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Registered number: NI021556










Country Inns (Ulster) Limited










Annual Report and Financial Statements

For the Year Ended 30 June 2024

 
Country Inns (Ulster) Limited
 

Company Information


Directors
Mr P Dalm 
Mrs A Dalm 
Miss S Dalm 




Company secretary
Miss S Dalm



Registered number
NI021556



Registered office
Clandeboye Lodge Hotel
10 Estate Road

Bangor

BT19 1UR




Independent auditors
Sumer Auditco NI Limited
Statutory Auditors

Glendinning House

6 Murray Street

Belfast

BT1 6DN





 
Country Inns (Ulster) Limited
 

Contents



Page
Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditors' Report
 
 
4 - 6
Statement of Comprehensive Income
 
 
7
Balance Sheet
 
 
8 - 9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 25


 
Country Inns (Ulster) Limited
 

Strategic Report
For the Year Ended 30 June 2024

Introduction
 
Country Inns (Ulster) Ltd t/a Clandeboye Lodge Hotel owns and operates a leading 4* hotel with 42 rooms, Coq & Bull brasserie and extensive events facilities. Organic growth plans are in place to further increase revenues by way of expansion through the company's own resources.

Business review
 
The continued investment in services and assets during 2023-24 has supported revenue and EBITDA growth for the year ending 30 June 2024, despite the impact of cost of living and interest rate increases on spending behaviour and financial performance in the hospitality sector in general. Profits however, saw a slight decrease during the year due to non-recurrent expenditure relating to a hotel project.
The near-term outlook is encouraging with strong forward contracted events and maintained levels of footfall and occupancy.

Principal risks and uncertainties
 
The continued uncertainty with reference to energy and food costs requires ongoing monitoring in order to maintain margins. 

Financial key performance indicators
 
Compared with the Sumer Northern Ireland Hotel Industry Survey 2024, the business continues to perform well above the NI average in overall hotel industry key performance indicators. 

Other key performance indicators
 
During 2023-24, major investment in solar panels, replacement air handling units, inverters, hot water boilers and the installation of additional loft insulation was completed to reduce energy costs.


This report was approved by the board on 23 January 2025 and signed on its behalf.



Mr P Dalm
Director

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Page 1

 
Country Inns (Ulster) Limited
 

 
Directors' Report
For the Year Ended 30 June 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £714,422 (2023 - £878,554).



Directors

The directors who served during the year were:

Mr P Dalm 
Mrs A Dalm 
Miss S Dalm 

Future developments

Strong revenue growth has been achieved in the financial year which is forecast to continue into 2025 and 2026. We will also continue to invest in the quality of our offering with significant capital expenditure and continued refurbishment and upkeep of the hotel product.    

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Page 2

 
Country Inns (Ulster) Limited
 

 
Directors' Report (continued)
For the Year Ended 30 June 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsSumer Auditco NI Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 January 2025 and signed on its behalf.
 





Mr P Dalm
Director

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Page 3

 
Country Inns (Ulster) Limited
 

 
Independent Auditors' Report to the Shareholders of Country Inns (Ulster) Limited
 

Opinion


We have audited the financial statements of Country Inns (Ulster) Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 United Kingdom, including the Financial Reporting Council'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.


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Page 4

 
Country Inns (Ulster) Limited
 

 
Independent Auditors' Report to the Shareholders of Country Inns (Ulster) Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 Directors' Responsibilities Statement set out on page 2, 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.


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Page 5

 
Country Inns (Ulster) Limited
 

 
Independent Auditors' Report to the Shareholders of Country Inns (Ulster) Limited (continued)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: posting of unusual journals along with complex transactions. We discussed these risks with client management, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.


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 Auditors' Report.


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 2006Our 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 Auditors' 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.





Adrian Patton (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco NI Limited
 
Statutory Auditors
  
Glendinning House
6 Murray Street
Belfast
BT1 6DN

23 January 2025
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Page 6

 
Country Inns (Ulster) Limited
 

Statement of Comprehensive Income
For the Year Ended 30 June 2024

2024
2023
Note
£
£

  

Turnover
 5 
5,763,962
5,520,411

Cost of sales
  
(2,772,215)
(2,678,986)

Gross profit
  
2,991,747
2,841,425

Distribution costs
  
(938,177)
(883,364)

Administrative expenses
  
(971,300)
(742,080)

Other operating income
 6 
2,313
32,017

Operating profit
  
1,084,583
1,247,998

Interest receivable and similar income
 10 
12,198
-

Interest payable and similar expenses
 11 
(114,574)
(127,357)

Profit before tax
  
982,207
1,120,641

Tax on profit
 12 
(267,785)
(242,087)

Profit for the year
  
714,422
878,554

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 25 form part of these financial statements.

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Page 7

 
Country Inns (Ulster) Limited
Registered number: NI021556

Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,595,670
4,736,403

  
4,595,670
4,736,403

Current assets
  

Stocks
  
94,778
129,602

Debtors
 14 
841,767
829,570

Cash at bank and in hand
 15 
1,295,920
764,766

  
2,232,465
1,723,938

Creditors: amounts falling due within one year
 16 
(3,299,058)
(2,436,768)

Net current liabilities
  
 
 
(1,066,593)
 
 
(712,830)

Total assets less current liabilities
  
3,529,077
4,023,573

Creditors: amounts falling due after more than one year
 17 
(1,429,500)
(1,194,604)

Provisions for liabilities
  

Deferred tax
 21 
(301,609)
(323,484)

  
 
 
(301,609)
 
 
(323,484)

Accruals and deferred income
 20 
(6,555)
(8,869)

Net assets
  
1,791,413
2,496,616

Net assets
  
1,791,413
2,496,616


Capital and reserves
  

Called up share capital 
 22 
10,000
10,000

Revaluation reserve
 23 
212,026
212,026

Capital redemption reserve
 23 
5,000
5,000

Profit and loss account
 23 
1,564,387
2,269,590

  
1,791,413
2,496,616


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Page 8

 
Country Inns (Ulster) Limited
Registered number: NI021556

Balance Sheet (continued)
As at 30 June 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2025.




Mr P Dalm
Director

The notes on pages 11 to 25 form part of these financial statements.

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Page 9

 
Country Inns (Ulster) Limited
 

Statement of Changes in Equity
For the Year Ended 30 June 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
10,000
5,000
212,026
1,716,166
1,943,192



Profit for the year
-
-
-
878,554
878,554

Dividends: Equity capital
-
-
-
(325,130)
(325,130)



At 1 July 2023
10,000
5,000
212,026
2,269,590
2,496,616



Profit for the year
-
-
-
714,422
714,422

Dividends: Equity capital
-
-
-
(1,419,625)
(1,419,625)


At 30 June 2024
10,000
5,000
212,026
1,564,387
1,791,413


The notes on pages 11 to 25 form part of these financial statements.

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Page 10

 
Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

1.


General information

Country Inns (Ulster) Limited is a private company limited by shares incorporated in Northern Ireland.  The registration number and address of the registered office are given in the company information section of these financial statements. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The presentation currency is Sterling. There is no rounding applied to the accounts.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Hayho Enterprises Ltd as at 30 June 2024 and these financial statements may be obtained from Companies House.

 
2.3

Revenue

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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Sale and leaseback

Where a sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value any profit or loss is recognised immediately. 

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Page 11

 
Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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Page 12

 
Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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Page 13

 
Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Motor vehicles
-
25%
Fixtures and fittings
-
5%, 10% or 15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Revaluation of tangible fixed assets

As permitted by the transitional provisions of FRS 15, the company elected not to adopt a policy of revaluation of tangible fixed assets.  The company retained the book value of land and buildings, previously revalued at 1 July 1991 and did not update that valuation.  This was not updated on transition to FRS 102 in 2016.

 
2.12

Stocks

Stocks are valued at the lower of cost and net realisable value. 

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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Page 14

 
Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company's accounting policies, management has not made any significant judgments.  There are no key assumptions concerning the future or other key sources of estimation, that have a significant risk of raising a material adjustment to the carrying amounts of assets and liabilities within the financial year other than those disclosed in the financial statements. 

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Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

4.


Going Concern

The company’s principal activity is the operation of a hotel. The hotel and hospitality sector was significantly impacted over recent years by the Covid-19 pandemic. The directors have assessed the principal risks and uncertainties facing the company and this includes any potential future impact of Covid-19. The directors believe they have a reasonable expectation that the company has adequate resources to continue to operate. The directors have prepared detailed cash flow projections based on their best estimate of trading to June 2025 and forecasts for 2026. The directors' projections have been prepared on the assumption that the hotel will remain open and trading going forward. The directors are aware that any future changes in government guidelines and restrictions may impact the trading performance of the hotel and therefore also on their projections. The directors believe that the company is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that they will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements and therefore the directors have prepared the financial statements adopting the going concern basis.


5.


Turnover

The whole of the turnover of the company has been derived from its principal activity.

All turnover arose within the United Kingdom.


6.


Other operating income

2024
2023
£
£

Government grants receivable
2,313
32,017

2,313
32,017



7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,525
14,025

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Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,675,093
1,595,283

Social security costs
126,226
117,515

Cost of defined contribution scheme
180,552
77,350

1,981,871
1,790,148


The average monthly number of employees, including directors, during the year was 118 (2023 - 99).


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
22,161
21,959

Company contributions to defined contribution pension schemes
150,000
50,000

172,161
71,959



10.


Interest receivable

2024
2023
£
£


Other interest receivable
12,198
-

12,198
-


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
112,662
124,055

Finance leases and hire purchase contracts
1,912
3,302

114,574
127,357

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Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
289,660
223,643


289,660
223,643


Total current tax
289,660
223,643

Deferred tax


Origination and reversal of timing differences
(21,875)
18,444

Total deferred tax
(21,875)
18,444


Taxation on profit on ordinary activities
267,785
242,087

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
982,207
1,120,641


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
245,552
229,685

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,761
3,900

Capital allowances for year in excess of depreciation
40,897
(6,287)

Profit/loss on disposal
(1,550)
-

Revenue expenditure capitalised
-
(3,655)

Deferred tax
(21,875)
18,444

Total tax charge for the year
267,785
242,087

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Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

13.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 July 2023
4,546,194
66,582
4,791,195
9,403,971


Additions
13,335
70,191
114,610
198,136


Disposals
-
(67,999)
-
(67,999)



At 30 June 2024

4,559,529
68,774
4,905,805
9,534,108



Depreciation


At 1 July 2023
1,312,552
22,666
3,332,350
4,667,568


Charge for the year on owned assets
71,187
32,813
215,967
319,967


Disposals
-
(49,097)
-
(49,097)



At 30 June 2024

1,383,739
6,382
3,548,317
4,938,438



Net book value



At 30 June 2024
3,175,790
62,392
1,357,488
4,595,670



At 30 June 2023
3,233,642
43,916
1,458,845
4,736,403


14.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
753,054
753,097

753,054
753,097

Due within one year

Trade debtors
6,150
4,403

Other debtors
15,432
9,132

Prepayments and accrued income
67,131
62,938

841,767
829,570


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Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,295,920
764,766

1,295,920
764,766



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
387,771
413,776

Bank overdraft
23,084
-

Trade creditors
492,839
459,322

Amounts owed to group undertakings
576,881
-

Corporation tax
285,659
221,346

Other taxation and social security
283,491
247,269

Obligations under finance lease and hire purchase contracts
-
12,775

Other creditors
15,425
43,211

Accruals and deferred income
1,233,908
1,039,069

3,299,058
2,436,768


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Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,429,500
1,159,180

Net obligations under finance leases and hire purchase contracts
-
35,424

1,429,500
1,194,604


Secured loans
Bank loans are secured by the following:
(i) a fixed charge over the book debts of Country Inns (Ulster) Limited;
(ii) a floating charge over the whole assets of Country Inns (Ulster) Limited;
(iii) a fixed charge over the property at Estate Road, Bangor;
(iv) a legal mortgage over the property at 10 Estate Road, Bangor; 
(v) an intercompany guarantee between Country Inns (Ulster) Limited and Hayho Enterprises Ltd; and
(vi) an individual guarantee by the UK Government's Department for Business, Energy and Industrial Strategy.
A further Coronavirus Business Interruption Loan (“CBILS “) was secured in April 2021.  As part of this facility additional security was provided which includes a personal guarantee from Mr P Dalm of £180,000.

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Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
387,771
413,776

Other loans
23,084
-


410,855
413,776

Amounts falling due 1-2 years

Bank loans
872,709
1,159,180


872,709
1,159,180


Amounts falling due after more than 5 years

Bank loans
556,791
-

556,791
-

1,840,355
1,572,956



19.


Obligations under finance leases


2024
2023
£
£


Within one year
-
12,775

Between 1-5 years
-
12,775

Over 5 years
-
22,649

-
48,199

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Page 22

 
Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

20.


Accruals and deferred income

2024
2023
£
£

Deferred capital grants
6,555
8,869

6,555
8,869


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Page 23

 
Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

21.


Deferred taxation




2024


£






At beginning of year
(323,484)


Charged to profit or loss
21,875



At end of year
(301,609)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(301,609)
(323,484)

(301,609)
(323,484)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



Enter number Ordinary shares of £1.00 each
10,000
10,000



23.


Reserves

Revaluation reserve

This balance includes all prior and current periods retained revaluation gains. 

Capital redemption reserve

This balance includes all prior and current periods capital redemptions. 

Profit and loss account

This balance includes all prior and current periods retained profit and losses. 

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Country Inns (Ulster) Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024

24.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
56,160
-

56,160
-


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £ 30,552 (2023 - 27,350). Contributions totalling £11,769 (2023 - £8,649) were payable to the fund at balance sheet date and are included in creditors.


26.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Within 1 year
26,000
26,000

Between 1-5 years
104,000
104,000

Over 5 years
26,000
52,000

156,000
182,000


27.


Controlling party

The company’s parent company, which holds 100% of the share capital of Country Inns (Ulster) Limited is Hayho Enterprises Ltd, a company registered in Northern Ireland.


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