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REGISTERED NUMBER: 05340636 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 July 2024

for

Oak Ridge Hotels Limited

Oak Ridge Hotels Limited (Registered number: 05340636)






Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Oak Ridge Hotels Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: A R Lidgard





REGISTERED OFFICE: Cordeaux Corner
Brackenborough
Louth
Lincolnshire
LN11 0SZ





REGISTERED NUMBER: 05340636 (England and Wales)





AUDITORS: Xeinadin Audit Limited
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

Oak Ridge Hotels Limited (Registered number: 05340636)

Group Strategic Report
for the Year Ended 31 July 2024

The director presents his strategic report of the company and the group for the year ended 31 July 2024.

The Oak Ridge Group operates within the hospitality sector, managing two Lincolnshire-based hotels that cater to a range of guests. Both establishments fall within the three-star category and offer high-quality accommodations, dining, and event hosting. Despite economic challenges, the Group remains committed to continuous improvement, maintaining its reputation for excellent service and guest satisfaction.

REVIEW OF BUSINESS
The Group's portfolio includes two key properties:

Brackenborough Hotel and Lakes Resort: A boutique hotel and lodge resort with 24 hotel rooms and 40 lodges with hot tubs, set within 30 acres of landscaped grounds. The resort offers a bistro restaurant, Salon Carina, and function suites, making it a popular choice for weddings and special events.

Ashbourne Hotel: A well-established 36-room hotel with function suites and a bistro, catering to both leisure and business guests.

During the year, both properties focused on increasing customer awareness and enhancing guest experiences. The Brackenborough Hotel and Lakes Resort emphasised its unique lodge accommodations, while the Ashbourne Hotel worked to strengthen its wedding and conference offerings. While there were no major diversification efforts, continuous improvements to facilities, such as gardens and bedrooms, remained a priority.

Financially, Brackenborough Hotel and Lakes Resort experienced a 19% revenue growth, though food and beverage gross profit declined by 1%. Occupancy rates were 77% for hotel rooms and 75% for lodges, with revenue per available room at £50.26. Ashbourne Hotel recorded a 6% increase in revenue, with food and beverage gross profit rising by 5%. However, conference bookings fell by 15%. Occupancy stood at 71%, with revenue per available room at £46.71.

Both properties maintained strong customer satisfaction ratings, receiving 8.2 feedback scores on Booking.com and recognition through TripAdvisor's Travelers' Choice Awards.

PRINCIPAL RISKS AND UNCERTAINTIES
The Group faces several challenges that may impact its operations:

Market Risks
Economic Factors: National Living Wage increases, a shortage of skilled staff, and the evolving landscape of corporate travel due to remote work trends.

Competition: Key competitors include Kenwick Park and Laceby Manor for Brackenborough Hotel and Lakes Resort, and Healing Manor Hotel and Oaklands Hotel for Ashbourne Hotel.

Operational Risks
Staffing: The hospitality industry continues to experience recruitment and retention difficulties, affecting service quality and operational efficiency.

Health & Safety: Regulatory compliance remains a priority to ensure guest and staff well-being.


Oak Ridge Hotels Limited (Registered number: 05340636)

Group Strategic Report
for the Year Ended 31 July 2024

External Risks
Regulatory Changes: Legislative updates, including the Employment Rights Bill 2024, could impact employment practices.

Environmental Factors: Guests are increasingly seeking eco-friendly accommodations, requiring potential investment in sustainable practices such as green technologies and enhanced recycling programs.

ON BEHALF OF THE BOARD:





A R Lidgard - Director


10 February 2025

Oak Ridge Hotels Limited (Registered number: 05340636)

Report of the Director
for the Year Ended 31 July 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a hotelier.

DIVIDENDS
An interim dividend of 5.6p per share was paid on the Ordinary £1 shares on 31 March 2024. No dividends were paid on the Ordinary A £1 shares.

The total distribution of dividends for the year ended 31 July 2024 will be £ 28,000 .

DIRECTOR
A R Lidgard held office during the whole of the period from 1 August 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 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 and then apply them consistently;
- make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A R Lidgard - Director


10 February 2025

Report of the Independent Auditors to the Members of
Oak Ridge Hotels Limited

Qualified opinion
We have audited the financial statements of Oak Ridge Hotels Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the group's affairs as at 31 July 2024 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
As this is the first year the group has had the requirement for an audit after previously taking advantage of audit exemption under s477 of the Companies Act, we are unable to satisfy ourselves concerning the closing balances for the year ended 31 July 2023, which form the opening balances included in the financial statements as at 31 July 2024. Consequently, we are unable to determine whether any adjustments to these amounts are necessary.

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 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 qualified 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 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.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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.

Report of the Independent Auditors to the Members of
Oak Ridge Hotels Limited


Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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 has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Oak Ridge Hotels Limited


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 a Report of the Auditors 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:

Through discussion with management and those charged with governance we gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. During the engagement team briefing we communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, UK GAAP (FRS102), the Companies Act 2006, tax legislations and food safety legislations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We evaluated management's incentives and opportunities for fraudulent manipulations of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates.

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:

- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
- enquiries with the same concerning any actual or potential litigation claims;
- reviewed risk of management override;
- reviewed journal entries posted with unusual account combinations or posted by senior management;
- reviewed accounting estimates for bias;
- performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud;
- agreeing financial statement disclosures to underlying supporting documentation.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Oak Ridge Hotels Limited


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 a Report of the Auditors 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.




Mark Stothard BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

10 February 2025

Oak Ridge Hotels Limited (Registered number: 05340636)

Consolidated Income Statement
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   

TURNOVER 3 4,119,610 3,584,060

Cost of sales 1,045,762 857,204
GROSS PROFIT 3,073,848 2,726,856

Administrative expenses 2,906,907 2,761,299
OPERATING PROFIT/(LOSS) 5 166,941 (34,443 )

Interest receivable and similar income 1,268 -
168,209 (34,443 )

Interest payable and similar expenses 6 311,069 120,419
LOSS BEFORE TAXATION (142,860 ) (154,862 )

Tax on loss 7 (26,850 ) 12,330
LOSS FOR THE FINANCIAL YEAR (116,010 ) (167,192 )
Loss attributable to:
Owners of the parent (116,010 ) (167,192 )

Oak Ridge Hotels Limited (Registered number: 05340636)

Consolidated Other Comprehensive Income
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   

LOSS FOR THE YEAR (116,010 ) (167,192 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(116,010

)

(167,192

)

Total comprehensive income attributable to:
Owners of the parent (116,010 ) (167,192 )

Oak Ridge Hotels Limited (Registered number: 05340636)

Consolidated Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 2,750 4,250
Tangible assets 11 6,924,186 6,490,036
Investments 12 - -
6,926,936 6,494,286

CURRENT ASSETS
Stocks 13 40,534 338,591
Debtors 14 261,410 1,095,515
Cash at bank and in hand 325,552 500,465
627,496 1,934,571
CREDITORS
Amounts falling due within one year 15 3,127,097 4,592,805
NET CURRENT LIABILITIES (2,499,601 ) (2,658,234 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,427,335

3,836,052

CREDITORS
Amounts falling due after more than one
year

16

(3,133,470

)

(2,459,860

)

PROVISIONS FOR LIABILITIES 20 (93,332 ) (31,649 )
NET ASSETS 1,200,533 1,344,543

CAPITAL AND RESERVES
Called up share capital 21 1,000,000 1,000,000
Retained earnings 22 200,533 344,543
SHAREHOLDERS' FUNDS 1,200,533 1,344,543

The financial statements were approved by the director and authorised for issue on 10 February 2025 and were signed by:





A R Lidgard - Director


Oak Ridge Hotels Limited (Registered number: 05340636)

Company Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 1,002,610 1,002,610
1,002,610 1,002,610

CURRENT ASSETS
Debtors 14 4,133,710 4,165,780
Cash at bank 130,052 151,284
4,263,762 4,317,064
CREDITORS
Amounts falling due within one year 15 2,286,351 2,188,302
NET CURRENT ASSETS 1,977,411 2,128,762
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,980,021

3,131,372

CREDITORS
Amounts falling due after more than one
year

16

1,336,023

1,390,339
NET ASSETS 1,643,998 1,741,033

CAPITAL AND RESERVES
Called up share capital 21 1,000,000 1,000,000
Retained earnings 643,998 741,033
SHAREHOLDERS' FUNDS 1,643,998 1,741,033

Company's loss for the financial year (69,035 ) (861 )

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

The financial statements were approved by the director and authorised for issue on 10 February 2025 and were signed by:





A R Lidgard - Director


Oak Ridge Hotels Limited (Registered number: 05340636)

Consolidated Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 1,000,000 511,735 1,511,735

Changes in equity
Total comprehensive income - (167,192 ) (167,192 )
Balance at 31 July 2023 1,000,000 344,543 1,344,543

Changes in equity
Dividends - (28,000 ) (28,000 )
Total comprehensive income - (116,010 ) (116,010 )
Balance at 31 July 2024 1,000,000 200,533 1,200,533

Oak Ridge Hotels Limited (Registered number: 05340636)

Company Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 1,000,000 741,894 1,741,894

Changes in equity
Total comprehensive income - (861 ) (861 )
Balance at 31 July 2023 1,000,000 741,033 1,741,033

Changes in equity
Dividends - (28,000 ) (28,000 )
Total comprehensive income - (69,035 ) (69,035 )
Balance at 31 July 2024 1,000,000 643,998 1,643,998

Oak Ridge Hotels Limited (Registered number: 05340636)

Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 293,640 301,666
Interest paid (308,183 ) (118,438 )
Interest element of hire purchase payments
paid

(2,886

)

(1,981

)
Tax paid (46,959 ) (116,942 )
Net cash from operating activities (64,388 ) 64,305

Cash flows from investing activities
Purchase of tangible fixed assets (856,370 ) (2,753,691 )
Sale of tangible fixed assets 293,947 474,458
Interest received 1,268 -
Net cash from investing activities (561,155 ) (2,279,233 )

Cash flows from financing activities
New loans in year 1,690,000 2,506,559
Loan repayments in year (951,592 ) (248,753 )
Other loan repayments the year (322,571 ) 35,772
Capital repayments in year (12,532 ) (8,108 )
Amount introduced by directors 168,013 291,930
Amount withdrawn by directors (92,688 ) (119,397 )
Equity dividends paid (28,000 ) -
Net cash from financing activities 450,630 2,458,003

(Decrease)/increase in cash and cash equivalents (174,913 ) 243,075
Cash and cash equivalents at beginning of
year

2

500,465

257,390

Cash and cash equivalents at end of year 2 325,552 500,465

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.7.24 31.7.23
£    £   
Loss before taxation (142,860 ) (154,862 )
Depreciation charges 317,723 271,924
Profit on disposal of fixed assets (170,481 ) (241,312 )
Finance costs 311,069 120,419
Finance income (1,268 ) -
314,183 (3,831 )
Decrease/(increase) in stocks 298,057 (303,726 )
Decrease/(increase) in trade and other debtors 45,419 (58,607 )
(Decrease)/increase in trade and other creditors (364,019 ) 667,830
Cash generated from operations 293,640 301,666

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 325,552 500,465
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 500,465 257,390


Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.8.23 Cash flow changes At 31.7.24
£    £    £    £   
Net cash
Cash at bank
and in hand 500,465 (174,913 ) 325,552
500,465 (174,913 ) 325,552
Debt
Finance leases (49,082 ) 12,532 (17,495 ) (54,045 )
Debts falling due
within 1 year (1,280,215 ) 1,076,835 - (203,380 )
Debts falling due
after 1 year (1,602,565 ) (1,492,672 ) - (3,095,237 )
(2,931,862 ) (403,305 ) (17,495 ) (3,352,662 )
Total (2,431,397 ) (578,218 ) (17,495 ) (3,027,110 )

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Oak Ridge Hotels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Turnover
Turnover comprises revenue recognised by the company during the year, in respect of goods and services that are common to hotels and their related activities, exclusive of Value Added Tax and trade discounts.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - at varying rates on cost and not provided
Improvements to property - at varying rates on cost
Plant and machinery - 15% on reducing balance and at varying rates on cost
Fixtures and fittings - 25% on cost and at varying rates on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price after making due allowances for obsolete and slow mowing items. Stocks are valued on an average cost basis.


Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.7.24 31.7.23
£    £   
Wedding and events 576,794 567,847
Accommodation 1,054,477 1,021,425
Food and drinks 1,585,148 1,535,558
Lodge sales and rentals 903,191 459,230
4,119,610 3,584,060

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

4. EMPLOYEES AND DIRECTORS
31.7.24 31.7.23
£    £   
Wages and salaries 1,445,692 1,429,511
Social security costs 94,433 98,099
Other pension costs 32,491 33,154
1,572,616 1,560,764

The average number of employees during the year was as follows:
31.7.24 31.7.23

Director 1 1
Management 9 9
Admin and reception 11 11
Hotel 70 70
91 91

The average number of employees by undertakings that were proportionately consolidated during the year was 91 (2023 - 91 ) .

31.7.24 31.7.23
£    £   
Director's remuneration 10,723 9,854
Director's pension contributions to money purchase schemes 13,059 12,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

31.7.24 31.7.23
£    £   
Depreciation - owned assets 300,073 260,098
Depreciation - assets on hire purchase contracts 16,173 11,327
Profit on disposal of fixed assets (170,481 ) (241,312 )
Computer software amortisation 1,500 500
Auditors' remuneration 33,250 -
Auditors' remuneration for non audit work 180 -

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.24 31.7.23
£    £   
Bank loan interest 305,304 100,678
Interest on corporation tax - 2,954
Interest on VAT 2,879 -
Interest payable - 14,806
Hire purchase 2,886 1,981
311,069 120,419

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
31.7.24 31.7.23
£    £   
Current tax:
UK corporation tax (88,533 ) (10,704 )

Deferred tax 61,683 23,034
Tax on loss (26,850 ) 12,330

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.7.24 31.7.23
£    £   
Loss before tax (142,860 ) (154,862 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

(35,715

)

(29,424

)

Effects of:
Expenses not deductible for tax purposes 55,615 40,781
Capital allowances in excess of depreciation (9,106 ) -
Depreciation in excess of capital allowances - 41,042
Capital gain 39,250 -
Correction of prior years provisions (77,370 ) (57,650 )
Loss carried back rate difference 5,900 -
Losses carried forward 10,989 -
Tax rate differences - 10,975
Group relief - (5,868 )
Transactions already included in prior years (16,413 ) -
Brackenborough lakes transactions included - 12,474
Total tax (credit)/charge (26,850 ) 12,330

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

9. DIVIDENDS
31.7.24 31.7.23
£    £   
Ordinary shares of £1 each
Interim 28,000 -

10. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 1 August 2023
and 31 July 2024 5,000
AMORTISATION
At 1 August 2023 750
Amortisation for year 1,500
At 31 July 2024 2,250
NET BOOK VALUE
At 31 July 2024 2,750
At 31 July 2023 4,250

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 August 2023 6,444,719 1,148,431 533,811
Additions 739,381 45,332 4,163
Disposals (118,731 ) (13,044 ) -
At 31 July 2024 7,065,369 1,180,719 537,974
DEPRECIATION
At 1 August 2023 296,466 1,009,881 450,057
Charge for year 209,917 29,825 26,293
Eliminated on disposal (7,955 ) (3,243 ) -
At 31 July 2024 498,428 1,036,463 476,350
NET BOOK VALUE
At 31 July 2024 6,566,941 144,256 61,624
At 31 July 2023 6,148,253 138,550 83,754

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 1,299,224 57,190 68,600 9,551,975
Additions 61,124 21,561 2,301 873,862
Disposals (5,407 ) - - (137,182 )
At 31 July 2024 1,354,941 78,751 70,901 10,288,655
DEPRECIATION
At 1 August 2023 1,227,301 11,326 66,908 3,061,939
Charge for year 31,315 16,544 2,352 316,246
Eliminated on disposal (2,518 ) - - (13,716 )
At 31 July 2024 1,256,098 27,870 69,260 3,364,469
NET BOOK VALUE
At 31 July 2024 98,843 50,881 1,641 6,924,186
At 31 July 2023 71,923 45,864 1,692 6,490,036

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023 57,190
Additions 17,996
At 31 July 2024 75,186
DEPRECIATION
At 1 August 2023 11,327
Charge for year 16,173
At 31 July 2024 27,500
NET BOOK VALUE
At 31 July 2024 47,686
At 31 July 2023 45,863

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 1,002,610
NET BOOK VALUE
At 31 July 2024 1,002,610
At 31 July 2023 1,002,610

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ashbourne Hotel Limited
Registered office: The Brackenborough Limited, Cordeaux Corner, Brackenborough, Louth, Lincolsnhire, LN11 0SZ
Nature of business: Hotelier
%
Class of shares: holding
Ordinary 100.00

Brackenborough Limited
Registered office: The Brackenborough Hotel, Cordeaux Corner, Louth, Lincolnshire, LN11 0SZ
Nature of business: Hotelier
%
Class of shares: holding
Ordinary 100.00

Brackenborough Lakes Limited
Registered office: The Brackenborough Hotel, Cordeaux Corner, Louth, Lincolnshire, LN11 0SZ
Nature of business: Investment property
%
Class of shares: holding
Ordinary 100.00


13. STOCKS

Group
31.7.24 31.7.23
£    £   
Stocks 40,534 338,591

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

14. DEBTORS

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 127,786 150,850 - -
Amounts owed by group undertakings - 819,651 4,047,258 4,079,326
Other debtors 86,748 102,835 86,452 86,454
Tax 31,039 - - -
Prepayments 15,837 22,079 - -
261,410 1,095,415 4,133,710 4,165,780

Amounts falling due after more than one year:
Amounts owed by group undertakings - 100 - -

Aggregate amounts 261,410 1,095,515 4,133,710 4,165,780

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 173,316 1,070,592 173,316 149,592
Other loans (see note 17) 30,064 209,623 - -
Hire purchase contracts (see note 18) 15,812 11,438 - -
Trade creditors 440,153 916,939 - -
Amounts owed to group undertakings - 100 - 100
Corporation tax - 104,453 - -
Social security and other taxes 27,121 22,222 - -
VAT 190,376 15,864 - -
Other creditors 209,578 325,076 158,320 161,820
Directors' current accounts 1,948,215 1,872,890 1,948,215 1,872,890
Accrued expenses 92,462 43,608 6,500 3,900
3,127,097 4,592,805 2,286,351 2,188,302

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank loans (see note 17) 3,026,023 1,390,339 1,336,023 1,390,339
Other loans (see note 17) 69,214 212,226 - -
Hire purchase contracts (see note 18) 38,233 37,644 - -
Amounts owed to group undertakings - 819,651 - -
3,133,470 2,459,860 1,336,023 1,390,339

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 173,316 1,070,592 173,316 149,592
Other loans 30,064 209,623 - -
203,380 1,280,215 173,316 149,592
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,690,000 - - -
Other loans - 1-2 years 69,214 212,226 - -
1,759,214 212,226 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,336,023 1,390,339 1,336,023 1,390,339

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.7.24 31.7.23
£    £   
Net obligations repayable:
Within one year 15,812 11,438
Between one and five years 38,233 37,644
54,045 49,082

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank loans 3,199,339 2,460,931 1,509,339 1,539,931
Hire purchase contracts 54,045 49,082 - -
3,253,384 2,510,013 1,509,339 1,539,931

Bank loans are secured against the all the land, freehold and leasehold property within the group.

Hire purchase contracts are secured against the assets in which they relate to.

Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

20. PROVISIONS FOR LIABILITIES

Group
31.7.24 31.7.23
£    £   
Deferred tax 93,332 31,649

Group
Deferred
tax
£   
Balance at 1 August 2023 31,649
Provided during year 61,683
Balance at 31 July 2024 93,332

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
500,000 Ordinary £1 500,000 500,000
500,000 Ordinary A £1 500,000 500,000
1,000,000 1,000,000

The ordinary shares and the "A" ordinary shares are separate classes of shares. The ordinary shares and the "A" ordinary shares have the following restrictions and rights. The holders of the ordinary shares and the "A" ordinary shares shall be entitled to receive notice of or attend or vote at any meetings. Each share has equal rights except in the case of a resolution as follows. The "A" ordinary shares shall attract a prior dividend of an amount (to be decided by the Director) of up to a maximum of £50,000 (subject to passing a resolution at a general meeting approving the dividend). In all other respects the ordinary shares and the "A" ordinary shares shall rank pari passu as regards dividends. On a return of assets on liquidation, capital reduction or otherwise the assets of the company remaining after the payment of its liabilities shall be applied in paying to the holders of the ordinary shares and the "A" ordinary shares the balance of any assets pro rata to the paid up amount of each share.

22. RESERVES

Group
Retained
earnings
£   

At 1 August 2023 344,543
Deficit for the year (116,010 )
Dividends (28,000 )
At 31 July 2024 200,533


Oak Ridge Hotels Limited (Registered number: 05340636)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 July 2024

23. RELATED PARTY DISCLOSURES

31.7.24 31.7.23
£ £
Balance owing from (to) related parties 178,523 179,684
Sales to related parties 19,667 16,871
Purchases from related parties 19,058 27,900

Related parties are companies in which the director is also a director or has a controlling interest.

24. ULTIMATE CONTROLLING PARTY

The controlling party is A R Lidgard.