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Registered number: NI066672










Hayho Enterprises Ltd










Annual Report and Financial Statements

For the Year Ended 30 June 2024

 
Hayho Enterprises Ltd
 

Company Information


Director
Mr P Dalm 




Company secretary
Miss S Dalm



Registered number
NI066672



Registered office
Clandeboye Lodge Hotel
10 Estate Road

Clandeboye

Bangor

BT19 1UR




Independent auditors
Sumer Auditco NI Limited
Statutory Auditors

Glendinning House

6 Murray Street

Belfast

Co. Antrim

BT1 6DN





 
Hayho Enterprises Ltd
 

Contents



Page
Group Strategic Report
 
1
Director's Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Balance Sheet
 
9 - 10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 32


 
Hayho Enterprises Ltd
 

Group Strategic Report
For the Year Ended 30 June 2024

Introduction
 
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.

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 NI Northern Ireland Hotel Industry Survey 2023, 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

 
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.

Director's responsibilities statement

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.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 2006He 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.

Results and dividends

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

Director

The director who served during the year was:

Mr P Dalm 

Future developments

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

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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 and the Group's auditors are aware of that information.

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Page 2

 
Hayho Enterprises Ltd
 

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

Post balance sheet events

There have been no significant events affecting the Group 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

 
Hayho Enterprises Ltd
 

 
Independent Auditors' Report to the Members of Hayho Enterprises Ltd
 

Opinion


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 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 the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's 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 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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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Page 4

 
Hayho Enterprises Ltd
 

 
Independent Auditors' Report to the Members of Hayho Enterprises Ltd (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 director is 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 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.


Matters on which we are required to report by exception
 

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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


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Page 5

 
Hayho Enterprises Ltd
 

 
Independent Auditors' Report to the Members of Hayho Enterprises Ltd (continued)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 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.


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.


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Page 6

 
Hayho Enterprises Ltd
 

 
Independent Auditors' Report to the Members of Hayho Enterprises Ltd (continued)





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

23 January 2025
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Page 7

 
Hayho Enterprises Ltd
 

Consolidated 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
  
12,198
-

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

Profit before taxation
  
982,207
1,120,641

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

Profit for the financial year
  
714,422
878,554

  

Total comprehensive income for the year
  
714,422
878,554

Profit for the year attributable to:
  

Owners of the parent Company
  
714,422
878,554

  
714,422
878,554

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
714,422
878,554

  
714,422
878,554

The notes on pages 17 to 32 form part of these financial statements.

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Page 8

 
Hayho Enterprises Ltd
Registered number: NI066672

Consolidated Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
4,595,670
4,736,401

  
4,595,670
4,736,401

Current assets
  

Stocks
 16 
94,778
129,602

Debtors
 17 
89,149
76,954

Cash at bank and in hand
 18 
1,295,920
764,766

  
1,479,847
971,322

Creditors: amounts falling due within one year
 19 
(3,299,057)
(2,436,769)

Net current liabilities
  
 
 
(1,819,210)
 
 
(1,465,447)

Total assets less current liabilities
  
2,776,460
3,270,954

Creditors: amounts falling due after more than one year
 20 
(1,429,502)
(1,194,604)

Provisions for liabilities
  

Deferred taxation
 23 
(301,609)
(323,484)

  
 
 
(301,609)
 
 
(323,484)

Accruals and deferred income
 24 
(6,553)
(8,867)

Net assets excluding pension asset
  
1,038,796
1,743,999

Net assets
  
1,038,796
1,743,999


Capital and reserves
  

Called up share capital 
 25 
437
480

Revaluation reserve
 26 
212,026
212,026

Capital redemption reserve
 26 
5,043
5,000

Profit and loss account
 26 
821,290
1,526,493

Equity attributable to owners of the parent Company
  
1,038,796
1,743,999

  
1,038,796
1,743,999


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Page 9

 
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.




Mr P Dalm
Director

The notes on pages 17 to 32 form part of these financial statements.

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Page 10

 
Hayho Enterprises Ltd
Registered number: NI066672

Company Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
753,750
753,750

  
753,750
753,750

Current assets
  

Debtors
 17 
577,318
480

  
577,318
480

Creditors: amounts falling due within one year
 19 
(575,229)
-

Net current assets
  
 
 
2,089
 
 
480

Total assets less current liabilities
  
755,839
754,230

  

Creditors: amounts falling due after more than one year
 20 
(753,054)
(753,097)

  

Net assets
  
2,785
1,133


Capital and reserves
  

Called up share capital 
 25 
437
480

Capital redemption reserve
 26 
43
-

Profit and loss account
 26 
2,305
653

  
2,785
1,133


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 17 to 32 form part of these financial statements.

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Page 11
 

 
Hayho Enterprises Ltd


 

Consolidated 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
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£



At 1 July 2022
480
5,000
212,026
973,069
1,190,575
1,190,575



Comprehensive income for the year


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


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





At 1 July 2023
480
5,000
212,026
1,526,493
1,743,999
1,743,999



Comprehensive income for the year


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


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


Purchase of own shares
-
43
-
-
43
43


Shares cancelled during the year
(43)
-
-
-
(43)
(43)



At 30 June 2024
437
5,043
212,026
821,290
1,038,796
1,038,796



The notes on pages 17 to 32 form part of these financial statements.

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Page 12

 

 
Hayho Enterprises Ltd


 

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



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


£
£
£
£



At 1 July 2022
480
-
653
1,133



Comprehensive income for the year


Profit for the year
-
-
325,130
325,130


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





At 1 July 2023
480
-
653
1,133



Comprehensive income for the year


Profit for the year
-
-
1,421,277
1,421,277


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


Purchase of own shares
-
43
-
43


Shares cancelled during the year
(43)
-
-
(43)



At 30 June 2024
437
43
2,305
2,785



The notes on pages 17 to 32 form part of these financial statements.

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Page 13
 
Hayho Enterprises Ltd
 

Consolidated Statement of Cash Flows
For the Year Ended 30 June 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
714,422
878,554

Adjustments for:

Depreciation of tangible assets
319,967
276,713

Loss on disposal of tangible assets
(6,200)
-

Government grants
-
(32,017)

Interest paid
19,869
127,357

Interest received
(12,198)
-

Taxation charge
263,606
242,087

Decrease/(increase) in stocks
34,824
(6,846)

(Increase) in debtors
(209,907)
(1,202)

Increase in creditors
998,591
97,386

Corporation tax (paid)
(223,465)
(217,981)

Net cash generated from operating activities

1,899,509
1,364,051


Cash flows from investing activities

Purchase of tangible fixed assets
(179,234)
(866,802)

Sale of tangible fixed assets
6,200
-

Government grants received
-
32,017

Interest received
12,198
-

Net cash from investing activities

(160,836)
(834,785)

Cash flows from financing activities

Company purchase of own shares
(43)
-

Repayment of/new loans
244,315
(800,702)

Repayment of/new finance leases
(35,424)
(9,474)

Dividends paid
(1,419,625)
(325,130)

Interest paid
(19,869)
(127,357)

Capital redemption reserve movement
43
-

Net cash used in financing activities
(1,230,603)
(1,262,663)

Net increase/(decrease) in cash and cash equivalents
508,070
(733,397)

Cash and cash equivalents at beginning of year
764,766
1,498,163

Cash and cash equivalents at the end of year
1,272,836
764,766


Cash and cash equivalents at the end of year comprise:
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Page 14

 
Hayho Enterprises Ltd
 

Consolidated Statement of Cash Flows (continued)
For the Year Ended 30 June 2024


2024
2023

£
£


Cash at bank and in hand
1,295,920
-

Bank overdrafts
(23,084)
764,766

1,272,836
764,766


The notes on pages 17 to 32 form part of these financial statements.

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Page 15

 
Hayho Enterprises Ltd
 

Consolidated Analysis of Net Debt
For the Year Ended 30 June 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

764,766

531,154

1,295,920

Bank overdrafts

-

(23,084)

(23,084)

Debt due after 1 year

(1,159,180)

(270,320)

(1,429,500)

Debt due within 1 year

(445,164)

(199,364)

(644,528)

Finance leases

(48,199)

48,199

-


(887,777)
86,585
(801,192)

The notes on pages 17 to 32 form part of these financial statements.

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Page 16

 
Hayho Enterprises Ltd
 

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

1.


General information

Hayho Enterprises Ltd 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiary ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

 
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.

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Page 17

 
Hayho Enterprises Ltd
 

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

2.Accounting policies (continued)

 
2.4

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 Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

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Page 18

 
Hayho Enterprises Ltd
 

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

2.Accounting policies (continued)

 
2.8

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 and the Group operate and generate 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.


 
2.9

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.

Depreciation 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.

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Page 19

 
Hayho Enterprises Ltd
 

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Stocks

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

 
2.12

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.

 
2.13

Financial instruments


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Group's cash and cash equivalents, trade and most other debtors 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 instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
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Page 20

 
Hayho Enterprises Ltd
 

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

2.Accounting policies (continued)


2.13
Financial instruments (continued)


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.

 
2.14

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.  


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 is attributable to the Group's principal activity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,763,962
5,520,411

5,763,962
5,520,411


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Page 21

 
Hayho Enterprises Ltd
 

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

6.


Other operating income

2024
2023
£
£

Government grants receivable
2,313
32,017

2,313
32,017



7.


Auditors' remuneration

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


2024
2023
£
£

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


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
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 the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
-
-
1
1



Employees
118
99
-
-

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Page 22

 
Hayho Enterprises Ltd
 

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

9.


Director's remuneration




During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


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


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


Tax on profit
267,785
242,087
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Page 23

 
Hayho Enterprises Ltd
 

 
Notes to the Financial Statements
For the Year Ended 30 June 2024
 
12.Taxation (continued)


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


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Ordinary dividend
1,419,625
325,130

1,419,625
325,130

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Page 24

 
Hayho Enterprises Ltd
 

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

14.


Tangible fixed assets

Group






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
114,609
198,135


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



At 30 June 2024

4,559,529
68,774
4,905,804
9,534,107



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
32,811
215,967
319,965


Charge for the year on financed assets
-
(49,097)
-
(49,097)



At 30 June 2024

1,383,739
6,380
3,548,317
4,938,436



Net book value



At 30 June 2024
3,175,790
62,394
1,357,487
4,595,671



At 30 June 2023
3,233,641
43,915
1,458,845
4,736,401

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Page 25

 
Hayho Enterprises Ltd
 

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
753,750



At 30 June 2024
753,750





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Country Inns (Ulster) Ltd
Clandeboye Lodge, Bangor
Ordinary shares
100%


16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
94,778
129,602

94,778
129,602


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Page 26

 
Hayho Enterprises Ltd
 

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

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Due within one year

Trade debtors
6,149
4,404
-
-

Amounts owed by group undertakings
-
-
576,881
-

Other debtors
15,869
9,612
437
480

Prepayments and accrued income
67,131
62,938
-
-

89,149
76,954
577,318
480



18.


Cash and cash equivalents

Group
Group
2024
2023
£
£

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

1,295,920
764,766



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
387,771
413,776
-
-

Bank overdraft
23,084
-
-
-

Trade creditors
492,838
459,322
-
-

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
592,306
43,212
575,229
-

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

3,299,057
2,436,769
575,229
-


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Page 27

 
Hayho Enterprises Ltd
 

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

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,429,502
1,159,180
-
-

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

Amounts owed to group undertakings
-
-
753,054
753,097

1,429,502
1,194,604
753,054
753,097


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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Page 28

 
Hayho Enterprises Ltd
 

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

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
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
-

1,840,355
1,572,956



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
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 29

 
Hayho Enterprises Ltd
 

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

23.


Deferred taxation


Group



2024


£






At beginning of year
(323,484)


Charged to profit or loss
21,875



At end of year
(301,609)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

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

(301,609)
(323,484)


24.


Accruals and deferred income

Group
Group
2024
2023
£
£

Deferred capital grants
6,553
8,867

6,553
8,867


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Page 30

 
Hayho Enterprises Ltd
 

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

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



360 (2023 - 360) Ordinary A shares of £1.00 each
360
360
60 (2023 - 60) Ordinary B shares of £1.00 each
60
60
17 (2023 - 60) Ordinary C shares of £1.00 each
17
60

437

480



26.


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.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  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.


28.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Within 1 year
-
26,000

Between 1-5 years
-
104,000

Over 5 years
-
52,000

-
182,000
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Page 31

 
Hayho Enterprises Ltd
 

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

29.


Controlling party

The ultimate controlling party continued to be the Director of the company. 

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Page 32