Registered number:
For the Year Ended
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Country Inns (Ulster) Limited
Company Information
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Country Inns (Ulster) Limited
Contents
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Country Inns (Ulster) Limited
Strategic Report
For the Year Ended 30 June 2024
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 Northern Ireland Hotel Industry Survey 2024, 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.
Page 1
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The profit for the year, after taxation, amounted to £714,422 (2023 - £878,554).
The directors who served during the year were:
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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Country Inns (Ulster) Limited
Directors' Report (continued)
For the Year Ended 30 June 2024
There have been no significant events affecting the Company 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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Country Inns (Ulster) Limited
Independent Auditors' Report to the Shareholders of Country Inns (Ulster) Limited
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 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 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.
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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Country Inns (Ulster) Limited
Independent Auditors' Report to the Shareholders of Country Inns (Ulster) Limited (continued)
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 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 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.
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.
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Country Inns (Ulster) Limited
Independent Auditors' Report to the Shareholders of Country Inns (Ulster) Limited (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 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.
for and on behalf of
Statutory Auditors
Glendinning House
6 Murray Street
BT1 6DN
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Country Inns (Ulster) Limited
Statement of Comprehensive Income
For the Year Ended 30 June 2024
Page 7
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Country Inns (Ulster) Limited
Registered number: NI021556
Balance Sheet
As at
Page 8
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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
The notes on pages 11 to 25 form part of these financial statements.
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Country Inns (Ulster) Limited
Statement of Changes in Equity
For the Year Ended 30 June 2024
Page 10
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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
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:
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.
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
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:
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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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
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.
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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.
The whole of the turnover of the company has been derived from its principal activity.
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 18
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 19
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 22
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 23
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
Revaluation reserve
Capital redemption reserve
Profit and loss account
Page 24
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Country Inns (Ulster) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2024
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.
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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