Registered number:
FOR THE YEAR ENDED 31 JULY 2024
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WEETWOOD HALL LIMITED
COMPANY INFORMATION
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WEETWOOD HALL LIMITED
CONTENTS
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WEETWOOD HALL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
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.
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.
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WEETWOOD HALL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
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.
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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.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable laws and regulations.
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 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 who served during the year were:
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).
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.
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WEETWOOD HALL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
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.
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.
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.
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.
No gift aid contribution was made during the year (2023: £Nil).
The auditors, Armstrong Watson Audit Limited, have 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.
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WEETWOOD HALL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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 Report. 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. 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.
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WEETWOOD HALL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED (CONTINUED)
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.
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.
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WEETWOOD HALL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED (CONTINUED)
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
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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.
Huw Nicholls (Senior Statutory Auditor) For and on behalf of
10 South Parade
LS1 5QS
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WEETWOOD HALL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
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WEETWOOD HALL LIMITED
REGISTERED NUMBER: 02609047
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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WEETWOOD HALL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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WEETWOOD HALL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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
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:
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.
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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:
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.
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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.
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
10.Taxation (continued)
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
18.Deferred taxation (continued)
Share premium account
Profit and loss account
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).
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WEETWOOD HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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.
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