Company registration number 15239737 (England and Wales)
THEARDEN HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THEARDEN HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr D J Gardner
(Appointed 26 October 2023)
Secretary
Mrs S J Gardner
Company number
15239737
Registered office
Arden Hotel & Leisure Club
Coventry Road
Bickenhill
Solihull
West Midlands
UK
B92 0EH
Auditor
DKR Audit Services Ltd
36 Lichfield Street
Walsall
West Midlands
UK
WS1 1TJ
Bankers
Barclays Bank Plc
One Snowhill
Snow Hill Queensway
Birmingham
West Midlands
B4 6GN
Solicitors
Squire Sanders (UK) LLP
Rutland House
148 Edmund Street
Birmingham
West Midlands
B3 2JR
THEARDEN HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
THEARDEN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the year ended 30 June 2024.

Review of the business

The group turnover for the year consists primarily from the sale of accommodation and sale of food and beverage within the Hotel industry. The statement of comprehensive income shows turnover for the year of £6,955,803 (2023: £6,393,256) and profit before tax for the year of £1,061,477 (2023: £929,416).

 

Turnover has increased by 8.80%, with an increase in gross profit margin from 87.27% in 2023 to 87.72% in 2024. The gross profit margin has increased to a higher level when compared to previous years. The continuing increase in turnover and profits has now been consistent for the past few years.

 

The group balance sheet shows a net asset position of £5.83m (2023: £2.71m).

 

The group has performed financially, operational and strategically in line with management expectations for the year ended 30 June 2024 and the directors plan to maintain these standards of performance going forward. The directors are satisfied with the company's performance to date.

 

Employee turnover and attendance has maintained consistent and positive performance, as in previous years

Principal risks and uncertainties

Risk management is overseen by the board of directors and is constantly reviewed to comply with statutory regulations and best practice.

 

The principal general economic risks continue to be the stability of travel companies with whom the company takes bookings, wage legislation, availability of hotel staff and duties on food and drinks. The principal IT risks include online presence and the security of guest information.

 

The directors believe that the hotel has little exposure in relation to credit, cashflow, interest rate and liquidity risk. It shares similar competitive risks to other hotels in the area who suffer price fluctuations caused by variations in demand stimulated by local events and flight patterns at the local airport.

Key performance indicators

Key performance indicators include the monitoring and the management of profitability and working capital.

 

Turnover - £6,955,803 (2023: £6,393,256)

 

Gross profit - £6,101,954 (2023: £5,579,168)

 

GP% - 87.72% (2023: 87.27%)

 

Profit/(Loss) before tax - £1,061,477 (2023: £929,416)

 

On behalf of the board

Mr D J Gardner
Director
13 February 2025
THEARDEN HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group continued to be that of operating an hotel, restaurant and leisure club.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £400,062. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr D J Gardner
(Appointed 26 October 2023)
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

THEARDEN HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D J Gardner
Director
13 February 2025
THEARDEN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THEARDEN HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Thearden Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THEARDEN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THEARDEN HOLDINGS LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 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 parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

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

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.

 

Based on our understanding of ·the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

 

THEARDEN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THEARDEN HOLDINGS LIMITED
- 6 -

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as: tax legislation, pension legislation, the Companies Act 2006.

 

In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition, which we pinpointed the cut-off assertion and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

 

 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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 auditor's 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.

Babar Mahmood BA (Hons) ACA (Senior Statutory Auditor)
For and on behalf of DKR Audit Services Ltd, Statutory Auditor
Chartered Accountants
36 Lichfield Street
Walsall
West Midlands
WS1 1TJ
UK
13 February 2025
THEARDEN HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
6,955,803
6,393,256
Cost of sales
(853,849)
(814,088)
Gross profit
6,101,954
5,579,168
Administrative expenses
(4,773,496)
(4,516,882)
Operating profit
4
1,328,458
1,062,286
Interest receivable and similar income
7
27,852
10,818
Interest payable and similar expenses
8
(298,833)
(143,688)
Profit before taxation
1,057,477
929,416
Tax on profit
9
(334,614)
(240,132)
Profit for the financial year
722,863
689,284
Profit for the financial year is all attributable to the owners of the parent company.
THEARDEN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
Profit for the year
722,863
689,284
Other comprehensive income
Revaluation of tangible fixed assets
8,663,434
-
0
Tax relating to other comprehensive income
(2,165,859)
-
0
Other comprehensive income for the year
6,497,575
-
0
Total comprehensive income for the year
7,220,438
689,284
Total comprehensive income for the year is all attributable to the owners of the parent company.
THEARDEN HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
14,811,921
6,314,123
Current assets
Stocks
15
25,423
25,042
Debtors
16
207,790
170,530
Cash at bank and in hand
966,318
594,053
1,199,531
789,625
Creditors: amounts falling due within one year
17
(1,254,181)
(1,189,579)
Net current liabilities
(54,650)
(399,954)
Total assets less current liabilities
14,757,271
5,914,169
Creditors: amounts falling due after more than one year
18
(6,719,236)
(3,152,836)
Provisions for liabilities
Deferred tax liability
20
2,216,279
47,453
(2,216,279)
(47,453)
Net assets
5,821,756
2,713,880
Capital and reserves
Called up share capital
22
14,950
1
Revaluation reserve
6,497,575
-
0
Other reserves
(3,697,550)
29,899
Profit and loss reserves
3,006,781
2,683,980
Total equity
5,821,756
2,713,880

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 13 February 2025
13 February 2025
Mr D J Gardner
Director
Company registration number 15239737 (England and Wales)
THEARDEN HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
9,900,000
-
0
Current assets
Debtors
16
1,282,563
-
0
Cash at bank and in hand
2,575
-
0
1,285,138
-
0
Creditors: amounts falling due within one year
17
(137,815)
-
Net current assets
1,147,323
-
Total assets less current liabilities
11,047,323
-
Creditors: amounts falling due after more than one year
18
(4,819,556)
-
Net assets
6,227,767
-
0
Capital and reserves
Called up share capital
22
14,950
-
0
Other reserves
6,172,550
-
0
Profit and loss reserves
40,267
-
Total equity
6,227,767
-

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £440,329 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 13 February 2025
13 February 2025
Mr D J Gardner
Director
Company registration number 15239737 (England and Wales)
THEARDEN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Revaluation reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
1
-
0
29,899
2,694,696
2,724,596
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
689,284
689,284
Dividends
10
-
-
-
(700,000)
(700,000)
Balance at 30 June 2023
1
-
0
29,899
2,683,980
2,713,880
Year ended 30 June 2024:
Profit for the year
-
-
-
722,863
722,863
Other comprehensive income:
Revaluation of tangible fixed assets
-
8,663,434
-
-
8,663,434
Tax relating to other comprehensive income
-
(2,165,859)
-
-
0
(2,165,859)
Total comprehensive income
-
6,497,575
-
722,863
7,220,438
Issue of share capital
22
14,949
-
-
-
14,949
Dividends
10
-
-
-
(400,062)
(400,062)
Adjustments on consolidation
-
-
(3,727,449)
-
(3,727,449)
Balance at 30 June 2024
14,950
6,497,575
(3,697,550)
3,006,781
5,821,756
THEARDEN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Merger      relief
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
-
0
-
-
0
-
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 30 June 2023
-
0
-
-
0
-
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
440,329
440,329
Issue of share capital
22
14,950
-
-
14,950
Dividends
10
-
-
(400,062)
(400,062)
Transfers
-
6,172,550
-
6,172,550
Balance at 30 June 2024
14,950
6,172,550
40,267
6,227,767
THEARDEN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,373,032
1,506,531
Interest paid
(298,833)
(143,688)
Income taxes paid
(80,567)
(295,225)
Net cash inflow from operating activities
993,632
1,067,618
Investing activities
Purchase of tangible fixed assets
(57,272)
(186,895)
Interest received
27,852
10,818
Net cash used in investing activities
(29,420)
(176,077)
Financing activities
Redemption of shares
(3,712,500)
-
0
Proceeds from new bank loans
5,000,000
-
Repayment of bank loans
(1,479,447)
(183,336)
Dividends paid to equity shareholders
(400,000)
(1,100,000)
Net cash used in financing activities
(591,947)
(1,283,336)
Net increase/(decrease) in cash and cash equivalents
372,265
(391,795)
Cash and cash equivalents at beginning of year
594,053
985,848
Cash and cash equivalents at end of year
966,318
594,053
THEARDEN HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(1,285,885)
-
0
Interest paid
(152,349)
-
0
Net cash outflow from operating activities
(1,438,234)
-
Investing activities
Proceeds from disposal of subsidiaries
(9,900,000)
-
0
Dividends received
600,000
-
0
Net cash used in investing activities
(9,300,000)
-
Financing activities
Proceeds from issue of shares
6,187,500
-
Proceeds from new bank loans
5,000,000
-
Repayment of bank loans
(46,691)
-
Dividends paid to equity shareholders
(400,000)
-
Net cash generated from financing activities
10,740,809
-
Net increase in cash and cash equivalents
2,575
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
2,575
-
0
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information

Thearden Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Arden Hotel & Leisure Club, Coventry Road, Bickenhill, Solihull, West Midlands, UK, B92 0EH.

 

The group consists of Thearden Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the business combination is shown and calculated on a merger basis. As such, the results of the group undertakings for the period are shown in the consolidated profit and loss account, with the comparative figures presented on a similar basis.

 

The consolidated financial statements present the results of Thearden Holdings Limited and it's subsidiaries as if they form a single entity. Due to consolidating on a merger basis, the results are shown as if the business combination has always been in place.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Thearden Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Sale of accommodation

The contract to provide accommodation is established when the customer books accommodation. The performance obligation is to provide the right to use accommodation for a given number of nights, and the transaction price is the room rate for each night determined at the time of the booking. The performance obligation is met when the customer is given the right to use the accommodation and so revenue is recognised for each night as it takes place at the room rate for that night.

 

Customers may pay in advance for accommodation. In this case the company has received consideration for services not yet provided. This is treated as a contract liability until the performance obligation is met.

 

Sale of food and beverage

The contract is established when the customer orders the food or beverage item and the performance obligation is the provision of food and beverage by the outlet. The performance obligation is satisfied when the food and beverage is delivered to the customer, and revenue is recognised at this point at the price for the items purchased. payment is made on the same day and consequently there are no contract assets or liabilities.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures and fittings
25% straight line and 15% reducing balance
Computers
25% straight line
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

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

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Impairment of debtors

The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience.

Commissions

The company makes an estimate of the payable value within accruals. When assessing the estimate of commissions payable, management considers factors including the due date of commissions payable, the credit terms of the suppliers and historical experience of the suppliers.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Hospitality and leisure services
6,955,803
6,393,256
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,955,803
6,393,256
2024
2023
£
£
Other revenue
Interest income
27,852
10,818
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
2,500
-
Depreciation of owned tangible fixed assets
222,908
207,992
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and administration
2
2
-
-
Restaurant and hotel staff
126
117
-
-
Total
128
119
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,093,756
1,853,819
-
0
-
0
Social security costs
153,629
133,984
-
-
Pension costs
41,485
35,721
-
0
-
0
2,288,870
2,023,524
-
0
-
0
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
154,848
-
Company pension contributions to defined contribution schemes
6,058
-
160,906
-

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 2).

THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
27,852
10,818
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
27,852
10,818
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
197,112
80,462
Dividends on redeemable preference shares not classified as equity
101,721
63,226
298,833
143,688
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
331,647
205,665
Deferred tax
Origination and reversal of timing differences
2,967
30,366
Changes in tax rates
-
0
4,101
Total deferred tax
2,967
34,467
Total tax charge
334,614
240,132
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,057,477
929,416
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
264,369
190,492
Tax effect of expenses that are not deductible in determining taxable profit
25,431
12,958
Group relief
1,000
-
0
Depreciation in excess of capital allowances
41,629
2,214
Movement on deferred tax
2,185
34,468
Taxation charge
334,614
240,132

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
2,165,859
-
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
400,062
-
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost or valuation
At 1 July 2023
11,276,905
3,115,809
267,403
14,660,117
Additions
-
0
51,259
6,013
57,272
Revaluation
8,663,434
-
0
-
0
8,663,434
At 30 June 2024
19,940,339
3,167,068
273,416
23,380,823
Depreciation and impairment
At 1 July 2023
5,182,802
2,903,613
259,579
8,345,994
Depreciation charged in the year
157,537
62,145
3,226
222,908
At 30 June 2024
5,340,339
2,965,758
262,805
8,568,902
Carrying amount
At 30 June 2024
14,600,000
201,310
10,611
14,811,921
At 30 June 2023
6,094,103
212,196
7,824
6,314,123
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.

Group freehold land and buildings

 

Freehold land and buildings with a carrying amount of £14,600,000 (2023 - £6,094,103) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

 

Included in the cost of land and buildings is freehold of £1,900,000 (2023: £1,900,000) which is not depreciated.

 

Also included in land and buildings is goodwill with a cost of £1,500,000 and accumulated depreciation of £1,500,000 (2023: accumulated depreciation of £1,500,000).

 

Within land and buildings, the building was revalued during the 2024 year. The valuation of the property is £12,700,000, with a previous carrying value of £4,194,103. The subsequent gain on revaluation has been reflected in the statement of comprehensive income for the year.

 

The valuation was carried out by Colliers International Property Consultants in December 2023, conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
9,900,000
-
0

During the period-ending 30 June 2024, Thearden Holdings Limited acquired 100% of the share capital in The Arden Hotel Limited, for a value of £9,900,000.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
-
Additions
9,900,000
At 30 June 2024
9,900,000
Carrying amount
At 30 June 2024
9,900,000
At 30 June 2023
-
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Arden Hotel Limited
Arden Hotel & Leisure Club, Coventry Road Bickenhill, Solihull, West Midlands, B92 0EH
Hotel and restaurant
1 Deferred Share
100.00
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets include:
Debt instruments measured at amortised cost
129,600
126,910
1,252,953
-
Carrying amount of financial liabilities include:
Measured at amortised cost
7,408,250
4,089,428
4,957,371
-
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
25,423
25,042
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
129,233
126,910
-
0
-
0
Amounts owed by group undertakings
-
-
1,252,953
-
Other debtors
367
-
-
0
-
0
Prepayments and accrued income
78,190
43,620
29,610
-
0
207,790
170,530
1,282,563
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
133,753
179,600
133,753
-
0
Trade creditors
428,649
585,889
-
0
-
0
Corporation tax payable
314,098
63,018
-
0
-
0
Other taxation and social security
251,069
189,969
-
-
Other creditors
21,112
22,993
62
-
0
Accruals and deferred income
105,500
148,110
4,000
-
0
1,254,181
1,189,579
137,815
-
0
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
4,819,556
1,253,156
4,819,556
-
0
Other borrowings
19
1,899,680
1,899,680
-
0
-
0
6,719,236
3,152,836
4,819,556
-
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,953,309
1,432,756
4,953,309
-
0
Preference shares
1,899,680
1,899,680
-
0
-
0
6,852,989
3,332,436
4,953,309
-
Payable within one year
133,753
179,600
133,753
-
0
Payable after one year
6,719,236
3,152,836
4,819,556
-
0

Borrowings

The holding company acquired finance in the period-ending 30 June 2024, with the loan secured by fixed and floating charges over the party and assets held by the group, and the charge registered with Barclays Bank PLC. As of 30 June 2024, there is £4,953,309 (2023: nil) outstanding.

 

During the 2024 period, the bank loan previously owed by the subsidiary company has been repaid in full.

 

Previously, the bank loan was secured by; a legal charge over the company's land and property, along with a debenture of fixed and floating charges over the company's assets including trade debtors.

 

Preference shares

The company pays quarterly dividends in arrears on the redeemable preference shares at a rate equal to SONIA and the preference dividends accrue on a daily basis. Due to the discontinuation of LIBOR, the preference share rate changed during the 2024 year to SONIA.

 

The redeemable preference shareholders are entitled to receive notice of and to attend and speak, but not vote at any general meeting of the company.

 

 

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
50,420
47,453
Revaluations
2,165,859
-
2,216,279
47,453
The company has no deferred tax assets or liabilities.
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
47,453
-
Charge to profit or loss
2,967
-
Charge to other comprehensive income
2,165,859
-
Liability at 30 June 2024
2,216,279
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,485
35,721

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
14,950
-
14,950
-

During the period-ending 30 June 2024, a group restructure took place, in which Thearden Holdings Limited acquired 100% of the share capital of The Arden Hotel Limited. As part of this, there was a share reduction in The Arden Hotel Limited, from 23,920 Ordinary share to 1 Deferred share.

 

There were then additional shares issued in Thearden Holdings Limited (holding company), with an extra 14,949 Ordinary shares allotted.

 

The number and class of redeemable preference shares in The Arden Hotel Limited has remained unchanged, at 1,899,680 redeemable preference shares at £1 each.

23
Controlling party

The ultimate controlling party is David Gardner, through ownership of 51% of the Ordinary share capital in Thearden Holdings Limited.

The ultimate controlling party is David Gardner, through ownership of 51.00% of the Ordinary share capital.

THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
24
Cash generated from group operations
2024
2023
£
£
Profit after taxation
722,863
689,284
Adjustments for:
Taxation charged
334,614
240,132
Finance costs
298,833
143,688
Investment income
(27,852)
(10,818)
Depreciation and impairment of tangible fixed assets
222,908
207,992
Movements in working capital:
Increase in stocks
(381)
(25,042)
Increase in debtors
(37,260)
(170,530)
(Decrease)/increase in creditors
(140,693)
946,961
Cash generated from operations
1,373,032
2,021,667
25
Cash absorbed by operations - company
2024
2023
£
£
Profit after taxation
440,329
-
Adjustments for:
Finance costs
152,349
-
0
Investment income
(600,000)
-
0
Movements in working capital:
Increase in debtors
(1,282,563)
-
Increase in creditors
4,000
-
Cash absorbed by operations
(1,285,885)
-
26
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
594,053
372,265
966,318
Borrowings excluding overdrafts
(3,332,436)
(3,520,553)
(6,852,989)
(2,738,383)
(3,148,288)
(5,886,671)
THEARDEN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
27
Analysis of changes in net debt - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
-
2,575
2,575
Borrowings excluding overdrafts
-
(4,953,309)
(4,953,309)
-
(4,950,734)
(4,950,734)
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr D J GardnerMrs S J Gardnerfalse15239737bus:Consolidated2023-07-012024-06-30152397372023-07-012024-06-3015239737bus:Director12023-07-012024-06-3015239737bus:CompanySecretary12023-07-012024-06-3015239737bus:RegisteredOffice2023-07-012024-06-3015239737bus:Agent12023-07-012024-06-30152397372024-06-3015239737bus:Consolidated2024-06-3015239737bus:Consolidated2022-07-012023-06-30152397372022-07-012023-06-3015239737core:RevaluationReservebus:Consolidated2023-07-012024-06-3015239737core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-07-012024-06-3015239737bus:Consolidated2023-06-3015239737core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-06-3015239737core:FurnitureFittingsbus:Consolidated2024-06-3015239737core:ComputerEquipmentbus:Consolidated2024-06-3015239737core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-06-3015239737core:FurnitureFittingsbus:Consolidated2023-06-3015239737core:ComputerEquipmentbus:Consolidated2023-06-3015239737core:ShareCapitalbus:Consolidated2024-06-3015239737core:ShareCapitalbus:Consolidated2023-06-3015239737core:RevaluationReservebus:Consolidated2024-06-3015239737core:RevaluationReservebus:Consolidated2023-06-3015239737core:OtherMiscellaneousReservebus:Consolidated2024-06-3015239737core:OtherMiscellaneousReservebus:Consolidated2023-06-3015239737core:ShareCapital2024-06-3015239737core:ShareCapital2023-06-3015239737core:OtherMiscellaneousReserve2024-06-3015239737core:OtherMiscellaneousReserve2023-06-3015239737core:RetainedEarningsAccumulatedLosses2024-06-3015239737core:ShareCapitalbus:Consolidated2022-06-3015239737core:SharePremiumbus:Consolidated2022-06-30152397372022-06-3015239737core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-06-3015239737core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-06-3015239737core:ShareCapital2022-06-3015239737core:RetainedEarningsAccumulatedLosses2022-06-3015239737core:RetainedEarningsAccumulatedLosses2023-06-30152397372023-06-3015239737core:ShareCapitalbus:Consolidated2023-07-012024-06-3015239737core:ShareCapital2023-07-012024-06-3015239737core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-012024-06-3015239737core:FurnitureFittings2023-07-012024-06-3015239737core:ComputerEquipment2023-07-012024-06-3015239737core:UKTaxbus:Consolidated2023-07-012024-06-3015239737core:UKTaxbus:Consolidated2022-07-012023-06-3015239737bus:Consolidated12023-07-012024-06-3015239737bus:Consolidated12022-07-012023-06-3015239737bus:Consolidated22023-07-012024-06-3015239737bus:Consolidated22022-07-012023-06-3015239737core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-06-3015239737core:FurnitureFittingsbus:Consolidated2023-06-3015239737core:ComputerEquipmentbus:Consolidated2023-06-3015239737bus:Consolidated2023-06-3015239737core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-07-012024-06-3015239737core:FurnitureFittingsbus:Consolidated2023-07-012024-06-3015239737core:ComputerEquipmentbus:Consolidated2023-07-012024-06-3015239737bus:Consolidated12023-07-012024-06-301523973712023-07-012024-06-3015239737core:CurrentFinancialInstruments2024-06-3015239737core:CurrentFinancialInstruments2023-06-3015239737core:CurrentFinancialInstrumentsbus:Consolidated2024-06-3015239737core:CurrentFinancialInstrumentsbus:Consolidated2023-06-3015239737core:WithinOneYearbus:Consolidated2024-06-3015239737core:WithinOneYearbus:Consolidated2023-06-3015239737core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3015239737core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3015239737core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-06-3015239737core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-06-3015239737core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3015239737core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3015239737core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-06-3015239737core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-06-3015239737core:Non-currentFinancialInstrumentsbus:Consolidated2024-06-3015239737core:Non-currentFinancialInstrumentsbus:Consolidated2023-06-3015239737core:Non-currentFinancialInstruments2024-06-3015239737core:Non-currentFinancialInstruments2023-06-3015239737bus:PrivateLimitedCompanyLtd2023-07-012024-06-3015239737bus:FRS1022023-07-012024-06-3015239737bus:Audited2023-07-012024-06-3015239737bus:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3015239737bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP