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REGISTERED NUMBER: SC113099 (Scotland)











CAWLEY HOTELS & LEISURE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024






CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 7

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13 to 14

Notes to the Financial Statements 15 to 26


CAWLEY HOTELS & LEISURE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024







DIRECTORS: Lynn Cawley
Alan Darrach Cawley





SECRETARY: Alan Darrach Cawley





REGISTERED OFFICE: Duck Bay Marina
Loch Lomond
Alexandria
Dunbartonshire
G83 8QZ





REGISTERED NUMBER: SC113099 (Scotland)





AUDITORS: Azets Audit Services
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

STRATEGIC REPORT
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

The directors present their strategic report for the period 1 May 2023 to 29 April 2024.

REVIEW OF BUSINESS
The key financial highlights are as follows:



Period to29
April
Year
ended 30
April
2024 2023
£    £   

Turnover 14,536,082 9,944,790

Profit before tax 2,136,756 846,925

Turnover has increased 46.2% on the prior year which reflects the trading for Duck Bay Marina which was brought into the company on 23 June 2023.

The net assets of the company at 29 April 2024 are £23,910,469 representing an increase of £16,707,298 due again to the inclusion of Duck Bay Marina..

PRINCIPAL RISKS AND UNCERTAINTIES
Competitive pressure has increased in the market place and the directors strive to ensure that margins and profitability remain consistent year on year.

In addition the directors seek to control overhead costs in order to maintain the profitability of the company.

FUTURE DEVELOPMENTS
The directors aim to maintain the management policies adopted during the period ended 29 April 2024 and consider the company is well placed to take advantage of opportunities which may arise in the current year.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the company's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ENVIRONMENT
The company recognises the importance of its environmental responsibilities and has policies in place to manage its impact on the environment.

ON BEHALF OF THE BOARD:





Alan Darrach Cawley - Director


29 January 2025

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

The directors present their report with the financial statements of the company for the period 1 May 2023 to 29 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of operation and management of restaurants and bars in Scotland.

DIVIDENDS
A dividend of £140,000 was paid during the year.

DIRECTORS
Alan Darrach Cawley has held office during the whole of the period from 1 May 2023 to the date of this report.

Other changes in directors holding office are as follows:

Lynn Cawley - appointed 23 June 2023
Margo Cawley - resigned 23 June 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Alan Darrach Cawley - Director


29 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAWLEY HOTELS & LEISURE LIMITED

Opinion
We have audited the financial statements of Cawley Hotels & Leisure Limited (the 'company') for the period ended 29 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 April 2024 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAWLEY HOTELS & LEISURE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAWLEY HOTELS & LEISURE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion,

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:
- the nature of the industry and sector, control environment and business performance including the key drivers for Directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we consider the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the cut-off of revenue recognition. In common with all audits under ISAs(UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosure in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and Health and Safety legislation.

In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meeting of those charged with governance;
- in addressing the fraud risk in revenue cut-off, we have tested a sample of revenue/stock recorded pre year end and post year end and agreed to invoice, and stock records where appliable to assess timing of cut-off and ensure that revenue is only recognised when goods or services have been delivered; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAWLEY HOTELS & LEISURE LIMITED


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




Kirsty Mackie - BAcc CA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered accountants
Statutory auditor
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

29 January 2025

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

INCOME STATEMENT
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

Period
1/5/23
to Year Ended
29/4/24 30/4/23
Notes £    £   

TURNOVER 3 14,536,082 9,944,790

Cost of sales (3,494,318 ) (2,841,675 )
GROSS PROFIT 11,041,764 7,103,115

Administrative expenses (8,318,533 ) (6,114,336 )
2,723,231 988,779

Other operating income 68,929 59,600
OPERATING PROFIT 2,792,160 1,048,379

Interest receivable and similar income 7,374 -
2,799,534 1,048,379

Interest payable and similar expenses 5 (662,778 ) (201,454 )
PROFIT BEFORE TAXATION 6 2,136,756 846,925

Tax on profit 7 (649,049 ) (196,399 )
PROFIT FOR THE FINANCIAL PERIOD 1,487,707 650,526

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

Period
1/5/23
to Year Ended
29/4/24 30/4/23
Notes £    £   

PROFIT FOR THE PERIOD 1,487,707 650,526


OTHER COMPREHENSIVE INCOME
Revaluation reserve 19,940,343 -
Income tax relating to other comprehensive
income

(4,581,348

)

-
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME
TAX


15,358,995


-
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

16,846,702

650,526

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

BALANCE SHEET
29 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 33,033,119 10,077,732

CURRENT ASSETS
Stocks 10 51,580 24,100
Debtors 11 7,690,364 822,061
Investments 12 1,001,923 -
Cash at bank and in hand 1,127,116 3,047,781
9,870,983 3,893,942
CREDITORS
Amounts falling due within one year 13 4,530,161 3,277,768
NET CURRENT ASSETS 5,340,822 616,174
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,373,941

10,693,906

CREDITORS
Amounts falling due after more than one
year

14

(9,109,895

)

(2,792,362

)

PROVISIONS FOR LIABILITIES 19 (5,353,577 ) (698,373 )
NET ASSETS 23,910,469 7,203,171

CAPITAL AND RESERVES
Called up share capital 20 1,096 500
Revaluation reserve 21 15,358,995 -
Retained earnings 21 8,550,378 7,202,671
SHAREHOLDERS' FUNDS 23,910,469 7,203,171

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Alan Darrach Cawley - Director


CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 - 6,552,145 - 6,552,145

Changes in equity
Issue of share capital 500 - - 500
Total comprehensive income - 650,526 - 650,526
Balance at 30 April 2023 500 7,202,671 - 7,203,171

Changes in equity
Issue of share capital 596 - - 596
Dividends - (140,000 ) - (140,000 )
Total comprehensive income - 1,487,707 15,358,995 16,846,702
Balance at 29 April 2024 1,096 8,550,378 15,358,995 23,910,469

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

CASH FLOW STATEMENT
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

Period
1/5/23
to Year Ended
29/4/24 30/4/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,542,586 1,447,966
Interest paid (612,626 ) (153,687 )
Interest element of hire purchase payments
paid

(50,152

)

(47,767

)
Tax paid (134,650 ) (130,800 )
Net cash from operating activities 3,745,158 1,115,712

Cash flows from investing activities
Purchase of tangible fixed assets (3,360,807 ) (536,786 )
Sale of tangible fixed assets 46,679 -
Purchase of current asset investment (1,001,923 ) -
Interest received 7,374 -
Net cash from investing activities (4,308,677 ) (536,786 )

Cash flows from financing activities
New loans in year 9,500,000 -
Loan repayments in year (3,285,593 ) (364,675 )
Other loans advanced (7,355,209 ) -
Capital repayments in year (78,594 ) (255,540 )
Amount introduced by directors 1,654 -
Share issue 596 -
Equity dividends paid (140,000 ) -
Net cash from financing activities (1,357,146 ) (620,215 )

Decrease in cash and cash equivalents (1,920,665 ) (41,289 )
Cash and cash equivalents at beginning of
period

2

3,047,781

3,089,070

Cash and cash equivalents at end of
period

2

1,127,116

3,047,781

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Profit before taxation 2,136,756 846,925
Depreciation charges 324,903 184,982
Profit on disposal of fixed assets (25,819 ) -
Finance costs 662,778 201,454
Finance income (7,374 ) -
3,091,244 1,233,361
Increase in stocks (27,480 ) -
Decrease/(increase) in trade and other debtors 486,906 (730,536 )
Increase in trade and other creditors 991,916 945,141
Cash generated from operations 4,542,586 1,447,966

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 29 April 2024
29/4/24 1/5/23
£    £   
Cash and cash equivalents 1,127,116 3,047,781
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 3,047,781 3,089,070


CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/5/23 Cash flow At 29/4/24
£    £    £   
Net cash
Cash at bank and in hand 3,047,781 (1,920,665 ) 1,127,116
3,047,781 (1,920,665 ) 1,127,116

Liquid resources
Current asset investments - 1,001,923 1,001,923
- 1,001,923 1,001,923
Debt
Finance leases (622,140 ) 78,594 (543,546 )
Debts falling due within 1 year (443,620 ) 126,952 (316,668 )
Debts falling due after 1 year (2,421,374 ) (6,341,359 ) (8,762,733 )
(3,487,134 ) (6,135,813 ) (9,622,947 )
Total (439,353 ) (7,054,555 ) (7,493,908 )

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

1. STATUTORY INFORMATION

Cawley Hotels & Leisure Limited is a private company, limited by shares, registered in Scotland. The company's registration number is SC113099 and registered office address is Duck Bay Marina , Loch Lomond, Alexandria, Dumbartonshire,G83 8QZ.

The nature of the company's operations and its principal activities are the operation and management of restaurants and bars in Scotland.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company 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.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have not made any critical accounting judgements or utilised any sources of estimation uncertainty.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Improvements to property - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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.

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

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

Basic financial liabilities
Basic financial liabilities, including creditors, 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.


CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Sale of food and drink 14,536,082 9,944,790
14,536,082 9,944,790

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
United Kingdom 14,536,082 9,944,790
14,536,082 9,944,790

4. EMPLOYEES AND DIRECTORS
Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Wages and salaries 5,068,728 4,050,487
Social security costs 416,286 294,035
Other pension costs 74,988 45,637
5,560,002 4,390,159

The average number of employees during the period was as follows:
Period
1/5/23
to Year Ended
29/4/24 30/4/23

Restaurant management 30 24
Restaurant staff 244 206
274 230

Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Directors' remuneration 33,333 -

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Bank interest 2,468 -
Bank loan interest 609,018 153,687
Interest on late paid tax 1,140 -
Hire purchase 50,152 47,767
662,778 201,454

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Other operating leases 10,576 14,289
Depreciation - owned assets 275,188 184,982
Depreciation - assets on hire purchase contracts 49,715 -
Profit on disposal of fixed assets (25,819 ) -
Auditors' remuneration 20,000 19,000

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Current tax:
UK corporation tax 575,248 (122,733 )
Over provision in prior years (55 ) -
Total current tax 575,193 (122,733 )

Deferred tax 73,856 319,132
Tax on profit 649,049 196,399

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Profit before tax 2,136,756 846,925
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.490%)

534,189

165,066

Effects of:
Expenses not deductible for tax purposes 63,154 5,381
Capital allowances in excess of depreciation (22,567 ) (18,763 )
Adjustments to tax charge in respect of previous periods 417 (189,835 )
Deferred tax change in tax rates - 23,894
Adjustment in respect of prior year deferred tax 73,856 210,656
Total tax charge 649,049 196,399

Tax effects relating to effects of other comprehensive income

1/5/23 to 29/4/24
Gross Tax Net
£    £    £   
Revaluation reserve 19,940,343 (4,581,348 ) 15,358,995

8. DIVIDENDS
Period
1/5/23
to Year Ended
29/4/24 30/4/23
£    £   
Ordinary shares of 25p shares of 0.25 each
Interim 140,000 -

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST OR VALUATION
At 1 May 2023 9,163,778 - 2,262,420
Additions 1,979,757 995,568 265,777
Disposals - - -
Revaluations 19,940,343 - -
At 29 April 2024 31,083,878 995,568 2,528,197
DEPRECIATION
At 1 May 2023 - - 1,556,688
Charge for period - 124,446 135,196
Eliminated on disposal - - -
At 29 April 2024 - 124,446 1,691,884
NET BOOK VALUE
At 29 April 2024 31,083,878 871,122 836,313
At 30 April 2023 9,163,778 - 705,732

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 438,946 - 11,865,144
Additions 71,453 48,252 3,360,807
Disposals (76,686 ) - (76,686 )
Revaluations - - 19,940,343
At 29 April 2024 433,713 48,252 35,089,608
DEPRECIATION
At 1 May 2023 230,724 - 1,787,412
Charge for period 55,296 9,965 324,903
Eliminated on disposal (55,826 ) - (55,826 )
At 29 April 2024 230,194 9,965 2,056,489
NET BOOK VALUE
At 29 April 2024 203,519 38,287 33,033,119
At 30 April 2023 208,222 - 10,077,732

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

9. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 29 April 2024 is represented by:

Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
Valuation in 2024 19,940,343 - -
Cost 11,143,535 995,568 2,528,197
31,083,878 995,568 2,528,197

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 - - 19,940,343
Cost 433,713 48,252 15,149,265
433,713 48,252 35,089,608

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 11,143,535 9,163,778

Freehold land and buildings were valued on an open market basis on 12 April 2022 by Christie & Co .

The net book value of tangible fixed assets includes £ 193,100 (2023 - £ 176,240 ) in respect of assets held under hire purchase contracts.

10. STOCKS
2024 2023
£    £   
Stocks 51,580 24,100

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 7,355,209 -
Other debtors 384 702,340
Prepayments 334,771 119,721
7,690,364 822,061

12. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other 1,001,923 -

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 316,668 443,620
Hire purchase contracts (see note 16) 196,384 251,152
Trade creditors 1,228,579 722,603
Tax 575,193 134,650
Social security and other taxes 472,153 535,629
Other creditors 337,895 9,492
Directors' current accounts 1,654 -
Accrued expenses 1,401,635 1,180,622
4,530,161 3,277,768

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 8,762,733 2,421,374
Hire purchase contracts (see note 16) 347,162 370,988
9,109,895 2,792,362

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 316,668 443,620

Amounts falling due between one and two years:
Bank loans - 1-2 years 304,929 2,421,374

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,900,002 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,557,802 -

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 196,384 251,152
Between one and five years 347,162 370,988
543,546 622,140

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 9,079,401 2,864,994
Hire purchase contracts 543,546 622,140
9,622,947 3,487,134

Obligations under finance lease agreements are secured over the assets to which they relate.

The bank loan is secured by a floating charge over the assets of the company and a standard charge has been taken over land and buildings owned by the company.

18. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

2024 2023
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 7,355,593 702,340
Current asset investments - term deposit 1,001,923 -
Cash and cash equivalents 1,127,116 3,047,781
9,484,632 3,750,121
Financial liabilities
Financial liabilities measured at amortised cost 11,191,075 4,219,229

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 5,353,577 698,373

CAWLEY HOTELS & LEISURE LIMITED (REGISTERED NUMBER: SC113099)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 698,373
Capital allowances in excess
of depreciation 73,856
Unrealised capital gains 4,581,348
Balance at 29 April 2024 5,353,577

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary shares of £1 each £1 - 500
4,384 Ordinary shares of 25p 0.25 1,096 -
1,096 500

2,384 Ordinary shares of 25p shares of 0.25 each were allotted and fully paid for cash at par during the period.

On 23 June 2023 the 500 Ordinary £1 shares were sub-divided into 2000 Ordinary 25p shares.

21. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 May 2023 7,202,671 - 7,202,671
Profit for the period 1,487,707 1,487,707
Dividends (140,000 ) (140,000 )
Revaluation of property - 15,358,995 15,358,995
At 29 April 2024 8,550,378 15,358,995 23,909,373

22. PENSION COMMITMENTS

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in various independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £74,988 (2023 - £45,637) including contributions in respect of employees. There were outstanding contributions payable to the fund amounting to £15,368 at 29 April 2024 (2023 - £11,013).

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 29 April 24 the balance due to the director was £1,654 ( 2023 - £nil).

24. ULTIMATE CONTROLLING PARTY

The company is 100% owned by Cawley & Cawley Limited , a company incorporated in Scotland.