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Company registration number: 12902793
Denstone Hall Limited
Unaudited filleted financial statements
30 April 2024
Denstone Hall Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Denstone Hall Limited
Directors and other information
Director Mr R D Evans
Company number 12902793
Registered office C/O Hardings
6 Marsh Parade
Newcastle-Under-Lyme
Staffordshire
ST5 1DU
Business address Main Road
Denstone
Uttoxeter
Staffordshire
ST14 5HF
Accountants Hardings
6 Marsh Parade
Newcastle Under Lyme
Staffordshire
ST5 1DU
Denstone Hall Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 877,500 1,007,500
Tangible assets 6 746,312 778,184
_______ _______
1,623,812 1,785,684
Current assets
Stocks 301,949 213,320
Debtors 7 256,498 133,481
Cash at bank and in hand 878,101 658,610
_______ _______
1,436,548 1,005,411
Creditors: amounts falling due
within one year 8 ( 469,326) ( 443,236)
_______ _______
Net current assets 967,222 562,175
_______ _______
Total assets less current liabilities 2,591,034 2,347,859
Creditors: amounts falling due
after more than one year 9 ( 382,689) ( 406,776)
Provisions for liabilities ( 48,257) ( 50,885)
_______ _______
Net assets 2,160,088 1,890,198
_______ _______
Capital and reserves
Called up share capital 202 202
Share premium account 1,300,000 1,300,000
Profit and loss account 859,886 589,996
_______ _______
Shareholders funds 2,160,088 1,890,198
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 December 2024 , and are signed on behalf of the board by:
Mr R D Evans
Director
Company registration number: 12902793
Denstone Hall Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 May 2022 202 1,300,000 612,622 1,912,824
Profit for the year 449,374 449,374
_______ _______ _______ _______
Total comprehensive income for the year - - 449,374 449,374
Dividends paid and payable ( 472,000) ( 472,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 472,000) ( 472,000)
_______ _______ _______ _______
At 30 April 2023 and 1 May 2023 202 1,300,000 589,996 1,890,198
Profit for the year 311,890 311,890
_______ _______ _______ _______
Total comprehensive income for the year - - 311,890 311,890
Dividends paid and payable ( 42,000) ( 42,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 42,000) ( 42,000)
_______ _______ _______ _______
At 30 April 2024 202 1,300,000 859,886 2,160,088
_______ _______ _______ _______
Denstone Hall Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Hardings, 6 Marsh Parade, Newcastle-Under-Lyme, Staffordshire, ST5 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Over 35 years
Plant and machinery - 25 % reducing balance
Computer Equipment - 33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 84 (2023: 74 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 1,036,824 887,289
Social security costs 57,344 50,363
Other pension costs 72,641 10,836
_______ _______
1,166,809 948,488
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 1,300,000 1,300,000
_______ _______
Amortisation
At 1 May 2023 292,500 292,500
Charge for the year 130,000 130,000
_______ _______
At 30 April 2024 422,500 422,500
_______ _______
Carrying amount
At 30 April 2024 877,500 877,500
_______ _______
At 30 April 2023 1,007,500 1,007,500
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 May 2023 620,082 270,289 13,995 30,213 934,579
Additions - 44,560 - 1,924 46,484
_______ _______ _______ _______ _______
At 30 April 2024 620,082 314,849 13,995 32,137 981,063
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 47,303 92,861 292 15,940 156,396
Charge for the year 21,024 46,222 3,426 7,683 78,355
_______ _______ _______ _______ _______
At 30 April 2024 68,327 139,083 3,718 23,623 234,751
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 551,755 175,766 10,277 8,514 746,312
_______ _______ _______ _______ _______
At 30 April 2023 572,779 177,428 13,703 14,273 778,183
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 8,027 2,962
Other debtors 248,471 130,519
_______ _______
256,498 133,481
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 27,220 30,350
Trade creditors 151,697 213,733
Corporation tax 156,932 129,560
Social security and other taxes 69,983 57,488
Other creditors 63,494 12,105
_______ _______
469,326 443,236
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 382,689 406,776
_______ _______