REGISTERED NUMBER: 10993916 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 May 2024 |
for |
Country House Weddings Holdings Limited |
REGISTERED NUMBER: 10993916 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 May 2024 |
for |
Country House Weddings Holdings Limited |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
Country House Weddings Holdings Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Business Advisors |
Statutory Auditor |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Group Strategic Report |
for the Year Ended 31 May 2024 |
The directors present their strategic report of the company and the group for the year ended 31 May 2024. |
REVIEW OF BUSINESS |
The group is a wedding venue provider, with multiple venues under its operation, the same as in the previous year. |
Key performance indicators |
Performance of the group is monitored internally using a variety of statutory and alternative performance measures (APMs) and key performance indicators (KPls). APMs are used where management considers they are more representative of underlying trading or in monitoring performance against the group's objectives. |
Turnover is an important metric as it reflects the core underlying activities of the group by adding together the turnover from each venue. |
Gross Margin is an important metric as it provides valuable insight into whether the group is pricing it's services appropriately. |
Operating profit is an important metric as it is an indirect measure of efficiency. The higher the net profit, the more profitable the group's core business is. |
Earnings before interest, tax, depreciation and amortisation ("EBITDA") is considered, by management, to be informative as it reflects operating profit adjusted for non-cash charges. |
The figures for these 4 key performance measures are stated below: |
2024 | 2023 |
Turnover | £17,489,072 | £20,500,149 |
Gross profit margin | 80.00% | 80.77% |
Operating profit/(loss) | £11,153,395 | £1,593,828 |
EBITDA | £15,800,549 | £3,304,942 |
PRINCIPAL RISKS AND UNCERTAINTIES |
In the course of normal business, the group continually assesses significant risks faced and takes action to mitigate the potential impacts. The principle risks (which is not intended to be a comprehensive analysis) facing the company are as follows: |
Financial and liquidity |
The general health of the UK economy and individuals disposable income is important to the group's success. The group manages any potential downturn in the economy by a policy of structuring payment plans for customers.. |
Operating capital - The availability of operating capital is crucial to ensuring that the group has sufficient funds to meet their liabilities as they fall due to suppliers and employees. The group manages this by reviewing the cash flow daily and tracks on a rolling year to ensure sufficient funds are available. |
Operational risks |
Customer service - The group relies on its teams to provide quality customer service. Teams are provided with rigorous training, covering customer service, digital tools to inform risk and mitigate thereafter to ensure that high standards and customer experience are maintained. |
Health and safety - All staff are provided with comprehensive training to ensure they are all aware of the risks and how they can help to mitigate them. |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Group Strategic Report |
for the Year Ended 31 May 2024 |
SECTION 172(1) STATEMENT |
This section serves as our section 172 statement. Section 172(1)(a) to (f) of the Companies Act 2006 requires directors to exercise their duty to promote the success of the Country House Wedding Group for the benefit of its members as a whole, including taking into consideration the interests of key stakeholders in their decision making. |
The directors continue to have regard to the interests of the group's employees and other stakeholders, including the impact of its activities on the community, the environment and the group's reputation, when making decisions. Acting in good faith and fairly between members, the directors consider what is most likely to promote the success of the group for its members in the long term. Whilst the importance of giving due consideration to our stakeholders is not new, we explain in more detail this year how the directors engage with our stakeholders, thus seeking to comply with the requirement to include a statement setting out how the directors have discharged this duty. |
Our stakeholders |
The directors consider the group's key stakeholders to be: |
- | Workforce - the strength of our business is built on the hard work and dedication of all our employees, and they rely on us to provide stable employment and opportunities to realise their potential in a working environment where they can perform at their best; |
- | Customers - our customers are the reason we exist. With multiple choices of wedding venues, it is essential to our future that we continually strive to provide the highest quality product and in an enjoyable and safe environment, and at a competitive price. In doing so, we will build our brand value; |
- | Suppliers - we rely on our suppliers to provide essential services we need to operate our business. Our suppliers rely on us to generate revenue and employment for them |
The directors have sought to understand the respective interests of these parties so that these may be properly considered in their decision-making. This is achieved through various methods including: direct engagement by directors; receiving reports and updates from management who engage with such parties; and coverage in our meetings of relevant stakeholder interests with regard to proposed courses of action. |
Having regard to the interests of the group's employees |
The importance of good relations and communications with employees is fundamental to the continued success of the business. The group maintains good employee relations and consults employees as appropriate to its own particular needs. The group, as part of its central operations team, has a communications arm which manages all internal communications and the timing of when they are shared. |
The directors take active steps to ensure that the suggestions, views and interests of the workforce are captured and considered in our decision-making. |
Country House Weddings Group benefits from directors who all perform a high degree of personal oversight and engagement in the group's affairs. This knowledge of the business and active style of engagement means they maintain an exceptionally acute insight into the mood, culture and views of the workforce. |
Having regard to the need to foster the group's business relationships with suppliers, customers and others |
The importance of maintaining good relations with suppliers, customers and the group's debt facility providers is critical to the ongoing success of the group. |
Suppliers |
Throughout the year the directors were actively involved in all negotiations and strategy with regard to key suppliers. The directors seek to balance the benefits of maintaining strong partnering relationships with key suppliers alongside the need to obtain value for money and the desired quality and service levels for our customers. |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Group Strategic Report |
for the Year Ended 31 May 2024 |
Customers |
As a group that operates in the service industry, the sentiment of customers can be seen in the group's online reviews and feedback, which the directors review regularly. Management provide updates to the directors on their perceptions of consumer sentiment and the market view. The interests of customers are considered in key decisions e.g. relating to: individual venue refurbishment programmes; relevant product lines; selection and monitoring of suppliers to ensure quality and safety standards are met. |
Debt capital/credit facility providers |
The directors and key financial management personnel are responsible for managing the relationships with our bank and for the group's cash/debt management and financing activities. Management provide regular reports to the directors on these activities including the group's plans to ensure appropriate access to debt capital, monitoring the headroom and maturity schedules of our primary credit facilities. |
The directors carefully consider the group's cash position and forecasts when making decisions on capital expenditure. |
Having regard to the desirability of the Company maintaining a reputation for high standards of business conduct |
The group strives to maintain a strong reputation for high standards of business conduct. |
Corporate governance |
The directors recognise the importance of operating a robust corporate governance framework. |
Ethical trading and responsible sourcing |
The directors exercise strong oversight over the group's activities in these areas, including reviewing reports from management to them on such topics as appropriate. |
Political donations |
No donations were made for political purposes (2023: £nil). |
Having regard to the need to act fairly as between members of the Group |
The directors recognise their legal and regulatory duties and do not take any decisions or actions that would provide any shareholder or group of shareholders with any unfair advantage or position compared to the shareholders as a whole. |
Shareholder engagement |
The directors are the only direct shareholders in the group and are therefore party to all of the critical decisions made. |
ON BEHALF OF THE BOARD: |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Report of the Directors |
for the Year Ended 31 May 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of Venue hire and catering for weddings and other functions |
DIVIDENDS |
No dividends will be distributed for the year ended 31 May 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of 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 judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Report of the Directors |
for the Year Ended 31 May 2024 |
AUDITORS |
The auditors, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Country House Weddings Holdings Limited |
Opinion |
We have audited the financial statements of Country House Weddings Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 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; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Country House Weddings Holdings Limited |
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 Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
Report of the Independent Auditors to the Members of |
Country House Weddings Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
We ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and |
- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries, particularly focused around the year-end, to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Country House Weddings Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Business Advisors |
Statutory Auditor |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Consolidated Income Statement |
for the Year Ended 31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ |
TURNOVER | 17,489,072 | 20,500,149 |
Cost of sales | (3,498,568 | ) | (3,942,817 | ) |
GROSS PROFIT | 13,990,504 | 16,557,332 |
Administrative expenses | (13,090,613 | ) | (14,122,340 | ) |
899,891 | 2,434,992 |
Other operating income | 7,789 | 2,867 |
Gain/loss on revaluation of tangible assets | 14,005,699 | - |
OPERATING PROFIT | 4 | 14,913,379 | 2,437,859 |
Interest receivable and similar income | 97 | - |
14,913,476 | 2,437,859 |
Interest payable and similar expenses | 5 | (575,802 | ) | (359,109 | ) |
PROFIT BEFORE TAXATION | 14,337,674 | 2,078,750 |
Tax on profit | 6 | (3,184,279 | ) | (484,922 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 11,153,395 | 1,593,828 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 11,153,395 | 1,593,828 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
11,153,395 |
1,593,828 |
Total comprehensive income attributable to: |
Owners of the parent | 11,153,395 | 1,593,828 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Consolidated Balance Sheet |
31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | - | - |
Tangible assets | 9 | 38,051,898 | 23,398,244 |
Investments | 10 | - | - |
38,051,898 | 23,398,244 |
CURRENT ASSETS |
Stocks | 11 | 197,806 | 208,346 |
Debtors | 12 | 857,016 | 1,687,496 |
Cash at bank and in hand | 1,272,639 | 390,899 |
2,327,461 | 2,286,741 |
CREDITORS |
Amounts falling due within one year | 13 | 10,586,151 | 8,898,789 |
NET CURRENT LIABILITIES | (8,258,690 | ) | (6,612,048 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
29,793,208 |
16,786,196 |
CREDITORS |
Amounts falling due after more than one year | 14 | (8,106,503 | ) | (9,334,251 | ) |
PROVISIONS FOR LIABILITIES | 17 | (3,893,320 | ) | (811,955 | ) |
NET ASSETS | 17,793,385 | 6,639,990 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 10,185 | 10,185 |
Fair value reserve | 19 | 12,020,237 | - |
Retained earnings | 19 | 5,762,963 | 6,629,805 |
SHAREHOLDERS' FUNDS | 17,793,385 | 6,639,990 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by: |
H Bramer - Director |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Company Balance Sheet |
31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 | 10,185 | 5,035,977 | - | 5,046,162 |
Changes in equity |
Total comprehensive income | - | 1,593,828 | - | 1,593,828 |
Balance at 31 May 2023 | 10,185 | 6,629,805 | - | 6,639,990 |
Changes in equity |
Total comprehensive income | - | (866,842 | ) | 12,020,237 | 11,153,395 |
Balance at 31 May 2024 | 10,185 | 5,762,963 | 12,020,237 | 17,793,385 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Company Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Balance at 31 May 2023 |
Changes in equity |
Balance at 31 May 2024 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,737,968 | 954,290 |
Interest paid | (575,802 | ) | (359,109 | ) |
Tax paid | - | 292,960 |
Net cash from operating activities | 2,162,166 | 888,141 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,538,948 | ) | (1,787,669 | ) |
Sale of tangible fixed assets | 34,498 | 1,360 |
Interest received | 97 | - |
Net cash from investing activities | (1,504,353 | ) | (1,786,309 | ) |
Cash flows from financing activities |
Capital repayments in year | (9,003 | ) | 70,696 |
Amount introduced by directors | 232,930 | - |
Amount withdrawn by directors | - | (31,919 | ) |
Net cash from financing activities | 223,927 | 38,777 |
Increase/(decrease) in cash and cash equivalents | 881,740 | (859,391 | ) |
Cash and cash equivalents at beginning of year |
2 |
390,899 |
1,250,290 |
Cash and cash equivalents at end of year | 2 | 1,272,639 | 390,899 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/5/24 | 31/5/23 |
£ | £ |
Profit before taxation | 14,337,674 | 2,078,750 |
Depreciation charges | 887,073 | 867,083 |
Gain on revaluation of fixed assets | (14,005,699 | ) | - |
Finance costs | 575,802 | 359,109 |
Finance income | (97 | ) | - |
1,794,753 | 3,304,942 |
Decrease/(increase) in stocks | 10,540 | (27,839 | ) |
Decrease/(increase) in trade and other debtors | 830,480 | (896,259 | ) |
Increase/(decrease) in trade and other creditors | 102,195 | (1,426,554 | ) |
Cash generated from operations | 2,737,968 | 954,290 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 May 2024 |
31/5/24 | 1/6/23 |
£ | £ |
Cash and cash equivalents | 1,272,639 | 390,899 |
Year ended 31 May 2023 |
31/5/23 | 1/6/22 |
£ | £ |
Cash and cash equivalents | 390,899 | 1,250,290 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/6/23 | Cash flow | At 31/5/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 390,899 | 881,740 | 1,272,639 |
390,899 | 881,740 | 1,272,639 |
Debt |
Finance leases | (70,696 | ) | 9,003 | (61,693 | ) |
Debts falling due within 1 year | (152,449 | ) | (351,221 | ) | (503,670 | ) |
Debts falling due after 1 year | (6,946,524 | ) | 460,675 | (6,485,849 | ) |
(7,169,669 | ) | 118,457 | (7,051,212 | ) |
Total | (6,778,770 | ) | 1,000,197 | (5,778,573 | ) |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Country House Weddings Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 31 May 2024. The results of subsidiaries sold or acquired are included in the profit and loss account up to, or from the date control passes. Intra-group sales and profits are eliminated fully on consolidation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Wedding Venues |
Turnover is recognised on the day of the wedding event when the income has been earned and the service has been provided to the customer. |
Pub sales. |
Turnover is recognised at the point of sale. |
Goodwill |
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Long leasehold - 10% on cost |
Plant and machinery - 15% on cost |
Fixtures and fittings - 15% on cost and 10% on cost |
Computer equipment - 33% on cost |
Motor vehicle - 20% on cost |
Freehold is not depreciated on the basis that it is not material to do so. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
31/5/24 | 31/5/23 |
£ | £ |
Wages and salaries | 7,490,270 | 8,502,197 |
Social security costs | 546,991 | 602,931 |
Other pension costs | 174,471 | 157,058 |
8,211,732 | 9,262,186 |
The average number of employees during the year was as follows: |
31/5/24 | 31/5/23 |
Production and administration |
31/5/24 | 31/5/23 |
£ | £ |
Directors' remuneration | 88,000 | 88,000 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/5/24 | 31/5/23 |
£ | £ |
Hire of plant and machinery | 332,992 | 370,005 |
Other operating leases | 400,000 | 600,001 |
Depreciation - owned assets | 856,495 | 877,885 |
Auditors' remuneration | 37,000 | 42,914 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/5/24 | 31/5/23 |
£ | £ |
Bank loan interest | 575,802 | 359,109 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/5/24 | 31/5/23 |
£ | £ |
Current tax: |
UK corporation tax | 66,577 | 267,296 |
Corporation tax adjustment | 30,540 | 26,423 |
Interest on late tax payments | 5,797 | - |
Total current tax | 102,914 | 293,719 |
Deferred tax | 3,081,365 | 191,203 |
Tax on profit | 3,184,279 | 484,922 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
There are no Intangible assets held in the accounts. |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 18,757,925 | 803,827 | 191,789 |
Additions | 734,897 | - | 18,858 |
Disposals | - | - | (1,250 | ) |
Revaluations | 14,005,699 | - | - |
At 31 May 2024 | 33,498,521 | 803,827 | 209,397 |
DEPRECIATION |
At 1 June 2023 | - | 488,092 | 88,703 |
Charge for year | - | - | 23,488 |
At 31 May 2024 | - | 488,092 | 112,191 |
NET BOOK VALUE |
At 31 May 2024 | 33,498,521 | 315,735 | 97,206 |
At 31 May 2023 | 18,757,925 | 315,735 | 103,086 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 8,572,601 | 470,462 | 120,766 | 28,917,370 |
Additions | 757,910 | 11,200 | 16,083 | 1,538,948 |
Disposals | (33,248 | ) | - | - | (34,498 | ) |
Revaluations | - | - | - | 14,005,699 |
At 31 May 2024 | 9,297,263 | 481,662 | 136,849 | 44,427,519 |
DEPRECIATION |
At 1 June 2023 | 4,542,340 | 314,677 | 85,314 | 5,519,126 |
Charge for year | 728,536 | 78,817 | 25,654 | 856,495 |
At 31 May 2024 | 5,270,876 | 393,494 | 110,968 | 6,375,621 |
NET BOOK VALUE |
At 31 May 2024 | 4,026,387 | 88,168 | 25,881 | 38,051,898 |
At 31 May 2023 | 4,030,261 | 155,785 | 35,452 | 23,398,244 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 31 May 2024 is represented by: |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Valuation in 2024 | 14,005,699 | - | - |
Cost | 19,492,822 | 803,827 | 209,397 |
33,498,521 | 803,827 | 209,397 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2024 | - | - | - | 14,005,699 |
Cost | 9,297,263 | 481,662 | 136,849 | 30,421,820 |
9,297,263 | 481,662 | 136,849 | 44,427,519 |
Freehold property was valued on an open market basis on 19th February 2024 by Knight Frank property consultants. |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 |
£ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | STOCKS |
Group |
31/5/24 | 31/5/23 |
£ | £ |
Raw materials | 197,806 | 208,346 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
31/5/24 | 31/5/23 |
£ | £ |
Trade debtors | 394,965 | 1,312,477 |
Purchase Ledger Debit Balances | 31,213 | 103,776 |
Other debtors | 28,901 | 27,915 |
Prepayments and accrued income | 401,937 | 243,328 |
857,016 | 1,687,496 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 503,670 | 152,449 |
Hire purchase contracts (see note 16) | 5,430 | 9,343 |
Trade creditors | 748,550 | 754,767 |
Sales incomplete | 6,563,529 | 5,130,935 | - | - |
Sales ledger credit | 281,457 | 631,828 | - | - |
Amounts owed to group undertakings | - | - |
Tax | 370,210 | 267,296 |
Social security and other taxes | 135,526 | 164,861 |
Pension Liability | 6,257 | 6,257 | - | - |
VAT | 1,582,243 | 1,607,751 | - | - |
Wages & Salary control account | (1,558 | ) | 69,338 | - | - |
Directors' current accounts | 242,480 | 9,550 | - | - |
Accruals and deferred income | 148,357 | 94,414 |
10,586,151 | 8,898,789 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Bank loans (see note 15) | 6,485,849 | 6,946,524 |
Hire purchase contracts (see note 16) | 56,263 | 61,353 |
Other creditors | - | 300,000 |
Sales incomplete | 1,564,391 | 2,026,374 | - | - |
8,106,503 | 9,334,251 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31/5/24 | 31/5/23 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 503,670 | 152,449 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 546,870 | - |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 5,938,979 | 2,258,498 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 4,688,026 |
The bank loan term facility of £8,000,000 was provided by Barclays Bank PLC at 18/12/2019 and is measured at amortised cost in the accounts. The loan is repayable within 5 years after the date of the first drawdown over 59 monthly repayment installments of £54,108 and a lump sum repayment sufficient to repay the loan in full on the final repayment date. The loan term was extended for another 5 years shortly after the balance sheet date. Interest costs are recognised in the profit and loss account under the floating rate basis, under which the interest rate will never be less than the margin of 1.95% per annum. |
The purpose of the loan was: |
a) for refinanancing of various facilities made available to subsidiaries |
b) to assist with purchase of Bourton Hall in Bourton Hall Limited |
There is a new Funding Circle loan in the year repayable over a 72 month period. The loan is measured at amortised cost in the accounts and interest costs are recognised in the profit and loss account. |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31/5/24 | 31/5/23 |
£ | £ |
Gross obligations repayable: |
Within one year | 9,343 | 13,256 |
Between one and five years | 61,578 | 70,405 |
70,921 | 83,661 |
Finance charges repayable: |
Within one year | 3,913 | 3,913 |
Between one and five years | 5,315 | 9,052 |
9,228 | 12,965 |
Net obligations repayable: |
Within one year | 5,430 | 9,343 |
Between one and five years | 56,263 | 61,353 |
61,693 | 70,696 |
17. | PROVISIONS FOR LIABILITIES |
Group |
31/5/24 | 31/5/23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 3,893,320 | 811,955 |
Group |
Deferred |
tax |
£ |
Balance at 1 June 2023 | 811,955 |
Charge to Income Statement during year | 3,081,365 |
Balance at 31 May 2024 | 3,893,320 |
Country House Weddings Holdings Limited (Registered number: 10993916) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/5/24 | 31/5/23 |
value: | £ | £ |
Ordinary | £1 | 10,185 | 10,185 |
19. | RESERVES |
Group |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | 6,629,805 | - | 6,629,805 |
Profit for the year | 11,153,395 | 11,153,395 |
Reserves transfer | (12,020,237 | ) | 12,020,237 | - |
At 31 May 2024 | 5,762,963 | 12,020,237 | 17,783,200 |
20. | ULTIMATE PARENT COMPANY |
The ultimate controlling party is H Bramer, by virtue of his shareholding. |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date the amount of £242,480 (2023: £9,550) was owed to H Bramer, a director and shareholder of the company. |
22. | RELATED PARTY DISCLOSURES |
The director, H Bramer, owns property from which the group trades. During the year the group paid £400,000 (2023: £600,000) in rent. |