IRIS Accounts Production v24.3.2.46 05112997 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 hoteliers and restaurateurs. true true true false true true false false false true false A Ordinary 0 B Ordinary 0 C, D and E Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh051129972023-06-30051129972024-06-30051129972023-07-012024-06-30051129972022-06-30051129972022-07-012023-06-30051129972023-06-3005112997ns15:EnglandWales2023-07-012024-06-3005112997ns14:PoundSterling2023-07-012024-06-3005112997ns10:Director12023-07-012024-06-3005112997ns10:Consolidated2024-06-3005112997ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3005112997ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3005112997ns10:Consolidatedns10:FRS1022023-07-012024-06-3005112997ns10:Consolidatedns10:Audited2023-07-012024-06-3005112997ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3005112997ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3005112997ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3005112997ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-07-012024-06-3005112997ns10:FullAccounts2023-07-012024-06-3005112997ns5:Subsidiary12023-07-012024-06-3005112997ns10:OrdinaryShareClass12023-07-012024-06-3005112997ns10:OrdinaryShareClass22023-07-012024-06-3005112997ns10:OrdinaryShareClass32023-07-012024-06-3005112997ns10:Consolidated2023-07-012024-06-3005112997ns10:Director22023-07-012024-06-3005112997ns10:Director32023-07-012024-06-3005112997ns10:CompanySecretary12023-07-012024-06-3005112997ns10:RegisteredOffice2023-07-012024-06-3005112997ns10:Consolidated2022-07-012023-06-3005112997ns5:CurrentFinancialInstruments2024-06-3005112997ns5:CurrentFinancialInstruments2023-06-3005112997ns5:Non-currentFinancialInstruments2024-06-3005112997ns5:Non-currentFinancialInstruments2023-06-3005112997ns5:ShareCapital2024-06-3005112997ns5:ShareCapital2023-06-3005112997ns5:SharePremium2024-06-3005112997ns5:SharePremium2023-06-3005112997ns5:CapitalRedemptionReserve2024-06-3005112997ns5:CapitalRedemptionReserve2023-06-3005112997ns5:RetainedEarningsAccumulatedLosses2024-06-3005112997ns5:RetainedEarningsAccumulatedLosses2023-06-3005112997ns5:ShareCapital2022-06-3005112997ns5:RetainedEarningsAccumulatedLosses2022-06-3005112997ns5:SharePremium2022-06-3005112997ns5:CapitalRedemptionReserve2022-06-3005112997ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3005112997ns5:CapitalRedemptionReserve2022-07-012023-06-3005112997ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3005112997ns5:CapitalRedemptionReserve2023-07-012024-06-3005112997ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-07-012024-06-3005112997ns5:FurnitureFittings2023-07-012024-06-3005112997ns5:MotorVehicles2023-07-012024-06-3005112997ns5:ComputerEquipment2023-07-012024-06-3005112997ns5:CostValuation2023-06-3005112997ns5:Subsidiary112023-07-012024-06-3005112997ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3005112997ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3005112997ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-06-3005112997ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-06-3005112997ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-06-3005112997ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-3005112997ns5:Secured2024-06-3005112997ns5:Secured2023-06-3005112997ns10:OrdinaryShareClass12024-06-3005112997ns10:OrdinaryShareClass22024-06-3005112997ns10:OrdinaryShareClass32024-06-3005112997ns5:RetainedEarningsAccumulatedLosses2023-06-3005112997ns5:SharePremium2023-06-3005112997ns5:CapitalRedemptionReserve2023-06-30
REGISTERED NUMBER: 05112997 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

HLW229 LIMITED

HLW229 LIMITED (REGISTERED NUMBER: 05112997)






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 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


HLW229 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R D V Broadbent
Mrs A Stanley
HLW 386 Limited





SECRETARY: R D V Broadbent





REGISTERED OFFICE: Whitley Hall Hotel
Elliott Lane
Grenoside
Sheffield





REGISTERED NUMBER: 05112997 (England and Wales)





AUDITORS: Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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 results of the company for the year and its financial position are shown in the annexed financial statements.

For the year ended 30 June 2024, the company achieved a profit before tax of £409,393 (2023: £284,029) on turnover of £4,034,899 (2023; £4,032,916).

The adoption of a robust pricing policy meant that prices in general were stronger during this period and the gross profit margin improved to 39.6% compared with 38.2% in the previous year.

2025 looks as though it will be a challenging year for this industry, due almost wholly to government policy. Weddings were slow to sell for this period so we offered some discounts to help increase bookings, which appeared to work. This along with huge NIC and minimum wage hikes indicates a drop in profits for the year and undoubtedly staff layoffs.

2026 looks better with higher wedding rates and increased trade form recent refurbishments. Profits should increase, depending on the lack of introduction of any further punitive government policy changes.

Overall, the directors are satisfied with the performance for the year.

PRINCIPAL RISKS AND UNCERTAINTIES
Financing and interest rates

The group's primary cash inflows are generated from the subsidiary trading company, Whitley Hall Hotel Limited. That company has a small overdraft facility, but there is rarely a need to use this. There is an interest rate risk attaching to the bank overdraft, but this is minimal.

The group continues to be financed by long term bank loans, which have a further 5 years to run.

The group does not trade in financial instruments and has no other form of derivatives.

Cashflows

The primary cash inflows are derived from the groups trading company, Whitley Hall Hotel Limited. Under the current economic climate, maintaining cashflow is paramount and this will be monitored closely to ensure cashflows are sufficient to enable the group to meet its obligations.


Competition

Competitive risk exists in all business and customers in the hotel sector are very price sensitive and the sector is exceptionally competitive. The group's objective is to be able to identify such risks at an early stage so that an appropriate strategy can be implemented to reduce that risk sufficient to enable the group to meet its obligations.

ON BEHALF OF THE BOARD:





R D V Broadbent - Director


26 March 2025

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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
The total distribution of dividends for the year ended 30 June 2024 amounts to £165,534.

FUTURE DEVELOPMENTS
The directors will continue to focus on upgrading the hotel, expanding the services and facilities to diversify the trade. Efforts will also continue towards increasing the core business and expanding the social media profile.

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

R D V Broadbent
Mrs A Stanley
HLW 386 Limited

DISCLOSURE IN THE STRATEGIC REPORT
Certain items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the Strategic Report in accordance with S414C(11) Companies Act 2006.

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.

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


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.

ON BEHALF OF THE BOARD:





R D V Broadbent - Director


26 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HLW229 LIMITED

Opinion
We have audited the financial statements of HLW229 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
HLW229 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 three, 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.

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:

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:

- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims;
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- 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 override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for 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 further 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
HLW229 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.




Peter Hollis (Senior Statutory Auditor)
for and on behalf of Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

28 March 2025

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 4,034,899 4,032,916

Cost of sales 2,436,221 2,489,763
GROSS PROFIT 1,598,678 1,543,153

Administrative expenses 1,209,827 1,237,929
388,851 305,224

Other operating income 5 69,808 41,282
OPERATING PROFIT 7 458,659 346,506

Interest receivable and similar income 48,444 9,928
507,103 356,434

Interest payable and similar expenses 8 97,710 72,405
PROFIT BEFORE TAXATION 409,393 284,029

Tax on profit 9 110,046 41,307
PROFIT FOR THE FINANCIAL YEAR 299,347 242,722
Profit attributable to:
Owners of the parent 299,347 242,722

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 299,347 242,722


OTHER COMPREHENSIVE INCOME
Deferred tax on revaluation reserve (2,175 ) 2,872
Revaluation reserve (277,511 ) -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(279,686

)

2,872
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

19,661

245,594

Total comprehensive income attributable to:
Owners of the parent 19,661 245,594

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 5,744,940 6,000,383
Investments 13 - -
5,744,940 6,000,383

CURRENT ASSETS
Stocks 14 38,768 29,377
Debtors 15 218,075 178,705
Cash at bank and in hand 1,354,184 1,711,137
1,611,027 1,919,219
CREDITORS
Amounts falling due within one year 16 2,157,465 2,368,021
NET CURRENT LIABILITIES (546,438 ) (448,802 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,198,502

5,551,581

CREDITORS
Amounts falling due after more than one
year

17

(1,034,284

)

(1,243,665

)

PROVISIONS FOR LIABILITIES 21 (234,582 ) (232,407 )
NET ASSETS 3,929,636 4,075,509

CAPITAL AND RESERVES
Called up share capital 22 800 800
Share premium 23 249,000 249,000
Revaluation reserve 23 1,356,420 1,636,106
Capital redemption reserve 23 200 200
Retained earnings 23 2,323,216 2,189,403
SHAREHOLDERS' FUNDS 3,929,636 4,075,509

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





R D V Broadbent - Director


HLW229 LIMITED (REGISTERED NUMBER: 05112997)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 - -
Investments 13 2,337,447 2,337,447
2,337,447 2,337,447

CURRENT ASSETS
Debtors 15 106,508 84,509
Cash at bank 1,074,690 1,230,736
1,181,198 1,315,245
CREDITORS
Amounts falling due within one year 16 807,403 966,086
NET CURRENT ASSETS 373,795 349,159
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,711,242

2,686,606

CREDITORS
Amounts falling due after more than one
year

17

930,879

1,087,432
NET ASSETS 1,780,363 1,599,174

CAPITAL AND RESERVES
Called up share capital 22 800 800
Share premium 23 249,000 249,000
Capital redemption reserve 23 200 200
Retained earnings 23 1,530,363 1,349,174
SHAREHOLDERS' FUNDS 1,780,363 1,599,174

Company's profit for the financial year 346,723 389,298

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





R D V Broadbent - Director


HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2022 800 2,102,501 249,000

Changes in equity
Dividends - (155,820 ) -
Total comprehensive income - 242,722 -
Balance at 30 June 2023 800 2,189,403 249,000

Changes in equity
Dividends - (165,534 ) -
Total comprehensive income - 299,347 -
Balance at 30 June 2024 800 2,323,216 249,000
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 July 2022 1,633,234 200 3,985,735

Changes in equity
Dividends - - (155,820 )
Total comprehensive income 2,872 - 245,594
Balance at 30 June 2023 1,636,106 200 4,075,509

Changes in equity
Dividends - - (165,534 )
Total comprehensive income (279,686 ) - 19,661
Balance at 30 June 2024 1,356,420 200 3,929,636

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2022 800 1,115,696 249,000 200 1,365,696

Changes in equity
Dividends - (155,820 ) - - (155,820 )
Total comprehensive income - 389,298 - - 389,298
Balance at 30 June 2023 800 1,349,174 249,000 200 1,599,174

Changes in equity
Dividends - (165,534 ) - - (165,534 )
Total comprehensive income - 346,723 - - 346,723
Balance at 30 June 2024 800 1,530,363 249,000 200 1,780,363

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 216,737 699,869
Interest paid (96,814 ) (71,672 )
Interest element of hire purchase payments
paid

(896

)

(733

)
Tax paid (42,370 ) (67,111 )
Net cash from operating activities 76,657 560,353

Cash flows from investing activities
Purchase of tangible fixed assets (74,614 ) (131,090 )
Sale of tangible fixed assets - 2,150
Interest received 48,444 9,928
Net cash from investing activities (26,170 ) (119,012 )

Cash flows from financing activities
Loan repayments in year (241,485 ) (235,977 )
Amount withdrawn by directors (421 ) (3,150 )
Equity dividends paid (165,534 ) (155,820 )
Net cash from financing activities (407,440 ) (394,947 )

(Decrease)/increase in cash and cash equivalents (356,953 ) 46,394
Cash and cash equivalents at beginning of
year

2

1,711,137

1,664,743

Cash and cash equivalents at end of year 2 1,354,184 1,711,137

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

2024 2023
£    £   
Profit before taxation 409,393 284,029
Depreciation charges 52,548 45,518
Profit on disposal of fixed assets - (2,150 )
Finance costs 97,710 72,405
Finance income (48,444 ) (9,928 )
511,207 389,874
(Increase)/decrease in stocks (9,391 ) 10,958
(Increase)/decrease in trade and other debtors (38,949 ) 42,882
(Decrease)/increase in trade and other creditors (246,130 ) 256,155
Cash generated from operations 216,737 699,869

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 1,354,184 1,711,137
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 1,711,137 1,664,743


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 1,711,137 (356,953 ) 1,354,184
1,711,137 (356,953 ) 1,354,184
Debt
Finance leases (17,395 ) 2,828 (14,567 )
Debts falling due within 1 year (303,905 ) 32,102 (271,803 )
Debts falling due after 1 year (1,229,099 ) 206,553 (1,022,546 )
(1,550,399 ) 241,483 (1,308,916 )
Total 160,738 (115,470 ) 45,268

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

1. STATUTORY INFORMATION

HLW229 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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


The figures in the financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The Group financial statements consolidate the financial statements of HLW 229 Limited and its subsidiary undertaking. The Group profit and loss account includes the results of HLW 229 Limited and its subsidiary after intra group trading and profits have been eliminated.

Significant judgements and estimates
- Key sources of estimation uncertainty.

The Group believes that there are no areas of material estimation uncertainty which affect the financial statements.

- Critical accounting judgements in applying the Group's accounting policies.

The Group believes that the major judgements applied are: the use of the going concern principle which is based on the belief that the group will have adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover represents net invoiced sales of services provided, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 10% on cost and Straight line over 99 years
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost and Over period of lease
Computer equipment - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

As stated above, the depreciation policy for freehold property is straight line over 99 years. As the estimated residual value of the hotel land and buildings is considered not to be materially different from its current carrying value, no depreciation has been charged. Depreciation is being charged on a separate freehold property.

Depreciation of assets only commences when the asset is brought into use.

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost, using the first in first out method, and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial Liabilities

The group's bank loans payable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price.

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.

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.

Investments
Investments are included at the lower of cost or net recoverable amount.

Government grants
Government grants received which are of a capital nature, are recognised as deferred income in the balance sheet and then credited to the profit and loss account at the same rate as the depreciation charge of the relevant asset.

Government grants received which are of a revenue nature are credited directly to the profit and loss account.

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

4. 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:

2024 2023
£    £   
Operation of a hotel 4,034,899 4,032,916
4,034,899 4,032,916

All turnover arose in the United Kingdom.

5. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts 69,808 41,282

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,618,625 1,603,125
Social security costs 115,971 120,940
Other pension costs 21,932 28,821
1,756,528 1,752,886

The average number of employees during the year was as follows:
2024 2023

Staff in hotel operations 84 86
Directors and administration 2 2
86 88

The average number of employees by undertakings that were proportionately consolidated during the year was 86 (2023 - 88 ) .

2024 2023
£    £   
Directors' remuneration 6,147 6,141

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

7. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 52,546 45,517
Profit on disposal of fixed assets - (2,150 )
Audit of other group entities 4,000 4,000
Audit of the company 2,500 2,500
Operating lease payments - plant and machinery 15,392 14,100

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 96,814 71,672
Hire purchase 896 733
97,710 72,405

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 110,046 41,307
Tax on profit 110,046 41,307

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

2024 2023
£    £   
Profit before tax 409,393 284,029
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.495 %)

102,348

58,212

Effects of:
Income not taxable for tax purposes - (441 )
Utilisation of tax losses - (13,690 )
Depreciation in excess of capital allowances (1,416 ) (2,774 )
S455 tax 9,114 -
Total tax charge 110,046 41,307

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

9. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Deferred tax on revaluation reserve (2,175 ) - (2,175 )
Revaluation reserve (277,511 ) - (277,511 )
(279,686 ) - (279,686 )

2023
Gross Tax Net
£    £    £   
Deferred tax on revaluation reserve 2,872 - 2,872

10. 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.


11. DIVIDENDS

Dividends were paid on A ordinary shares of £30,000, B ordinary shares of £4,286, C ordinary shares of £32,250, D ordinary shares of £26,498 and E ordinary shares of £72,500.

12. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST OR VALUATION
At 1 July 2023 5,913,702 96,944 173,067
Additions 40,049 6,923 15,994
Revaluations (277,511 ) (89,005 ) (142,333 )
At 30 June 2024 5,676,240 14,862 46,728
DEPRECIATION
At 1 July 2023 18,756 83,093 126,152
Charge for year 11,289 5,912 16,181
Revaluation adjustments - (89,005 ) (142,333 )
At 30 June 2024 30,045 - -
NET BOOK VALUE
At 30 June 2024 5,646,195 14,862 46,728
At 30 June 2023 5,894,946 13,851 46,915

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 22,702 89,162 6,295,577
Additions - 11,648 74,614
Revaluations - - (508,849 )
At 30 June 2024 22,702 100,810 5,861,342
DEPRECIATION
At 1 July 2023 3,986 63,207 295,194
Charge for year 3,475 15,689 52,546
Revaluation adjustments - - (231,338 )
At 30 June 2024 7,461 78,896 116,402
NET BOOK VALUE
At 30 June 2024 15,241 21,914 5,744,940
At 30 June 2023 18,716 25,955 6,000,383

A formal valuation of the group's freehold interest in Whitley Hall Hotel was undertaken in July 2024 by Colliers International Property Consultants Limited who determined that the market value of the freehold interest in the property at 30 June 2024 is at £5.6m.

This is a 'desktop' valuation following RICS 'Red Book' best practice.

In accordance with the requirements of FRS 102, provision for deferred taxation has been made in full on the revaluation of fixed assets.

Cost or valuation at 30 June 2024 is represented by:

Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
Valuation in 2024 5,538,414 14,862 46,728
Cost 137,826 - -
5,676,240 14,862 46,728

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 - - 5,600,004
Cost 22,702 100,810 261,338
22,702 100,810 5,861,342

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

12. TANGIBLE FIXED ASSETS - continued

Group

If property and fixtures had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,689,728 4,615,114
Aggregate depreciation 1,622,224 1,569,675

In accordance with the requirements of FRS 102, provision for deferred taxation has been made in full on the revaluation of fixed assets.

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 2,337,447
NET BOOK VALUE
At 30 June 2024 2,337,447
At 30 June 2023 2,337,447

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

Subsidiary

Whitley Hall Hotel Limited
Registered office: Whitley Hall, Elliott Lane, Grenoside, Sheffield, S35 8NR
Nature of business: Hoteliers and restaurateurs
%
Class of shares: holding
Ordinary 100.00


14. STOCKS

Group
2024 2023
£    £   
Stocks 38,768 29,377

Stock recognised in cost of sales during the year as an expense was £694,432 (2023 £739,477),

The total carrying amount of stock is pledged as security for the group's bank borrowings.

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 14,517 20,081 5,600 2,600
Other debtors 25,264 26,651 10,500 21,000
Directors' current accounts 69,189 68,768 72,624 45,619
Tax 22,878 22,878 15,290 15,290
VAT 26,637 19,281 2,494 -
Prepayments 59,590 21,046 - -
218,075 178,705 106,508 84,509

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 271,803 303,905 221,804 253,905
Hire purchase contracts (see note 19) 2,829 2,829 - -
Trade creditors 146,338 228,959 9,573 13,543
Amounts owed to group undertakings - - 560,980 692,998
Tax 110,046 42,370 9,114 -
Social security and other taxes 23,395 33,769 217 108
VAT - - - 422
Other creditors 44,032 54,097 217 108
Accruals and deferred income 1,559,022 1,702,092 5,498 5,002
2,157,465 2,368,021 807,403 966,086

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 1,022,546 1,229,099 930,879 1,087,432
Hire purchase contracts (see note 19) 11,738 14,566 - -
1,034,284 1,243,665 930,879 1,087,432

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 271,803 303,905 221,804 253,905
Amounts falling due between one and two years:
Bank loans - 1-2 years 283,449 308,814 233,449 258,814
Amounts falling due between two and five years:
Bank loans - 2-5 years 652,724 774,611 611,057 682,944
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 86,373 145,674 86,373 145,674

The bank loan have maturity dates of June 2026, February 2027 and December 2028. Interest is charged at 3% and 0.9% over the Bank's Sterling Base Rate.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 2,829 2,829
Between one and five years 11,738 14,566
14,567 17,395

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year - 14,110

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 1,294,349 1,533,004 1,152,683 1,341,337
Hire purchase contracts 14,567 17,395 - -
1,308,916 1,550,399 1,152,683 1,341,337

The group has given an Unlimited Multilateral Guarantee dated 3 September 2004 to HSBC Bank plc to secure all liabilities.There is a legal right of set off over all balances owed to or by the bank by the group.

In addition the bank has a debenture dated 3 September 2004 which includes a Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Revaluation of property 234,582 232,407

Group
Deferred
tax
£   
Balance at 1 July 2023 232,407
Provided during year 2,175
Balance at 30 June 2024 234,582

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
69,997 A Ordinary 0.01 700 700
10,000 B Ordinary 0.01 100 100
3 C, D and E Ordinary 0.01 - -
800 800

Except as otherwise provided in the Articles of Association, the A shares, B shares, C shares, D shares and E shares shall rank pari passu in all respects but constitute separate classes of shares.

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

23. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 July 2023 2,189,403 249,000 1,636,106 200 4,074,709
Profit for the year 299,347 299,347
Dividends (165,534 ) (165,534 )
Revaluation surplus - - (277,511 ) - (277,511 )
Deferred tax release - - (2,175 ) - (2,175 )
At 30 June 2024 2,323,216 249,000 1,356,420 200 3,928,836

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 1,349,174 249,000 200 1,598,374
Profit for the year 346,723 346,723
Dividends (165,534 ) (165,534 )
At 30 June 2024 1,530,363 249,000 200 1,779,563


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
R D V Broadbent
Balance outstanding at start of year 45,619 45,619
Amounts advanced 27,005 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 72,624 45,619

The advance is interest free and there is no fixed repayment term. The amount is included within other debtors.

25. RELATED PARTY DISCLOSURES

Invoiced management charges to Whitley Hall Hotel Limited amounted to £42,000 (2023:£42,000). The amount owed by Whitley Hall Hotel Limited at the year end of £5,600 (2023: £7,600) is disclosed within trade debtors.

During the year, a total of key management personnel compensation of £ 109,044 (2023 - £ 115,417 ) was paid.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R D V Broadbent, a director and majority shareholder of HLW229 Limited

HLW229 LIMITED (REGISTERED NUMBER: 05112997)

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

27. SHARE-BASED PAYMENT TRANSACTIONS

In March 2020 an EMI Share Option Plan was introduced for certain eligible employees. In accordance with the scheme rules, the options are exercisable at the exercise price on the vesting date, both as defined in the option agreement. The options lapse on the tenth anniversary of the grant date or the date that employment ceases if earlier.

The number and weighted average exercise price of the share options are as follows:



Weighted
average
exercise price


Number
2024 2024
Outstanding at the beginning of the year 0 8,886
Granted during the year £2.41 0
Exercised during the year £2.41 0
Expired during the year £2.41 0
Outstanding at the end of the year £2.41 8,886
Exercisable at the end of the year £2.41 0