Company registration number 08845735 (England and Wales)
TEWKESBURY PARK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
TEWKESBURY PARK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
TEWKESBURY PARK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Principal activities
The resort of Tewkesbury Park is set within 165 acres of landscaped parkland, overlooking the historically significant market town of Tewkesbury in Gloucestershire. Its principal activities cover the operation of a full-service hotel with 93 guest bedrooms, two restaurants, 7 meeting & events suites, public area lounges with 3 bars, fitness, health & wellbeing facilities including an indoor 12m swimming pool, outdoor hot tub and sauna, 2 spa treatment rooms, tennis and squash courts, and 2 golf courses.
The Directors and Management team have continued to oversee a significant programme of improvement, which has been ongoing since its purchase in 2014. Much of this investment has been through the financial support of one Director, Mr C S McIntosh, who remains determined to reposition the resort as a characterful independent, hospitality-led property, committed to distinction.
Although there continues to be many varied business challenges, as well as national decisions and international events affecting business certainty, the resort has remained true to its core values throughout and been carefully steered to retain a trajectory of long-term growth. Its great strength is a nimble management structure, relying heavily on its family-ownership values, and these ensure that its core asset – the team – feels truly part of the project and able to contribute to its success.
Celebrating its 10-year anniversary of ownership, the Directors took the decision at the end of the financial year to launch a new brand identity, which represented the maturity of the property. Its mantra of “a passionate, personal, whole-heartedly human resort with enough confidence in its quality to be a little bit different from everyone else” is now represented with a new logo of a world oak, replacing its former acorn.
Risk exposure
A considered and balanced approach to managing risk is taken by the Directors and Management team. Investment is carefully targeted, considering both front-facing guest comfort and back-of-house support facilities. For example, in response to the ongoing volatility in the energy market and managing a business with significant energy needs, the Directors took the decision in 2023 to invest in energy efficiency measures and installed Combined Heat & Power Units, alongside a full upgrade to all boiler houses. This long-term efficiency investment returned an immediate energy saving of 27% during the financial year ended 30th April 2024 and improved the property’s sustainability footprint. Moreover, transitioning the main energy source to liquid petroleum gas stabilised pricing fluctuations and reduced reliance on National Grid electricity sources.
Considering the above, the resort can navigate its way through the many external business uncertainties and influences, which are often beyond the direct control of Tewkesbury Park Ltd. The Directors have always invested in the business growth of the resort, which supports the achievement of service and product quality and consequently reduces competition risk.
Positively, the local area continues to see significant investment in business and housing developments, which will provide long-term opportunity for the resort. The Cotswolds Designer Outlet project on the outskirts of Tewkesbury will open in Spring 2025, offering 180,000 sq. ft of retail space and is estimated to attract 3.6 million visitors per annum.
TEWKESBURY PARK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Business performance
Year on year turnover increased 3.09% to £5,239,757 in the year to 30 April 2024 and there was an improvement of 41.6% in annual EBITDA to £556,008. Because of investment the business continues to carry significant depreciation costs, yet the annual costs of external borrowing interest remain modest. The business has been able to move on from any latent effects of the Covid pandemic and return to its longer-term trend of improvement.
Gross profit margins remained steady at 85.64%, in line with all previous years, which demonstrates the careful management of the business when global cost pressures are considered. Profit before tax significantly improved to £109,580 and when viewed over the 9 years period represented a restoration of the longer-term trend of business improvement.
The 9-year view of Tewkesbury Park Ltd paints a positive picture with turnover consistently rising, up 167%; gross profit margins remain constant; a recovering EBITDA from loss into consistent and growing profit; and similarly profit after tax. Although the financial security of the business relies on its Managing Director, his daily involvement underlines both his commitment and unwavering long-term support.
Key performance indicators
The company measures financial performance by reference to turnover and trading profitability by income sector; accommodation revenue per available room; statistical analyses relating to covers served and average spends; gross margins on costs of sales; cost ratios; and statistical analyses relating to pickup/pace reporting of future business. Short term and longer-term rolling forecasts and cash flow projections allow for sensible decision-making. An increasing focus is placed by the Directors and Management on brand reputation, guest perceptions and feedback to ensure the business objectives are being met.
Mr C S McIntosh
Director
29 December 2024
TEWKESBURY PARK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C S McIntosh
Mrs L M McIntosh
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information in the strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that historically would have been included in the business review.
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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
TEWKESBURY PARK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
On behalf of the board
Mr C S McIntosh
Director
29 December 2024
TEWKESBURY PARK LIMITED
COMPANY INFORMATION
Directors
Mr C S McIntosh
Mrs L M McIntosh
Company number
08845735
Registered office
Tewkesbury Park
Lincoln Green Lane
Tewkesbury
Gloucestershire
GL20 7DN
Auditor
Saint & Co.
Chartered Accountants & Statutory Auditor
Sterling House
Wavell Drive
Rosehill
Carlisle
CA1 2SA
TEWKESBURY PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TEWKESBURY PARK LIMITED
- 5 -
Opinion
We have audited the financial statements of Tewkesbury Park Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, the statement of financial position, the 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:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
Material uncertainty related to going concern
We draw attention to note 25 in the financial statements, which indicates that the company is heavily reliant on financial support from one of the directors. As stated in note 25, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
TEWKESBURY PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TEWKESBURY PARK LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
TEWKESBURY PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TEWKESBURY PARK LIMITED (CONTINUED)
- 7 -
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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;
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 our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.
This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Lindsay Farrer
Senior Statutory Auditor
For and on behalf of Saint & Co.
7 January 2025
Chartered Accountants &
Statutory Auditor
Sterling House
Wavell Drive
Rosehill
Carlisle
CA1 2SA
TEWKESBURY PARK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
5,239,757
5,082,544
Cost of sales
(752,359)
(725,372)
Gross profit
4,487,398
4,357,172
Administrative expenses
(4,178,076)
(4,190,924)
Other operating income
12,145
9,600
Operating profit
4
321,467
175,848
Other interest receivable and similar income
8
4,090
10,899
Interest payable and similar expenses
9
(215,977)
(185,144)
Profit before taxation
109,580
1,603
Tax on profit
10
(39,225)
(146,915)
Profit/(loss) for the financial year
70,355
(145,312)
Retained earnings brought forward
(3,283,918)
(3,138,606)
Retained earnings carried forward
(3,213,563)
(3,283,918)
The income statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 11 to 24 form part of these financial statements.
TEWKESBURY PARK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
123
2,138
Tangible assets
12
8,943,460
8,833,296
8,943,583
8,835,434
Current assets
Stocks
13
77,850
85,484
Debtors
14
203,009
180,734
Cash at bank and in hand
915,956
235,033
1,196,815
501,251
Creditors: amounts falling due within one year
15
(9,482,873)
(9,021,157)
Net current liabilities
(8,286,058)
(8,519,906)
Total assets less current liabilities
657,525
315,528
Creditors: amounts falling due after more than one year
16
(3,684,847)
(3,452,430)
Provisions for liabilities
Deferred tax liability
19
186,140
146,915
(186,140)
(146,915)
Net liabilities
(3,213,462)
(3,283,817)
Capital and reserves
Called up share capital
21
101
101
Profit and loss reserves
22
(3,213,563)
(3,283,918)
Total equity
(3,213,462)
(3,283,817)
The notes on pages 11 to 24 form part of these financial statements.
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 29 December 2024 and are signed on its behalf by:
Mr C S McIntosh
Mrs L M McIntosh
Director
Director
Company registration number 08845735 (England and Wales)
TEWKESBURY PARK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
932,176
335,723
Interest paid
(215,977)
(185,144)
Net cash inflow from operating activities
716,199
150,579
Investing activities
Purchase of tangible fixed assets
(357,977)
(966,225)
Proceeds from disposal of tangible fixed assets
533
Interest received
4,090
10,899
Net cash used in investing activities
(353,354)
(955,326)
Financing activities
Repayment of bank loans
(147,855)
(189,833)
Payment of finance leases obligations
465,933
(10,097)
Net cash generated from/(used in) financing activities
318,078
(199,930)
Net increase/(decrease) in cash and cash equivalents
680,923
(1,004,677)
Cash and cash equivalents at beginning of year
235,033
1,239,710
Cash and cash equivalents at end of year
915,956
235,033
The notes on pages 11 to 24 form part of these financial statements.
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information
Tewkesbury Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tewkesbury Park, Lincoln Green Lane, Tewkesbury, Gloucestershire, GL20 7DN.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. The company still has a negative balance sheet despite good profits in recent years. Throughout the period the company has been supported by a Director's loan as detailed in the notes to the financial statements and the accounts have been prepared on a going concern basis based on confirmation of continued support of the Director Mr C S McIntosh.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Computer Software
20% straight line
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
1.6
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
nil - see below
Plant and machinery
12.5% straight line
Fixtures, fittings & Equipment
20% straight line
Computer Equipment
20% straight line
No depreciation has been provided on Freehold Property as the directors believe the value exceeds the cost, and regular maintenance work is carried out to ensure the hotel is maintained to a high standard.
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 credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. 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.
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.
1.8
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.
1.9
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.
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.10
Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 and cash and bank balances, 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.
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 company 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 company after deducting all of its liabilities.
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial 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.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. 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 company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
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 company’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. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of Goods
5,239,757
5,082,544
2024
2023
£
£
Other revenue
Interest income
4,090
10,899
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
219,041
196,526
Depreciation of tangible fixed assets held under finance leases
7,395
7,395
Loss on disposal of tangible fixed assets
20,844
16,653
Amortisation of intangible assets
2,015
2,015
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
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 company
10,900
9,700
For other services
All other non-audit services
4,440
5,627
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management staff
2
3
Operational staff
118
110
Total
120
113
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,133,517
1,975,335
Social security costs
168,567
153,396
Pension costs
42,364
35,101
2,344,448
2,163,832
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
3,387
Company pension contributions to defined contribution schemes
-
16
3,403
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,090
10,899
Disclosed on the income statement as follows:
Other interest receivable and similar income
4,090
10,899
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4,090
10,899
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
204,551
184,289
Other finance costs:
Interest on finance leases and hire purchase contracts
11,426
855
215,977
185,144
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
219,437
1,197,839
Tax losses carried forward
(180,212)
(1,050,924)
Total deferred tax
39,225
146,915
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 18 -
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
109,580
1,603
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
27,395
305
Tax effect of expenses that are not deductible in determining taxable profit
4,765
Unutilised tax losses carried forward
180,212
47,575
Permanent capital allowances in excess of depreciation
(207,607)
(52,645)
Movement in deferred tax
39,225
146,915
Taxation charge for the year
39,225
146,915
11
Intangible fixed assets
Goodwill
Computer Software
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
250,000
10,381
260,381
Amortisation and impairment
At 1 May 2023
250,000
8,243
258,243
Amortisation charged for the year
2,015
2,015
At 30 April 2024
250,000
10,258
260,258
Carrying amount
At 30 April 2024
123
123
At 30 April 2023
2,138
2,138
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
12
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & Equipment
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
8,064,851
1,369,712
1,604,987
136,778
11,176,328
Additions
10,326
300,375
46,811
465
357,977
Disposals
(21,377)
(21,377)
At 30 April 2024
8,053,800
1,670,087
1,651,798
137,243
11,512,928
Depreciation and impairment
At 1 May 2023
773,259
1,450,806
118,967
2,343,032
Depreciation charged in the year
159,738
58,710
7,988
226,436
At 30 April 2024
932,997
1,509,516
126,955
2,569,468
Carrying amount
At 30 April 2024
8,053,800
737,090
142,282
10,288
8,943,460
At 30 April 2023
8,064,851
596,453
154,181
17,811
8,833,296
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
15,948
22,514
13
Stocks
2024
2023
£
£
Raw materials and consumables
77,850
85,484
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
90,650
84,496
Other debtors
5,772
372
Prepayments and accrued income
106,587
95,866
203,009
180,734
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
115,022
125,847
Obligations under finance leases
18
105,847
9,361
Trade creditors
264,417
182,245
Taxation and social security
237,620
92,862
Other creditors
8,047,399
8,032,550
Accruals and deferred income
712,568
578,292
9,482,873
9,021,157
National Westminster Bank Plc have two legal charges, one dated 22 February 2017 and the other dated 8 March 2017, over all assets of the company to secure all liabilities to the Bank (present, future, actual or contingent). At 30 April 2024, the amount owed included within creditors falling due within one year is the bank loans of £115,022 (2023: £125,847).
Lombard North Central Plc also hold a legal charge dated 30 March 2023 over all assets to secure all liabilities to the company. The amount owed at 30 April 2024 within creditors falling due within one year was £100,000 (2023: nil).
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
3,304,436
3,441,466
Obligations under finance leases
18
380,411
10,964
3,684,847
3,452,430
National Westminster Bank PLC have two legal charges, one dated 22 February 2017 and the other dated 8 March 2017, over all assets of the company to secure all liabilities to the Bank (present, future, actual or contingent). At 30 April 2024, the amount owed included within creditors falling due after more than one year is the bank loans of £3,304,436 (2023: £3,441,466).
Lombard North Central Plc also hold a legal charge dated 30 March 2023 over all assets to secure all liabilities to the company. The amount owed at 30 April 2024 within creditors falling due after more than one year was £375,000 (2023: nil).
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,894,826
1,980,061
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
17
Loans and overdrafts
2024
2023
£
£
Bank loans
3,419,458
3,567,313
Payable within one year
115,022
125,847
Payable after one year
3,304,436
3,441,466
The main NatWest loan is the only one that is partly repayable after more than five years from the balance sheet date. This loan is being repaid over 228 months, ending in April 2042, with a variable interest rate of 2.47% over base rate.
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
105,847
9,361
In two to five years
380,411
10,964
486,258
20,325
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Finance leases and hire purchase contracts are secured over the assets they were used to purchase.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,973,608
1,754,170
Tax losses
(1,787,468)
(1,607,255)
186,140
146,915
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Deferred taxation
(Continued)
- 22 -
2024
Movements in the year:
£
Liability at 1 May 2023
146,915
Charge to profit or loss
39,225
Liability at 30 April 2024
186,140
The net amount of deferred tax assets and liabilities that are expected to reverse within one year of the balance sheet date is £26,000 (2023: £90,000) relating to the reversal of existing timing differences on tangible and fixed assets.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,364
35,101
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
101
101
101
101
On 18 March 2021, the director passed a Written Resolution to allot an additional 1 'A' Ordinary £1 Share for a consideration of £1 per share. The company has two classes of ordinary shares which carry full voting rights and the right to participate in a distribution by way of dividend and any distribution of capital on a sale or winding-up of the company.
22
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
19,250
297,274
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
100,367
125,270
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Director Mr C McIntosh purchased items from the golf shop totalling £28 (2023: £257).
Consultancy fees totalling £11,550 (2023: £nil) were paid to White Skies Ltd, where key management personnel (and close relation to the directors) Claire White is a director.
A close relation to the directors was paid remuneration as an employee of the company totalling £28,211 (2023: £42,518).
At the year end Mr C McIntosh was owed £8,036,439 (2023: £8,017,073) by the company and Mrs L McIntosh was owed £391 (2023: £335) by the company. This is included within creditors falling due within one year.
25
Going Concern
The company is reliant on the continued support of one Director Mr C S McIntosh. He has invested in the company over the last eight years and his total investment stands at around £8 million from a personal loan to the company. Precise figures are given in the strategic report. He has no plans to withdraw any large sums for the foreseeable future and is always keen to ensure that every aspect of the business is regularly reviewed so that the company is well prepared for the challenges which lie ahead.
TEWKESBURY PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
26
Cash generated from operations
2024
2023
£
£
Profit/(loss) for the year after tax
70,355
(145,312)
Adjustments for:
Taxation charged
39,225
146,915
Finance costs
215,977
185,144
Investment income
(4,090)
(10,899)
Loss on disposal of tangible fixed assets
20,844
16,653
Amortisation and impairment of intangible assets
2,015
2,015
Depreciation and impairment of tangible fixed assets
226,436
203,921
Movements in working capital:
Decrease/(increase) in stocks
7,634
(9,248)
(Increase)/decrease in debtors
(22,275)
44,060
Increase/(decrease) in creditors
376,055
(97,526)
Cash generated from operations
932,176
335,723
27
Analysis of changes in net debt
2024
£
Opening net funds/(debt)
Cash at bank and in hand
235,033
Borrowings excluding overdrafts
(3,567,313)
Obligations under finance leases
(20,325)
(3,352,605)
Changes in net debt arising from:
Cash flows of the entity
362,845
Closing net funds/(debt) as analysed below
(2,989,760)
Closing net funds/(debt)
Cash at bank and in hand
915,956
Borrowings excluding overdrafts
(3,419,458)
Obligations under finance leases
(486,258)
(2,989,760)
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