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REGISTERED NUMBER: NI696626 (Northern Ireland)















Hastings Hotels Group Limited

Group Strategic Report, Directors' Report and

Consolidated Financial Statements for the Year Ended 31 October 2024






Hastings Hotels Group Limited (Registered number: NI696626)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Group Strategic Report 2

Directors' Report 5

Independent Auditors' Report 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Hastings Hotels Group Limited

Company Information
for the Year Ended 31 October 2024







Directors: Mr P D E Gibson
Mrs J A H Hastings
Mr H J Hastings
Mrs A C L Martin
Mr J A McGinn
Mrs A K McKimm
Mr J E Carson


Registered office: 1066 House
587 Upper Newtownards Road
Belfast
BT4 3LP


Registered number: NI696626 (Northern Ireland)


Independent auditors: Grant Thornton (NI) LLP
12-15 Donegall Square West
Belfast
Northern Ireland
BT1 6JH


Solicitors: Arthur Cox
Victoria House
15-17 Gloucester St
Belfast
BT1 4LS

Hastings Hotels Group Limited (Registered number: NI696626)

Group Strategic Report
for the Year Ended 31 October 2024

The directors present their strategic report of the Company and the Group for the year ended 31 October 2024.

Development and performance

The principal activity of the group during the year was in the hotel and catering industry in Northern Ireland.

The results for the group show turnover of £53,675,886 (2023: £50,743,924) and a pre tax profit for the year of £7,562,909 (2023: £6,890,197). The group has net assets of £38,905,513 (2023: £34,052,699). The directors consider that the outturn for the year and the year-end position to be satisfactory. The group will continue to seek every opportunity to increase profitable turnover.

Key performance indicators

The group's key performance indicators are as follows:
2024 2023

Growth in sales 6% 18%
Growth in operating profit 10% 83%
Gross margin 89% 88%
Average number of employees 892 836

Future developments

The external commercial environment is expected to remain competitive in 2025.

Principal risks and uncertainties

The management of the group and the execution of the group's strategy are subject to a number of risks. The key business risks affecting the company are considered to relate to competition from other licensed premises and hotel groups and employee retention. These risks are addressed by the Board carrying out regular strategic reviews and including assessments of competitor activity and the Board's active review of competitor prices and services provides protections and maximises opportunities. These risks are also addressed through strong customer service as well as investment in its people and facilities.

Financial Risk Management

Overview

The group's operations expose it to a variety of financial risks that include liquidity risk, foreign exchange risk, credit risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the Board of Directors are implemented by the group's finance department.

Liquidity risk

The group actively maintains a mixture of short to medium term debt finance that is designed to ensure that the group has sufficient available funds for operations and planned expansions.

Foreign exchange risk

While the greater part of the group's revenues and expenses are denominated in sterling, the group is exposed to some foreign exchange risk in the normal course of business.

Credit risk

The group implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

Interest rate risk

The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which earn interest at variable rates. Interest bearing liabilities relate to loans and overdrafts which bear interest at a variable rate.


Hastings Hotels Group Limited (Registered number: NI696626)

Group Strategic Report
for the Year Ended 31 October 2024

Section 172(1) statement
This section describes how the directors have had regard to the matters set out in section 172(1) (a) to (f), and forms the directors’ statement required under the Companies (Miscellaneous Reporting) Regulations 2018.

As part of the Board’s role it seeks to ensure that it is cognisant of the long-term impact of any decisions. To that end, the Board periodically reviews the group’s strategy and regularly seeks updates on strategic issues which may impact the business. Additionally, the Board requires management to prepare annually a Business Plan for the following year, including full year projections and funding requirements, as well as completing a review of business risks, both principal and emerging. In that context, any matters presented to the Board for approval need to align with the group’s strategy and Business Plan.

Employees

Employees are carefully recruited, inducted and developed with the company. The Chairman personally attends group welcome meetings for new employees and oversees regular reviews of human resources operations at each hotel. The group enjoys high levels of employee retention and offers training and development opportunities at all levels of the workforce. Our collaboration on management development programmes with Ulster University was recently shortlisted for a Times Higher Education Award.

Customers

Customer satisfaction is essential for repeat business and the company’s long-term sustainability. We monitor customer feedback from internally generated surveys and from external sources such as Trip Advisor and social media sites. Managers are tasked with swift follow up on any customer complaints, and to make operational changes when there are aspects of service which can be improved upon. We have a GDPR compliant customer email database to survey customers and make them aware of special offers and companywide activities.

Suppliers

For our hotel/hospitality business, 6 properties geographically spread over Northern Ireland, a high level of customer service is required from our suppliers, as well as a keen price. That is why we have worked to select them carefully and have cultivated business relationships over many years of training. Where possible, we source our produce locally, be this food & beverages, or for our building materials and furnishings. This enables us to have frequent engagements with suppliers who make their livelihoods in the same community as we do, and in return we achieve strong community support for our business from our supplier base.

Other key stakeholders

We work enthusiastically with our sectoral trade bodies and participate on their committees and representative structures to ensure that we can make common cause for the entire sector in which we operate over areas of mutual concern.

Community and environment

At Hastings Hotels we are committed to environmentally friendly initiatives without compromising the comfort, standards and enjoyment of our guests. We recognise the impact of our hotels on the environment and are committed to conducting our business in a way that ensures environmental sustainability for future generations.

How stakeholders’ interests have influenced decision making

The Hastings Hotels group recognises the importance of engaging with stakeholders to help inform strategy and Board decision-making. Relevant stakeholder interests, including those of employees, customers, suppliers, regulators and others are taken into account by the Board when it takes decisions. Principal decisions are those which are material, or of strategic importance, and also those which are significant to any of the group’s key stakeholder groups.

Engagement with employees

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of the company


Hastings Hotels Group Limited (Registered number: NI696626)

Group Strategic Report
for the Year Ended 31 October 2024

Engagement with suppliers, customers and others

Environment

The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

Health and safety

The group is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.

Human Resources

The group's most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.

On behalf of the board:





Mr H J Hastings - Director


11 April 2025

Hastings Hotels Group Limited (Registered number: NI696626)

Directors' Report
for the Year Ended 31 October 2024

The directors present their report with the financial statements of the Company and the Group for the year ended 31 October 2024.

Business review, position, employees, financial risk management and future developments

A review of the business, position and performance at the year end, employees, financial risk management and future developments are detailed in the Group Strategic Report and are included in this report by cross reference.

Principal activity
The principal activity of the Group in the year under review was that of hotel and catering industry services in Northern Ireland.

Dividends
No dividends will be distributed for the year ended 31 October 2024.

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

Mr P D E Gibson
Mrs J A H Hastings
Mr H J Hastings
Mrs A C L Martin
Mr J A McGinn
Mrs A K McKimm
Mr J E Carson

Post balance sheet events
There are no post balance sheet events to report.

Principal risks and uncertainties
The principal risks and uncertainties are detailed in the strategic report and included in this report by cross reference.

Streamlined energy and carbon reporting
2024 2023 2022
Direct emissions (scope 1)
Combustion of gas, fuel oil and use of fuel for transport
KwH 12,550,125 13,073,308 12,864,658
tCO2e 2,337 2,434 2,398

Indirect emissions (scope 2)
Purchase or electricity
KwH 6,339,976 6,212,681 6,012,780
tCO2e 1,299 1,273 1,150

Intensity measures
tCO2e per £m revenue 68 73 82
kg CO2e per occupied room 16 17 18

Methodologies used

We have followed HM Government’s environmental Reporting Guidelines on Streamlined Energy and Carbon Reporting (SECR). Supplier invoicing data has been used to record actual energy consumption across the group. Government conversion factors have then been applied to convert this into CO2 emissions.

Intensity measurement

We have chosen GHG emissions per occupied room (kgCO2e per occupied room) and per £m of revenue (tCO2e per £m) as our intensity measurements as these are common metrics in our industry sector.

Energy efficient action

At Hastings Hotels we actively implement measures to reduce our energy consumption and costs. Since 2009, our energy consumption has fallen by 25%.

Measures taken include:


Hastings Hotels Group Limited (Registered number: NI696626)

Directors' Report
for the Year Ended 31 October 2024

- LED lighting has been installed where possible throughout our hotels.
- Boiler efficiency audits have highlighted the need to replace with more energy efficient boilers which has been
completed.
- In periods of low occupancy, sections of each hotel are isolated to allow heating and lighting to be economised
upon.
- Combined Heat and Power (CHP) units generating electricity and reducing CO2 emissions are now in operation
in the majority of our Hotels, replacing less efficient oil-fuel boilers.
- We encourage staff to ensure that all computers, printers, heat and light are turned off when not in use.
- Temperature of spa pools is carefully monitored to ensure that they are heated as efficiently as possible. We
encourage staff to ensure that all computers, printers, heat and light are turned off when not in use.

During the current year, our energy consumption and carbon emissions both decreased in absolute terms by 2%, and the intensity metric also further improved, with the tonnes of CO2 emitted per £'m of revenue falling by 7% (2023: 11%).

Statement of directors' responsibilities
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
- state whether the financial statements have been prepared in accordance with applicable accounting standards,
identify those standards, and note the effect of and the reasons for any material departure from those standards
- make judgements and accounting estimates that are reasonable and prudent; and
- 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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.

Auditors
The auditors, Grant Thornton (NI) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr H J Hastings - Director


11 April 2025

Independent Auditors' Report to the Members of
Hastings Hotels Group Limited

Opinion
We have audited the financial statements of Hastings Hotels Group Limited (the "Company") and its subsidiaries (the "Group''), which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and the Company Balance Sheet, the Consolidated and the Company Statement of Changes in Equity and the Consolidated Statement of Cash flows for the year ended 31 October 2024, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and accounting standards issued by the Financial Reporting Council including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, Hastings Hotels Group Limited's financial statements:



-
give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of
thefinancial position of the Group and the Company as at 31 October 2024 and of the Group financial
performance and cash flows for the year then ended; and
-have been properly 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
Other information comprises information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' Report and the Strategic Report. The directors are responsible for the other information. 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Hastings Hotels Group Limited


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 where 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 Statement of Directors' Responsibilities, 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.

Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.

Independent Auditors' Report to the Members of
Hastings Hotels Group Limited


Auditors' responsibilities for the audit of the financial statements
The objectives of an auditor 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 auditor's report that includes their 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Environmental Regulations, Pensions Legislation, and Health & Safety, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the local law and tax Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team including industry specialists, ITGC specialists and valuation exerts to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.

We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In response to these principal risks, our audit procedures included but were not limited to:

- enquiries of management and the directors', on the policies and procedures in place regarding compliance with
laws and regulations, including consideration of known or suspected instances of non-compliance and whether
they have knowledge of any actual, suspected or alleged fraud;
- inspection of the Company's regulatory and legal correspondence and review of minutes of board meetings
during the year to corroborate inquiries made;
- gaining an understanding of the internal controls established to mitigate risk related to fraud;
- discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk
of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of
financial statements throughout the audit;
- identifying and testing journal entries to address the risk of inappropriate journals and management override of
controls;
- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
- challenging assumptions and judgements made by management in their significant accounting estimates,
including the useful life of property and assumptions in respect of the property valuation; and
- review of the financial statement disclosures to underlying supporting documentation and inquiries of
management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

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.

Independent Auditors' Report to the Members of
Hastings Hotels Group 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 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. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.




Louise Kelly (Senior Statutory Auditor)
for and on behalf of Grant Thornton (NI) LLP
12-15 Donegall Square West
Belfast
Northern Ireland
BT1 6JH

11 April 2025

Hastings Hotels Group Limited (Registered number: NI696626)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 October 2024

2024 2023
Notes £    £   

Turnover 4 53,675,886 50,743,924

Cost of sales (6,012,783 ) (6,118,736 )
Gross profit 47,663,103 44,625,188

Administrative expenses (39,327,174 ) (36,291,680 )
8,335,929 8,333,508

Other operating income 5 259,923 337,273
Operating profit 8,595,852 8,670,781

Interest receivable and similar income 922,556 1,656,954
Interest payable and similar expenses 8 (1,955,499 ) (3,437,538 )
Profit before taxation 9 7,562,909 6,890,197

Tax on profit 10 (2,710,095 ) (2,341,283 )
Profit for the financial year 4,852,814 4,548,914

Other comprehensive income
Demerger from William Hastings Group - 225,669
Income tax relating to other comprehensive
income

-

-
Other comprehensive income for the year,
net of income tax

-

225,669
Total comprehensive income for the year 4,852,814 4,774,583

Profit attributable to:
Owners of the parent 4,852,814 4,548,914

Total comprehensive income attributable to:
Owners of the parent 4,852,814 4,774,583

Hastings Hotels Group Limited (Registered number: NI696626)

Consolidated Balance Sheet
31 October 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 12 53,353,421 56,768,784
Investments 13 - -
Investment property 14 2,538,272 2,538,272
55,891,693 59,307,056

Current assets
Stocks 15 390,637 364,295
Debtors 16 3,875,874 4,198,842
Cash at bank 221,854 554,287
4,488,365 5,117,424
Creditors
Amounts falling due within one year 17 17,375,166 27,665,961
Net current liabilities (12,886,801 ) (22,548,537 )
Total assets less current liabilities 43,004,892 36,758,519

Provisions for liabilities 18 (2,691,729 ) (1,241,326 )

Accruals and deferred income 19 (1,407,650 ) (1,464,494 )
Net assets 38,905,513 34,052,699

Capital and reserves
Called up share capital 20 171,036,580 171,036,580
Revaluation reserve 21 1,087,094 1,087,094
Other reserves 21 (170,740,705 ) (170,740,705 )
Retained earnings 21 37,522,544 32,669,730
Shareholders' funds 38,905,513 34,052,699

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:





Mr P D E Gibson - Director


Hastings Hotels Group Limited (Registered number: NI696626)

Company Balance Sheet
31 October 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 12 - -
Investments 13 171,036,580 171,036,580
Investment property 14 - -
171,036,580 171,036,580
Total assets less current liabilities 171,036,580 171,036,580

Capital and reserves
Called up share capital 20 171,036,580 171,036,580
Shareholders' funds 171,036,580 171,036,580

Company's profit for the financial year - -

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:





Mr P D E Gibson - Director


Hastings Hotels Group Limited (Registered number: NI696626)

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 November 2022 171,036,580 28,120,816 1,087,094 (170,966,374 ) 29,278,116

Changes in equity
Total comprehensive income - 4,548,914 - 225,669 4,774,583
Balance at 31 October 2023 171,036,580 32,669,730 1,087,094 (170,740,705 ) 34,052,699

Changes in equity
Total comprehensive income - 4,852,814 - - 4,852,814
Balance at 31 October 2024 171,036,580 37,522,544 1,087,094 (170,740,705 ) 38,905,513

Hastings Hotels Group Limited (Registered number: NI696626)

Company Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 171,036,580 - 171,036,580

Changes in equity
Balance at 31 October 2023 171,036,580 - 171,036,580

Changes in equity
Balance at 31 October 2024 171,036,580 - 171,036,580

Hastings Hotels Group Limited (Registered number: NI696626)

Consolidated Cash Flow Statement
for the Year Ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 15,335,520 18,182,259
Interest paid (1,955,499 ) (3,437,538 )
Tax paid (2,310,527 ) (1,876,747 )
Net cash from operating activities 11,069,494 12,867,974

Cash flows from investing activities
Purchase of tangible fixed assets (1,597,603 ) (1,031,431 )
Purchase of investment property - (176,272 )
Sale of tangible fixed assets 47,841 21,500
Interest received 922,556 1,656,954
Net cash from investing activities (627,206 ) 470,751

Cash flows from financing activities
Movement in related party loans (10,774,721 ) (14,621,457 )
Net cash from financing activities (10,774,721 ) (14,621,457 )

Decrease in cash and cash equivalents (332,433 ) (1,282,732 )
Cash and cash equivalents at beginning
of year

25

554,287

1,837,019

Cash and cash equivalents at end of year 25 221,854 554,287

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2024

1. Statutory information

The group and company's principal activities during the year were in the hotel and catering industry in Northern Ireland.

The company is a private company, limited by shares and is registered in Northern Ireland, within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency of the financial statements is the Pound sterling (£).

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The following accounting policies have been applied consistently unless otherwise stated.

Going Concern
The group's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. These include the group's cashflow, liquidity position and borrowing facilities. As a consequence, the directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook. The company meets its day to day working capital requirements through its bank overdraft facility.

The directors are confident that the company has adequate resources to continue its normal business with the support of its shareholders for the foreseeable future, and accordingly they continue to adopt the going concern basis in preparing the Directors' report and financial statements.

Basis of consolidation
The group financial statements comprise the financial statements of Hastings Hotels Group Limited ("the company") and its subsidiaries, together, "the group". The financial statements of subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies.

A subsidiary is an entity controlled, either directly or indirectly, by the group, where control is the power to govern the financial and operating policies of the entity so as to obtain benefit from its activities. The purchase method of accounting is used to account for the acquisition of subsidiaries by the group.

All inter-company balances and transactions, including unrealised profits arising from inter-group transactions, are eliminated on consolidation.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

2. Accounting policies - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the Turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is primarily derived from the sources below and is generally recognised as services are rendered and when collectability is reasonably assured. Amounts received in advance of revenue recognition are deferred as liabilities.

Hotel Revenue primarily consists of room rentals, food and beverage sales and other ancillary goods and services. Revenue is recorded when rooms are occupied, or goods and services have delivered or rendered.

Other operating income
Rental income is accounted for on an accruals basis.

Finance Costs
Finance costs are charged to the Consolidated Statement of Comprehensive Income 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.

Tangible fixed assets
Tangible 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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method. Land is not depreciated.

Depreciation is provided on the following bases:

Freehold and long leasehold property:2% straight line
Plant and machinery:12.5% straight line
Motor vehicles:25% reducing balance
Fixtures and fittings:12.5% straight line
Computer equipment:25% 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.

Investment property
Investment properties are stated at fair value. Changes in fair value are recognised in the Consolidated Statement of Comprehensive Income. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling priceless costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income.

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

2. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans from other parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows 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, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, 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

Investments in ordinary and preference shares are measured:

-at fair value with changes recognised in the Consolidated Statement of Comprehensive Income if the
shares are publicly traded or their fair value can otherwise be measured reliably;
-at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

2. Accounting policies - continued

Pension costs and other post-retirement benefits
Defined contribution pension plan

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

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

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.

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.

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

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

3. Critical accounting judgements and key sources of estimation uncertainty

(a) Critical judgements in applying the company's accounting policies

There are no critical judgements in applying the entity's accounting policies.

(b) Critical accounting estimates and assumptions

Key sources of estimation uncertainty

Preparation of the financial statements required the directors to make significant judgements and estimates. Key assumptions concerning the future and other key sources of estimation uncertainty at the Balance sheet date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities with the next financial year are discussed below.

Useful life of property

The annual depreciation charge for the tangible assets is sensitive to changes in the estimates made to the useful lives and residual values of assets. The useful economic lives and residual values reassessed on annually. They are amended when it is deemed necessary to reflect current estimates based on future investments, economic utilisation and physical condition.The net book value of these assets is shown in Note 12 to the financial statements.

Property valuation

Investment properties are measured at revalued amount for financial reporting purposes, with the value of £2,538,272 at the Balance Sheet date (2023: £2,538,272). The fair value calculation utilised the current market value for the properties as determined by the Directors.

4. Turnover

All turnover arose from the principal activity within the United Kingdom.

5. Other operating income
2024 2023
£    £   
Rental Income 259,923 337,273

6. Employees and directors
2024 2023
£    £   
Wages and salaries 15,914,661 13,650,485
Social security costs 1,189,633 959,973
Other pension costs 359,622 308,674
17,463,916 14,919,132

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

Full Time 415 365
Part Time 477 471
892 836

The above numbers relate to the group as a whole. The company had no employees during 2024 (2023: nil).

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

7. Directors' emoluments

2024 2023
£    £   
Directors' remuneration 767,405 454,620
Directors' pension contributions to money purchase schemes 60,890 34,913
828,295 489,533

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

2024 2023

Money purchase schemes 2 3
Defined benefit schemes - 1

The highest paid director received remuneration of £232,978 (2023: £106,225) including pension contributions of £23,744 (2023: £11,588). Key management is defined as the directors disclosed above.

8. Interest payable and similar expenses
2024 2023
£    £   
Bank interest 58 127
Interest expense 1,955,441 3,437,411
1,955,499 3,437,538

9. Profit before taxation

The profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 4,972,347 4,947,738
Profit on disposal of fixed assets (7,223 ) (4,276 )
The auditing of accounts of any associate of the company 72,280 24,640
The auditing of accounts of the company 6,700 6,340
Taxation compliance services 22,305 10,545
Foreign exchange differences - 85

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

10. 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 1,259,685 2,194,280
Adjustments for prior periods 6 -
Total current tax 1,259,691 2,194,280

Deferred tax:
Origination and reversal of timing differences 1,450,404 132,408
Effect of changes in tax rates - 14,595
Total deferred tax 1,450,404 147,003

Tax on profit 2,710,095 2,341,283

UK corporation tax has been charged at 25 % (2023 - 22.52 %).

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 7,562,909 6,890,197
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.518 %)

1,890,727

1,551,535

Effects of:
Expenses not deductible for tax purposes 833,579 794,353
Income not taxable for tax purposes (14,211 ) (12,800 )
Capital allowances in excess of depreciation - (6,401 )
Effect of changes in tax rates - 14,596

Total tax charge 2,710,095 2,341,283

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 October 2024.

2023
Gross Tax Net
£    £    £   
Demerger from William Hastings Group 225,669 - 225,669

Factors that may affect future tax charges

The standard rate of UK Corporation Tax from 1 April 2023 has increased to 25% for companies generating taxable profits of more than £250,000. The previous 19% tax rate will continue to apply to small companies with profits of less than £50,000, with taper relief rate for those companies with profits between the new thresholds.

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

11. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


12. Tangible fixed assets

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
Cost
At 1 November 2023 67,913,602 7,038,080 35,124,416
Additions - - 596,104
Disposals - - -
At 31 October 2024 67,913,602 7,038,080 35,720,520
Depreciation
At 1 November 2023 24,301,107 3,797,339 30,051,280
Charge for year 1,365,682 140,763 1,870,437
Eliminated on disposal - - -
At 31 October 2024 25,666,789 3,938,102 31,921,717
Net book value
At 31 October 2024 42,246,813 3,099,978 3,798,803
At 31 October 2023 43,612,495 3,240,741 5,073,136

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 November 2023 28,747,229 41,872 341,488 139,206,687
Additions 729,974 63,000 208,525 1,597,603
Disposals (28,818 ) (20,095 ) - (48,913 )
At 31 October 2024 29,448,385 84,777 550,013 140,755,377
Depreciation
At 1 November 2023 24,212,271 20,684 55,223 82,437,904
Charge for year 1,511,899 6,250 77,316 4,972,347
Eliminated on disposal (1,477 ) (6,818 ) - (8,295 )
At 31 October 2024 25,722,693 20,116 132,539 87,401,956
Net book value
At 31 October 2024 3,725,692 64,661 417,474 53,353,421
At 31 October 2023 4,534,958 21,188 286,265 56,768,783

Tangible assets included secured assets with a net book value of £7,191,784 (2023: £8,858,438).

Company

The company has no tangible fixed assets (2023: £nil)

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

13. Fixed asset investments


Company


Shares in
group
undertakings
£   
Cost
Additions 171,036,580
At 31 October 2023 171,036,580
Net book value
At 31 October 2023 171,036,580


Subsidiary undertakings

The following are subsidiary undertakings of the company:


Name
Country of
Incorporation
Class of
shares

Holding

Principal activity
Hastings Hotels Management Limited United Kingdom Ordinary 100% Hotel and catering
HHG No.1 Limited United Kingdom Ordinary 100% Hotel and catering
HHG No.2 Limited United Kingdom Ordinary 100% Hotel and catering
HHG No.3 Limited United Kingdom Ordinary 100% Hotel and catering
HHG No.4 Limited United Kingdom Ordinary 100% Hotel and catering
HHG No.5 Limited United Kingdom Ordinary 100% Hotel and catering
HHG No.6 Limited United Kingdom Ordinary 100% Hotel and catering

The registered office address of the above subsidiary undertakings is 1066 House, 587 Upper Newtownards Road, Belfast BT4 3LP.

14. Investment property

Group
Total
£   
Fair value
At 1 November 2023
and 31 October 2024 2,538,272
Net book value
At 31 October 2024 2,538,272
At 31 October 2023 2,538,272

Fair value at 31 October 2024 is represented by:
£   
Valuation in 2019 467,972
Valuation in 2022 568,828
Cost 1,501,472
2,538,272

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

15. Stocks

Group
2024 2023
£    £   
Finished goods 390,637 364,295

The replacement value of stock is not materially different from the disclosed amounts at year end. The company has no stock (2023: £nil).

16. Debtors: amounts falling due within one year

Group
2024 2023
£    £   
Trade debtors 2,131,272 2,662,164
Amounts owed by group undertakings - 1
Other debtors 39,801 186,307
Corporation tax receivable 167,007 -
VAT 776,209 642,846
Prepayments 761,585 707,524
3,875,874 4,198,842

The company has no debtors (2023: £nil).

17. Creditors: amounts falling due within one year

Group
2024 2023
£    £   
Trade creditors 3,736,736 3,614,486
Amounts owed to group undertakings 3,958,065 14,732,786
Corporation tax payable - 883,829
Social security and other taxes 1,953,763 1,970,307
Other creditors 44,171 68,235
Guest deposits received 2,204,985 1,572,174
Accruals and deferred income 5,477,446 4,824,144
17,375,166 27,665,961

The company has no creditors (2023: £nil). The amount accrued by the Group at 31 October 2024 for pensions payable was £42,173 (2023: £67,291)

18. Provisions for liabilities

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 2,429,343 2,191,264
Tax losses carried forward - (1,213,818 )
Other timing differences 262,386 263,880
2,691,729 1,241,326

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

18. Provisions for liabilities - continued

Group
Deferred
tax
£   
Balance at 1 November 2023 1,241,326
Charge to Statement of Comprehensive Income during year 1,450,403
Balance at 31 October 2024 2,691,729

19. Accruals and deferred income

Group
2024 2023
£    £   
Deferred government grants 1,407,650 1,464,494

The company has no accruals / deferred income (2022: £nil).

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
171,036,580 Ordinary £1 171,036,580 171,036,580

21. Reserves

Group
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 November 2023 32,669,730 1,087,094 (170,740,705 ) (136,983,881 )
Profit for the year 4,852,814 4,852,814
At 31 October 2024 37,522,544 1,087,094 (170,740,705 ) (132,131,067 )


22. Contingent liabilities

The company, together with its subsidiary undertakings, has signed a joint and several letter of unlimited cross guarantee to secure the overdrafts of the group companies. There are no present indications that the group will be called on to honour its overdraft guarantee.

There is also a contingent liability to repay certain government grants received under terms of letters of offer from the Tourism Northern Ireland and Invest NI if the group fails to comply with stated conditions. In the opinion of the directors the terms of the letter of offer have been complied with and no loss is expected.

23. Ultimate controlling party

The ultimate controlling party is The Hastings family.

Hastings Hotels Group Limited (Registered number: NI696626)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

24. Reconciliation of profit for the financial year to cash generated from operations

2024 2023
£    £   
Profit for the financial year 4,852,814 4,548,914
Depreciation charges 4,972,347 4,947,738
Profit on disposal of fixed assets (7,223 ) (4,276 )
Release of capital grant (56,844 ) (56,844 )
Finance costs 1,955,499 3,437,538
Finance income (922,556 ) (1,656,954 )
Taxation 2,710,095 2,341,283
13,504,132 13,557,399
Increase in stocks (26,342 ) (61,605 )
Decrease/(increase) in trade and other debtors 489,975 (236,028 )
Increase in trade and other creditors 1,367,755 4,922,493
Cash generated from operations 15,335,520 18,182,259

25. 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 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 221,854 554,287
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 554,287 1,837,019


26. Analysis of changes in net funds

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank 554,287 (332,433 ) 221,854
554,287 (332,433 ) 221,854
Total 554,287 (332,433 ) 221,854