Registered number:
For the Year Ended
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Hayho Enterprises Ltd
Company Information
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Hayho Enterprises Ltd
Contents
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Hayho Enterprises Ltd
Group Strategic Report
For the Year Ended 30 June 2024
Hayho Enterprises Ltd is the holding company which owns the shares of Country Inns (Ulster) Ltd. 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.
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.
The continued uncertainty with reference to energy and food costs requires ongoing monitoring in order to maintain margins.
Compared with the Sumer NI Northern Ireland Hotel Industry Survey 2023, the business continues to perform well above the NI average in overall hotel industry 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.
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Hayho Enterprises Ltd
Director's Report
For the Year Ended 30 June 2024
The director presents his report and the financial statements for the year ended 30 June 2024.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group'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 Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £714,422 (2023 - £878,554).
The director who served during the year was:
Strong revenue growth has been achieved in the financial year with future revenues for years ending 2025 and 2026 forecasted to increase by 4-5% pa
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Hayho Enterprises Ltd
Director's Report (continued)
For the Year Ended 30 June 2024
There have been no significant events affecting the Group since the year end.
The auditors, Sumer Auditco NI Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Hayho Enterprises Ltd
Independent Auditors' Report to the Members of Hayho Enterprises Ltd
We have audited the financial statements of Hayho Enterprises Ltd Consolidation (the 'parent Company') and its subsidiary (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Group 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.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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Hayho Enterprises Ltd
Independent Auditors' Report to the Members of Hayho Enterprises Ltd (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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Hayho Enterprises Ltd
Independent Auditors' Report to the Members of Hayho Enterprises Ltd (continued)
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 Group 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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
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Hayho Enterprises Ltd
Independent Auditors' Report to the Members of Hayho Enterprises Ltd (continued)
for and on behalf of
Statutory Auditors
Glendinning House
6 Murray Street
Co. Antrim
BT1 6DN
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Hayho Enterprises Ltd
Consolidated Statement of Comprehensive Income
For the Year Ended 30 June 2024
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Hayho Enterprises Ltd
Registered number: NI066672
Consolidated Balance Sheet
As at
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Hayho Enterprises Ltd
Registered number: NI066672
Consolidated 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.
The notes on pages 17 to 32 form part of these financial statements.
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Hayho Enterprises Ltd
Registered number: NI066672
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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