Altonwood Limited 01536806 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of an investment holding company. 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Registration number: 01536806

Altonwood Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

Brebners
Chartered Accountants & Statutory Auditor
Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Altonwood Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Statement of Income and Retained Earnings

10

Statement of Financial Position

11

Notes to the Financial Statements

12 to 24

 

Altonwood Limited

Company Information

Directors

Mrs N L Nugee

Mr R O Noades

Mr S Hodsdon

Mr C G Honeywill

Company secretary

Mr Matt James Poge

Registered office

Streete Court
Rooks Nest Park
Godstone
Surrey
RH9 8BY

Auditor

Brebners
Chartered Accountants & Statutory Auditor
Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Altonwood Limited

Strategic Report for the Year Ended 30 April 2024

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

Principal activity

The principal activity of the company is that of an investment holding company.

The company primarily holds investments in subsidiary undertakings which themselves own and manage five well known golf clubs across the South East. The company focuses on the overall efficiency, effectiveness and management of these golf clubs, ensuring accurate reporting of financial performance to the parent company. The company also holds investments in a number of other smaller entities and some investment properties, creating a diverse portfolio
 

Fair review of the business

The loss after tax for the year was £1,452,497 (2023: £1,028,879) which was consistent with expectations. Net assets fell in the year by £1,702,497 (2024: net liabilities £43,207, 2023: net assets £1,659,290). However, in June 2024 the company received dividends from its subsidiary undertakings totalling £4m.

Turnover is derived from management charges receivable from the subsidiary undertakings, together with barrellage income. Management fees receivable have increased in line with overall group performance. However there has been no rental income during the year on the investment properties due to ongoing refurbishment works, one of which was sold shortly after 30 April 2024.

Total administrative expenses reduced slightly from £1,593,851 to £1,565,163 as a result of lower property related expenses.

Key Performance Indicators

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

456,921

448,843

Percentage change

%

(2)

4

Non-Financial Key Performance Indicators

The company seeks to ensure that responsible business practice is fully integrated into the management of all its operations and into the culture of all parts of its business. It believes that the consistent adoption of reasonable business practice is essential for operational excellence which in turn ensures the delivery of its core objective of sustained profitability.

In a company of this size the directors consider there are collectively numerous non-financial performance indicators but that individually none are key.

Operational Risk

Operational risk is caused by failures in business processes or the systems or physical infrastructures that support them that have potential to result in financial loss or reputation damage. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts such as fraud.

The directors impose continuing self assessment and appraisals along with continually seeking to improve its operating efficiencies and standards.

Credit Risk

Credit risk is the risk that counter-parties will not be able to meet their obligations as they fall due. The company closely monitors outstanding debts from all sources resulting in minimal exposure.

 

Altonwood Limited

Strategic Report for the Year Ended 30 April 2024

Liquidity Risk

The company ensures that liquidity is maintained and financial obligations are met by monitoring the cash balances daily to ensure it retains flexibility in the management of cash flow. In the event that cash flows would not cover financial obligations the company has credit facilities available.

Market Risk

The company is not exposed to significant market risk.

Foreign Currency Risk

As the company's transactions are solely designated in Sterling it is not exposed to foreign currency risk.

Interest Rate Risk

The company is exposed to interest rate risk as its own funds are held on deposit. Interest rates are regularly monitored by the directors. The directors ensure that sufficient resources are available so obligations can be met when they fall due.

Risk Summary

The directors continuously monitor and respond to changes in the company's risk environment and this has been subject to regular and heightened review processes during Covid-19, so ensuring that the company remains well placed to address operational, reputational, financial and business risks in a timely and appropriate manner.

Future developments

The directors do not expect there to be any specific future developments in the company's activities or operations.

The company has prepared projected cashflows and budgets that cover the period to 30 April 2025 to ensure it has sufficient working capital for the foreseeable future. The forecast includes a number of assumptions and
scenarios.

The directors continue to direct the subsidiary undertakings focusing on making targeted investments in the golf clubs to ensure they maintain their reputation in the South East as renowned golf and leisure clubs. The directors will be investigating ways to increase the number of functions and events held at the clubs throughout the year, thus increasing overall profitability.

 

Approved by the Board on 14 January 2025 and signed on its behalf by:

.........................................
Mr S Hodsdon
Director

 

Altonwood Limited

Directors' Report for the Year Ended 30 April 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mrs N L Nugee

Mr R O Noades

Mr S Hodsdon

Mr P G Bevis (ceased 30 January 2024)

Mr C G Honeywill

Mr I C Granne (ceased 21 April 2024)

Dividends

During the year interim dividends of £250,000 (2023: £400,000) were declared and paid. No final dividend is proposed.

Disclosure of information in the strategic report

The company has chosen in accordance with Section 414C(11) Companies Act 2006 to 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 to be contained in the directors' report. It has done so in respect of financial risk management, exposure and future developments.

Directors' liabilities

The group maintains Directors' and Officers' liability insurance for Directors and Officers as permitted by section 233 of the Companies Act 2006.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 14 January 2025 and signed by:



 

.........................................
Mr S Hodsdon
Director

 

Altonwood Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Altonwood Limited

Independent Auditor's Report to the Members of Altonwood Limited
for the Year Ended 30 April 2024

Opinion

We have audited the financial statements of Altonwood Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

 

Altonwood Limited

Independent Auditor's Report to the Members of Altonwood Limited
for the Year Ended 30 April 2024

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

adequate accounting records have not been kept, 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 directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 5), 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.

 

Altonwood Limited

Independent Auditor's Report to the Members of Altonwood Limited
for the Year Ended 30 April 2024

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:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, health and safety legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Altonwood Limited

Independent Auditor's Report to the Members of Altonwood Limited
for the Year Ended 30 April 2024

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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

20 January 2025

 

Altonwood Limited

Statement of Income and Retained Earnings for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

456,921

448,843

Administrative expenses

 

(1,593,851)

(1,565,163)

Operating loss

4

(1,136,930)

(1,116,320)

Net changes in fair value

(353,853)

102,074

Interest payable and similar charges

5

(391,569)

(245,353)

 

(745,422)

(143,279)

Loss before tax

 

(1,882,352)

(1,259,599)

Taxation

9

429,855

230,720

Loss for the financial year

 

(1,452,497)

(1,028,879)

Retained earnings brought forward

 

1,593,340

3,022,219

Dividends paid

 

(250,000)

(400,000)

Retained earnings carried forward

 

(109,157)

1,593,340

 

Altonwood Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

35,244

44,738

Investment property

11

1,478,000

1,375,000

Investments

12

3,107

3,107

 

1,516,351

1,422,845

Current assets

 

Debtors

13

11,638,296

12,127,992

Cash at bank and in hand

 

45

505

 

11,638,341

12,128,497

Creditors: Amounts falling due within one year

15

(8,089,922)

(7,054,658)

Net current assets

 

3,548,419

5,073,839

Total assets less current liabilities

 

5,064,770

6,496,684

Creditors: Amounts falling due after more than one year

15

(5,043,561)

(4,724,150)

Provisions for liabilities

17

(64,416)

(113,244)

Net (liabilities)/assets

 

(43,207)

1,659,290

Capital and reserves

 

Called up share capital

54,300

54,300

Share premium reserve

6,750

6,750

Capital redemption reserve

4,900

4,900

Retained earnings

(109,157)

1,593,340

Shareholders' (deficit)/funds

 

(43,207)

1,659,290

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
Mr R O Noades
Director

.........................................
Mr S Hodsdon
Director

 
     

Company registration number: 01536806

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Streete Court
Rooks Nest Park
Godstone
Surrey
RH9 8BY

The principal activity of the company is that of an investment holding company.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Disclosure Exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Altonwood Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

Group accounts not prepared

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a wholly-owned subsidiary company of the parent undertaking, Altonwood Holdings Limited. The financial statements therefore include information about the company and not the group.

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Going concern

The company made a loss for the year ended 30 April 2024 and had net liabilities at that date of £43,207.

At 30 April 2024 a net amount of £3,668,273 was due from other group undertakings to who the company has committed to continue to support whilst they require working capital.

The company has net current assets of £3,548,419 and the directors have prepared cashflow forecasts which show the company has sufficient working capital to meet its working capital requirements and its obligation under its banking facilities.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Judgements and key sources of estimation

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainties provide a risk of causing a material adjustment to the carrying values of assets and liabilities.

Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The company exercises judgement to determine these useful lives and residual values.

Investment Properties are reflected at their fair value. The directors exercise their judgement, two of whom of chartered surveyors to determine the fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of management services in the ordinary course of the company's activities, together with rental income receivable. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover in respect of management services to group undertakings is recognised as services are provided. Rental income is recognised on an accruals basis and other income is recognised when the company becomes contractually entitled.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% straight line

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Finance leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3

Revenue

The analysis of the company's revenue for the year from continuing operations wholly derived in the UK is as follows:

2024
 £

2023
 £

Rendering of services

429,565

415,008

Other revenue

27,356

33,835

456,921

448,843

4

Operating loss

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

13,964

10,805

Operating lease expense - plant and machinery

15,742

20,223

5

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

391,569

245,353

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

993,561

993,513

Social security costs

136,455

141,805

Pension costs, defined contribution scheme

17,284

16,191

Other employee expense

29,636

26,920

1,176,936

1,178,429

The average number of persons employed by the company during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

12

12

Maintenance

8

8

Management

4

4

24

24

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

767,256

780,554

Contributions paid to money purchase pension schemes

7,942

8,041

775,198

788,595

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
 No.

2023
 No.

Accruing benefits under money purchase pension scheme

4

4

In respect of the highest paid director:

2024
 £

2023
 £

Remuneration

427,642

373,941

Contributions paid to money purchase pension schemes

1,321

1,321

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Auditor's remuneration

2024
 £

2023
 £

Audit of these financial statements

26,500

20,500

Other fees to auditors

Audit of financial statements of subsidiary undertakings

32,300

34,500

Taxation compliance services

1,000

1,000

All other compliance services

2,000

1,950

35,300

37,450


 

9

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

(381,027)

(258,000)

Deferred taxation

Arising from origination and reversal of timing differences

(48,828)

27,280

Tax receipt in the income statement

(429,855)

(230,720)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19.49%).

The differences are reconciled below:

2024
 £

2023
 £

Loss before tax

(1,882,352)

(1,259,599)

Corporation tax at standard rate

(470,588)

(245,535)

Effect of expense not deductible in determining taxable profit (tax loss)

39,385

11,808

Tax increase (decrease) from effect of capital allowances and depreciation

(47,494)

22,904

Effect of fair value adjustment

88,463

(19,897)

Tax increase (decrease) from effect of adjustment in research and development tax credit

(39,621)

-

Total tax credit

(429,855)

(230,720)

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

3,651

Revaluation of investment property

19,795

23,446

2023

Liability
£

Accelerated capital allowances

4,985

Revaluation of investment property

108,259

113,244

10

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

83,153

93,439

176,592

Additions

4,469

-

4,469

At 30 April 2024

87,622

93,439

181,061

Depreciation

At 1 May 2023

69,387

62,467

131,854

Charge for the year

5,037

8,926

13,963

At 30 April 2024

74,424

71,393

145,817

Carrying amount

At 30 April 2024

13,198

22,046

35,244

At 30 April 2023

13,766

30,972

44,738

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

11

Investment properties

2024
£

Fair Value

At 1 May 2023

1,375,000

Additions

456,853

Fair value adjustments

(353,853)

At 30 April 2024

1,478,000

The investment properties are reflected at fair value at 30 April 2024, as estimated by the directors, two of whom are Chartered Surveyors, at an amount of £1,478,000.

12

Investments in subsidiaries, joint ventures and associates

2024
 £

2023
 £

Investments in subsidiaries

3,107

3,107

£

Cost or valuation

At 1 May 2023 and 30 April 2024

3,107

Carrying amount

At 30 April 2024

3,107

At 30 April 2023

3,107

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Details of undertakings

Details of the investments in which the company directly holds 20% or more of the nominal value of any class of share capital are as follows:

Subsidiary undertakings

Holding

Proportion of voting rights and shares held

     

2024

2023

Country & Metropolitan Investments Limited

Ordinary

100%

100%

         

Noood Limited

Ordinary

100%

100%

         

Noood London Limited

Ordinary

100%

100%

         

Streete Court Leisure Limited

Ordinary

100%

100%

         

Surrey National Golf Club Limited

Ordinary

100%

100%

         

The Addington Golf Club Limited

Ordinary

100%

100%

         

The Novello Collection Limited

Ordinary

100%

100%

         

The Novello Wool Shop Limited

Ordinary

100%

100%

         

Westerham Golf Club Limited

Ordinary

100%

100%

         

Woldingham Golf Club Limited

Ordinary

100%

100%

         

Zinckirk Properties Limited

Ordinary

100%

100%

         

The registered office of all of the above is; Streete Court, Rooks Nest Park, Godstone, Surrey, RH9 8BY.

13

Debtors

2024
 £

2023
 £

Trade debtors

-

7,620

Amounts owed by group undertakings

10,191,254

10,889,076

Other debtors

1,386,085

1,180,605

Prepayments

60,957

50,691

Total current trade and other debtors

11,638,296

12,127,992

14

Cash and cash equivalents

2024
 £

2023
 £

Cash on hand

45

505

Bank overdrafts

(919,849)

(807,453)

Total cash and cash equivalents

(919,804)

(806,948)

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

15

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

16

1,435,317

1,266,086

Trade creditors

 

56,167

41,938

Amounts due to group undertakings

 

6,522,980

5,636,109

Social security and other taxes

 

63,312

99,032

Other payables

 

3,032

2,793

Accrued expenses

 

9,114

8,700

 

8,089,922

7,054,658

Due after one year

 

Loans and borrowings

16

5,043,561

4,724,150

Amounts due by the group undertakings are interest free, unsecured and payable on demand.

16

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank loans

5,043,561

4,724,150

Included in the loans and borrowings are the following amounts due after more than five years:

2024
 £

2023
 £

After more than five years by instalments

3,052,986

2,925,048

-

2024
£

2023
£

Current loans and borrowings

Bank loans

515,468

458,633

Bank overdrafts

919,849

807,453

1,435,317

1,266,086

Bank loans and overdrafts are secured by a fixed charge over certain investment properties and by a fixed and floating charge over the other assets and undertakings of the company.

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 May 2023

113,244

113,244

Additional provisions

(48,828)

(48,828)

At 30 April 2024

64,416

64,416

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £17,284 (2023 - £16,191).

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

54,300

54,300

54,300

54,300

       

There are no restrictions on the distribution of dividends or the repayment of capital.

20

Dividends

2024

2023

£

£

Interim dividend of £4.60 (2023 - £7.37) per ordinary share

250,000

400,000

 

 

21

Commitments, guarantees and contingencies

Contingencies

The company has jointly guaranteed the group's bank loan and overdraft facilities. No amount was outstanding at 30 April 2024 beyond that recognised as a liability in the financial statements of the company and the guarantee is secured by a fixed and floating charge over the assets and undertakings of the company. No liability is expected to arise from this guarantee.

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Operating leases

The total of future minimum lease payments not reflected in the statement of financial position is as follows:

2024
£

2023
£

Not later than one year

12,939

18,139

Later than one year and not later than five years

7,739

18,689

20,678

36,828

22

Profit and loss account

The profit and loss account includes an amount of £254,720 (2023: £519,637) which is non-distributable.

23

Related party transactions

Key management personnel

The directors are considered to be key management personnel. Directors remuneration is shown in note 9.

Transactions with directors

At 30 April 2024 an amount of £11,680 (2023: £30,172) was due from directors. During the year there were advances of £76,899 and repayments of £95,864. Interest charged in the year amounted to £473 (2023: £453) at 2.25% pa. There are no agreed repayment terms.

Summary of transactions with subsidiaries

Exemption has been taken under FRS 102, paragraph 33.1A not to disclose transactions or amounts falling due with companies that are wholly owned within the group.
 

Transactions with related parties

At 30 April 2024 an amount of £1,147,073 (2023: £1,148,100) was due from companies over which one of the directors exercises significant control.
 

24

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Altonwood Holdings Limited.

The part of the smallest and largest group preparing group accounts is Altonwood Holdings Limited. The registered office address of Altonwood Holdings Limited is Streete Court, Rooks Nest Park, Godstone, Surrey, RH9 8BY.
 

25

Control

Ultimate control vests with The Trustees of the Ron Noades Childrens Trust and the Ron Noades Trust for his Wife Novello.

 

Altonwood Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

26

Subsequent non adjusting events

Subsequent to 30 April 2024 the company received dividends totalling £4,000,000 from its subsidiary undertakings.