IRIS Accounts Production v24.3.0.553 12495150 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. hospitality and hotel accommodation; and construction work. true true false true true false false false true true true false Ordinary 0 Ordinary A 0 Ordinary B 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh124951502023-06-30124951502024-06-30124951502023-07-012024-06-30124951502022-06-30124951502022-07-012023-06-30124951502023-06-3012495150ns15:EnglandWales2023-07-012024-06-3012495150ns14:PoundSterling2023-07-012024-06-3012495150ns10:Director12023-07-012024-06-3012495150ns10:Director22023-07-012024-06-3012495150ns10:Consolidated2024-06-3012495150ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3012495150ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3012495150ns10:Consolidatedns10:MediumEntities2023-07-012024-06-3012495150ns10:Consolidatedns10:Audited2023-07-012024-06-3012495150ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3012495150ns10:Consolidated2023-07-012024-06-3012495150ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3012495150ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3012495150ns10:FullAccounts2023-07-012024-06-301249515012023-07-012024-06-3012495150ns10:OrdinaryShareClass12023-07-012024-06-3012495150ns10:OrdinaryShareClass22023-07-012024-06-3012495150ns10:OrdinaryShareClass32023-07-012024-06-3012495150ns10:RegisteredOffice2023-07-012024-06-3012495150ns10:Consolidated2022-07-012023-06-3012495150ns5:CurrentFinancialInstruments2024-06-3012495150ns5:CurrentFinancialInstruments2023-06-3012495150ns5:ShareCapital2024-06-3012495150ns5:ShareCapital2023-06-3012495150ns5:ShareCapital2022-06-3012495150ns5:RetainedEarningsAccumulatedLosses2022-06-3012495150ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3012495150ns5:RetainedEarningsAccumulatedLosses2023-06-3012495150ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3012495150ns5:RetainedEarningsAccumulatedLosses2024-06-3012495150ns5:NetGoodwill2023-07-012024-06-3012495150ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3012495150ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-07-012024-06-3012495150ns5:PlantMachinery2023-07-012024-06-3012495150ns5:FurnitureFittings2023-07-012024-06-3012495150ns5:MotorVehicles2023-07-012024-06-3012495150ns5:CostValuation2023-06-3012495150ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3012495150ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3012495150ns10:OrdinaryShareClass12024-06-3012495150ns10:OrdinaryShareClass22024-06-3012495150ns10:OrdinaryShareClass32024-06-30
REGISTERED NUMBER: 12495150 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

FLAT ROCK HOLDINGS LIMITED

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


FLAT ROCK HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: L W Jones
Mrs L Jones





REGISTERED OFFICE: The Gwbert Hotel
Gwbert On Sea
Cardigan
Ceredigion
SA43 1PP





REGISTERED NUMBER: 12495150 (England and Wales)





AUDITORS: LHP Auditors
Llys Deri
Parc Pensarn
Carmarthen
Carmarthenshire
SA31 2NF

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The hospitality sector trade remains difficult with many finding cashflow and staffing issues extremely challenging. The Cliff Hotel and Spa and The Harbourmaster Hotel continue to manage these challenges, as well as many others, very well and thus this has resulted in satisfactory trading activity from The Cliff's 76 rooms and holiday lets and the Harbourmaster's 11 rooms and 2 holiday let cottages with the ancillary bars, restaurants, function suite and spa remaining popular with guests and visitors.

To this end, visitor numbers have grown by 3.2% this year compared to last in The Cliff with an uplift in food and beverage sales income of 12%. Accommodation sales income increased by 2.2% with an occupancy rate of 84.1% achieved on room rates ranging from £99 to £380 per night. The Harbourmaster has however had the added challenge of grandscale flood defence works being carried out to the harbour immediately in front of the site which has affected footfall and visitor numbers. It has however achieved a respectable 72% occupancy compared to 76% last year on accommodation.

Capital expenditure and development plans have been minimised while ongoing maintenance and renewal of work done to date is carried out. The Harbourmaster carried out improvements to its disabled access to ensure the establishment could be enjoyed by all. All works done have been carried out by a group company Jonsel Construction Ltd, which has invoiced a market rate mark up of 20% on cost.

The group of companies continue to value supplier relationships with bulk buying economies of scale achieved and minimal changes of main suppliers needed to support the trade. Prices are continually monitored and retro payment schemes are agreed should there be no room for movement in cost prices.

Staffing challenges continue across the whole sector. The pressures do not seem to have improved materially since pre COVID with a general shortage in proactive and productive staff willing to work. There does not seem to be any end in sight with this issue as the payroll costs continually increase and have a material impact on ongoing profitability.


FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The main uncertainty facing all companies is the ongoing political climate having an adverse effect on the security of people's disposable income and the economy in general. Continual tax changes, global concerns over war, interest rate changes and inflation together with a number of other factors are having an impact on people's ability to plan ahead and priorotise personal goals and this will in turn affect the economy as a whole. As the hospitality sector relies in the main on people's remaining disposable income after costs of living are settled, it is of great concern that a possible downturn in economy will adversely affect the business.

The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The company's principal financial instruments compromise bank balances, stocking loans, trade creditors and loans to the company. The company does not use derivative financial instruments for speculative purposes.

CASH FLOW RISK
Cash flow risk is managed by monitoring the overdraft facility and making effective use of stocking loan facilities.

CREDIT RISK
Trade debtors are managed in respect of credit and cash flow risk by the company policy concerning credit offered.

LIQUIDITY RISK
The company manages the liquidity risk by monitoring working capital and ensuring that there are sufficient funds to meet payments. In addition there are hire purchase loans secured on the relevant assets which carry varying rates of interest and loans from the directors which are interest free and have no fixed date for repayment.

PRICE RISK
Due to the nature of the financial instruments held by the company there is no exposure to price risk.

ON BEHALF OF THE BOARD:





Mrs L Jones - Director


24 February 2025

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
Interim dividends per share were paid as follows:

Ordinary £1 A share
£32,500 - 1 October 2023
£17,500 - 31 December 2023
£32,500 - 9 April 2024

Ordinary £1 B share
£32,500 - 1 October 2023
£17,500 - 31 December 2023
£32,500 - 9 April 2024

The directors recommend that no final dividend be paid on these shares.

No interim nor final dividend was paid on the £1 ordinary shares.

The total distribution of dividends for the year ended 30 June 2024 was £165,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

L W Jones
Mrs L Jones

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, LHP Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs L Jones - Director


24 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLAT ROCK HOLDINGS LIMITED


Opinion
We have audited the financial statements of Flat Rock Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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 the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLAT ROCK HOLDINGS LIMITED


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 Directors.

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 directors' 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 Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLAT ROCK HOLDINGS 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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
FLAT ROCK HOLDINGS 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.




Mr Matthew Williams (Senior Statutory Auditor)
for and on behalf of LHP Auditors
Llys Deri
Parc Pensarn
Carmarthen
Carmarthenshire
SA31 2NF

25 March 2025

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 3 9,062,745 8,061,457

Cost of sales 2,017,024 1,575,129
GROSS PROFIT 7,045,721 6,486,328

Administrative expenses 5,428,101 4,887,680
1,617,620 1,598,648

Other operating income 4 61,626 55,732
OPERATING PROFIT 6 1,679,246 1,654,380


Interest payable and similar expenses 7 271,366 210,420
PROFIT BEFORE TAXATION 1,407,880 1,443,960

Tax on profit 8 153,729 287,071
PROFIT FOR THE FINANCIAL YEAR 1,254,151 1,156,889
Profit attributable to:
Owners of the parent 1,254,151 1,156,889

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 1,254,151 1,156,889


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,254,151

1,156,889

Total comprehensive income attributable to:
Owners of the parent 1,254,151 1,156,889

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - 10,000
Tangible assets 12 8,872,145 8,991,380
Investments 13 - -
8,872,145 9,001,380

CURRENT ASSETS
Stocks 14 193,582 115,237
Debtors 15 4,396,775 3,347,782
Cash in hand 8,963 (44,865 )
4,599,320 3,418,154
CREDITORS
Amounts falling due within one year 16 3,776,157 3,196,822
NET CURRENT ASSETS 823,163 221,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,695,308

9,222,712

CREDITORS
Amounts falling due after more than one
year

17

(3,053,736

)

(3,453,954

)

PROVISIONS FOR LIABILITIES 20 (128,501 ) (342,362 )

ACCRUALS AND DEFERRED INCOME 21 (15,724 ) (18,200 )
NET ASSETS 6,497,347 5,408,196

CAPITAL AND RESERVES
Called up share capital 22 102 102
Retained earnings 23 6,497,245 5,408,094
SHAREHOLDERS' FUNDS 6,497,347 5,408,196

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:





L W Jones - Director


FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

COMPANY BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 202 202
202 202

CURRENT ASSETS
Debtors 15 102 102

CREDITORS
Amounts falling due within one year 16 202 202
NET CURRENT LIABILITIES (100 ) (100 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

102

102

CAPITAL AND RESERVES
Called up share capital 22 102 102
SHAREHOLDERS' FUNDS 102 102

Company's profit for the financial year 165,000 50,000

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 Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:





L W Jones - Director


FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 102 4,301,205 4,301,307

Changes in equity
Dividends - (50,000 ) (50,000 )
Total comprehensive income - 1,156,889 1,156,889
Balance at 30 June 2023 102 5,408,094 5,408,196

Changes in equity
Dividends - (165,000 ) (165,000 )
Total comprehensive income - 1,254,151 1,254,151
Balance at 30 June 2024 102 6,497,245 6,497,347

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 102 - 102

Changes in equity
Dividends - (50,000 ) (50,000 )
Total comprehensive income - 50,000 50,000
Balance at 30 June 2023 102 - 102

Changes in equity
Dividends - (165,000 ) (165,000 )
Total comprehensive income - 165,000 165,000
Balance at 30 June 2024 102 - 102

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,019,020 867,906
Interest paid (271,366 ) (210,420 )
Tax paid (411,817 ) (181,131 )
Net cash from operating activities 335,837 476,355

Cash flows from investing activities
Purchase of tangible fixed assets (146,066 ) (1,134,569 )
Net cash from investing activities (146,066 ) (1,134,569 )

Cash flows from financing activities
New loans in year 2,691,760 650,000
Loan repayments in year (2,780,163 ) (369,063 )
Amount introduced by directors 245,006 270,000
Amount withdrawn by directors (256,001 ) (194,470 )
Equity dividends paid (165,000 ) (50,000 )
Net cash from financing activities (264,398 ) 306,467

Decrease in cash and cash equivalents (74,627 ) (351,747 )
Cash and cash equivalents at beginning of
year

2

(108,214

)

243,533

Cash and cash equivalents at end of year 2 (182,841 ) (108,214 )

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


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

30.6.24 30.6.23
£    £   
Profit before taxation 1,407,880 1,443,960
Depreciation charges 275,301 316,447
Loss on disposal of fixed assets - 2,630
Government grants (2,475 ) (2,912 )
Finance costs 271,366 210,420
1,952,072 1,970,545
Increase in stocks (78,345 ) (64,968 )
Increase in trade and other debtors (1,048,993 ) (1,220,275 )
Increase in trade and other creditors 194,286 182,604
Cash generated from operations 1,019,020 867,906

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 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 8,963 (44,865 )
Bank overdrafts (191,804 ) (63,349 )
(182,841 ) (108,214 )
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents (44,865 ) 243,533
Bank overdrafts (63,349 ) -
(108,214 ) 243,533


FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand (44,865 ) 53,828 8,963
Bank overdrafts (63,349 ) (128,455 ) (191,804 )
(108,214 ) (74,627 ) (182,841 )
Debt
Debts falling due within 1 year (367,344 ) (311,817 ) (679,161 )
Debts falling due after 1 year (3,453,954 ) 400,218 (3,053,736 )
(3,821,298 ) 88,401 (3,732,897 )
Total (3,929,512 ) 13,774 (3,915,738 )

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Flat Rock Holdings 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.

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.

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 30 June 2024.

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

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements.

Any subsidiary undertaking or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

All intra-group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the group's interest in the entity.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 20% on reducing balance and 15% on reducing balance
Fixtures and fittings - 20% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on cost

Tangible assets are held at cost less depreciation, amortisation and impairment.

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Government grants
Government grants received on capital expenditure are initially recognised within deferred income on the Balance Sheet and are subsequently recognised in the profit or loss on a systematic basis over the useful life of the related capital expenditure.

Grants for revenue expenditure are presented as part of the profit or loss in the periods in which the expenditure is recognised.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are based on the method most appropriate to the type of item but usually on a First In First Out basis (FIFO).

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

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.

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. TURNOVER

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

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

30.6.24 30.6.23
£    £   
Accommodation 2,863,320 2,816,095
Food and beverage 4,864,970 4,534,557
Property development 489,295 -
Spa sales 513,457 465,022
Laundry services 288,361 216,793
Other sales 43,342 28,990
9,062,745 8,061,457

4. OTHER OPERATING INCOME
30.6.24 30.6.23
£    £   
Sundry receipts 59,151 52,820
Government grants 2,475 2,912
61,626 55,732

Government grants, as included in the above note, include capital expenditure grant release in relation to a project developing the bar and restaurant area in 2014.

5. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 3,156,426 2,649,357
Social security costs 238,097 193,857
Other pension costs 111,190 56,209
3,505,713 2,899,423

The average number of employees during the year was as follows:
30.6.24 30.6.23

Accounts and administration 6 6
Management 7 7
Hotel staff 161 154
Maintenance and construction staff 12 -
186 167

The average number of employees by undertakings that were proportionately consolidated during the year was 186 (2023 - 167 ) .

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. EMPLOYEES AND DIRECTORS - continued

30.6.24 30.6.23
£    £   
Directors' remuneration 41,450 38,750
Directors' pension contributions to money purchase schemes 60,216 665

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

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging:

30.6.24 30.6.23
£    £   
Hire of plant and machinery 26,356 41,383
Depreciation - owned assets 265,301 301,447
Loss on disposal of fixed assets - 2,630
Goodwill amortisation 10,000 15,000
Auditors' remuneration 13,450 10,700

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Bank loan interest 264,962 203,381
Other interest charged 6,404 7,039
271,366 210,420

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 367,590 283,531

Deferred tax (213,861 ) 3,540
Tax on profit 153,729 287,071

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. TAXATION - continued

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

30.6.24 30.6.23
£    £   
Profit before tax 1,407,880 1,443,960
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

351,970

360,990

Effects of:
Income not taxable for tax purposes - 659
Capital allowances in excess of depreciation - (14,539 )
Depreciation in excess of capital allowances 15,718 -
Accelerated capital allowances at 25% (2023 25%) (213,861 ) 3,540
Marginal relief adjustment (98 ) -
Change in tax rates - (63,579 )
Total tax charge 153,729 287,071

9. 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.


10. DIVIDENDS
30.6.24 30.6.23
£    £   
Ordinary A share of £1
Interim 82,500 25,000
Ordinary B share of £1
Interim 82,500 25,000
165,000 50,000

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 150,001
AMORTISATION
At 1 July 2023 140,001
Amortisation for year 10,000
At 30 June 2024 150,001
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 10,000

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 7,431,337 1,226,570 2,141,040 11,525 10,810,472
Additions 63,347 69,813 12,906 - 146,066
At 30 June 2024 7,494,684 1,296,383 2,153,946 11,525 10,956,538
DEPRECIATION
At 1 July 2023 - 667,347 1,145,864 5,881 1,819,092
Charge for year - 95,113 168,306 1,882 265,301
At 30 June 2024 - 762,460 1,314,170 7,763 2,084,393
NET BOOK VALUE
At 30 June 2024 7,494,684 533,923 839,776 3,762 8,872,145
At 30 June 2023 7,431,337 559,223 995,176 5,644 8,991,380

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 202
NET BOOK VALUE
At 30 June 2024 202
At 30 June 2023 202

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

Subsidiaries

Jonsel Management Black Limited
Registered office: The Gwbert Hotel, Gwbert On Sea, Cardigan SA43 1PP
Nature of business: Hotel and restaurant
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 5,637,799 4,676,078
Profit for the year 1,126,721 1,067,903

Jonsel Management Black Limited has claimed exemption from audit of its accounts for the year ended 30 June 2024 under section 479a of the Companies Act 2006.

Jonsel (Aberaeron) Ltd
Registered office: The Gwbert Hotel, Gwbert On Sea, Cardigan SA43 1PP
Nature of business: Hotel and restaurant
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 235,949 132,218
Profit for the year 101,824 132,611

Jonsel (Aberaeron) Limited has claimed exemption from audit of its accounts for the period ended 30 June 2024 under section 479a of the Companies Act 2006.

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


13. FIXED ASSET INVESTMENTS - continued

Jonsel Construction Ltd
Registered office: The Gwbert Hotel, Gwbert On Sea, Cardigan SA43 1PP
Nature of business: building and construction
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 38,238 100
Profit for the year 38,238 -

Jonsel Construction Limited has claimed exemption from audit of its accounts for the period ended 30 June 2024 under section 479a of the Companies Act 2006.


14. STOCKS

Group
30.6.24 30.6.23
£    £   
Raw materials 107,449 107,906
Work-in-progress 77,515 -
Finished goods 8,618 7,331
193,582 115,237

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade debtors 51,236 47,570 - -
Other debtors 379,476 223,637 - -
Amount owed by related parties 3,957,964 3,071,502 - -
Called up share capital not paid 102 102 102 102
Prepayments 7,997 4,971 - -
4,396,775 3,347,782 102 102

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 870,965 430,693 - -
Trade creditors 393,772 368,524 - -
Tax 367,590 411,817 - -
Social security and other taxes 69,505 45,861 - -
VAT 308,746 379,801 - -
Other creditors 1,269,859 1,223,886 202 202
Amount owed to related parties 332,608 163,244 - -
Directors' current accounts 71,467 82,468 - -
Accruals and deferred income 3,163 - - -
Accrued expenses 88,482 90,528 - -
3,776,157 3,196,822 202 202

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

Group
30.6.24 30.6.23
£    £   
Bank loans (see note 18) 3,053,736 3,453,954

18. LOANS

An analysis of the maturity of loans is given below:

Group
30.6.24 30.6.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 191,804 63,349
Bank loans 679,161 367,344
870,965 430,693
Amounts falling due between one and two years:
Bank loans - 1-2 years 452,494 367,344
Amounts falling due between two and five years:
Bank loans - 2-5 years 822,733 820,282
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,778,509 2,266,328

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


18. LOANS - continued

The Group have a pound sterling CBILS loan advanced by HSBC Bank PLC outstanding. This loan will be fully repaid in May 2026 and the interest rate is currently charged at 8.99%.The remaining balance as at the Balance Sheet date was £300,250.

There are also four mortgages outstanding as at 30 June 2024 advanced by HSBC Bank PLC, with current interest rates of between 7.2% and 7.6% charged. These mortgage balances are as follows (in pound sterling), together with date of full repayment:

- £926,971 fully repaid by October 2029
- £2,212,343 fully repaid by November 2038

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.6.24 30.6.23
£    £   
Bank overdraft 191,804 63,349
Bank loans 3,732,897 3,821,298
3,924,701 3,884,647

HSBC Bank PLC hold a charge over the property known as The Cliff Hotel dated 1 November 2019 together with a fixed and floating charge over the company's assets dated 23 October 2019.

HSBC Bank PLC hold a fixed and floating charge over the assets of the company dated 19 October 2021 and also hold a fixed charge over The Harbourmaster Hotel, Aberaeron dated 1 November 2021 and over 4 Quay Parade, Aberaeron dated 16 November 2023.

20. PROVISIONS FOR LIABILITIES

Group
30.6.24 30.6.23
£    £   
Deferred tax 128,501 342,362

Group
Deferred
tax
£   
Balance at 1 July 2023 342,362
Accelerated capital allowances (213,861 )
Balance at 30 June 2024 128,501

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


21. ACCRUALS AND DEFERRED INCOME

Group
30.6.24 30.6.23
£    £   
Deferred government grants 15,724 18,200

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
102 102

There are 3 classes of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

23. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 5,408,094
Profit for the year 1,254,151
Dividends (165,000 )
At 30 June 2024 6,497,245


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
L W Jones and Mrs L Jones
Balance outstanding at start of year - -
Amounts advanced 165,000 50,000
Amounts repaid (165,000 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

No amounts were written off in the period relating to Directors' loan balances and no interest was charged for any outstanding balances.

FLAT ROCK HOLDINGS LIMITED (REGISTERED NUMBER: 12495150)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


25. RELATED PARTY TRANSACTIONS

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.

Jonsel Ltd, The Anchor Hotel (Gwbert) Ltd and Jonsel Management Ltd are all related party entities due to their common control, as detailed below:

30.6.24 30.6.23
£ £   
Sales 544,705 36,998
Purchases 58,547 58,072
Amounts due from related parties 3,957,962 3,070,829
Amounts due to related parties 332,606 163,243

During the year, a total directors' compensation of £41,450 (2023 £38,750) was paid.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L W Jones.