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Registered number: 01611575










CHESTERLODGE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
CHESTERLODGE LIMITED
 
 
COMPANY INFORMATION


Director
C J Moran 




Registered number
01611575



Registered office
Chelsea Cloisters, Sloane Avenue

London

SW3 3DW




Independent auditors
Sumer Auditco Limited

14th Floor

33 Cavendish Square

London

W1G 0PW





 
CHESTERLODGE LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10 - 11
Company balance sheet
12
Consolidated statement of changes in equity
13 - 14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 45


 
CHESTERLODGE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The director presents his strategic report for Chesterlodge Limited ("the company") and its subsidiaries ("the group") for the year ended 30 April 2024.

Principal activities and business review
 
The principal activity of the company is that of a holding company. The principal activities of the group are the ownership and management of serviced apartments, the development and operation of renewable energy resources, property development, agricultural and sporting activities.

The group’s consolidated turnover has increased by £1,272,905 to £27,579,098 (2023 increase by £7,105,862 to £26,306,193) in the year; an increase of 4.8% (2023: 37.0%) on the performance in the prior year.  This was primarily due to an increase in the occupancy rates and room rates of the serviced apartments and increased revenue from renewable energy activities. Direct costs increased by £625,789 to £4,334,070 (2023: increase of £748,204 to £3,708,281). The operating profit has increased by £5,079,114 (2023: decrease of £1,795,623) to £12,605,484 (2023: £7,526,370).

The Total Comprehensive Income for the year was £14,356,570 (2023: £15,821,173). 

The group’s serviced apartments, property businesses and renewable energy businesses continued to trade in a satisfactory manner. The group’s net assets have increased during the year, and we continue to seek to expand our businesses moving forward. Trading for the current financial year has commenced satisfactorily.

Going concern
 
The director has prepared forecasts for the period to 31 May 2026. Downside sensitivities have been applied to the forecasts and, even in the unlikely scenario that there is a prolonged decrease in demand for services, the company and group still has adequate resources to continue operations and the director concludes that adopting the going concern basis of accounting in preparing the annual financial statements is appropriate.

Principal risks and uncertainties
 
Principal risks and uncertainties The director is aware of his responsibility for managing risks within the business and consequently this area is reviewed at board level to ensure that risks are identified and managed appropriately.

The director considers the key risks and uncertainties to be:

Treasury Operations
The group operates a centralised treasury function which is responsible for managing the liquidity, and interest risks associated with the group’s activities. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the operations of the business.

Liquidity and cash flow risk 
The group manages its cash requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the group has sufficient liquid resources to meet the operating needs of its business.

Credit risk 
Credit risk arises from exposures to the group customers, including outstanding debtors. Credit risk is managed through credit control monitoring ongoing basis and provision is made for doubtful debts where necessary.

Page 1

 
CHESTERLODGE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Post balance sheet events

On 20 December 2024, the Group sold 50% of its share capital in Clashindarroch Windfarm Extension Limited, creating a renewable energy joint venture. On 15 November 2024, the Group sold 50% of the increased share capital in Glenfiddich West Limited also creating a renewable energy joint venture. 

The director is not aware of any other significant post balance sheet events that could affect the future performance of the company or group. 

Key performance indicators
 
The company and group uses a range of performance measures to monitor and manage the business effectively. These are primarily financial and the most significant of these are the key performance indicators. The director considers the key performance indicators to be turnover and net margin. The director considers these to be in line with expectations.


This report was approved by the board and signed on its behalf.





C J Moran
Director

Date: 19 March 2025

Page 2

 
CHESTERLODGE LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £13,078,116 (2023 - £15,977,477).

An interim dividend of £60,000 (2023: £90,000) was paid. The director does not propose the payment of a final dividend.

Director

The director who served during the year was:

C J Moran 

Political and charitable contributions

During the year the group made payments of £58,290 (2023: £50,000) to the Conservative and Unionist Party.

Matters covered in the Group strategic report

As permitted by paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008, certain matters which are required to be disclosed in the director's report have been omitted as they are included in the Strategic Report on pages 1 - 2. These matters relate to the principal activities and business review, principal risks and uncertainties, post balance sheet events and financial key performance indicators.

Page 3

 
CHESTERLODGE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

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

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





C J Moran
Director

Date: 19 March 2025

Page 4

 
CHESTERLODGE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHESTERLODGE LIMITED
 

Opinion


We have audited the financial statements of Chesterlodge Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
Page 5

 
CHESTERLODGE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHESTERLODGE LIMITED (CONTINUED)


statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
Page 6

 
CHESTERLODGE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHESTERLODGE LIMITED (CONTINUED)


in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with
laws and regulations that could be expected to have a material impact on the financial statements, we have
considered:

the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
the nature of the group, including its management structure and control systems (including the opportunity for management to override such controls);
management’s incentives and opportunities for fraudulent manipulation of the financial statements 
the group’s remuneration and bonus policies and performance targets;and
the industries and environments in which the group operates.

We also considered UK tax legislation, laws and regulations relating to employment, pension legislation and the preparation and presentation of the financial statements such as the Companies Act 2006.

Based on this understanding we identified the following matters as being of significance to the entity:

laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax legislation, pension legislation and distributable profits legislation;
further sector-specific laws and regulation including tall-building regulation, petrol storage certification, wildlife and environmental protection legislation, firearms regulation and agricultural law.
valuation of land and buildings;
the timing of the recognition and amount of income from contractual arrangements;
the cut-off of revenue across all income streams;
compliance with legislation relating to UK employment law, GDPR and health and safety;
management bias in selecting accounting policies and determining estimates;
use of journal entries;
correct statement of wage and salary costs;
valuation and completeness of liabilties, including those resulting from to HMRC inquiries;
manipulation of specific performance measures to meet remuneration targets; and
recoverability of debtors, including intercompany debtors.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

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

enquiries of management and those charged with governance as to whether the entity complies with the aforementioned  laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims; 
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
inspection of relevant legal correspondence;
assessment of matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the relevant controls;
reviewing revenue cut-off;
obtaining an understanding of the policies and controls over the recognition of income and testing their
Page 7

 
CHESTERLODGE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHESTERLODGE LIMITED (CONTINUED)


implementation during the year;
reviewed, assessed and recalculated the property valuations;
reviewing documentation relating to compliance with regulations relating to GDPR, Health and Safety;
challenging assumptions made by management in their specific accounting policies and estimates
identifying and testing journal entries, in particular any unusual journal entries and non-standard journal entries;
assessing the accuracy of payroll costs and confirming compliance with UK payroll regulations;
assessing the recovery of debtors, including intercompany debtors, in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
confirming the validity of significant liabilities;
reviewing the financial statements for compliance with the relevant disclosure requirements;
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
reviewing the correspondence with HMRC; and
evaluating the underlying business reasons for any unusual transactions. 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and 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 Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Rajiv Thakerar FCA (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

20 March 2025
Page 8

 
CHESTERLODGE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
27,579,098
26,306,193

Cost of sales
  
(4,334,070)
(3,708,281)

Gross profit
  
23,245,028
22,597,912

Administrative expenses
  
(10,639,544)
(15,071,542)

Operating profit
 5 
12,605,484
7,526,370

Income from listed investments
 9 
1,267,613
609,989

Interest receivable
 10 
1,818,928
714,010

Interest payable and similar expenses
 11 
(338,865)
(962,761)

Gains arising on fair value of investment properties
 15 
1,237,940
1,434,971

Gains arising on fair value of equity instruments
 19 
883,897
555,056

Gain on the disposal of shares in subsidiary entities
  
-
8,930,284

Share of loss for the year in joint ventures
  
(5,133)
(2,907)

Profit before taxation
  
17,469,864
18,805,012

Tax on profit
 12 
(4,391,748)
(2,827,535)

Profit for the financial year
  
13,078,116
15,977,477

  

Unrealised surplus/(deficit) on revaluation of tangible fixed assets
  
1,638,935
(157,606)

Deferred tax arising on revaluation of tangible fixed assets
  
(410,869)
1,302

Total comprehensive income for the year
  
14,306,182
15,821,173

Profit for the year attributable to:
  

Owners of the parent Company
  
13,078,116
15,977,477

The notes on pages 18 to 45 form part of these financial statements.

Page 9

 
CHESTERLODGE LIMITED
REGISTERED NUMBER: 01611575

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
317,673,766
314,466,277

Investment property
 15 
149,446,193
148,208,253

  
467,119,959
462,674,530

Current assets
  

Stocks
 17 
2,184,514
2,563,634

Debtors
 18 
7,014,583
9,163,671

Investments in equity instruments
 19 
15,538,929
14,417,521

Cash at bank and in hand
 20 
59,553,055
44,272,030

  
84,291,081
70,416,856

Creditors: amounts falling due within one year
 21 
(18,666,650)
(15,443,452)

Net current assets
  
 
 
65,624,431
 
 
54,973,404

Total assets less current liabilities
  
532,744,390
517,647,934

Provisions for liabilities
  

Deferred taxation
 23 
(90,231,112)
(89,380,838)

  
 
 
(90,231,112)
 
 
(89,380,838)

Net assets
  
442,513,278
428,267,096


Capital and reserves
  

Called up share capital 
 24 
10,000
10,000

Share premium account
 25 
3,748,889
3,748,889

Revaluation reserve
 25 
195,002,472
193,774,406

Capital redemption reserve
 25 
1,111
1,111

Profit and loss account
 25 
243,750,339
230,732,223

Equity attributable to owners of the parent Company
  
442,512,811
428,266,629

Non-controlling interests
  
467
467

  
442,513,278
428,267,096


Page 10

 
CHESTERLODGE LIMITED
REGISTERED NUMBER: 01611575
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C J Moran
Director

Date: 19 March 2025

The notes on pages 18 to 45 form part of these financial statements.

Page 11

 
CHESTERLODGE LIMITED
REGISTERED NUMBER: 01611575

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
9,394,161
9,394,161

  
9,394,161
9,394,161

Current assets
  

Debtors
 18 
8,896,087
15,395,735

Current asset investments
 19 
279,956
246,374

Cash at bank and in hand
 20 
57,158,280
21,951,292

  
66,334,323
37,593,401

Creditors: amounts falling due within one year
 21 
(70,274,429)
(42,099,306)

Net current liabilities
  
 
 
(3,940,106)
 
 
(4,505,905)

Total assets less current liabilities
  
5,454,055
4,888,256

  

  

Net assets excluding pension asset
  
5,454,055
4,888,256

Net assets
  
5,454,055
4,888,256


Capital and reserves
  

Called up share capital 
 24 
10,000
10,000

Share premium account
 25 
3,748,889
3,748,889

Capital redemption reserve
 25 
1,111
1,111

Profit and loss account
 25 
1,694,055
1,128,256

  
5,454,055
4,888,256


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C J Moran
Director

Date: 19 March 2025

The notes on pages 18 to 45 form part of these financial statements.

Page 12
 

 
CHESTERLODGE LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£


At 1 May 2023 (as previously stated)
10,000
3,748,889
1,111
194,003,817
232,794,172
430,557,989
467
430,558,456


Prior year adjustment
-
-
-
(229,411)
(2,061,949)
(2,291,360)
-
(2,291,360)


At 1 May 2023 (as restated)
10,000
3,748,889
1,111
193,774,406
230,732,223
428,266,629
467
428,267,096





Profit for the year
-
-
-
-
13,078,116
13,078,116
-
13,078,116


Deferred tax arising on revaluation of tangible fixed assets
-
-
-
(410,869)
-
(410,869)
-
(410,869)


Gain arising on revaluation of tangible fixed assets
-
-
-
1,638,935
-
1,638,935
-
1,638,935


Dividends: Equity capital
-
-
-
-
(60,000)
(60,000)
-
(60,000)



At 30 April 2024
10,000
3,748,889
1,111
195,002,472
243,750,339
442,512,811
467
442,513,278



Page 13

 

 
CHESTERLODGE LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£


At 1 May 2022 (as previously stated)
10,000
3,748,889
1,111
194,160,121
216,892,738
414,812,859
467
414,813,326


Prior year adjustment
-
-
-
(229,411)
(2,061,949)
(2,291,360)
-
(2,291,360)


At 1 May 2022 (as restated)
10,000
3,748,889
1,111
193,930,710
214,830,789
412,521,499
467
412,521,966





Profit for the year
-
-
-
-
15,977,477
15,977,477
-
15,977,477


Loss arising on revaluation of tangible fixed assets
-
-
-
(157,606)
-
(157,606)
-
(157,606)


Deferred tax arising on revaluation of tangible fixed assets
-
-
-
1,302
-
1,302
-
1,302


Dividends paid
-
-
-
-
(90,000)
(90,000)
-
(90,000)


Release of opening reserves in disposed shareholding in joint venture
-
-
-
-
13,957
13,957
-
13,957



At 30 April 2023
10,000
3,748,889
1,111
193,774,406
230,732,223
428,266,629
467
428,267,096



The notes on pages 18 to 45 form part of these financial statements.

Page 14
 
CHESTERLODGE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


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

£
£
£
£
£


At 1 May 2022
10,000
3,748,889
1,111
1,551,699
5,311,699


Comprehensive income for the year

Loss for the year
-
-
-
(333,443)
(333,443)


Contributions by and distributions to owners

Dividends
-
-
-
(90,000)
(90,000)



At 1 May 2023
10,000
3,748,889
1,111
1,128,256
4,888,256


Comprehensive income for the year

Profit for the year
-
-
-
625,799
625,799


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(60,000)
(60,000)


At 30 April 2024
10,000
3,748,889
1,111
1,694,055
5,454,055


The notes on pages 18 to 45 form part of these financial statements.

Page 15

 
CHESTERLODGE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
13,078,116
15,977,477

Adjustments for:

Depreciation of tangible assets
183,465
166,461

(Loss)/gain on disposal of tangible assets
(11,838)
4,311

Interest paid
338,865
962,761

Interest received
(1,818,928)
(714,010)

Taxation charge
3,952,343
2,171,461

Decrease/(increase) in stocks
379,120
(2,391,466)

(Increase) in debtors
(237,370)
(427,306)

Increase in creditors
1,286,627
5,908,752

Increase in provisions
439,405
656,074

Net fair value (gains) on investment property
(1,237,940)
(1,434,970)

Net fair value (gains) on listed investments
(883,897)
(555,056)

Share of operating loss disposed in joint ventures
-
13,957

Corporation tax (paid)
(2,015,772)
(1,778,428)

Income from sale of share in joint ventures
-
(8,924,540)

Income from listed investments
(1,267,613)
(609,989)

Net cash generated from operating activities

12,184,583
9,025,489


Cash flows from investing activities

Purchase of tangible fixed assets
(1,753,331)
(2,579,624)

Sale of tangible fixed assets
13,150
4,660

Purchase of listed investments
(1,081,700)
(980,242)

Sale of listed investments
844,189
830,709

Proceeds from disposal of shareholding in associate companies
2,386,458
2,000,000

Interest received
1,818,928
714,010

Dividends received
1,267,613
609,989

Net cash from investing activities

3,495,307
599,502
Page 16

 
CHESTERLODGE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

As restated

2024
2023

£
£



Cash flows from financing activities

Dividends paid
(60,000)
(90,000)

Interest paid
(338,865)
(962,761)

Net cash used in financing activities
(398,865)
(1,052,761)

Net increase in cash and cash equivalents
15,281,025
8,572,230

Cash and cash equivalents at beginning of year
44,272,030
35,699,800

Cash and cash equivalents at the end of year
59,553,055
44,272,030


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
59,553,055
44,272,030



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
Acquisition and disposal of subsidiaries
At 30 April 2024
£

£

£

£

Cash at bank and in hand

44,272,030

15,281,125

(100)

59,553,055

Liquid investments

14,417,521

1,121,408

-

15,538,929











58,689,551
16,402,533
(100)
75,091,984

The notes on pages 18 to 45 form part of these financial statements.

Page 17

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Chesterlodge Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office is Chelsea Cloisters, Sloane Avenue, London, SW3 3DW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

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

On the basis that equivalent disclosures are given in the consolidated financial statements, the Company has also taken advantage of the exemption not to provide certain disclosures as required by Section 11 Basic Financial Instruments and Section 12 Other Financial Instrument Issues.

The Company has also taken the exemption under section 1 of FRS 102 not to prepare a company statement of cash flows as required by Section 7 Statement of Cash Flows.


The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In the consolidated financial statements, joint ventures and associates are accounted for under the equity method. All subsidiaries have been included in the consolidated financial statements.

Page 18

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.

The director has prepared forecasts for the period to 31 May 2026. Downside sensitivities have been applied to the forecasts and, even in the unlikely scenario that there is a prolonged decrease in demand for services, the company and group still has adequate resources to continue operations and the director concludes, therefore, that adopting the going concern basis of accounting in preparing the annual financial statements is appropriate.

Based on this assessment, the director considers that the group and company maintain an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations.

In addition, the group’s and company’s assets are assessed for recoverability on a regular basis, and the director considers that the group and company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The director has a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the group’s and company’s ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 19

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue arises from the letting of rooms and associated services at Sloane Avenue garage sales, sporting and estate services, commercial property lettings and rental income from investment properties. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable and represents amounts for the sale of goods, the provision of serviced apartments, investment property income and sporting estate and agricultural revenue in the normal course of business, net of discounts and other sales-related taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

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

Page 20

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Defined benefit pension plan

The liability/asset recognised in the balance sheet in respect of the defined benefit pension scheme is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date. The defined benefit obligation is assessed using the projected unit of credit method and reviewed annually by independent actuaries. Service costs are charged to profit or loss so as to spread the costs over the service lives of employees. Net interest on the net defined benefit liability/asset is determined by multiplying the net defined benefit liability/asset by the discount rate, as determined at the start of the annual reporting period, using market yields on high liquidity corporate bonds that are denominated in Sterling and have terms approximating the estimated period of the future payments, taking account of any changes in the net defined benefit/liability asset during the period as a result of contribution and benefit payments. Net interest is charged to profit or loss in the period.

Re-measurements of the net defined benefit liability/asset are charged through other comprehensive income in the period in which they occur. Re-measurement of the net defined benefit liability/asset recognised in other comprehensive income is not reclassified to profit or loss in a subsequent period. Re-measurements of the net defined benefit liability/asset comprise actuarial gains and losses, the return on plan assets, excluding amounts included in net interest on the net defined benefit liability/asset.

If the defined benefit plan has been curtailed or settled during the year, the defined benefit obligation is decreased or eliminated and the group recognised the resulting gain or loss in profit or loss in the current period.

Page 21

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5% to 25%
Motor vehicles
-
20% to 25%
Fixtures and fittings
-
12.5% to 25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market prices, adjusted if necessary for differences in the nature, location or condition of the specific property. If this information is not available, alternative valuation methods are used, such as recent prices on less active markets, discounted cashflow projections or racked rent prime yield analyses. Valuations are performed by directors.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 23

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with 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.
Page 24

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a
Page 25

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when declared. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 26

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgments, 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 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 judgments and sources of estimation uncertainty:

Valuation of land and buildings
The valuations of properties included in investment property and property, plant and equipment are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

Contractual income
Rental income regarding one investment property in the group is determined subject to complex calculations stipulated in the contract with the tenant. Parts of these calculations can be subject to indexation and some definitions are critical to the calculations. Income has been recognised in line with the conservative interpretation of these definitions.

VAT due to HMRC
Included in the group creditor balance 'other taxation and social security' is a balance due to HMRC following a VAT enquiry into a subsidiary. The creditor has been valued at the full amount that the subsidiary was said to owe following a hearing at the High Court, plus interest. This verdict is currently being appealed by the subsidiary.

Page 27

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Serviced apartment lettings and services
12,216,322
11,527,769

Garage fuel and shop sales
2,426,301
2,701,984

Sporting estate and agricultural revenue
410,068
424,795

Other trading income
361,714
390,504

Investment property revenue
12,164,693
11,261,141

27,579,098
26,306,193


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
27,579,098
26,306,193



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
1,287,753
1,122,330


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Group's auditor for the audit of the consolidated and parent Company's financial statements
72,000
99,270

Fees payable to the Group's auditor for the audit of the Company's subsidiary undertakings
4,900
-

Fees payable to the Group's auditor in respect of:

Taxation compliance services
27,000
48,200

All non-audit services not included above
-
29,600

Page 28

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,828,708
2,758,090

Social security costs
298,168
304,250

Cost of defined contribution scheme
47,185
47,334

3,174,061
3,109,674


The above costs are the amounts charged to the profit and loss. These exclude staff costs incurred by Group employees on behalf the Chelsea Cloisters Management Limited service charge. With these costs included wages and salaries were £3,726,747 (2023: £3,622,086), social security costs were £393,045 (2023: £387,924) and pension costs were £65,543 (2023: 58,597). Total staff costs were £4,185,335 (2023: £4,068,607).

The average monthly number of employees, including the director, during the year was as follows:



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









Management
4
4
1
1



Administration and other
94
97
-
-

98
101
1
1


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
136,398
76,520


During the year, retirement benefits were accruing to 1 director (2023: 1) in respect of defined benefit pension schemes.

During the year, the director received an interest free loan from the group. The maximum amount outstanding on this loan during the year was £984,022 (2023: £947,935). At the year end the amount due to the director was £4,028 and was included in other creditors (2023: £2,306).
Page 29

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Other finance income

2024
2023
£
£


Dividends received from investments in equity instruments
1,267,613
609,989





10.


Interest receivable

2024
2023
£
£


Bank interest receivable
1,818,928
714,010


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
338,865
962,761


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
3,952,343
2,160,684

Adjustments in respect of previous periods
-
10,777


Total current tax
3,952,343
2,171,461

Deferred tax


Origination and reversal of timing differences
439,405
616,261

Adjustments in respect of prior periods
-
39,813

Total deferred tax
439,405
656,074
Page 30

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
17,469,864
18,805,012


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
4,367,466
3,665,183

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
220,026
1,524,762

Capital allowances for year in excess of depreciation
(190,232)
-

Adjustments to tax charge in respect of prior periods
-
39,813

Non-taxable income
(444,603)
(3,021,252)

Deferred tax charge
439,405
-

Fixed asset differences
-
23,671

Adjustments from tax rate change
-
10,777

Deferred tax not recognised
-
132,238

Deferred tax charged directly to equity
-
1,302

Chargeable gains or losses
-
344,605

Changes in provisions leading to an increase/(decrease) in the tax charge
(1,583)
-

Remeasurement of deferred tax for rate changes
-
106,452

Special factors affecting joint-ventures and associates leading to an increase (decrease) in the tax charge
1,284
-

Other differences leading to an increase/(decrease) in the tax charge
(15)
(16)

Total tax charge for the year
4,391,748
2,827,535


Factors that may affect future tax charges

The group has trading losses of £287,678 (2023: £287,678) available to utilise against future profits arising from the same trade.

Page 31

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Intangible assets

Group





Goodwill

£





At 1 May 2023
1,480,000


Disposals
(1,480,000)



At 30 April 2024

-





At 1 May 2023
1,480,000


On disposals
(1,480,000)



At 30 April 2024

-



Net book value



At 30 April 2024
-



At 30 April 2023
-



None of the group's intangible assets were held in the parent company.

Page 32

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets

Group






Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
303,094,041
118,618
277,320
13,246,205
316,736,184


Additions
1,025,289
87,762
134,515
505,765
1,753,331


Disposals
-
-
(55,750)
(447,472)
(503,222)


Revaluations
1,638,935
-
-
-
1,638,935



At 30 April 2024

305,758,265
206,380
356,085
13,304,498
319,625,228



Depreciation


At 1 May 2023
-
86,418
184,486
1,999,003
2,269,907


Charge for the year on owned assets
-
18,814
53,335
111,316
183,465


Disposals
-
-
(54,438)
(447,472)
(501,910)



At 30 April 2024

-
105,232
183,383
1,662,847
1,951,462



Net book value



At 30 April 2024
305,758,265
101,148
172,702
11,641,651
317,673,766



At 30 April 2023
303,094,041
32,200
92,834
11,247,202
314,466,277




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
305,758,265
303,094,041


The land and buildings were valued by the director at 30 April 2024 on an open market value for existing use basis.
The original cost of the land and buildings amounted to £56,413,546 (2023: £55,388,257).
The company does not own any tangible fixed assets.

Page 33

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Investment property

Group


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 May 2023
141,333,449
6,874,804
148,208,253


Surplus on revaluation
1,237,940
-
1,237,940



At 30 April 2024
142,571,389
6,874,804
149,446,193

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

As restated
2024
2023
£
£


Historic cost
4,708,248
4,708,248



The company does not own any investment properties.


16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
9,394,161



At 30 April 2024
9,394,161




Page 34

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertakings


The following were subsidiary and joint venture undertakings of the company. They are all registered in England and Wales:

Name

Principal activity

Holding

Chelsea Cloisters Estates Limited
Non-trading
100%
Chelsea Cloisters Management Limited
Property management
32%
Chelsea Cloisters Property Limited
Dormant company
100%
Chelsesa Cloisters Services Limited*
Management company
100%
Christopher Moran & Co Limited*†
Group management and investment
100%
Christopher Moran Group Limited
Dormant company
100%
Christopher Moran Holdings Limited*†
Property holding and parent company
100%
Christopher Moran Industries Limited
Dormant company
100%
Christopher Moran (LPM Brokers) Limited
Dormant company
100%
Christopher Moran (NM) Limited
Dormant company
90%
Christopher Moran Properties Limited
Dormant company
90%
Gallonmore Limited
Dormant company
100%
Golden Lane Securities Limited*
Estate management
100%
Halcyon Investments Limited
Dormant company
100%
The Hanipha (Ceylon) Tea & Rubber Company Limited
Dormant company
100%
Moran Gainher & Co Limited
Dormant company
100%
Realreed Limited*†
Serviced apartments
100%
Whitelock Evans & Co Limited
Dormant company
100%
Christopher Moran Energy Limited*†
Renewable energy development
100%
Glenfiddich Wind Limited*
Renewable energy development
100%
Clashindarroch Windfarm Extension Limited
Renewable energy development
100%
Glenfiddich West Limited*
Renewable energy development
100%
Dorenell Windfarm Extension Limited
Renewable energy development
50%

Chelsea Cloisters Management Limited is controlled by the group which owns 83.1% of its voting rights. It is thus a subsidiary undertaking as defined by the Companies Act 2006. It has a year end of 31 December and has been consolidated in accordance with the requirements of FRS 102 whereby management information up to 30 April 2024 has been utilised. The group's shareholding in Chelsea Cloisters Management Limited is 32.7% of the total share capital on the basis of its nominal value. Under the articles of association of Chelsea Cloisters Management Limited, there are restrictions in place regarding the issuing of dividends and other distributions to shareholders.

*These subsidiaries of the Company were entitled to exemption from audit under section 479A of the Companies Act 2006 ("the Act"). Chesterlodge Limited guarantees all of these subsidiaries under section 479C of the Act in respect of the year ended 30 April 2024.

†These subsidiaries are direct subsidiaries of Chesterlodge Limited.

Page 35

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
184,514
163,634

Property inventories
2,000,000
2,400,000

2,184,514
2,563,634


The difference between purchase price or production cost of stocks and their replacement cost is not material.

The carrying value of stocks are stated net of impairment losses totalling £400,000 (2023 - £Nil). Impairment losses totalling  £400,000 (2023 - £Nil) were recognised in cost of sales as following a change in the market value of property inventories.


18.


Debtors

Group

Group 
As Restated
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Prepayments and accrued income
2,229,431
4,538,082
-
-

Due within one year

Trade debtors
751,749
663,410
-
-

Amounts owed by group undertakings
-
-
8,883,742
15,395,735

Other debtors
196,073
680,811
2,420
-

Prepayments and accrued income
3,765,411
3,209,449
9,925
-

Deferred taxation
71,919
71,919
-
-

7,014,583
9,163,671
8,896,087
15,395,735


Page 36

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Current asset investments

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

Listed investments
15,538,929
14,417,521
279,956
246,374


Listed investments are measured at fair value through profit or loss based on the closing share price as at the reporting date.

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


Opening fair value
14,417,521
13,712,932
246,374
223,882

Purchases
1,081,700
980,146
12,991
10,416

Sales
(844,189)
(830,709)
-
-

Gains on remeasurement to fair value
883,897
555,152
20,591
12,076

Market value
15,538,929
14,417,521
279,956
246,374





20.


Cash and cash equivalents

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

Cash at bank and in hand
59,553,055
44,272,030
57,158,280
21,951,292


Page 37

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,477,885
1,201,182
-
-

Amounts owed to group undertakings
-
-
70,185,208
42,084,961

Corporation tax
6,033,869
4,097,298
-
-

Other taxation and social security
6,881,362
5,852,952
-
-

Other creditors
795,981
775,376
60,000
-

Accruals and deferred income
3,477,553
3,516,644
29,221
14,345

18,666,650
15,443,452
70,274,429
42,099,306


Included in other creditors is the carrying value of joint ventures which as at 30 April 2024 was a liability of £16,864 (2023: £16,864).


22.


Financial instruments

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

Financial assets

Financial assets measured at fair value through profit or loss
15,538,929
14,417,521
279,956
246,374




Financial assets measured at fair value through profit or loss comprise listed investments only. They are valued at the closing share price on 30 April 2024.

Page 38

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Deferred taxation


Group



2024


£






At beginning of year (as restated)
(89,308,919)


Charged to profit or loss
(439,405)


Charged to other comprehensive income
(410,869)



At end of year
(90,159,193)







The deferred tax balance is made up as follows:

Group

Group
As restated
2024
2023
£
£

Accelerated capital allowances
(1,321,189)
(1,248,986)

Tax losses carried forward
71,919
71,919

Other temporary timing differences
3,272
3,350

Revaluation of fixed assets
(88,913,195)
(88,135,202)

(90,159,193)
(89,308,919)

Comprising:

Asset - due within one year
71,919
71,919

Liability
(90,231,112)
(89,380,838)

(90,159,193)
(89,308,919)



Expected reversal of deferred taxation assets and liabilties
Deferred tax liabilities related to capital allowances will crystalise evenly over the useful life of the asset as it depreciates without additional tax relief. Liabilities related to revaluation of fixed assets will crystalise upon sale of those fixed assets.
Deferred tax assets will crystalise upon the utilisation of brought forward tax losses.

Page 39

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares shares of £1.00 each
10,000
10,000



25.


Reserves

Share premium account

Represents the amount paid for share capital above the nominal value.

Revaluation reserve

Comprises unrealised gains on property, plant and equipment held at fair value above and beyond its historic cost.

Capital redemption reserve

Represents amounts previously held as the nominal value of share capital, but subsequently repurchased by the entity.

Profit and loss account

Comprises the balance of profits accumulated over the life of the group. As at 30 April 2024, within the profit and loss account, the Group had distributable reserves of £133,541,461 (2023: £121,451,800) and undistributable reserves of £110,208,878 (2023: £109,280,423). As at 30 April 2024, all amounts included within the Company profit and loss account were distributable (2023: distributable).

Page 40

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

26.


Prior year adjustment

The following adjustments has been made to comparative balances in the financial statements and notes:

The service charge activities undertaken by Chelsea Cloisters Management Limited have been removed from the consolidation oweing to the fact the assets, liabilities, income and expenses related to these activities are under a statutory trust to the leaseholders of Chelsea Cloisters, rather than the shareholders. This has the following effect on the financial statements:

Consolidated Balance Sheet
Accruals and deferred income (included in creditors due within 1 year) and other debtors (included in debtors due within 1 year) have both increased by £569,965. There is no effect on net assets.

Consolidated Statement of Comprehensive Income
Turnover has decreased by £1,597,816, administrative expenses have decreased by £1,602,781 and interest receivable has decreased by £4,965. There is no effect on profit before tax.

 
Historic cost balances used for determining the revaluation reserve and deferred tax provisions were previously overstated. The revaluation reserve recognised upon transition to FRS 102 was separately misstated. This had the following effect on the financial statements:

Consolidated Balance Sheet
The revaluation reserve and profit and loss account as at 1 May 2022 has decreased by £229,441 and £2,061,949 respectively. Deferred tax as at 1 May 2022 has increased by £2,291,360. The impact of the above adjustment is a reduction in net assets of £2,291,360 as at 1 May 2022.

Page 41

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £63,568 (2023: £58,597). Contributions of £13,089 (2023: £Nil) were payable to the fund at the balance sheet date.

The Group operates a Defined benefit pension scheme.

The scheme provides benefits based on final salary and length of service on retirement, leaving service or death. The following disclosures exclude any allowance for defined contribution schemes operated by the group.

The scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the group must agree with the Trustees of the scheme the contributions paid to address any shortfall against the Statutory Funding Objective.

The most recent comprehensive actuarial valuation of the scheme was carried out as at 1 February 2022. The below disclosures are based on actuarial advice sought for the purpose of disclosing balances accurate as of 30 April 2024 and transactions accurate for the year to 30 April 2024.

All disclosures in this note are rounded to the nearest £1,000.



Reconciliation of present value of plan liabilities:


2024
2023
£
£


At the beginning of the year
1,709,000
1,797,000

Interest cost
83,000
55,000

Benefits paid
(54,000)
(62,000)

Experience gain/(loss) on liabilities
(13,000)
369,000

Changes to demographic assumptions
(4,000)
(54,000)

Changes to financial assumptions
(60,000)
(396,000)

At the end of the year
1,661,000
1,709,000



Reconciliation of present value of plan assets:


2024
2023
£
£


At the beginning of the year
4,776,000
4,856,000

Interest income
233,000
150,000

Benefits paid
(54,000)
(62,000)

Return on assets less interest
123,000
(168,000)

At the end of the year
5,078,000
4,776,000
Page 42

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
27.Pension commitments (continued)



Composition of plan assets:


2024
2023
%
%


Equities
33
33

Property
10
8

Gilts
10
15

Bonds
40
35

Cash
7
9

Net pension scheme asset reconciliation:
2024
2023
£
£


Fair value of plan assets
5,078,000
4,776,000

Present value of plan liabilities
(1,661,000)
(1,709,000)

Impact of asset ceiling
(3,417,000)
(3,067,000)

Net pension scheme asset
-
-


The amounts recognised in profit or loss are as follows:

2024
2023
£
£


Interest on obligation
(83,000)
(55,000)

Interest income on plan assets
233,000
150,000

Interest on asset ceiling
(150,000)
(95,000)

Total
-
-





Page 43

 
CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
27.Pension commitments (continued)


Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024
2023
%
%
Discount rate


5.25

4.90
 
Pension increase (fixed pension increases)


5.00

5.00
 
Pension increase (revaluation in deferment)


3.45

3.20
 
Inflation assumption


3.45

3.20
 



 
Post-retirement mortality


PA16 tables with CMI 2023 projections using a long-term improvement rate of 1.25% p.a

PA16 tables with CMI 2022 projections using a long-term improvement rate of 1.25% p.a.
 
Commutation


50% of members are assumed to take the maximum tax free cash possible

50% of members are assumed to take the maximum tax free cash possible
 






28.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
1,050,320
1,033,043

Later than 1 year and not later than 5 years
3,703,541
3,737,090

Later than 5 years
10,861,569
11,777,044

15,615,430
16,547,177

The Company had no commitments under non-cancellable operating leases at the balance sheet date.
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CHESTERLODGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

29.


Related party transactions

The Company has taken advantage of the exemption permitted by Section 33 Related Party Disclosures, not to disclose transactions with wholly owned members of Chesterlodge Group. The address at which the consolidated financial statements are publicly available is Chelsea Cloisters, Sloane Avenue, London, SW3 3DW.
During the year, the group engaged the security consultancy services of Hugh Orde Limited for a total of £96,263 (2023: £102,300). An outstanding balance of £9,399 (2023: £Nil) was due to Hugh Orde Limited as of 30 April 2024. Sir Hugh Orde is a director in some of the Group's subsidiaries.


30.


Post balance sheet events

On 20 December 2024, the Group sold 50% of its share capital in Clashindarroch Windfarm Extension Limited, creating a renewable energy joint venture. On 15 November 2024, the Group sold 50% of the increased share capital in Glenfiddich West Limited also creating a renewable energy joint venture. The financial effect for the combined disposals is a gain on disposal of shares of approximately £23m.


31.


Controlling party

At the year end, the company's ultimate contolling party was C J Moran by virtue of his shareholding in the entity.
 
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