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Registered number: 02609047


WEETWOOD HALL LIMITED
Audited Financial Statements
FOR THE YEAR ENDED 31 JULY 2024

 
WEETWOOD HALL LIMITED
 

COMPANY INFORMATION


Directors
Dennis Hopper 
John David Malcolm Stoddart-Scott (resigned 23 February 2024)
Owen Thomas Morton 
Ruth Buller 
Julia Bennell (resigned 10 June 2024)
Richard Metcalfe (appointed 24 November 2023)
Robert James Wadsworth (appointed 24 November 2023)




Company secretary
Helena Mary Smith



Registered number
02609047



Registered office
Nexus Discovery Way
University Of Leeds

Leeds

LS2 3AA




Independent auditors
Armstrong Watson Audit Limited

10 South Parade

Leeds

LS1 5QS





 
WEETWOOD HALL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11 - 12
Notes to the Financial Statements
13 - 24


 
WEETWOOD HALL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The Directors present their Strategic Report and Directors' Report on the affairs of the Company together with the financial statements and Auditors Report for the year ended 31 July 2024.

Business review
 
The Strategic Report has been prepared under Section 414C of the Companies Act 2006, the principal activity is that of Conference Centre, Hotel and Restaurant. 
Turnover for the year is £4,524,735 (2023: £4,140,694), an increase of 9.3%. Bedroom sales are £1,973,540 (2023: £1,896,767), a 4.0% increase; food and beverage sales are £1,839,029 (2023: £1,575,537), a 16.7% increase; and conference and events sales are £585,675 (2023: £526,610), an 11.2% increase. Meanwhile, other income was £126,491 (2023: £141,780), a decrease of 10.8%. 
The total 9.3% (2023: 6.7%) growth in turnover for the year represents an overall increase in occupancy, particularly in the bars, restaurants, and conference spaces. The annual growth outperforms national inflation (CPI), which started the financial year at 6.3% and was down to 3.1% by the end of the financial year. 
The year has resulted in a £419,538 loss before taxation (2023: £624,168 loss). The decreased loss in comparison to the prior year has been delivered by several factors. These factors include lower wage costs, through a reduction in staff numbers by not replacing staff when they leave, restructuring departments, and multiskilling team members to improve productivity, and the increase in occupancy and average daily room rates (ADR). 
The hotel undertook refurbishment of twenty rooms at a cost of £80,000, offset against the FF&E reserve, which has supported the increase in the ADR for each of these rooms by between £12.50 and £25.00 per night. There has been work throughout the year to negotiate better prices with suppliers, however, continued price inflation, along with work completed on the roofing and server room, and health and safety compliance work, has led to a 3.0% increase in cost of sales and administrative expenses in the year. Furthermore, rising interest rates have increased the cost of outstanding loans. These factors have resulted in the loss for the year.
Due to the combination of improved trading conditions within the industry and the inflationary economic environment in the prior year, the Balance Sheet shows an improved cash position of £385,796 at year end (2023: £130,997). There has been a continued moratorium on repayments of the loans with the University of Leeds due to trading being below plan.
The Company uses several measures as key performance indicators, including a gross margin percentage of 30.2% (2023: 18.1%), an average room occupancy percentage of 71.8% (2023: 67.8%) and an average daily room rate of £70.47 (2023: £67.22) which reflects the performance as detailed above. 
The external customer service report from Revinate measures across all online review platforms. Weetwood Hall was rated 82.0% for the year ended July 2024 (July 2023: report from Trust You - 81.5%), evidencing the continued provision of good-quality hospitality.

Page 1

 
WEETWOOD HALL LIMITED
 

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

Principal risks and uncertainties
 
The Company operates in a highly competitive market and one which is heavily influenced by the overall health of the economy. In addition, there is a continued risk in respect of how the business will continue to recover from the pandemic, and cope with inflationary pressures from ongoing global events. The Company combats this by offering a high value-added service to its clients and looking for ways to continue to diversify its market segmentation and improve facilities and maintain the high standard of service and quality of accommodation.
The Directors are satisfied with the future prospects of the Company and are satisfied that Weetwood Hall Limited adopts the going concern principle. The Directors have considered the future cash flows of the Company, taking into account current and future trading and the servicing of debt. Whilst the Company is in a net current liability position (as in prior years), the University has agreed to pause any loan repayments until cashflows recover, and there is discretion over if and when Gift Aid payments are made back to the University. The Company monitors cash flow as part of its day-to-day control procedures.
The University, as the parent undertaking, has provided a letter of support to the Company signalling the University's willingness to provide the necessary financial support to allow the Company to meet its liabilities as they fall due in the normal course of business. The Directors have considered the financial strength of the University and are satisfied that the University has sufficient available funds to provide this support as needed.
On this basis, the Directors believe that the Company has sufficient funds to meet its commitments for the foreseeable future, being at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going concern basis.


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



................................................
Helena Mary Smith
Secretary

Date: 29 April 2025

Page 2

 
WEETWOOD HALL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The Directors present their report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable laws and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The Directors who served during the year were:

Dennis Hopper 
John David Malcolm Stoddart-Scott (resigned 23 February 2024)
Owen Thomas Morton 
Ruth Buller 
Julia Bennell (resigned 10 June 2024)
Richard Metcalfe (appointed 24 November 2023)
Robert James Wadsworth (appointed 24 November 2023)

Results and dividends

The loss for the year, after taxation, amounted to £413,297 (2023 - loss £675,564).

The Directors do not recommend any payment of a dividend (2023: £nil). There is a loss before tax of £419,538 for the year (2023: loss before tax of £624,168).

Future developments

The Directors expect a period of growth of both revenue and profit as the business continues returning to pre-pandemic trading. Economic factors are continuing to have an impact, however, the business is continuing to experience an increase in leisure, and corporate enquiries and the sports market is once again starting to provide a much-needed increase in revenue. The business will continue to work with the newly appointed management company to implement improvement plans and growth strategies.

Page 3

 
WEETWOOD HALL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Directors' indemnities

The Company has made qualifying third-party indemnity provisions for the benefit of its Directors which were made during the year and remain in force at the date of this report.

Other Matters

The Company's principal activities, results, principal risks and uncertainties, future prospects and KPI's in the business are presented in the Strategic Report and form part of this report by cross reference.

Financial risk management objectives and policies
 
Credit Risk

The Company's principal financial assets are bank balances and cash, trade receivables and other receivables. The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses a mixture of long-term external and group company finance.

Gift aid payment

No gift aid contribution was made during the year (2023: £Nil).

Disclosure of information to auditors

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

the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsArmstrong Watson Audit Limitedhave been reappointed as auditors of the financial statements in accordance with section 485 of the Companies Act 2006.

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





................................................
Helena Mary Smith
Secretary

Date: 29 April 2025

Page 4

 
WEETWOOD HALL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED
 

Opinion


We have audited the financial statements of Weetwood Hall Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
WEETWOOD HALL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
WEETWOOD HALL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate 
 competence, capabilities and skills to identify or recognise non-compliance with applicable laws and 
 regulations;
• we identified the laws and regulations applicable to the company through discussions with management;
• we focused on specific laws and regulations which we considered may have a direct material effect on the  financial statements or the operations of the Company, including the Companies Act 2006 and taxation 
 legislation
• we assessed the extent of compliance with the laws and regulations identified above through making 
 enquiries of management, inspecting legal correspondence, and reviewing legal expenses; and
• identified laws and regulations were communicated within the audit team regularly and the team remained 
 alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their 
 knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and 
 regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected trends or movements;
• tested journal entries which we considered to be at a higher risk of being fraudulent given certain criteria;
• assessed whether judgements and assumptions made in determining the accounting estimates were 
 indicative of potential bias, including reviewing the outcome of those estimates after the year end and 
 reviewing the outcome of estimates from prior periods; and
• investigated the rationale behind significant or unusual transactions, including from bank statements. 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed 
procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, and other relevant regulators where applicable.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our
Page 7

 
WEETWOOD HALL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED (CONTINUED)


audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non- compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Huw Nicholls (Senior Statutory Auditor)
For and on behalf of


Armstrong Watson Audit Limited
10 South Parade
Leeds
LS1 5QS

29 April 2025
Page 8

 
WEETWOOD HALL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 3 
4,524,735
4,140,694

Cost of sales
  
(3,156,451)
(3,390,946)

Gross profit
  
1,368,284
749,748

Administrative expenses
  
(1,543,147)
(1,172,263)

Operating loss
 4 
(174,863)
(422,515)

Interest receivable
 8 
10,946
6,619

Interest payable and similar expenses
 9 
(238,881)
(208,272)

Loss before tax
  
(402,798)
(624,168)

Tax credit/(charge) on loss
  
(10,499)
(51,396)

Loss for the financial year
  
(413,297)
(675,564)

Other comprehensive loss for the year
  

Total comprehensive loss for the year
  
(413,297)
(675,564)

The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
WEETWOOD HALL LIMITED
REGISTERED NUMBER: 02609047

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
5,358,808
5,678,354

  
5,358,808
5,678,354

Current assets
  

Stocks
 12 
42,694
50,569

Debtors: amounts falling due within one year
 13 
353,424
326,297

Cash at bank
 14 
385,795
130,977

  
781,913
507,843

Creditors: amounts falling due within one year
 15 
(893,589)
(715,734)

Net current liabilities
  
 
 
(111,676)
 
 
(207,891)

Total assets less current liabilities
  
5,247,132
5,470,463

Creditors: amounts falling due after more than one year
  
(3,914,184)
(3,724,218)

  

Net assets
  
1,332,948
1,746,245


Capital and reserves
  

Called up share capital 
 19 
130,100
130,100

Share premium account
 20 
1,170,000
1,170,000

Profit and loss account
 20 
32,848
446,145

  
1,332,948
1,746,245


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




................................................
Dennis Hopper
Director

Date: 29 April 2025

The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
WEETWOOD HALL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 August 2023
130,100
1,170,000
446,145
1,746,245


Comprehensive income for the year

Loss for the year
-
-
(413,297)
(413,297)
Total comprehensive income for the year
-
-
(413,297)
(413,297)


At 31 July 2024
130,100
1,170,000
32,848
1,332,948


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
WEETWOOD HALL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 August 2022
130,100
1,170,000
1,121,709
2,421,809


Comprehensive income for the year

Loss for the year
-
-
(675,564)
(675,564)
Total comprehensive income for the year
-
-
(675,564)
(675,564)


At 31 July 2023
130,100
1,170,000
446,145
1,746,245


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Weetwood Hall Limited is a private limited company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and registered in England and Wales. The address of the registered office can be found on the Company Information page. The nature of the Company's operations and its principal activities are set out in the strategic report on pages 1 to 2.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company operates in a highly competitive market and one which is heavily influenced by the overall health of the economy. In addition, there is a continued risk in respect of how the business will continue to recover from the pandemic, and cope with inflationary pressures from ongoing global events. The Company combats this by offering a high value-added service to its clients and looking for ways to continue to diversify its market segmentation and improve facilities and maintain the high standard of service and quality of accommodation.
The Directors are satisfied with the future prospects of the Company and are satisfied that Weetwood Hall Limited adopts the going concern principle. The Directors have considered the future cash flows of the Company, taking into account current and future trading and the servicing of debt. Whilst the Company is in a net current liability position (as in prior years), the University has agreed to pause any loan repayments until cashflows recover, and there is discretion over if and when Gift Aid payments are made back to the University. The Company monitors cash flow as part of its day-to-day control procedures.
The University, as the parent undertaking, has provided a letter of support to the Company signalling the University's willingness to provide the necessary financial support to allow the Company to meet its liabilities as they fall due in the normal course of business. The Directors have considered the financial strength of the University and are satisfied that the University has sufficient available funds to provide this support as needed.
On this basis, the Directors believe that the Company has sufficient funds to meet its commitments for the foreseeable future, being at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going concern basis.

Page 13

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings
-
25 - 50 years
Plant and machinery
-
4 - 10 years
Fixtures and fittings
-
4 - 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation is provided on freehold land. Other tangible assets are depreciated on a straight-line basis over their estimated useful lives.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 


Page 15

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

  
2.10

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
(i) Financial assets and liabilities 
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If the arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 
Debt instruments which comply with all of the condition of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, it is considered whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as "basic' financial instruments are subsequently measured at amortised cost using the effective interest method.
Debt instruments that have no stated interest rate (and do not constitute financing transactions) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.


3.


Turnover

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


2024
2023
£
£

Accommodation
1,973,540
1,896,767

Food & Beverage
1,839,029
1,575,537

Conference Events
585,675
526,610

Other
126,491
141,780

4,524,735
4,140,694


The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.

Page 16

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of a tangible assets
355,764
379,471

Operating lease rentals
12,067
12,067

Cost of stock recognised as an expense
584,463
496,467


5.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,800
20,000


There has been £1,000 in non-audit fees payable to the auditors in 2024 (2023: £Nil).





6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,742,636
1,802,303

Social security costs
159,444
156,115

Cost of defined contribution scheme
61,147
67,271

1,963,227
2,025,689


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management staff
7
7



Staff
69
73

76
80

Page 17

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
-
144,330

Company contributions to defined contribution pension schemes
-
12,591

-
156,921


One of the Directors was a member of a money purchase pension scheme into which the Company made contributions on his behalf. Contributions in the year were £Nil (2023: £12,591).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
10,946
6,619


9.


Interest payable and similar expenses

2024
2023
£
£


Interest on obligations under finance leases and hire purchase contracts
-
17,904

Interest due to group undertakings
238,881
190,368

238,881
208,272


10.


Taxation


2024
2023
£
£

Deferred Tax


Origination and reversal of timing differences
10,499
51,396
Page 18

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023: 21.01%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(402,798)
(624,168)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.01%)
(100,699)
(131,109)

Effects of:


Expenses not deductible for tax purposes
2,424
776

Group relief surrendered
-
35,354

Unused tax losses
59,303
118,940

Fixed asset differences
49,471
38,211

Remeasurement of deferred tax for changes in tax rates
-
(10,776)

Tax on loss
10,499
51,396

Given the recent trading performance and current economic conditions, the future profitability of the Company is uncertain and therefore the deferred tax asset of £824,010 (2023: £730,792) on losses has not been recognised.

Page 19

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Tangible fixed assets





Land and buildings
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 August 2023
9,506,842
466,667
728,483
10,701,992


Additions
-
26,010
10,208
36,218



At 31 July 2024

9,506,842
492,677
738,691
10,738,210



Depreciation


At 1 August 2023
4,229,836
312,561
481,241
5,023,638


Charge for the year on owned assets
196,384
45,864
113,516
355,764



At 31 July 2024

4,426,220
358,425
594,757
5,379,402



Net book value



At 31 July 2024
5,080,622
134,252
143,934
5,358,808



At 31 July 2023
5,277,006
154,106
247,242
5,678,354

Page 20

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Stocks

2024
2023
£
£

Food and beverages
42,694
50,569

42,694
50,569



13.


Debtors

2024
2023
£
£


Trade debtors
104,934
115,557

Amounts owed by group undertakings
28,028
15,441

Prepayments and accrued income
80,548
44,886

Deferred taxation
139,914
150,413

353,424
326,297


Amounts owed by group undertakings relates to trade debts on 30-day terms.


14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
385,795
130,977

385,795
130,977



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
197,920
152,348

Amounts owed to group undertakings
23,297
21,516

Other taxation and social security
160,176
180,381

Obligations under finance lease and hire purchase contracts
33,521
74,987

Other creditors
8,414
6,353

Accruals and deferred income
470,261
280,149

893,589
715,734


Amounts owed to group undertakings relate to trading balances in the normal course of business.

Page 21

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
8,666
43,083

Amounts owed to group undertakings
3,905,518
3,675,302

Accruals and deferred income
-
5,833

3,914,184
3,724,218


The amount owed to group undertakings is an unsecured loan from the University of Leeds. The loan is subject to interest at 1.9% over SONIA. The loan is repayable in quarterly instalments over 5 years. In March 2023, the Company signed a new loan agreement with the University of Leeds which delayed repayments of the loan amount. This loan agreement and the loan repayments are under review while cashflows recover.


17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
33,521
74,987

Between 1-5 years
8,666
43,083

42,187
118,070

The Company has leased various IT equipment on leases which are considered to meet the definition of finance leases and are accounted for accordingly.


18.


Deferred taxation




2024


£






At beginning of year
150,413


Charged to the profit or loss
(10,499)



At end of year
139,914

Page 22

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
18.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
130,189
148,867

Short-term timing differences
9,725
1,546

139,914
150,413


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



130,100 (2023 - 130,100) Ordinary shares of £1 each  -
130,100
130,100



20.


Reserves

Share premium account

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Profit and loss account

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.


21.


Pension commitments

The Company makes pension contributions to the Nest workplace pension scheme on behalf of enrolled employees. The Company also pays into the personal pension schemes of the Managing Director and certain senior members of staff. The total expense charged to the profit and loss in the year was £61,147 (2023: £67,271) and accrued at the year end was £Nil (2023: £Nil).


22.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
2,809

-
2,809

Page 23

 
WEETWOOD HALL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

23.


Related party transactions

As a wholly owned subsidiary, Weetwood Hall Limited has taken advantage of the exemption available under FRS 102 section 33 'Related Party Transactions' from disclosing transactions with other group entities.


24.


Controlling party

The ultimate and immediate parent undertaking and controlling party is the University of Leeds. Copies of the group financial statements may be obtained from the University of Leeds, Leeds, LS2 9JT. This is the only entity preparing group financial statements within which Weetwood Hall Limited is consolidated.


Page 24