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Registered number: 02032738










CHATSWORTH ESTATE TRADING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
COMPANY INFORMATION


Directors
E A D Cadogan 
A C Lavery 
S G Vickers 




Company secretary
A C Lavery



Registered number
02032738



Registered office
Estate Office
Edensor

Bakewell

Derbyshire

DE45 1PJ




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
National Westminster Bank plc





 
CHATSWORTH ESTATE TRADING LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10
Notes to the Financial Statements
 
11 - 22


 
CHATSWORTH ESTATE TRADING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for Chatsworth Estate Trading Limited ("the Company") for the year
ended 31 March 2024.

Business review
 
The profit and loss account is set out in detail on page 8. It shows that overall the company recorded sales of £20,576,494 (2023: £19,162,589) and a pre-tax loss of £874,930 (2023: £459,657) from its operation of retail, catering and farm shop businesses. During the year pressures on margin and wage inflation have contributed to the downturn in profit year on year. The results are explained further below.

Analysis of results
 

2024
2024
2023
2023

£'000
%
£'000
%





Turnover
20,576

19,163

Gross profit
11,133

10,380

Gross profit margin %

54.1

54.2
EBITDA
472

633

EBITDA %

2.3

3.3
Profit/(loss) before tax and amortisation of goodwill
(374)

40

Profit/(loss) before tax and amortisation of goodwill %

(1.8)

0.2


Principal risks and uncertainties
 
A downturn in the UK economy represents a risk to the company. The company is partly reliant on visitors continuing to visit Chatsworth to deliver its performance, and spend on retail and catering is considered discretionary. Management regularly review the company’s operations to ensure they remain fresh and are meeting the needs and wants of a wide variety of visitors throughout the year. 
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The management of liquidity is the responsibility of the CFO and is overseen by the directors.

Financial key performance indicators
 
Visitor based trading benefitted from visitor numbers being 6% (30,896) higher than budget at 506,180. This higher proportion of visitors shopping and eating with us, helped mitigate lower average spend (£17.93 per customer vs budget of £18.97) resulting in revenue being 1% ahead of budget.

Page 1

 
CHATSWORTH ESTATE TRADING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other key performance indicators
 
Service KPI’s saw an improvement year on year, but were slightly behind target in the year, with the Farm Shop and Café scoring 9 and Retail and Catering scoring 8.6 against targets of 9.
Going concern
The Directors have considered the likely outcome for the 2024/25 year and expectations for 2025/26 and beyond including an estimate of cash flow impacts. These indicate that, taking into account reasonably possible downsides and the impact on the operations and its financial resources, the company will have sufficient funds to meet its liabilities as they fall due for the foreseeable future. This is reliant upon continued improvement to the business processes and operations and increased profitability, which has seen a strong start post year end. The company also benefits from the availability of financial support from the wider group, should it be required. 
Consequently, the Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. 


This report was approved by the board on 25 March 2025 and signed on its behalf.



A C Lavery
Director

Page 2

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

E A D Cadogan 
A C Lavery 
S G Vickers 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 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 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £782,656 (2023 - £432,591).
No dividends were paid during the current or the prior period. 

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.

Page 3

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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's auditors are aware of that information.

Auditors

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

This report was approved by the board on 25 March 2025 and signed on its behalf.
 





A C Lavery
Director

Page 4

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHATSWORTH ESTATE TRADING LIMITED
 

Opinion


We have audited the financial statements of Chatsworth Estate Trading Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 Company's affairs as at 31 March 2024 and of its loss 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 Company 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 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 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.


Page 5

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHATSWORTH ESTATE TRADING LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 3, 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 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 directors are responsible for assessing the 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHATSWORTH ESTATE TRADING LIMITED (CONTINUED)

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 financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
                                                                                                                     
the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the client business, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
considering relationship with HMRC and any other relevant authorities; and
reviewing legal and professional fees for evidence of litigation.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Page 7

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHATSWORTH ESTATE TRADING LIMITED (CONTINUED)

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.





Kirstie Wilson ACA DChA  (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

25 March 2025
Page 8

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
  
20,576,494
19,162,589

Cost of sales
  
(9,443,259)
(8,782,899)

Gross profit
  
11,133,235
10,379,690

Administrative expenses
  
(11,737,303)
(10,768,518)

Operating loss
 5 
(604,068)
(388,828)

Interest payable and similar expenses
  
(270,862)
(70,869)

Loss before tax
  
(874,930)
(459,697)

Tax on loss
 8 
92,274
27,106

Loss after tax
  
(782,656)
(432,591)

  

  

Retained earnings at the beginning of the year
  
(995,471)
(562,880)

Loss for the year
  
(782,656)
(432,591)

Retained earnings at the end of the year
  
(1,778,127)
(995,471)
The notes on pages 11 to 22 form part of these financial statements.

Page 9

 
CHATSWORTH ESTATE TRADING LIMITED
REGISTERED NUMBER:02032738

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
1,500,000
2,000,000

Tangible assets
 10 
3,079,183
3,107,597

  
4,579,183
5,107,597

Current assets
  

Stocks
 11 
1,463,929
1,493,603

Debtors: amounts falling due within one year
 12 
5,874,826
6,207,393

Cash at bank and in hand
  
933,469
137,389

  
8,272,224
7,838,385

Creditors: amounts falling due within one year
 13 
(2,912,312)
(4,523,784)

Net current assets
  
 
 
5,359,912
 
 
3,314,601

Total assets less current liabilities
  
9,939,095
8,422,198

Creditors: amounts falling due after more than one year
 14 
(3,831,827)
(1,440,000)

Provisions for liabilities
  

Deferred tax
 15 
(204,512)
(296,786)

Net assets
  
5,902,756
6,685,412


Capital and reserves
  

Called up share capital 
  
7,680,883
7,680,883

Profit and loss account
  
(1,778,127)
(995,471)

  
5,902,756
6,685,412


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2025.




A C Lavery
Director

The notes on pages 11 to 22 form part of these financial statements.

Page 10

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Chatsworth Estate Trading Limited is a private company limited by shares, incorporated in England and Wales (registered number: 02032738). It's registered office is the Estate Office, Edensor, Derbyshire, Bakewell, DE45 1PJ. The principal activity of the Company throughout the year continued to be that of the operation of retail and catering businesses.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The Company's functional and presentational currency is pounds sterling.

The company, being a member of a group which prepares publicly available consolidated financial statements, has taken advantage of the exemption granted in FRS 102 not to present a cash flow statement and certain information about financial instruments. The consolidated financial statements in which this company's accounts are included are those of The Devonshire Group Limited and they may be obtained from its registered office: Estate Office, Edensor, Bakewell, Derbyshire, DE45 1PJ.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the likely outcome for the 2024/25 year and expectations for 2025/26 and beyond including an estimate of cash flow impacts. These indicate that, taking into account reasonably possible downsides and the impact on the operations and its financial resources, the company will have sufficient funds to meet its liabilities as they fall due for the foreseeable future. This is reliant upon continued improvement to the business processes and operations and increased profitability, which has seen a strong start post year end. The company also benefits from the availability of financial support from the wider group, should it be required. 
Consequently, the Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. 

Page 11

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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

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.

 
2.5

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.

Page 12

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

Tax is recognised in the statement of income and retained earnings. 

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 operates and generates 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; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life, which is ten years. 

 
2.8

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, as follows.

Depreciation is provided on the following basis:

Land and buildings
-
25 years straight line
Plant and equipment
-
3 to 10 years straight line

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 13

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.
 
 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:

(i) Depreciation / amortisation
The carrying value of tangible and intangible fixed assets is calculated on the basis of estimates of depreciation / amortisation periods derived from the expected useful life of the asset concerned, and residual values. The expected useful life of the asset concerned and its estimated residual value may change under the influence of technological developments, market circumstances and changes in the use of the asset. These factors may also give rise to the need to recognise an impairment on assets.

(ii) Stock valuation 
The company assesses the condition and the valuation of stock throughout the year. It is the view of the company that no stock provisions are required at the year end. 

Page 14

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

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


2024
2023
£
£

Farm Shop
9,623,801
8,863,315

Retail
4,859,204
4,522,030

Catering
4,488,412
4,227,632

Food to Go
1,605,078
1,549,612

20,576,495
19,162,589


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Ammortisation of intangible assets
500,000
500,000

Depreciation of tangible assets
574,241
525,298

Loss / (profit) on disposal of fixed assets
1,810
(3,285)


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for:

The audit of the Company's financial statements
17,600
11,275

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 15

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,978,666
4,636,522

Social security costs
334,934
312,324

Pension costs
130,327
113,805

5,443,927
5,062,651


The average monthly number of employees, expressed as a full time equivalent, during the year was as follows:


        2024
        2023
            No.
            No.







Administration and Management
20
20



Farm Shop
74
75



Retail
16
12



Catering
84
85

194
192

The average monthly number of employees during the year was 325 (2023: 318).

The directors do not have employment contracts with the company and are not paid for their role. 

Page 16

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
25,642

Adjustments in respect of previous periods
-
(126,588)


Total current tax
-
(100,946)

Deferred tax


Origination and reversal of timing differences
(92,274)
73,840


Tax on loss
(92,274)
(27,106)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss before tax
(874,930)
(459,697)


Loss multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(218,733)
(87,342)

Effects of:


Fixed asset differences
211,472
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
408
-

Non-tax deductible amortisation of goodwill and impairment
-
95,000

Adjustments to tax charge in respect of prior periods
-
(126,588)

Other timing differences leading to an increase (decrease) in taxation
(85,421)
125,842

Group relief
-
(34,018)

Total tax charge for the year
(92,274)
(27,106)


Factors that may affect future tax charges

There are tax losses carried forward totalling £272,088 (2023: £269,895) which are available for offset against future taxable profits. 

Page 17

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
5,000,000



At 31 March 2024

5,000,000



Amortisation


At 1 April 2023
3,000,000


Charge for the year on owned assets
500,000



At 31 March 2024

3,500,000



Net book value



At 31 March 2024
1,500,000



At 31 March 2023
2,000,000



Page 18

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2023
913,480
4,604,615
5,518,095


Additions
-
548,797
548,797


Disposals
-
(6,948)
(6,948)



At 31 March 2024

913,480
5,146,464
6,059,944



Depreciation


At 1 April 2023
155,122
2,255,376
2,410,498


Charge for the year on owned assets
36,028
538,213
574,241


Disposals
-
(3,978)
(3,978)



At 31 March 2024

191,150
2,789,611
2,980,761



Net book value



At 31 March 2024
722,330
2,356,853
3,079,183



At 31 March 2023
758,358
2,349,239
3,107,597


11.


Stocks

2024
2023
£
£

Stores
1,463,929
1,493,603


Page 19

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Debtors

2024
2023
£
£


Trade debtors
317,230
158,453

Amounts owed by group undertakings
5,346,892
1,009,825

Amounts owed by related undertakings
65,638
4,679,335

Other debtors
51,952
130,491

Prepayments and accrued income
93,114
128,346

Tax recoverable
-
100,943

5,874,826
6,207,393



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
2,391,826

Trade creditors
649,858
456,981

Amounts owed to related undertakings
949,578
582,701

Accruals and deferred income
1,312,876
1,092,276

2,912,312
4,523,784


A cross guarantee exists between the Company and various other related entities. This provides security on the bank liabilities held within these related entities against the assets held, and covers all of the assets of these entities.


14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,831,827
1,440,000


A cross guarantee exists between the Company and various other related entities. This provides security on the bank liabilities held within these related entities against the assets held, and covers all of the assets of these entities.

Page 20

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Deferred taxation




2024
2023


£

£






At beginning of year
296,786
222,946


Charged to profit or loss
(92,274)
73,840



At end of year
204,512
296,786

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
219,631
302,268

Origination and reversal of timing differences
(15,119)
(5,482)


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £130,327 (2023: £113,805). Contributions totalling £25,144 (2023: £21,925) were payable to the fund at the balance sheet date and are included in creditors. 
The company participates in a defined benefit scheme operated by the Trustees of the Chatsworth Settlement for certain active members of that scheme on acquisition of the business in April 2017. An agreement has been reached with the Chatsworth Settlement to pay over 35% of base salary to cover any liability accruing in the year. Following such payment no further liability will accrue to the Company.

Page 21

 
CHATSWORTH ESTATE TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Related party transactions

Transactions with group members:

The company has taken advantage of the exemption in FRS102 paragraph 33.1A from the disclosure of transactions with entities that are part of the group on the grounds that it is a wholly owned subsidiary, and the consolidated financial statements of the group can be obtained from the registered office. 

Transactions with related undertakings:

The company considers other organisations linked to or associated with the Duke of Devonshire to be related parties. During the year, the company received income from these related undertakings totalling £371,866 (2023: £200,976) of which £58,723 (2023: £247,938) was outstanding at year end and is included within amounts owed by related undertakings.

Recharges and purchases amounting to £3,507,194 (2023: £3,667,516) were made from related undertakings of which £949,578 (2023: £675,735) was outstanding at year end and is included within amounts owed to related undertakings. These include support costs for senior management time and central overheads including; Finance, Human Resources, IT Systems and Health and Safety. Amounts payable also include a turnover rent and a charge for marketing support.

Transactions with individuals:

Income of £25,050 (2023: £37,779) was received from the Duke of Devonshire and his immediate family. At year end £6,915 (2023: £5,904) was outstanding. These amounts are included within amounts owed by related undertakings.


18.


Controlling party

The Company's immediate parent Company is The Devonshire Group Limited which controls 100% of the issued share capital. The ultimate controlling party is The Chatsworth Settlement Trust which controls 100% of the share capital in The Devonshire Group Limited. The Company's results are consolidated in The Devonshire Group Limited. Copies of the financial statements of The Devonshire Group Limited can be obtained from Companies House. 

 
Page 22