those highlighted below. The directors review the estimated useful lives of property, plant and equipment at the end of each reporting period. During the current year, the directors have concluded that no revision is required to these estimates and that residual values exceed carrying values.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, 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.
Taxation
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.
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.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Provision of accomodation and related guest spend
7,616,259
6,133,623
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Other operating income
1,799
3,228
-------
-------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
163,431
97,381
Impairment of trade debtors
6,253
---------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
10,000
9,885
--------
-------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
73
70
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,426,547
1,467,564
Social security costs
96,283
81,885
Other pension costs
22,653
18,422
------------
------------
1,545,483
1,567,871
------------
------------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
12,705
9,227
--------
-------
10. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
750,414
310,052
Adjustments in respect of prior periods
( 25)
---------
---------
Total current tax
750,389
310,052
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 12,264)
67,635
---------
---------
Tax on profit
738,125
377,687
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
2,952,600
1,882,121
------------
------------
Profit on ordinary activities by rate of tax
738,150
357,603
Adjustment to tax charge in respect of prior periods
( 25)
Effect of capital allowances and depreciation
20,084
------------
------------
Tax on profit
738,125
377,687
------------
------------
11. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
4,175,419
336,525
259,102
4,771,046
Additions
60,138
54,239
114,377
------------
---------
---------
------------
At 31 March 2024
4,175,419
396,663
313,341
4,885,423
------------
---------
---------
------------
Depreciation
At 1 April 2023
64,576
70,386
134,962
Charge for the year
73,959
89,472
163,431
------------
---------
---------
------------
At 31 March 2024
138,535
159,858
298,393
------------
---------
---------
------------
Carrying amount
At 31 March 2024
4,175,419
258,128
153,483
4,587,030
------------
---------
---------
------------
At 31 March 2023
4,175,419
271,949
188,716
4,636,084
------------
---------
---------
------------
Company
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
4,175,419
80,000
4,255,419
------------
--------
------------
Depreciation
At 1 April 2023
30,115
30,115
Charge for the year
16,000
16,000
------------
--------
------------
At 31 March 2024
46,115
46,115
------------
--------
------------
Carrying amount
At 31 March 2024
4,175,419
33,885
4,209,304
------------
--------
------------
At 31 March 2023
4,175,419
49,885
4,225,304
------------
--------
------------
12. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
1
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 1 April 2023 and 31 March 2024
1
----
At 31 March 2023
1
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Bedbury Hall Limited,
C/O Director of Finance
Ordinary
100
Mosborough Hall Hotel
High Street
Sheffield
S20 5EA
13. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
21,629
33,589
--------
--------
----
----
14. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
87,415
249,238
Amounts owed by group undertakings
1,087,820
Prepayments and accrued income
135,999
174,654
106,250
156,250
Other debtors
17,256
27,629
1,953
1,953
---------
---------
---------
------------
240,670
451,521
108,203
1,246,023
---------
---------
---------
------------
15. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
186,939
182,245
Amounts owed to group undertakings
2,900,581
Accruals and deferred income
314,089
296,250
Corporation tax
750,414
310,052
56,238
40,450
Social security and other taxes
381,725
392,865
13,750
42,433
Other creditors
32,526
159,244
------------
------------
------------
--------
1,665,693
1,340,656
2,970,569
82,883
------------
------------
------------
--------
16. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Long term loan notes
877,605
5,108,825
877,605
5,108,825
---------
------------
---------
------------
The long term loan notes do not attract an interest charge and are repayable in 2026. The loan notes are secured on the property held by Bredbury Hall Propco Limited .
17. Provisions
Group
Deferred tax (note 18)
£
At 1 April 2023
165,166
Additions
( 12,264)
---------
At 31 March 2024
152,902
---------
Company
Deferred tax (note 18)
£
At 1 April 2023
62,471
Additions
( 4,000)
--------
At 31 March 2024
58,471
--------
18. 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 17)
152,902
165,166
58,471
62,471
---------
---------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
152,902
165,166
---------
---------
----
----
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 22,653 (2023: £ 18,422 ).
20. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 0.10 each
8,954
895
8,954
895
Ordinary B shares of £ 0.10 each
2,798
280
2,798
280
Ordinary C shares of £ 0.10 each
286
29
286
29
Ordinary D shares of £ 0.10 each
2,239
224
2,239
224
--------
-------
--------
-------
14,277
1,428
14,277
1,428
--------
-------
--------
-------
21. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
3,442,285
(1,432,107)
2,010,178
------------
------------
------------
22. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
275,000
275,000
Later than 1 year and not later than 5 years
858,453
1,100,000
Later than 5 years
33,453
------------
------------
----
----
1,133,453
1,408,453
------------
------------
----
----
Bredbury Hall Propco Limited
Notes to the Financial Statements (continued)
Year ended 31 March 2024
22. Operating leases (continued)
The above relates to a property rented from Bredbury Hall Propco Limited , the immediate parent company of Bredbury Hall Limited. A formal seven year lease, reflecting an annual rent of £275,000 per annum, was entered into in May 2021.
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
275,000
275,000
275,000
275,000
Later than 1 year and not later than 5 years
858,453
1,100,000
858,453
1,100,000
Later than 5 years
33,453
33,453
------------
------------
------------
------------
1,133,453
1,408,453
1,133,453
1,408,453
------------
------------
------------
------------
The property owned by Bredbury Hall Propco Limited is subject to a lease to Bredbury Hall Limited, the 100% subsidiary company of Bredbury Hall Propco Limited . A formal lease of seven years, in this later regard, was entered into in May 2021 with the rent receivable being £275,000 per annum.