Company registration number 02700420 (England and Wales)
QUEENS STAITH LEISURE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
QUEENS STAITH LEISURE LIMITED
COMPANY INFORMATION
Directors
Mr C V Smith
Mr L A Smith
Mr P D Smith
Secretary
Mr C V Smith
Company number
02700420
Registered office
Moorside Farm
Lords Moor Lane
Strensall
York
YO32 5XF
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
QUEENS STAITH LEISURE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
QUEENS STAITH LEISURE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Fair review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors.

 

The main trade of the company is the operation of hotels in York.  Both operations have maintained strong performances through the year with both hotels recording increased turnover levels. The company is also involved in residential property development and has continued to acquire sites for ongoing development. The company has continued to develop plots after the year end and is still actively looking to acquire other potential sites for development as the directors believe this area of the business continues to have significant potential.

 

Despite the persistent pressures facing the industry such as increased staff costs, energy bills and the cost of living crisis the performance of the hotels for 2024 remains profitable. The business also continues to benefit from the ongoing shortage of rental properties in the area as demand is extremely strong. The directors also remain confident regarding the property development arm of the business and have no concerns regarding the performance of the plots currently held.

Risks and Uncertainties

The key risks to the company are competition within the industry and any downturn in the tourism market. Fluctuations in real estate value and residential property prices in York and the surrounding area are also risks applicable to the company. The company has no external borrowing so whilst the recent uncertainties around interest rates will not have a direct impact on the group the directors are conscious of the impact that this and the cost of living issues could have on consumer spending and the property market. Pressures on other costs such as food and energy are managed closely by the management team and longer term contracts are agreed where applicable to manage fluctuations and uncertainty. All ongoing uncertainties are being continually monitored by the directors.

Key Performance Indicators

The company directors focus on a number of key KPI's which are assessed at both company and sector level (Hotels, Property Development and Investment property rental).

 

Turnover, Gross Profit Margins, Rental Yields and Development Margins are the key areas of focus for the directors to assess performance of the company as a whole.

 

Total turnover has increased by almost 23% in the year versus April 2023. This is largely attributable to an increase in property sales within Moorside Developments Limited. The hotel part of the business has also continued to grow and rental turnover has also increased marginally vs 2023.

 

The overall gross profit margin is 49% which is slightly down versus the prior year, primarily due to increased costs.

Future developments

York continues to benefit from the sustained positive impact of the staycation market which is reflected in the performance of the hotels and post year end results continue to be encouraging. The directors are also confident that they hold a strong portfolio of development properties which will help to further bolster the performance of the business in the coming periods. The financial stability of the company provides the directors with confidence that they will be able to trade through any uncertainties and they remain positive about the overall future of the business.

 

On behalf of the board

Mr L A Smith
Director
21 December 2024
QUEENS STAITH LEISURE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the group continued to be that of the operation of hotels, the rental of investment properties and property development.

Results and dividends

The results for the year are set out on page 8.

Interim ordinary dividends were paid amounting to £319,844 (2023 - £255,200). The directors do not recommend payment of a further dividend.

Directors

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

Mr C V Smith
Mr L A Smith
Mr P D Smith
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

On behalf of the board
Mr L A Smith
Director
21 December 2024
QUEENS STAITH LEISURE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

QUEENS STAITH LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUEENS STAITH LEISURE LIMITED
- 4 -

Qualified opinion on financial statements

We have audited the financial statements of Queens Staith Leisure Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

 

Basis for qualified opinion

We were unable to obtain sufficient appropriate audit evidence to support the carrying value of the investment property as at the balance sheet date. Consequently, we were unable to determine whether a material adjustment to the £4,487,500 fair value was required.

 

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

QUEENS STAITH LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUEENS STAITH LEISURE LIMITED
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the investment property carrying value of £4,487,500 as at 30 April 2024 and whether investment property is appropriately stated at fair value as at that date. We have concluded that where the other information refers to the investment property valuation or related balances such as profit before tax, it may be materially misstated for the same reason.

 

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In respect solely to the limitation on our work relating to the valuation of the investment properties, described above:

 

 

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

QUEENS STAITH LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUEENS STAITH LEISURE LIMITED
- 6 -
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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

QUEENS STAITH LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUEENS STAITH LEISURE LIMITED
- 7 -
Martin Davey (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
9 January 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
QUEENS STAITH LEISURE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,596,804
7,011,618
Cost of sales
(4,369,767)
(3,288,248)
Gross profit
4,227,037
3,723,370
Administrative expenses
(2,428,975)
(2,139,138)
Operating profit
4
1,798,062
1,584,232
Interest receivable and similar income
7
190,106
76,443
Interest payable and similar expenses
8
(69)
-
0
Profit before taxation
1,988,099
1,660,675
Tax on profit
9
(690,657)
(395,237)
Profit for the financial year
21
1,297,442
1,265,438
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

QUEENS STAITH LEISURE LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
14,420,507
14,280,050
Investment properties
13
4,487,500
4,487,500
18,908,007
18,767,550
Current assets
Stocks
15
5,686,692
4,077,251
Debtors
16
367,571
196,535
Cash at bank and in hand
5,997,913
6,997,928
12,052,176
11,271,714
Creditors: amounts falling due within one year
17
(814,217)
(917,196)
Net current assets
11,237,959
10,354,518
Total assets less current liabilities
30,145,966
29,122,068
Provisions for liabilities
18
(1,462,300)
(1,416,000)
Net assets
28,683,666
27,706,068
Capital and reserves
Called up share capital
19
15,150
15,150
Share premium account
21
5,942,159
5,942,159
Revaluation reserve
21
4,415,254
4,415,254
Profit and loss reserves
21
18,311,103
17,333,505
Total equity
28,683,666
27,706,068
The financial statements were approved by the board of directors and authorised for issue on 2 January 2025 and are signed on its behalf by:
02 January 2025
Mr C V Smith
Mr P D Smith
Director
Director
Company Registration No. 02700420
QUEENS STAITH LEISURE LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
14,028,431
13,656,172
Investment property
13
4,487,500
4,487,500
Investments
14
1,219,000
1,219,000
19,734,931
19,362,672
Current assets
Stocks
15
3,716,896
1,920,366
Debtors
16
2,649,974
2,101,074
Cash at bank and in hand
5,942,108
6,920,719
12,308,978
10,942,159
Creditors: amounts falling due within one year
17
(1,839,782)
(1,082,923)
Net current assets
10,469,196
9,859,236
Total assets less current liabilities
30,204,127
29,221,908
Provisions for liabilities
Deferred tax liability
18
1,449,000
1,401,000
(1,449,000)
(1,401,000)
Net assets
28,755,127
27,820,908
Capital and reserves
Called up share capital
19
15,150
15,150
Share premium account
21
5,942,159
5,942,159
Revaluation reserve
21
4,415,254
4,415,254
Profit and loss reserves
21
18,382,564
17,448,345
Total equity
28,755,127
27,820,908

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss and related notes. The company's profit for the year was £1,254,063 (2023 - £1,460,769).

The financial statements were approved by the board of directors and authorised for issue on 2 January 2025 and are signed on its behalf by:
02 January 2025
Mr C V Smith
Mr P D Smith
Director
Director
Company registration number 02700420 (England and Wales)
QUEENS STAITH LEISURE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
15,150
5,942,159
4,415,254
16,323,267
26,695,830
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
1,265,438
1,265,438
Dividends
10
-
-
-
(255,200)
(255,200)
Balance at 30 April 2023
15,150
5,942,159
4,415,254
17,333,505
27,706,068
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
1,297,442
1,297,442
Dividends
10
-
-
-
(319,844)
(319,844)
Balance at 30 April 2024
15,150
5,942,159
4,415,254
18,311,103
28,683,666
QUEENS STAITH LEISURE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
15,150
5,942,159
4,415,254
16,242,776
26,615,339
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
1,460,769
1,460,769
Dividends
10
-
-
-
(255,200)
(255,200)
Balance at 30 April 2023
15,150
5,942,159
4,415,254
17,448,345
27,820,908
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
1,254,063
1,254,063
Dividends
10
-
-
-
(319,844)
(319,844)
Balance at 30 April 2024
15,150
5,942,159
4,415,254
18,382,564
28,755,127
QUEENS STAITH LEISURE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
246,681
1,228,764
Interest paid
(69)
-
0
Income taxes paid
(521,747)
(504,237)
Net cash (outflow)/inflow from operating activities
(275,135)
724,527
Investing activities
Purchase of tangible fixed assets
(688,127)
(514,221)
Proceeds from disposal of tangible fixed assets
92,985
43,400
Proceeds from disposal of investment property
-
250,000
Interest received
190,106
76,443
Net cash used in investing activities
(405,036)
(144,378)
Financing activities
Dividends paid to equity shareholders
(319,844)
(255,200)
Net cash used in financing activities
(319,844)
(255,200)
Net (decrease)/increase in cash and cash equivalents
(1,000,015)
324,949
Cash and cash equivalents at beginning of year
6,997,928
6,672,979
Cash and cash equivalents at end of year
5,997,913
6,997,928
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

Queens Staith Leisure Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Moorside Farm, Lords Moor Lane, Strensall, York, YO32 5XF.

 

The group consists of Queens Staith Leisure Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 £1.

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss and related notes. The company's profit for the year was £1,254,063 (2023 - £1,460,769).

1.2
Basis of consolidation

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

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

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

1.4
Turnover

Turnover recognised from hotel income represents amounts receivable for goods and services net of VAT and trade discounts.

 

Turnover is recognised on property developments upon exchange of contracts, provided that, if the exchange is conditional, all material conditions have been satisfied shortly thereafter and there are no foreseeable circumstances which might prevent the physical completion and handover of the properties concerned.

 

Turnover from the investment property is recognised as rental income on an accruals basis.

Turnover is recognised at the fair value of the consideration received or receivable for sponsorship in the normal course of business, and is shown net of VAT and other sales related taxes.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 

Negative goodwill arising on an acquisition is released as the non-monetary assets acquired are used or sold.

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:

Freehold land and buildings
As detailed below
Bloodstock
25% straight line
Fixtures, fittings and equipment
10-25% reducing balance and 10% straight line
Motor vehicles
25% reducing balance
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

No depreciation is provided in respect of freehold buildings as the group maintains these to a high standard of repair. Accordingly the directors consider that the lives of these assets are so long and residual values are so high, based on prevailing prices at the date of acquisition, that their depreciation is insignificant. Any permanent diminution in the value of such properties is charged to the profit and loss account as appropriate, should it occur.

No depreciation has been provided on freehold land.

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

1.7
Investment properties

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

1.8
Fixed asset investments

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

 

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

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

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

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

 

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

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks and work in progress

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.

Stocks, representing property developments, are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct expenditure on property, legal fees required in obtaining development status, and third party financing costs.

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

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors 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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

 

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.

Derecognition of financial liabilities

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

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Equity instruments

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

1.14
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, 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 if, and only if, there is 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.

1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

The company operates a defined contribution scheme for the benefit of certain of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Investment property valuation

Investment properties are included within the accounts at fair value. The properties have been independently valued by professional valuer's. The directors obtain new valuations when they believe a material change has occurred to the value of the property.

Investment valuation (company only accounts)

The investment has been included within the company accounts at cost. An impairment review is performed annually to confirm that the value of the investment is not overstated.

Stock and work in progress valuation

Included within stock is land which has been purchased with the intention of the land being developed. The land has been included within the accounts at cost. Similarly, work in progress relating to the construction of properties has been included at cost. No profit element is recognised at this stage. If required, the value of this stock or work in progress would be impaired to recognise any losses that are expected.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The depreciation policy has been set according to managements experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charge during the year was £228,071 (2023 - £279,551) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Hotel takings
6,202,214
6,127,866
Property sales
2,150,000
650,000
Rental income
239,889
228,179
Other income
4,701
5,573
8,596,804
7,011,618
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,596,804
7,011,618
2024
2023
£
£
Other revenue
Interest income
190,106
76,443
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
228,071
279,551
Loss on disposal of tangible fixed assets
226,614
432
Profit on disposal of investment property
-
0
(20,000)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,330
17,712
Audit of the financial statements of the company's subsidiaries
3,970
2,000
19,300
19,712
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
3
3
Hotel management and operatives
140
143
140
143
143
146
143
146

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,873,242
1,768,367
1,873,242
1,768,367
Social security costs
117,476
104,239
117,476
104,239
Pension costs
231,342
121,939
231,342
121,939
2,222,060
1,994,545
2,222,060
1,994,545
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
188,359
76,443
Other interest income
1,747
-
Total income
190,106
76,443
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
188,359
76,443
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
69
-
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
642,600
395,000
Adjustments in respect of prior periods
357
(5,363)
Total current tax
642,957
389,637
Deferred tax
Origination and reversal of timing differences
47,700
5,600
Total tax charge
690,657
395,237

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
1,988,099
1,660,675
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
497,025
323,832
Tax effect of expenses that are not deductible in determining taxable profit
72,551
50,622
Tax effect of income not taxable in determining taxable profit
(456)
(627)
Adjustments in respect of prior years
357
(5,285)
Depreciation on assets not qualifying for tax allowances
22,648
34,313
Deferred tax adjustments in respect of prior years
47,700
-
0
Capitalised items expensed
(725)
-
0
Other
51,557
(7,618)
Taxation charge
690,657
395,237
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
319,844
255,200
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
(2,025,664)
Amortisation and impairment
At 1 May 2023 and 30 April 2024
(2,025,664)
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
Company
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
100,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
100,000
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0

Goodwill includes positive goodwill of £100,000 which was acquired on 2 January 2002 relating to the acquisition of a hotel. Additionally, £2,125,664 of negative goodwill arose on the group restructure on 30 April 2015 and is recognised within the consolidated accounts only.

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Bloodstock
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
13,363,472
820,547
1,586,879
247,278
16,018,176
Additions
358,903
175,190
33,466
120,568
688,127
Disposals
-
0
(433,860)
-
0
(91,802)
(525,662)
At 30 April 2024
13,722,375
561,877
1,620,345
276,044
16,180,641
Depreciation and impairment
At 1 May 2023
-
0
270,423
1,348,405
119,298
1,738,126
Depreciation charged in the year
-
0
115,653
59,812
52,606
228,071
Eliminated in respect of disposals
-
0
(152,386)
-
0
(53,677)
(206,063)
At 30 April 2024
-
0
233,690
1,408,217
118,227
1,760,134
Carrying amount
At 30 April 2024
13,722,375
328,187
212,128
157,817
14,420,507
At 30 April 2023
13,363,472
550,124
238,474
127,980
14,280,050
Company
Freehold land and buildings
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 May 2023
13,350,000
1,477,352
218,393
15,045,745
Additions
358,903
33,466
120,568
512,937
Disposals
-
0
-
0
(91,802)
(91,802)
At 30 April 2024
13,708,903
1,510,818
247,159
15,466,880
Depreciation and impairment
At 1 May 2023
-
0
1,273,585
115,988
1,389,573
Depreciation charged in the year
-
0
56,341
46,212
102,553
Eliminated in respect of disposals
-
0
-
0
(53,677)
(53,677)
At 30 April 2024
-
0
1,329,926
108,523
1,438,449
Carrying amount
At 30 April 2024
13,708,903
180,892
138,636
14,028,431
At 30 April 2023
13,350,000
203,767
102,405
13,656,172
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 26 -

Transitional arrangements of section 35 of FRS 102 were adopted for land and buildings whereby they were revalued on transition to FRS 102 and are now carried at deemed cost. These values are retained subject to the requirement to test assets for impairment in accordance with section 27 of FRS 102.

 

Land and buildings with a carrying amount of £10,950,000 were revalued at February 2016 by Colliers International, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

Land and buildings with a carrying amount of £2,400,000 were revalued at February 2016 by Your Move Anscombs Estate Agents, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

Included within fixed assets are £13,708,903 of land and buildings which are not depreciated.

 

The historical cost of land at the year end is £2,636,420 (2023 - 480,500).

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
8,750,649
8,391,746
Accumulated depreciation
(2,923,645)
(2,765,420)
Carrying value
5,827,004
5,626,326
Company
Cost
8,750,649
8,391,746
Accumulated depreciation
(2,923,645)
(2,765,420)
Carrying value
5,827,004
5,626,326
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
4,487,500
4,487,500

Investment property comprises of residential properties which are held for the purpose of receiving rental income and capital appreciation. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at February 2016 by Your Move Anscombs estate agents, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
24
-
0
-
0
1,219,000
1,219,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
1,219,000
Carrying amount
At 30 April 2024
1,219,000
At 30 April 2023
1,219,000
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
5,677,844
4,067,916
3,708,048
1,911,031
Finished goods and goods for resale
8,848
9,335
8,848
9,335
5,686,692
4,077,251
3,716,896
1,920,366
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
85,584
82,269
85,584
82,269
Corporation tax recoverable
6,390
-
0
6,390
-
0
Amounts owed by group undertakings
-
-
2,341,527
1,974,544
Other debtors
195,195
47,129
156,326
1,504
Prepayments and accrued income
80,402
65,737
60,147
41,357
367,571
195,135
2,649,974
2,099,674
Amounts falling due after more than one year:
Deferred tax asset (note 18)
-
0
1,400
-
0
1,400
Total debtors
367,571
196,535
2,649,974
2,101,074
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
193,339
206,376
159,306
173,956
Amounts owed to group undertakings
-
0
-
0
1,295,718
272,562
Amounts owed to undertakings in which the group has a participating interest
-
0
-
0
200
200
Corporation tax payable
322,600
195,000
117,000
157,000
Other taxation and social security
24,237
234,685
24,237
234,685
Other creditors
28,329
30,985
7,925
8,338
Accruals and deferred income
245,712
250,150
235,396
236,182
814,217
917,196
1,839,782
1,082,923
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
428,300
382,000
-
-
Provisions
-
-
-
1,400
Land and buildings revaluations
715,000
715,000
-
-
Investment property
319,000
319,000
-
-
1,462,300
1,416,000
-
1,400
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
415,000
367,000
-
-
Provisions
-
-
-
1,400
Land and buildings revaluations
715,000
715,000
-
-
Investment property
319,000
319,000
-
-
1,449,000
1,401,000
-
1,400
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
1,414,600
1,399,600
Charge to profit or loss
47,700
49,400
Liability at 30 April 2024
1,462,300
1,449,000
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,150
15,150
15,150
15,150
QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
231,342
121,939

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

21
Reserves
Profit and loss reserves

Included within profit and loss reserves are £1,188,545 (2023 - £1,188,545) of undistributable reserves relating to unrealised gains on investment properties, net of the corresponding deferred tax on these gains.

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
22
Related party transactions

There are no key management personnel other than the directors. Details of directors' remuneration is given in note 25.

 

Included within other creditors, due within one year, is a balance of £2,000 (2023 - £2,000) owed to Mr P D Smith, a director of this company.

 

Dividends of £319,844 (2023 - £255,200) were paid to the directors during the year.

23
Controlling party
The group is controlled by Mr P D Smith, a director.
24
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
P D Smith (Holdings) Limited
1.
Race horse ownership
Ordinary
100.00
-
P D Smith Properties Limited
1.
Dormant
Ordinary
100.00
-
Low Maintenance Limited
1.
Dormant
Ordinary
100.00
-
Moorside Developments Limited
1.
Building development
Ordinary
0
100.00

Registered Office addresses:

 

1. Moorside Farm, Lords Moor Lane, Strensall, York, North Yorkshire, YO32 5XF.

 

 

 

25
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
85,931
87,586
Company pension contributions to defined contribution schemes
207,000
100,000
292,931
187,586

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

QUEENS STAITH LEISURE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,297,442
1,265,438
Adjustments for:
Taxation charged
690,657
395,237
Finance costs
69
-
0
Investment income
(190,106)
(76,443)
Loss on disposal of tangible fixed assets
226,614
432
Gain on disposal of investment property
-
0
(20,000)
Depreciation and impairment of tangible fixed assets
228,071
279,551
Movements in working capital:
Increase in stocks
(1,609,441)
(606,041)
Increase in debtors
(166,046)
(21,171)
(Decrease)/increase in creditors
(230,579)
11,761
Cash generated from operations
246,681
1,228,764
27
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
6,997,928
(1,000,015)
5,997,913
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