Company Registration No. 02776839 (England and Wales)
The Hogarth Group Limited
Annual report and
group financial statements
for the year ended 31 March 2024
The Hogarth Group Limited
Company information
Directors
Daniel White
Timothy Slater
Company number
02776839
Registered office
Airedale Avenue
Chiswick
London
W4 2NW
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers
National Westminster Bank plc
314 Chiswick High Road
London
W4 5TB
The Hogarth Group Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10 - 11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
The Hogarth Group Limited
Strategic report
For the year ended 31 March 2024
1

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

Review of the business

The company and group are principally engaged in the health and leisure sector; in particular the provision of gymnasium and sports facilities to members of its health clubs.

 

For the period ending March 2024, company turnover increased by 19.3%, operating profit for the year increased by 147.6% and Net Assets remained stable which provides a platform for continued revenue growth and profitability next year.

Principal risks and uncertainties

Competition

The wellness and health club sector is highly competitive, however the Hogarth Group has an unique proposition being situated in West London with outdoor space and offering excellent customer service to members. Members can experience a range of tailored wellness services in one strategic location in London. However, the directors recognise the balance of inflationary pay pressures from staff to retain top talent whilst also maintaining margins that provide financial sustainability for the club.

 

Financial risk management objectives and policies

The principal financial assets of the company are bank balances, cash and revenues from members. The Company has no third-party debt and therefore has no interest rate exposure.

Development and performance

At the year end the group had net assets of £17,262,866 (2023: £17,318,918) and cash reserves of £2,286,896 (2023: £1,527,092).

Key performance indicators

At the year end the group had 2,164 members of its health club (2023: 2,163) Turnover for the year was £5,932,078 (2023: £4,971,446) and the group made a profit after tax of £234,887 (2023: £235,483).

 

The principal financial assets of the company are bank balances, cash and revenues from members. The Company has no third-party debt and therefore has no interest rate exposure.

Other performance indicators

The Board monitors the activities and performance of the company on a monthly basis. The Board uses both financial and non-financial indicators based on budget versus actual and prior years to assess the performance of the Company. The key financial indicators including revenue growth and net assets were used during the year to 31 March 2024 and will continue to be used by the Board to assess performance over the year to 31 March 2025.

Members

Member satisfaction and loyalty are crucial factors to determine our financial performance and we continually look to improve this. We spend time with our members to ensure that our services meet expectations on a consistent basis. Member feedback, including surveys, allows us to measure member satisfaction which allows new services and products to be delivered to enhance the overall membership experience.

 

Employees

A major contributor to the continued success of the company is our employees and a long tenure is encouraged through a focus on employee development. Annual appraisal and objective setting along with career development ensure alignment with the business aims and contribute to personal as well as company success.

 

This report was approved by the board and signed on its behalf.

The Hogarth Group Limited
Strategic report (continued)
For the year ended 31 March 2024
2

On behalf of the board

Timothy Slater
Director
23 December 2024
The Hogarth Group Limited
Directors' report
For the year ended 31 March 2024
3

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

Principal activities
The company and group are principally engaged in the health and leisure sector; in particular the provision of gymnasium and sports facilities to members of its health clubs.
Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £285,940. The directors do not recommend payment of a further dividend.

Directors

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

Daniel White
Timothy Slater
Future developments

Looking ahead the Group will aim to gain synergies across all group companies by providing core wellness and fitness services to members to increase retention and customer satisfaction. The company continues to invest across all group companies to ensure this provides a competitive advantage to each company.

The Directors are not considering making major changes in the activities of the company in the next year.

Auditor

Saffery Champness have expressed their willingness to remain in office as auditors of the company.

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Hogarth Group Limited
Directors' report (continued)
For the year ended 31 March 2024
4
Statement of disclosure to auditor

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

On behalf of the board
Timothy Slater
Director
23 December 2024
The Hogarth Group Limited
Independent auditor's report
To the members of The Hogarth Group Limited
5
Opinion

We have audited the financial statements of The Hogarth Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

The Hogarth Group Limited
Independent auditor's report (continued)
To the members of The Hogarth Group Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 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.

The Hogarth Group Limited
Independent auditor's report (continued)
To the members of The Hogarth Group Limited
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006, UK Tax legislation, UK Health and Safety regulations and the Quality Care Commission regulations.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

The Hogarth Group Limited
Independent auditor's report (continued)
To the members of The Hogarth Group Limited
8

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Peter Harker (Senior Statutory Auditor)
for and on behalf of Saffery LLP
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
23 December 2024
The Hogarth Group Limited
Group statement of comprehensive income
For the year ended 31 March 2024
9
2024
2023
as restated
Notes
£
£
Turnover
3
5,932,077
4,971,446
Cost of sales
(4,196,095)
(3,709,381)
Gross profit
1,735,982
1,262,065
Administrative expenses
(781,208)
(898,945)
Other operating income
-
22,506
Operating profit
4
954,774
385,626
Interest receivable and similar income
7
10,827
3,387
Interest payable and similar expenses
8
(77,780)
(87,811)
Other gains and losses
9
(435,041)
119,350
Profit before taxation
452,780
420,552
Tax on profit
10
(217,893)
(185,069)
Profit for the financial year
234,887
235,483
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

The Hogarth Group Limited
Group statement of financial position
As at 31 March 2024
10
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
6,016,218
6,085,703
Investment property
13
12,370,380
12,795,420
18,386,598
18,881,123
Current assets
Stocks
16
2,750
2,750
Debtors
17
876,178
1,055,178
Cash at bank and in hand
2,286,896
1,527,092
3,165,824
2,585,020
Creditors: amounts falling due within one year
18
(1,867,606)
(1,636,917)
Net current assets
1,298,218
948,103
Total assets less current liabilities
19,684,816
19,829,226
Creditors: amounts falling due after more than one year
19
(1,903,800)
(2,000,661)
Provisions for liabilities
Provisions
20
-
0
40,000
Deferred tax liability
21
518,150
474,647
(518,150)
(514,647)
Net assets
17,262,866
17,313,918
Capital and reserves
Called up share capital
24
800
800
Revaluation reserve
124,921
124,921
Capital redemption reserve
200
200
Profit and loss reserves
17,136,945
17,187,997
Total equity
17,262,866
17,313,918

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The Hogarth Group Limited
Group statement of financial position (continued)
As at 31 March 2024
11
The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
23 December 2024
Timothy Slater
Director
Company registration number 02776839 (England and Wales)
The Hogarth Group Limited
Company statement of financial position
As at 31 March 2024
31 March 2024
12
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
13
12,370,380
12,795,420
Investments
14
1,201
1,201
12,371,581
12,796,621
Current assets
Debtors
17
4,564,989
4,688,890
Cash at bank and in hand
1,370,164
994,202
5,935,153
5,683,092
Creditors: amounts falling due within one year
18
(10,979,387)
(10,347,694)
Net current liabilities
(5,044,234)
(4,664,602)
Total assets less current liabilities
7,327,347
8,132,019
Creditors: amounts falling due after more than one year
19
(1,801,098)
(1,881,084)
Net assets
5,526,249
6,250,935
Capital and reserves
Called up share capital
24
800
800
Capital redemption reserve
200
200
Profit and loss reserves
5,525,249
6,249,935
Total equity
5,526,249
6,250,935

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £438,746 (2023 - £107,471 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
23 December 2024
Timothy Slater
Director
Company registration number 02776839 (England and Wales)
The Hogarth Group Limited
Group statement of changes in equity
For the year ended 31 March 2024
13
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
800
124,921
200
16,952,514
17,078,435
Year ended 31 March 2023:
Profit and total comprehensive income
31
-
-
-
235,483
235,483
Balance at 31 March 2023
800
124,921
200
17,187,997
17,313,918
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
234,887
234,887
Dividends
11
-
-
-
(285,940)
(285,940)
Balance at 31 March 2024
800
124,921
200
17,136,944
17,262,865
The Hogarth Group Limited
Company statement of changes in equity
For the year ended 31 March 2024
14
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
800
200
6,142,464
6,143,464
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
107,471
107,471
Balance at 31 March 2023
800
200
6,249,935
6,250,935
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
(438,746)
(438,746)
Dividends
11
-
-
(285,940)
(285,940)
Balance at 31 March 2024
800
200
5,525,249
5,526,249
The Hogarth Group Limited
Group statement of cash flows
For the year ended 31 March 2024
15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,204,394
1,072,805
Interest paid
(77,780)
(87,811)
Income taxes refunded
70,201
63,815
Net cash inflow from operating activities
1,196,815
1,048,809
Investing activities
Purchase of tangible fixed assets
(284,873)
(592,948)
Proceeds on disposal of fixed assets
-
231,993
Improvement of investment property
(10,000)
(69,745)
Increase in other investments and loans
123,420
(130,364)
Interest received
10,827
3,387
Net cash used in investing activities
(160,626)
(557,677)
Financing activities
Repayment of bank loans
25,014
529,709
Payment of finance leases obligations
(15,459)
135,036
Dividends paid to equity shareholders
(285,940)
-
Net cash (used in)/generated from financing activities
(276,385)
664,745
Net increase in cash and cash equivalents
759,804
1,155,877
Cash and cash equivalents at beginning of year
1,527,092
371,215
Cash and cash equivalents at end of year
2,286,896
1,527,092
The Hogarth Group Limited
Company statement of cash flows
For the year ended 31 March 2024
16
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
581,798
483,283
Interest paid
(66,055)
(83,596)
Income taxes (paid)/refunded
-
18,676
Net cash inflow from operating activities
515,743
418,363
Investing activities
Purchase of investment property
(10,000)
(69,745)
Proceeds from other investments and loans
120,318
(128,599)
Interest received
10,827
2,962
Net cash generated from/(used in) investing activities
121,145
(195,382)
Financing activities
Repayment of bank loans
25,014
529,709
Dividends paid to equity shareholders
(285,940)
-
Net cash (used in)/generated from financing activities
(260,926)
529,709
Net increase in cash and cash equivalents
375,962
752,690
Cash and cash equivalents at beginning of year
994,202
241,512
Cash and cash equivalents at end of year
1,370,164
994,202
The Hogarth Group Limited
Notes to the financial statements
For the year ended 31 March 2024
17
1
Accounting policies
Company information

The Hogarth Group Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Airedale Avenue, Chiswick, London, W4 2NW.

 

The group consists of The Hogarth Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £438,746 (2023 - £107,471 profit).

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company The Hogarth Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
18
1.3
Going concern

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

1.4
Turnover

Turnover represents membership income and fees charges in the company's principal activity of providing gymnasium and sports facilities.

1.5
Tangible fixed assets

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

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

Land and buildings Freehold
2% of the reducing balance
Land and buildings Leasehold
Over the life of the lease
Plant and machinery
5% - 15% of the reducing balance
Fixtures, fittings & equipment
15% of the reducing balance
Swimming pools
15% of the reducing balance
Motor vehicles
25% of the reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

 

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
19

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

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

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

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
20
Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
21
Other financial liabilities

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

 

Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

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

Current tax

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

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
22
1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

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

 

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

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
23
2
Critical accounting judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Valuation of Investment Property

Investment properties are carried at fair value. The majority of properties held by the company have been professionally valued using a third party RICs valuation, but some properties have been valued using a directors valuation. The assessment of this valuation requires judgements to be made, which includes using the property type, location, comparable property valuations and market awareness.

Depreciation of fixed assets

Under FRS 102 following the measurement of assets at cost, they should be depreciated over their useful economic life, unless the revaluation model is being applied (with impairments). If major components of fixed assets have significantly different patterns of consumption of economic benefits, an entity shall allocate the initial cost of the asset to its major components, and depreciate each such component over its useful life. The useful economic lives of the various asset groups has been determined by management and assessed annually for reasonableness.

Accruals & Provisions

Management prepare the accounts with some input by the auditors on specific accounting matters. This includes accruals which are recognised by management at year end and tested by the auditors. The auditors also look in to the completeness of accruals as not all post year end invoices relating to the year of accounts are picked up by management and therefore an adjustment for accruals is added where relevant to be in line with correct accounting treatment. Provisions are also discussed by management with the auditors and are posted to the accounts if meet the criteria for recognition under the FRS102 accounting standards.

Deferred income

Deferred income relates to income that has been received during the year being reported but is not yet fully relevant to the this year under income recognition criteria. As such it is deferred to be recognised in the following year. Since some of the club's memberships run annually, it may be that customer's pay in advance for a year's membership and therefore the full amount paid does not solely relate to the year being reported. A detailed breakdown of membership income is provided to the auditor's who perform testing to find the required deferred income total for the year and make the relevant adjustment to the accounts.

The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
24
3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Membership fees
2,930,768
2,491,408
Bar and restaurant
258,777
231,198
Beauty treatments
254,367
261,285
Miscellaneous fees
350,355
296,815
Facilities Hire
1,322,069
1,153,285
Refunds
(16,830)
29,638
Shop and retail sales
51,736
34,366
Rental Income
258,709
246,068
Dental and service treatments
522,127
227,383
5,932,077
4,971,446
2024
2023
£
£
Turnover analysed by geographical market
UK
5,932,077
4,971,446
2024
2023
£
£
Other revenue
Interest income
10,827
3,387
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
447
2,071
Depreciation of owned tangible fixed assets
354,358
303,421
Profit on disposal of tangible fixed assets
-
(9,511)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
21,343
16,900
Audit of the financial statements of the company's subsidiaries
82,681
51,360
104,024
68,260
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
25
6
Employees

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

2024
2023
Number
Number
Management
13
10
Bar & restaurant
7
17
Gymnasium
13
14
Rangers
1
3
Reception
18
21
Sales
5
7
Beauty
6
11
Other
20
19
83
102

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,230,393
2,069,580
Social security costs
165,666
155,906
Pension costs
17,710
11,617
2,413,769
2,237,103
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
10,827
2,889
Other interest income
-
498
Total income
10,827
3,387
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
26
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
33,782
-
Other interest on financial liabilities
32,273
83,596
66,055
83,596
Other finance costs:
Interest on finance leases and hire purchase contracts
11,725
4,215
Total finance costs
77,780
87,811
9
Other gains and losses
2024
2023
£
£
Changes in the fair value of investment properties
(435,041)
119,350
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
229,634
114,903
Adjustments in respect of prior periods
(55,244)
22,390
Total current tax
174,390
137,293
Deferred tax
Origination and reversal of timing differences
51,055
(2,311)
Adjustment in respect of prior periods
(7,552)
50,087
Total deferred tax
43,503
47,776
Total tax charge
217,893
185,069
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
Taxation (continued)
27

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

2024
2023
£
£
Profit before taxation
411,453
400,368
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
102,864
88,306
Tax effect of expenses that are not deductible in determining taxable profit
110,184
13,051
Tax effect of income not taxable in determining taxable profit
(1,053)
(22,676)
Depreciation on assets not qualifying for tax allowances
34,218
34,467
Under/(over) provided in prior years
(55,243)
22,382
Remeasurement of deferred tax for changes in tax rates
-
0
(558)
Movement in deferred tax not recognised
-
10
Deferred tax under/(over) provided in prior years
26,923
50,087
Taxation charge
217,893
185,069
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
285,940
-
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
28
12
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
1,576,256
4,196,106
2,501,475
1,275,772
232,255
9,781,864
Additions
126,074
3,781
93,971
-
0
61,047
284,873
At 31 March 2024
1,702,330
4,199,887
2,595,447
1,275,771
293,302
10,066,737
Depreciation and impairment
At 1 April 2023
415,324
387,493
1,783,959
959,899
149,486
3,696,161
Depreciation charged in the year
81,593
71,966
155,642
22,563
22,594
354,358
At 31 March 2024
496,917
459,459
1,939,601
982,462
172,080
4,050,519
Carrying amount
At 31 March 2024
1,205,413
3,740,428
655,846
293,309
121,222
6,016,218
At 31 March 2023
1,160,932
3,808,613
717,516
315,873
82,769
6,085,703
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023
12,795,421
12,795,421
Additions
10,000
10,000
Net gains or losses through fair value adjustments
(435,041)
(435,041)
At 31 March 2024
12,370,380
12,370,380

Investment property comprises seven properties in London. The directors have valued these properties based on an open market basis and market conditions.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
-
0
-
0
1,201
1,201
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
14
Fixed asset investments (continued)
29
Fixed asset investments revalued

Interests in listed investments are initially measured at cost, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 April 2023 and 31 March 2024
1,201
Carrying amount
At 31 March 2024
1,201
At 31 March 2023
1,201
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Hogarth Clinic Limited
Dormant
Ordinary
100.00
Hogarth Leisure Limited
Management services
Ordinary
100.00
The Hogarth Health Club Limited
Operation of leisure facilities
Ordinary
100.00
The Park Club Limited
Operation of leisure facilities
Ordinary
100.00
The Door W4 Limited
Private medical clinic
Ordinary
100.00

The registered office for all subsidiaries is: Airedale Avenue, Chiswick, London, W4 2NW

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,750
2,750
-
0
-
0
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
30
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
100,140
29,793
-
0
-
0
Corporation tax recoverable
32,867
156,567
32,867
32,867
Amounts owed by group undertakings
-
-
3,814,057
3,822,339
Other debtors
738,471
860,614
713,365
833,684
Prepayments and accrued income
4,700
8,204
4,700
-
0
876,178
1,055,178
4,564,989
4,688,890
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
16,875
15,459
-
0
-
0
Trade creditors
199,080
215,652
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
10,750,264
10,141,563
Corporation tax payable
210,758
89,867
32,867
32,867
Other taxation and social security
246,263
199,944
-
-
Deferred income
22
863,394
774,678
102,050
100,500
Other creditors
129,634
136,118
73,206
54,669
Accruals and deferred income
201,602
205,199
21,000
18,095
1,867,606
1,636,917
10,979,387
10,347,694
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
31
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
1,763,723
1,738,709
1,763,723
1,738,709
Obligations under finance leases
102,702
119,577
-
0
-
0
Deferred income
22
37,375
142,375
37,375
142,375
1,903,800
2,000,661
1,801,098
1,881,084
Amounts included above which fall due after five years are as follows:
Payable by instalments
17,478
41,781
-
-
17,478
41,781
-
-
Payable by monthly installments which include interest within the range of 0.76- 0.77%
20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Additional provision
-
40,000
-
-
Movements on provisions:
Group
£
At 1 April 2023
40,000
Reversal of provision
(40,000)
At 31 March 2024
-
21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
518,150
474,647
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
21
Deferred taxation (continued)
32
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
474,647
426,871
Charge to profit or loss
43,503
47,776
Liability at 31 March 2024
518,150
474,647
22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
900,769
917,053
139,425
242,875

Deferred income is included in the financial statements as follows:

Current liabilities
863,394
774,678
102,050
100,500
Non-current liabilities
37,375
142,375
37,375
142,375
900,769
917,053
139,425
242,875
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,710
11,617

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1,000 Ordinary shares of £1 each
800
800
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
33
25
Related party transactions

During the year, the group advanced £116,897 (2023: £66,765) to Daniel White, a shareholder and director of Hogarth Group Ltd. Their year end loan balance due to Hogarth Group Ltd is £65,382 (2023: £161,743).

 

During the year, the group advanced £44,027 (2023: £44,923) to The Colin White Discretionary Trust, a shareholder of Hogarth Group Ltd. Their year end loan balance due to Hogarth Group Ltd is £44,027 (2023: £71,086).

 

During the year, no payments were made to Hogarth Property Limited, relating to investment property expenditure (2023: £187,171). As at 31 March 2024 there is an outstanding balance of £591,330 (2023: £591,330) due from Hogarth Property Limited. Hogarth Property Limited is an Irish company under common control with Hogarth Group Ltd.

26
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
161,743
116,897
(213,258)
65,382
161,743
116,897
(213,258)
65,382
27
Controlling party

The ultimate controlling party is Daniel White by virtue of share ownership.

28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
234,887
235,483
Adjustments for:
Taxation charged
217,893
185,069
Finance costs
77,780
87,811
Investment income
(10,827)
(3,387)
Gain on disposal of tangible fixed assets
-
(9,511)
Depreciation and impairment of tangible fixed assets
354,358
303,421
Other gains and losses
435,041
(119,350)
(Decrease)/increase in provisions
(40,000)
40,000
Movements in working capital:
(Increase) in debtors
(68,120)
(19,966)
Increase/(decrease) in creditors
19,666
(92,767)
(Decrease)/increase in deferred income
(16,284)
466,003
Cash generated from operations
1,204,394
1,072,806
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
34
29
Cash generated from operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(438,746)
107,471
Adjustments for:
Taxation charged/(credited)
-
0
(11,186)
Finance costs
66,055
83,596
Investment income
(10,827)
(2,962)
Other gains and losses
435,041
(119,350)
Movements in working capital:
Decrease/(increase) in debtors
3,582
(385,827)
Increase in creditors
630,143
568,666
(Decrease)/increase in deferred income
(103,450)
242,875
Cash generated from operations
581,798
483,283
30
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,527,092
759,804
2,286,896
Borrowings excluding overdrafts
(1,738,709)
(25,014)
(1,763,723)
Obligations under finance leases
(135,036)
15,459
(119,577)
(346,653)
750,249
403,596
31
Analysis of changes in net debt - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
994,202
375,962
1,370,164
Borrowings excluding overdrafts
(1,738,709)
(25,014)
(1,763,723)
(744,507)
350,948
(393,559)
The Hogarth Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
35
32
Prior period adjustment
Reconciliation of changes in equity - group
31 March
2023
£
Adjustments to prior year
Interest payable on finance lease
(4,215)
Total adjustments
(4,215)
Equity as previously reported
17,318,133
Equity as adjusted
17,313,918
Analysis of the effect upon equity
Profit and loss reserves
(4,215)
(4,215)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Interest payable on finance lease
(4,215)
Total adjustments
(4,215)
Profit as previously reported
239,698
Profit as adjusted
235,483
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Notes to reconciliation

In the prior year, a subsidiary company entered into a finance lease agreement for two assets which are used exclusively by another subsidiary company. The prior period adjustment relates to the recognition of the interest payable relating to the year ended 31 March 2023, which increased the loss as previously reported by £4,215 within the relevant subsidiary company.

2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210Daniel WhiteTimothy SlaterMalcolm Grumbridgefalsefalse027768392023-04-012024-03-3102776839bus:Director12023-04-012024-03-3102776839bus:Director22023-04-012024-03-3102776839bus:CompanySecretary12023-04-012024-03-3102776839bus:RegisteredOffice2023-04-012024-03-3102776839bus:Agent12023-04-012024-03-3102776839bus:Consolidated2024-03-31027768392024-03-3102776839bus:Consolidated2023-04-012024-03-3102776839bus:Consolidated2022-04-012023-03-31027768392022-04-012023-03-3102776839bus:Consolidated2023-03-3102776839core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-3102776839core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-03-3102776839core:PlantMachinerybus:Consolidated2024-03-3102776839core:FurnitureFittingsbus:Consolidated2024-03-3102776839core:MotorVehiclesbus:Consolidated2024-03-3102776839core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3102776839core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3102776839core:PlantMachinerybus:Consolidated2023-03-3102776839core:FurnitureFittingsbus:Consolidated2023-03-3102776839core:MotorVehiclesbus:Consolidated2023-03-31027768392023-03-3102776839core:ShareCapitalbus:Consolidated2024-03-3102776839core:ShareCapitalbus:Consolidated2023-03-3102776839core:RevaluationReservebus:Consolidated2024-03-3102776839core:RevaluationReservebus:Consolidated2023-03-3102776839core:CapitalRedemptionReservebus:Consolidated2024-03-3102776839core:CapitalRedemptionReservebus:Consolidated2023-03-3102776839core:ShareCapital2024-03-3102776839core:ShareCapital2023-03-3102776839core:CapitalRedemptionReserve2024-03-3102776839core:CapitalRedemptionReserve2023-03-3102776839core:RetainedEarningsAccumulatedLosses2024-03-3102776839core:ShareCapitalbus:Consolidated2022-03-3102776839core:SharePremiumbus:Consolidated2022-03-3102776839core:CapitalRedemptionReservebus:Consolidated2022-03-3102776839core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3102776839core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3102776839core:ShareCapital2022-03-3102776839core:CapitalRedemptionReserve2022-03-3102776839core:RetainedEarningsAccumulatedLosses2022-03-3102776839core:RetainedEarningsAccumulatedLosses2023-03-3102776839bus:Consolidated2022-03-31027768392022-03-3102776839core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3102776839core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3102776839core:PlantMachinery2023-04-012024-03-3102776839core:FurnitureFittings2023-04-012024-03-3102776839core:ComputerEquipment2023-04-012024-03-3102776839core:MotorVehicles2023-04-012024-03-3102776839core:UKTaxbus:Consolidated2023-04-012024-03-3102776839core:UKTaxbus:Consolidated2022-04-012023-03-3102776839bus:Consolidated12023-04-012024-03-3102776839bus:Consolidated12022-04-012023-03-3102776839bus:Consolidated22023-04-012024-03-3102776839bus:Consolidated22022-04-012023-03-3102776839core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3102776839core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3102776839core:MotorVehiclesbus:Consolidated2023-03-3102776839bus:Consolidated2023-03-3102776839core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-04-012024-03-3102776839core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-04-012024-03-3102776839core:PlantMachinerybus:Consolidated2023-04-012024-03-3102776839core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3102776839core:MotorVehiclesbus:Consolidated2023-04-012024-03-3102776839core:PlantMachinerybus:Consolidated2023-03-3102776839core:FurnitureFittingsbus:Consolidated2023-03-3102776839core:UnlistedNon-exchangeTradedbus:Consolidated2024-03-3102776839core:UnlistedNon-exchangeTradedbus:Consolidated2023-03-3102776839core:UnlistedNon-exchangeTraded2024-03-3102776839core:UnlistedNon-exchangeTraded2023-03-3102776839core:CurrentFinancialInstruments2024-03-3102776839core:CurrentFinancialInstruments2023-03-3102776839core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3102776839core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3102776839core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3102776839core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3102776839core:Non-currentFinancialInstruments2024-03-3102776839core:Non-currentFinancialInstruments2023-03-3102776839core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3102776839core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3102776839core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102776839core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102776839core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3102776839core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3102776839core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3102776839core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102776839bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102776839bus:FRS1022023-04-012024-03-3102776839bus:Audited2023-04-012024-03-3102776839bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3102776839bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP