Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30true2023-07-01false41100 - Development of building projects 55100 - Hotels and similar accommodation 56210 - Event catering activities 56302 - Public houses and bars2831trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10598631 2023-07-01 2024-06-30 10598631 2022-07-01 2023-06-30 10598631 2024-06-30 10598631 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 10598631 c:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 10598631 2023-06-30 10598631 d:Director1 2023-07-01 2024-06-30 10598631 d:Director2 2023-07-01 2024-06-30 10598631 c:Buildings 2023-07-01 2024-06-30 10598631 c:Buildings 2024-06-30 10598631 c:Buildings 2023-06-30 10598631 c:Buildings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10598631 c:Buildings c:LongLeaseholdAssets 2023-07-01 2024-06-30 10598631 c:Buildings c:LongLeaseholdAssets 2024-06-30 10598631 c:Buildings c:LongLeaseholdAssets 2023-06-30 10598631 c:PlantMachinery 2023-07-01 2024-06-30 10598631 c:PlantMachinery 2024-06-30 10598631 c:PlantMachinery 2023-06-30 10598631 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10598631 c:MotorVehicles 2023-07-01 2024-06-30 10598631 c:MotorVehicles 2024-06-30 10598631 c:MotorVehicles 2023-06-30 10598631 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10598631 c:FurnitureFittings 2023-07-01 2024-06-30 10598631 c:FurnitureFittings 2024-06-30 10598631 c:FurnitureFittings 2023-06-30 10598631 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10598631 c:OfficeEquipment 2023-07-01 2024-06-30 10598631 c:OfficeEquipment 2024-06-30 10598631 c:OfficeEquipment 2023-06-30 10598631 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10598631 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10598631 c:CurrentFinancialInstruments 2024-06-30 10598631 c:CurrentFinancialInstruments 2023-06-30 10598631 c:Non-currentFinancialInstruments 2024-06-30 10598631 c:Non-currentFinancialInstruments 2023-06-30 10598631 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 10598631 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 10598631 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 10598631 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 10598631 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-06-30 10598631 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-06-30 10598631 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-06-30 10598631 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-06-30 10598631 c:ShareCapital 2024-06-30 10598631 c:ShareCapital 2023-06-30 10598631 c:RetainedEarningsAccumulatedLosses 2024-06-30 10598631 c:RetainedEarningsAccumulatedLosses 2023-06-30 10598631 d:OrdinaryShareClass1 2023-07-01 2024-06-30 10598631 d:OrdinaryShareClass1 2024-06-30 10598631 d:OrdinaryShareClass1 2023-06-30 10598631 d:OrdinaryShareClass2 2023-07-01 2024-06-30 10598631 d:OrdinaryShareClass2 2024-06-30 10598631 d:OrdinaryShareClass2 2023-06-30 10598631 d:OrdinaryShareClass3 2023-07-01 2024-06-30 10598631 d:OrdinaryShareClass3 2024-06-30 10598631 d:OrdinaryShareClass3 2023-06-30 10598631 d:FRS102 2023-07-01 2024-06-30 10598631 d:IndependentExaminationCharity 2023-07-01 2024-06-30 10598631 d:FullAccounts 2023-07-01 2024-06-30 10598631 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10598631 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number 10598631























SEDBERGH HOTEL ENTERPRISES LIMITED





FINANCIAL STATEMENTS





 30 JUNE 2024

























img1eec.png

 
SEDBERGH HOTEL ENTERPRISES LIMITED
REGISTERED NUMBER: 10598631

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,030,636
2,107,097

  
2,030,636
2,107,097

Current assets
  

Stocks
 5 
45,292
52,445

Debtors: amounts falling due within one year
 6 
15,653
12,760

Cash at bank and in hand
 7 
64,725
162,243

  
125,670
227,448

Creditors: amounts falling due within one year
 8 
(3,786,870)
(3,563,341)

Net current liabilities
  
 
 
(3,661,200)
 
 
(3,335,893)

Total assets less current liabilities
  
(1,630,564)
(1,228,796)

Creditors: amounts falling due after more than one year
 9 
(174,007)
(184,909)

  

Net liabilities
  
(1,804,571)
(1,413,705)


Capital and reserves
  

Called up share capital 
 11 
243,750
243,750

Profit and loss account
  
(2,048,321)
(1,657,455)

  
(1,804,571)
(1,413,705)


Page 1

 
SEDBERGH HOTEL ENTERPRISES LIMITED
REGISTERED NUMBER: 10598631

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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


Richard Stenhouse
James Ratcliffe
Director
Director


Date: 26 March 2025
Date:26 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

1.


General information

Sedbergh Hotel Enterprises Limited is a private company limited by shares incorporated in the United Kingdom, the company registration number is 10598631.  The registered office address is The Black Bull Hotel, 44 Main Street, Sedbergh, LA10 5BL.
The financial statements have been presented in pound sterling.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared forecasts through to June 2026 and have carefully considered the company’s ability to operate as a going concern. The company has continued to make losses in the current year as it has done in prior years, however managements' forecasts present an overall positive EBITDA position to 30 June 2026 of £78,489.
Managements' forecasts are underpinned by estimating future events and there is a risk that the sales forecast may not be achieved. As with prior years, the directors have put in place contingency plans to generate cash if required to mitigate the risk that actual performance is not in line with the budget forecasts. These include the sale of non-essential assets or the option to take repayment holidays on loans or interest payable, if required.
Based on the current cash balance at the date of signing the financial statements and the future forecasts, the directors are comfortable that the company has the cash available to continue to operate for a period of at least 12 months. 

Page 3

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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 Company 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.

 
2.4

Operating leases: the Company 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.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Freehold improvements
-
4%
Straight line
Equipment
-
25%
Reducing balance
Fixtures and fittings
-
20%
Straight line
Computers and Tills
-
25%
Reducing balance

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.

Page 5

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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. 

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2023 - 31).

Page 6

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Property improve  ments
Plant and machinery
Motor vehicles
Fixtures   and   fittings
Office equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 July 2023
886,525
1,467,957
256,138
11,500
4,458
11,321
2,637,899


Additions
-
-
16,834
-
-
-
16,834



At 30 June 2024

886,525
1,467,957
272,972
11,500
4,458
11,321
2,654,733



Depreciation


At 1 July 2023
38,924
278,097
201,520
-
3,244
9,018
530,803


Charge for the year on owned assets
9,731
58,718
21,416
1,840
892
697
93,294



At 30 June 2024

48,655
336,815
222,936
1,840
4,136
9,715
624,097



Net book value



At 30 June 2024
837,870
1,131,142
50,036
9,660
322
1,606
2,030,636



At 30 June 2023
847,601
1,189,860
54,618
11,500
1,215
2,303
2,107,097

The net book value of the assets currently held under hire purchase is £Nil (2023: £17,881).

Page 7

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

5.


Stocks

2024
2023
£
£

Goods for resale
45,292
52,445

45,292
52,445



6.


Debtors

2024
2023
£
£


Other debtors
159
159

Prepayments and accrued income
15,494
12,601

15,653
12,760



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
64,725
162,243

64,725
162,243


Page 8

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,267
10,014

Payments received on account
58,689
32,495

Trade creditors
80,443
94,133

Loan notes
3,056,272
3,056,274

Other taxation and social security
56,488
59,358

Obligations under finance lease and hire purchase contracts
3,438
3,438

Other creditors
95,531
101,011

Accruals and deferred income
425,742
206,618

3,786,870
3,563,341


The following liabilities were secured:

2024
2023
£
£



Bank loans
10,267
10,014

Net obligations under finance leases and hire purchase contracts
3,438
3,438

Loan Notes
3,056,272
3,056,271

3,069,977
3,069,723

Details of security provided:

The Loan Notes are secured by a Fixed Charge on the property and a Floating Charge over all other assets of the Company.
The A & B Loan Notes accrue interest at the higher of Bank of England Base Rate plus 1% and 6% per annum. Interest of £190,848 was accrued during the current year of which £nil was paid. 
C Loan Notes were issued in April 2020, these Loan Notes accrue interest at a rate of the higher of Bank of England Base Rate plus 2% and 3% per annum. Interest of £11,958 was accrued during the current year of which £nil was paid. 
There are no fixed repayment dates for the Capital attached to the A & B Notes, no repayments can be made until the C Notes have been repaid. The company must make repayments out of after-tax profit each year (after retaining £50,000) but if there are no retained profits there is no repayment due.
The Bank Loan relates to a Bounceback Loan backed by the UK Government to assist businesses to continue trading once Coronavirus restrictions were lifted. The Bounceback Loan accrues interest at a rate of 2.5% per annum with the full amount of interest due during the year being paid.

Page 9

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
9,007
19,908

Loan notes
165,000
165,001

174,007
184,909


The following liabilities were secured:

2024
2023
£
£



Bank loans
9,007
17,906

Loan notes
165,000
165,001

174,007
182,907

Details of security provided:

The Loan Notes are secured by a Fixed Charge on the property and a Floating Charge over all other assets of the Company.
The A & B Loan Notes accrue interest at the higher of Bank of England Base Rate plus 1% and 6% per annum. Interest of £179,601 was accrued during the current year of which £nil was paid. 
C Loan Notes were issued in April 2020, these Loan Notes accrue interest at a rate of the higher of Bank of England Base Rate plus 2% and 3% per annum. Interest for the period up to 30 April 2023 of £6,736 was paid during the year with interest of £1,801 in respect of May and June 2023 accrued but not paid.
There are no fixed repayment dates for the Capital attached to the A & B Notes, no repayments can be made until the C Notes have been repaid. The company must make repayments out of after-tax profit each year (after retaining £50,000) but if there are no retained profits there is no repayment due.
The Bank Loan relates to a Bounceback Loan backed by the UK Government to assist businesses to continue trading once Coronavirus restrictions were lifted. The Bounceback Loan accrues interest at a rate of 2.5% per annum with the full amount of interest due during the year being paid.

Page 10

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,267
10,014


10,267
10,014

Amounts falling due 1-2 years

Bank loans
9,007
10,268


9,007
10,268

Amounts falling due 2-5 years

Bank loans
-
9,641


-
9,641


19,274
29,923


Page 11

 
SEDBERGH HOTEL ENTERPRISES LIMITED
 

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

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



87,500 (2023 - 87,500) Ordinary A Shares shares of £1.0 each
87,500
87,500
68,750 (2023 - 68,750) Ordinary B Shares shares of £1.0 each
68,750
68,750
87,500 (2023 - 87,500) Ordinary C Shares shares of £1.0 each
87,500
87,500

243,750

243,750

The A Ordinary, B Ordinary and C Ordinary Shares rank pari passu in all respects but constitute separate classes of shares. On a show of hands, a holder of ordinary A, B and C shares has one vote for each ordinary A, B and C share.
The ordinary A, B and C shares, as respects dividends, participate equally in any distribution.
The ordinary A, B and C shares, as respects capital, participate equally in a distribution (including on a winding up). The Ordinary A, B and C shares are not redeemable.
 



12.


Pension commitments

The company operates a defined contribution pension scheme. The contributions to the scheme in the year were £11,964 (2023 - £11,293). Contributions totalling £1,250 (2023 - £2,038) were payable at the year end and included within creditors.


13.


Related party transactions

During the year, a Director and his spouse were owed £17,478 (2023 - £23,345) by the Company. This amount is interest free and repayable on demand. The amount is included in other creditors.

Page 12