Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312025-05-122025-05-132023-12-312025-05-12As part of the financial reporting process, the management of Whittlebury Park Enterprises Limited Group is required to assess the ability of the business to continue operating as a going concern for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements. 2024 Financial and operational performance The Hospitality sector has continued to face multiple challenges during 2024, but Whittlebury Park has demonstrated its ability to achieve strong revenue and conversion growth versus 2023 despite ongoing challenges such as seasonal variations, growth in bedroom stock and continued increase in costs. The Company’s strong revenue performance in 2024 is reflected in its Key Performance Indicators, such as +12% growth in overall sales revenue at £21m (exactly on budget), where key market segments such as bedrooms and room hire grew +17% and +20% respectively. The additional revenue achieved over 2023 was £2.3m and converted to £1.1m of EBITDA 47.8% conversion. 2024 had 4 record months: July was the highest revenue and EBITDA ever achieved for a single month. October was the highest revenue for an October ever achieved. November was the highest revenue £2.1m and EBITDA £501k for a November ever achieved. During 2024 overall visitors to Whittlebury Park has continued to grow, and this can be seen from bedroom occupancy, which grew +30% to 60.7%. The occupancy growth outperformed the primary competitor set, i.e. Whittlebury Park grew 13.7% versus comp set of just 2.0%, and Revenue per available room night (RevPAR) performance was equally positive with Whittlebury Park growing 19.2% versus the primary comp set of 6.0%. Overall sleeper nights grew +24% at 84,868, with the primary leisure segment of Spa also seeing strong year on year growth of +10% at 18,931 nights, with day spa guests again growing by +7% @ 12,281. Conference delegate volume grew +32% at 28,566, and overall conference delegate bedrooms were +4931 greater than 2023. Our strong and enduring partnerships with our established corporate customers, regional and national travel agencies/online travel agencies and local businesses have enabled the business to continue expanding our reach and generated solid levels of business-on-the-books. We cherish and embrace these alliances and will continue to foster collaborative relationships for the betterment of the industry and our business. Due to the structure of package rates for the two key market segments, Total Revenue per available Room Night (TrevPAR) once again had a strong year on year growth of +12% at £224.54, and again outperforming the comp set whose growth was relatively soft at 6.3%; the index score of 118.9% reinforces the strong market outperformance. Overall EBITDA growth for 2024 was very positive for Whittlebury Park, +51% +£1.1m versus 2023. 2025 Forecast performance Forecasts have been based on: The Outlook shows that the UK economy is gradually picking up momentum, benefiting from the natural swings of the economic cycle, boosted by a strong first quarter this year and expected second quarter performance. PwC’s analysis raises the annual GDP growth outlook to about 1% for this year, up from the November 2023 projection of 0.5%, and for this to pick up even further in the medium term to around 1.8% by 2026. Moderate revenue growth of 10% based on demand from 2024. Stronger business is on the books for the year vs same period last year. Average rate growth of between 6-12% across the various market segments, but target YoY growth to 9%. Grow Total Revenue per available room (Revpar) by +10% through totality selling, increasing C&E demand pricing by market appropriate levels. Grow Spa volume overall (Days and Stays combined) with +5-7% increases in rates. Golf remains a solid growth market segment through the detailed management of demand based tee time pricing. Good news story to go to market regarding 2024 investment and imminent 2025 investment. Post Year end is Largest Q1 enquiry volume since 2019 Strong pricing in the sector reflecting demand. Increased payroll from UK budget changes. Based on this, the Board of Directors are confident to project turnover of £23.1 million, albeit at slightly lower margins due to inflation and ongoing supply chain issues, with an EBITDA of £3.74m, which will enable the business to continue to meet all its commitments for the next 12 months. Funding The Parent Company’s borrowing facilities were due for refinancing in May 2024 when Bank of England base rates were at their highest level for decades. The Parent Company has had detailed talks with potential new funders but the financial market has been depressed so its current funder is being supportive of the additional time that has been needed to implement the right solution for the Parent Company. At the time of approving these financial statements, positive steps have been achieved towards arranging new funders. The Group has shown strong (51%) EBITDA growth in 2024, and is confident the financial market recovered sufficiently in 2024 to be able to secure a 5-year refinance in 2025 with a significant capex provision, which will enable the Group to continue with its development proposals. These include completing the apartments and refurbishing the bedrooms on a rolling program, to continue the growth of Corporate and Leisure guests. As refinancing has not been finalised at the date of approval of these financial statements, from a financial reporting perspective there is as a material uncertainty relating to going concern. However, the Directors consider it extremely likely that the Parent Company will secure a new funder and that the full repayment of the loan will not be demanded before this is achieved. The current funders are understanding of the need to get the right deal to take the business forwards and discussions with new funders are in final stages. Summary The Directors have reviewed all the evidence and consider there is every reason to be confident that the Group and Company will continue its recovery from the Pandemic. 2024’s revenue and EBITDA surpassed 2019 levels. Having considered all the circumstances, the Directors are confident the Group will continue to grow its EBITDA in line with its forecasts, which have proved to be achievable over the past two years and refinance successfully as planned and continue to prepare the financial statements on a going concern basis.Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.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 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 the Statement of Comprehensive Income. The depreciation expense is charged to administrative expenses in the Statement of Comprehensive Income.truetruetruetruetruetrue2023-01-01falsefalse 07839199 2023-01-01 2023-12-31 07839199 2022-01-01 2022-12-31 07839199 2023-12-31 07839199 2022-12-31 07839199 2022-01-01 07839199 c:Director1 2023-01-01 2023-12-31 07839199 c:Director2 2023-01-01 2023-12-31 07839199 c:Director3 2023-01-01 2023-12-31 07839199 c:RegisteredOffice 2023-01-01 2023-12-31 07839199 d:PlantMachinery 2023-01-01 2023-12-31 07839199 d:PlantMachinery 2023-12-31 07839199 d:PlantMachinery 2022-12-31 07839199 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07839199 d:MotorVehicles 2023-01-01 2023-12-31 07839199 d:MotorVehicles 2023-12-31 07839199 d:MotorVehicles 2022-12-31 07839199 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07839199 d:FurnitureFittings 2023-01-01 2023-12-31 07839199 d:FurnitureFittings 2023-12-31 07839199 d:FurnitureFittings 2022-12-31 07839199 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07839199 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07839199 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07839199 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 07839199 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 07839199 d:OtherResidualIntangibleAssets 2023-12-31 07839199 d:OtherResidualIntangibleAssets 2022-12-31 07839199 d:CurrentFinancialInstruments 2023-12-31 07839199 d:CurrentFinancialInstruments 2022-12-31 07839199 d:Non-currentFinancialInstruments 2023-12-31 07839199 d:Non-currentFinancialInstruments 2022-12-31 07839199 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07839199 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07839199 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07839199 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07839199 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 07839199 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 07839199 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 07839199 d:ReportableOperatingSegment2 2022-01-01 2022-12-31 07839199 d:ShareCapital 2023-01-01 2023-12-31 07839199 d:ShareCapital 2023-12-31 07839199 d:ShareCapital 2022-01-01 2022-12-31 07839199 d:ShareCapital 2022-12-31 07839199 d:ShareCapital 2022-01-01 07839199 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07839199 d:RetainedEarningsAccumulatedLosses 2023-12-31 07839199 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07839199 d:RetainedEarningsAccumulatedLosses 2022-12-31 07839199 d:RetainedEarningsAccumulatedLosses 2022-01-01 07839199 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07839199 c:OrdinaryShareClass1 2023-12-31 07839199 c:OrdinaryShareClass1 2022-12-31 07839199 c:FRS102 2023-01-01 2023-12-31 07839199 c:Audited 2023-01-01 2023-12-31 07839199 c:FullAccounts 2023-01-01 2023-12-31 07839199 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07839199 d:WithinOneYear 2023-12-31 07839199 d:WithinOneYear 2022-12-31 07839199 d:BetweenOneFiveYears 2023-12-31 07839199 d:BetweenOneFiveYears 2022-12-31 07839199 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 07839199 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07839199 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07839199 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07839199 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 07839199 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 07839199 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 07839199 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07839199 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 07839199 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 07839199 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07839199









WHITTLEBURY HALL & SPA LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WHITTLEBURY HALL & SPA LIMITED
 
 
COMPANY INFORMATION


Directors
Jeffrey Ian Sargeant 
Carol Elizabeth Sargeant 
Charles Jeffrey Sargeant 




Registered number
07839199



Registered office
The Atrium
Whittlebury Park

Whittlebury

Towcester

Northamptonshire

NN12 8WP




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

The Pinnacle

160 Midsummer Boulevard

Milton Keynes

MK9 1FF





 
WHITTLEBURY HALL & SPA LIMITED
 

CONTENTS



Pages
Strategic Report
 
1 - 3
Directors' Report
 
4 - 8
Independent Auditor's Report
 
9 - 12
Statement of Comprehensive Income
 
13
Statement of Financial Position
 
14
Statement of Changes in Equity
 
15
Notes to the Financial Statements
 
16 - 33


 
WHITTLEBURY HALL & SPA LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for Whittlebury Hall & Spa Limited for the year ended 31 December 2023. The following relates to the Group being the parent company (Whittlebury Park Enterprises Limited) and this trading company.

Principal activities
 
Whittlebury Hall & Spa Limited operates a hotel, conference centre, spa, golf course and wedding venue. More information can be obtained through the Group website at www.whittlebury.com.
Revenue Performance
2023 took time to gain traction due to it being the first time that Hotels & Conference centres were open in the first quarter of calendar year without any restrictions since the same time in 2019 (Face covering restrictions removed 27 January 2022). 
Businesses had to start to build back their Q1 business from near to zero base level as many of the historic customers that used the facilities in Q1 had found alternatives, such as remote conferences (having not being able to run their events for a few years). This meant that revenue growth in Q1 was slow, but this is always a challenging period. 
Things improved however, and July was a record month for the Company at both Revenue and EBITDA level. The year finished with 6% revenue growth at £18.6m showing the Company is continuing to build back its business post pandemic.The Directors are confident that the recovery to pre-pandemic levels would continue into 2024 and beyond.
Business review and future developments
When the filing deadline for these financial statements was approaching, the Group was in detailed discussions with a number of parties regarding the renewal of banking facilities, which expired in May 2024. These discussions are still ongoing, and the Directors are confident that there will be positive news very shortly, but it has become necessary to file this document before confirming a binding long term facility.

The Group (being Whittlebury Park Enterprises Limited and its subsidiary Whittlebury Hall & Spa Limited) had construction of its leisure apartments halted by the Covid Lockdown and on reopening needed to focus on the recovery of the core business. The show apartment was completed, enabling people to register their interest, but the Group was not able to start to market the apartments as planned so focused on rebuilding the core business.
The energy crisis due to the war in the Ukraine and subsequent significant rise in energy prices severely impacted EBITDA. The Group’s energy contracts were up for renewal in October 2022 at the height of the crisis. As a result of this electricity prices rose from 14 pence per unit (PPU) to 92 PPU (an increase of 557%), and gas rose from 1.7 PPU to 17.8 PPU (an increase of 947%). These two services has cost the Group an additional £450k for the year. During 2023 we engaged renewable energy specialists and successfully obtained planning permission for a solar installation that can make it 96% independent from that national grid, ensuring that something like this cannot impact the business again.
The stakeholders continue to fully support recovering EBITDA and have invested in and repositioned our golf facilities which included a fully refurbished driving range with additional food and beverages revenue sources. Green fee revenue grew 20% and driving range revenue grew 257% as a result; in addition to this, the use of robotics has reduced the need for labour on the driving range and it can now be operated without being closed. 
The Company continued to win awards and amongst other things won Best Day Spa (Northants) Muddy Stilettos, and maintained its 3AA Rosette restaurant (placing it in the top 5% in the country) and 4-star hotel accolade from AA.
Page 1

 
WHITTLEBURY HALL & SPA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
Management continually monitor the key risks facing the Company together with assessing the controls used for managing these risks on a daily basis. The Board of Directors formally reviews and documents principal risks facing the business at least quarterly.
The principal risks and uncertainties facing the Company are as follows:
Financing risk
The formal bank facility expired in May 2024. Since then the Group has been operating without a long term facility, but is in regular contact with its bankers who remain supportive whilst they continue to find longer term backing. The Directors are confident this can be concluded.
Energy risk
The war in the Ukraine has seen energy prices increase by over 550%. The business had unfortunate timing with the renewal of its Utilities contracts and these were up for renewal in October 2022 when the price was at its highest. In order to benefit from the government price cap (which reduced the increase to a year on year increase of 270%), the government stipulated that businesses must be in a contract with their supplier. The Directors envisaged prices to come down so only renewed their contracts for 6 months, which proved to be the right thing to do. Despite this, over the first 2 quarters of 2023 the business was severely impacted at EBITDA level paying +£542k more than the prior year for its energy in the first 4 months vs the prior year. Contracts were renewed in May 2023 and a much more sensible rate, and the business has secured its energy costs for the next 12 months. The Directors see energy price security as a key part of recovery and are expediting their desire to put renewables in place, and have commissioned a specialist to prepare a detailed report on how best to achieve its objectives and has obtained planning consents to install renewable energy sources for the future.
Price risk
Price of hotel rooms etc is influenced by market activity, which is benchmarked to ensure the Group remains competitive, but there will always be increased pressure on margins due to cost increases beyond our control. Forecasting and gap analysis to budget is reviewed by management on a weekly basis. The sales and marketing management team optimise revenue per available room considering competitor promotional activity and business demand from all sectors impacts yield management.

Credit risk
Credit risk is managed by the finance team to minimise risk. When credit is not agreed, pre-payment plans are used as the alternative and contracted within the booking terms. The finance team works closely with the board on this and any aged debt.

Liquidity risk
Cash flows are reported weekly to ensure funds are available to run the business effectively and adjusted through business forecasts.

Staffing
There is a continuing labour shortage across many sectors in the UK.
The combined effects of government imposed restrictions on hospitality and Brexit during the middle of a global lockdown have led to significant shortages in our sector.
Despite this the business three pronged approach (Retention, Reputation and Recruitment), has been working and it has managed to reduce vacancies significantly, and has converted space in the Pavilion to provide accommodation for an additional 12 members of staff to be able to live on site, which helps improve operational efficiency. 
 
Page 2

 
WHITTLEBURY HALL & SPA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Staffing (continued)
Whittlebury is fortunate that it is a family business that takes pride in looking after its staff that results in the business having an exceptional employee retention rate.
This means that there is a significant pool of multi-talented, multi-skilled people that are passionate about the business and experienced enough to train new people coming into the industry. All team members want to see the business restored to its former occupancy levels as quickly as possible, and are motivated to train new talent.
Whittlebury has a good reputation in schools, colleges and locally for being an enjoyable place to work, investing in developing its employees, giving back to the community, and supporting its colleagues. We continue to work directly with all schools and colleges, ensuring that there are no barriers to working for us. 
We operate an employee referral scheme, along with other desirable employee incentives. Jobs are being advertised widely across all mediums.
The business has also launched numerous apprenticeship schemes in Hospitality, Horticulture, Maintenance and Kitchen.

Financial key performance indicators
 
Revenue is measured as year on year as a percentage. In 2023 there was an increase of 6% compared to 2022, which showed a comparative increase of 83% over 2021, that gives confidence that a good foundation has been laid on which to continue growth into 2024 and beyond.
Gross margin is measured as a percentage of turnover. In 2023 gross margin, excluding direct staff costs, was in line with 2022 at 88.5%.
EBITDA (Earnings before interest, tax, depreciation and amortisation) is measured as a percentage ratio of last year and budget versus actual results, this is reviewed monthly. As a direct result of the energy crisis Group EBITDA for 2023 was £2,143K compared to £2,502K in 2022. If the business had not experienced the challenges outside its control, it would have continued to grow its EBITDA recovery.
Occupancy grew slightly YoY in 2023, +2% at 46.8%, with TrevPAR seeing a growth of +6% at £199.70.
Results for the year
Revenue for the year was £18,637k (2022 - £17,572k)
Group EBITDA for the year was £2,143k (2022 - £2,502k)
Engagement with employees
Employee involvement remains a key element in the Company's strategy. We regularly engage with employees via meetings, written communications, and electronic media to keep them up to date with business performance.


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


Charles Jeffrey Sargeant
Director



Date: 12 May 2025


Page 3

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023

Directors

The Directors who served during the year were:

Jeffrey Ian Sargeant 
Carol Elizabeth Sargeant 
Charles Jeffrey Sargeant 

Directors' responsibilities statement

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The Company profit for the year, after taxation, amounted to £1,215,000 (2022 - £1,431,000).

There were no dividends paid during the current and prior year and the Directors do not propose any dividends at the year end.

Page 4

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Stakeholder impact

In line with section 172 of the Companies Act 2006, the Company has considered all stakeholders in reviewing strategy and policy as follows:

The construction of the apartments remains as underpinning the sustainability of the business for the long term and the Company remains focused on being able to complete these and get them operational as soon as possible. This project provides additional security of tenure for employees and suppliers.
Allied to the construction is a review of the services, including water, electricity and gas for the site.
Although there are few long term customer contracts, the business prides itself on its relationship with both larger, corporate customers and the public at large. A significant proportion of transactions are repeat business.
Supplier payment terms are set as the end of the month following invoice date and, with the exception of specific outstanding queries, this policy implemented in full.
The Company has a significant headcount from within the local area and is one of the largest privately owned employers in the region.
The operation is an AA 4-star rated property and the rating is important for the business as a whole. In order to maintain the quality of operation, exacting standard are implemented and reviewed on a regular basis.
The stakeholders are always striving to improve business ratings and in 2023 retained its 3AA Rosettes for its fine dining restaurant and a 4 bubble Spa. The company also won the following awards: 
°MIAList Rising Star
°Best Day Spa (Northants) Muddy Stilettos
°Best hotel/Inn 30+ rooms (Northants) Muddy Stilettos
°3AA Rosette and 4 star hotel accolade from AA

The Board take their responsibilities to all stakeholders extremely seriously. 

Going concern

As part of the financial reporting process, the management of Whittlebury Park Enterprises Limited Group is required to assess the ability of the business to continue operating as a going concern for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements.

2024 Financial and operational performance
The Hospitality sector has continued to face multiple challenges during 2024, but Whittlebury Park has demonstrated its ability to achieve strong revenue and conversion growth versus 2023 despite ongoing challenges such as seasonal variations, growth in bedroom stock and continued increase in costs.
The Group’s strong revenue performance in 2024 is reflected in its Key Performance Indicators, such as +12% growth in overall sales revenue at £21m (exactly on budget), where key market segments such as bedrooms and room hire grew +17% and +20% respectively. The additional revenue achieved over 2023 was £2.3m and converted to £1.1m of EBITDA 47.8% conversion.
2024 had 4 record months:
July highest revenue and EBITDA achieved in any month
October highest revenue for October ever achieved
November highest revenue £2,121,634 and EBITDA £500,979 for November ever achieved. 
Page 5

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

During 2024 overall visitors to Whittlebury Park has continued to grow, and this can be seen from bedroom occupancy, which grew +30% to 60.7%. The occupancy growth outperformed the primary competitor set, i.e. Whittlebury Park grew 13.7% versus comp set of just 2.0%, and Revenue per available room night (RevPAR) performance was equally positive with Whittlebury Park growing 19.2% versus the primary comp set of 6.0%.
Overall sleeper nights grew +24% at 84,868, with the primary leisure segment of Spa also seeing strong year on year growth of +10% at 18,931 nights, with day spa guests again growing by +7% @ 12,281.
Conference delegate volume grew +32% at 28,566, and overall conference delegate bedrooms were +4931 greater than 2023.
Our strong and enduring partnerships with our established corporate customers, regional and national travel agencies/online travel agencies and local businesses have enabled the business to continue expanding our reach and generated solid levels of business-on-the-books. We cherish and embrace these alliances and will continue to foster collaborative relationships for the betterment of the industry and our business.
Due to the structure of package rates for the two key market segments, Total Revenue per available Room Night (TrevPAR) once again had a strong year on year growth of +12% at £224.54, and again outperforming the comp set whose growth was relatively soft at 6.3%; the index score of 118.9% reinforces the strong market outperformance.
Overall EBITDA growth for 2024 was very positive for Whittlebury Park, +51% +£1.1m versus 2023.

2025 Forecast performance
Forecasts have been based on:
The Outlook shows that the UK economy is gradually picking up momentum, benefiting from the natural    swings of the economic cycle, boosted by a strong first quarter this year and expected second quarter    performance. PwC’s analysis raises the annual GDP growth outlook to about 1% for this year, up from the   November 2023 projection of 0.5%, and for this to pick up even further in the medium term to around    1.8% by 2026.
• Moderate revenue growth of 10% based on demand from 2024.
• Stronger business is on the books for the year vs same period last year.
• Average rate growth of between 6-12% across the various market segments, but target YoY growth to 9%.
• Grow Total Revenue per available room (Revpar) by +10% through totality selling, increasing C&E    demand pricing by market appropriate levels. 
• Grow Spa volume overall (Days and Stays combined) with +5-7% increases in rates.
• Golf remains a solid growth market segment through the detailed management of demand based tee time  pricing. 
• Good news story to go to market regarding 2024 investment and imminent 2025 investment.
Post Year end is Largest Q1 enquiry volume since 2019
• Strong pricing in the sector reflecting demand.
• Increased payroll from UK budget changes.

Based on this, the Board of Directors are confident to project turnover of £23.1 million, albeit at slightly lower margins due to inflation and ongoing supply chain issues, with an EBITDA of £3.74m, which will enable the business to continue to meet all its commitments for the next 12 months.
Page 6

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Funding
The Parent Company’s borrowing facilities were due for refinancing in May 2024 when Bank of England base rates were at their highest level for decades. The Parent Company has had detailed talks with potential new funders but the financial market has been depressed so  its current funder is being supportive of the additional time that has been needed to implement the right solution for the Parent Company. At the time of approving these financial statements, positive steps have been achieved towards arranging new funders.
The Group has shown strong (51%) EBITDA growth in 2024, and is confident the financial market  recovered sufficiently in 2024 to be able to secure a 5-year refinance in 2025 with a significant capex provision, which will enable the Group to continue with its development proposals. These include completing the apartments and refurbishing the bedrooms on a rolling program, to continue the growth of Corporate and Leisure guests.
As refinancing has not been finalised at the date of approval of these financial statements, from a financial reporting perspective there is as a material uncertainty relating to going concern. However, the Directors consider it extremely likely that the Parent Company will secure a new funder and that the full repayment of the loan will not be demanded before this is achieved. The current funders are understanding of the need to get the right deal to take the business forwards and discussions with new funders are in final stages. 
 
Summary
The Directors have reviewed all the evidence and consider there is every reason to be confident that the Group and Company will continue its recovery from the Pandemic. 2024’s revenue and EBITDA surpassed 2019 levels.  Having considered all the circumstances, the Directors are confident the Group will continue to grow its EBITDA in line with its forecasts, which have proved to be achievable over the past two years and refinance successfully as planned and continue to prepare the financial statements on a going concern basis.

Matters covered in the Strategic report

As permitted by paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the Strategic report.
 
These matters relate to Principal activities and business review, Financial position at the reporting date, Future developments, Principal risks and uncertainties, Financial key performance indicators and Engagement with employees. 

Disclosure of information to the auditor

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

the Directors have 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 auditor is aware of that information.

Independent auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 7

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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





Charles Jeffrey Sargeant
Director

Date: 12 May 2025

Page 8

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY HALL & SPA LIMITED
 

Opinion

We have audited the financial statements of Whittlebury Hall & Spa Limited (the ‘Company’) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 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.


Material uncertainty relating to going concern
The Directors’ report on pages 6, 7 and 8 and note 2.3 of the financial statements, discloses that the Parent Company’s borrowing facilities were due for refinancing in May 2024 which has not yet been secured as of the date of approval of these financial statements.
If refinancing is not secured, then the full repayment of the loan could be demanded by the issuer. A material uncertainty therefore exists that may cast doubt on the Parent Company’s and therefore the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
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 Auditor’s 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.

 
Page 9

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY HALL & SPA LIMITED
 

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.

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 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 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; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
 
Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 10

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY HALL & SPA LIMITED
 

Auditor's 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 Auditor’s 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Auditor's responsibilities for the audit of the financial statement (continued)
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements:
 employment regulation, health and safety regulation, anti-money laundering regulation.
 
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 

In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the occurrence risk), and significant one-off or unusual transactions.
 
Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
 
Page 11

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY HALL & SPA LIMITED
 


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 Auditor’s Report.
 
Use of the audit 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 Auditor's 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.




Gareth Jones (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
The Pinnacle
160 Midsummer Boulevard
Milton Keynes
MK9 1FF
13 May 2025
Page 12

 
WHITTLEBURY HALL & SPA LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
18,637
17,572

Cost of sales
  
(9,289)
(8,558)

Gross profit
  
9,348
9,014

Administrative expenses
  
(7,725)
(7,074)

Operating profit
 5 
1,623
1,940

Interest payable and similar expenses
 9 
(15)
(12)

Profit before tax
  
1,608
1,928

Tax on profit
 10 
(393)
(497)

Profit for the financial year
  
1,215
1,431

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022 - £Nil).
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 33 form part of these financial statements.



Page 13

 
WHITTLEBURY HALL & SPA LIMITED
REGISTERED NUMBER: 07839199

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 11 
60
57

Tangible assets
 12 
1,345
1,712

  
1,405
1,769

Current assets
  

Stocks
 13 
188
195

Debtors
 14 
6,050
3,600

Cash and cash equivalents
 15 
183
785

  
6,421
4,580

Creditors: amounts falling due within one year
 16 
(4,045)
(3,694)

Net current assets
  
 
 
2,376
 
 
886

Total assets less current liabilities
  
3,781
2,655

Creditors: amounts falling due after more than one year
 17 
-
(89)

  

Net assets
  
3,781
2,566


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
 21 
2,781
1,566

  
3,781
2,566


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




Charles Jeffrey Sargeant
Director

Date: 12 May 2025

The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
WHITTLEBURY HALL & SPA LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2022
1,000
135
1,135


Comprehensive income for the year

Profit for the year
-
1,431
1,431
Total comprehensive income for the year
-
1,431
1,431



At 1 January 2023
1,000
1,566
2,566


Comprehensive income for the year

Profit for the year
-
1,215
1,215
Total comprehensive income for the year
-
1,215
1,215


At 31 December 2023
1,000
2,781
3,781


The notes on pages 16 to 33 form part of these financial statements.



Page 15

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Whittlebury Hall & Spa Limited ("the Company") is a private company limited by shares, registered and incorporated in England and Wales. The address of its registered office and principal place of business is The Atrium Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP. The Company's registered number is 07839199.
The principal activity of the Company is the operation of a hotel, day spa, conference centre, golf course, wedding venue, multi-activity venue and a campsite.
The functional currency of the Company is Pounds Sterling (£), this being the currency of the primary economic environment in which the Company operates.
Monetary amounts included in these financial statements are rounded to the nearest £'000.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied consistently in both the current and prior year, unless otherwise stated:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Whittlebury Park Enterprises Limited as at 31 December 2023 and these financial statements may be obtained from The Atrium Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP.

Page 16

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

As part of the financial reporting process, the management of Whittlebury Park Enterprises Limited Group is required to assess the ability of the business to continue operating as a going concern for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements.
2024 Financial and operational performance
The Hospitality sector has continued to face multiple challenges during 2024, but Whittlebury Park has demonstrated its ability to achieve strong revenue and conversion growth versus 2023 despite ongoing challenges such as seasonal variations, growth in bedroom stock and continued increase in costs.
The Company’s strong revenue performance in 2024 is reflected in its Key Performance Indicators, such as +12% growth in overall sales revenue at £21m (exactly on budget), where key market segments such as bedrooms and room hire grew +17% and +20% respectively. The additional revenue achieved over 2023 was £2.3m and converted to £1.1m of EBITDA 47.8% conversion.
2024 had 4 record months:

July was the highest revenue and EBITDA ever achieved for a single month.
October was the highest revenue for an October ever achieved.
November was the highest revenue £2.1m and EBITDA £501k for a November ever achieved.

During 2024 overall visitors to Whittlebury Park has continued to grow, and this can be seen from bedroom occupancy, which grew +30% to 60.7%. The occupancy growth outperformed the primary competitor set, i.e. Whittlebury Park grew 13.7% versus comp set of just 2.0%, and Revenue per available room night (RevPAR) performance was equally positive with Whittlebury Park growing 19.2% versus the primary comp set of 6.0%.
Overall sleeper nights grew +24% at 84,868, with the primary leisure segment of Spa also seeing strong year on year growth of +10% at 18,931 nights, with day spa guests again growing by +7% @ 12,281.
Conference delegate volume grew +32% at 28,566, and overall conference delegate bedrooms were +4931 greater than 2023.
Our strong and enduring partnerships with our established corporate customers, regional and national travel agencies/online travel agencies and local businesses have enabled the business to continue expanding our reach and generated solid levels of business-on-the-books. We cherish and embrace these alliances and will continue to foster collaborative relationships for the betterment of the industry and our business.
Due to the structure of package rates for the two key market segments, Total Revenue per available Room Night (TrevPAR) once again had a strong year on year growth of +12% at £224.54, and again outperforming the comp set whose growth was relatively soft at 6.3%; the index score of 118.9% reinforces the strong market outperformance.
Overall EBITDA growth for 2024 was very positive for Whittlebury Park, +51% +£1.1m versus 2023.
 
Page 17

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Going concern (continued)

2025 Forecast performance
Forecasts have been based on:
The Outlook shows that the UK economy is gradually picking up momentum, benefiting from the natural swings of the economic cycle, boosted by a strong first quarter this year and expected second quarter performance. PwC’s analysis raises the annual GDP growth outlook to about 1% for this year, up from the November 2023 projection of 0.5%, and for this to pick up even further in the medium term to around 1.8% by 2026.
Moderate revenue growth of 10% based on demand from 2024.
Stronger business is on the books for the year vs same period last year.
Average rate growth of between 6-12% across the various market segments, but target YoY growth to 9%.
Grow Total Revenue per available room (Revpar) by +10% through totality selling, increasing C&E demand pricing by market appropriate levels. 
Grow Spa volume overall (Days and Stays combined) with +5-7% increases in rates.
Golf remains a solid growth market segment through the detailed management of demand based tee time pricing.
Good news story to go to market regarding 2024 investment and imminent 2025 investment.

Post Year end is Largest Q1 enquiry volume since 2019

Strong pricing in the sector reflecting demand.
Increased payroll from UK budget changes.

Based on this, the Board of Directors are confident to project turnover of £23.1 million, albeit at slightly lower margins due to inflation and ongoing supply chain issues, with an EBITDA of £3.74m, which will enable the business to continue to meet all its commitments for the next 12 months.
Funding
The Parent Company’s borrowing facilities were due for refinancing in May 2024 when Bank of England base rates were at their highest level for decades. The Parent Company has had detailed talks with potential new funders but the financial market has been depressed so  its current funder is being supportive of the additional time that has been needed to implement the right solution for the Parent Company. At the time of approving these financial statements, positive steps have been achieved towards arranging new funders.
The Group has shown strong (51%) EBITDA growth in 2024, and is confident the financial market  recovered sufficiently in 2024 to be able to secure a 5-year refinance in 2025 with a significant capex provision, which will enable the Group to continue with its development proposals. These include completing the apartments and refurbishing the bedrooms on a rolling program, to continue the growth of Corporate and Leisure guests.
As refinancing has not been finalised at the date of approval of these financial statements, from a financial reporting perspective there is as a material uncertainty relating to going concern. However, the Directors consider it extremely likely that the Parent Company will secure a new funder and that the full repayment of the loan will not be demanded before this is achieved. The current funders are understanding of the need to get the right deal to take the business forwards and discussions with new funders are in final stages. 
 
Page 18

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Going concern (continued)

Summary
The Directors have reviewed all the evidence and consider there is every reason to be confident that the Group and Company will continue its recovery from the Pandemic. 2024’s revenue and EBITDA surpassed 2019 levels.  Having considered all the circumstances, the Directors are confident the Group will continue to grow its EBITDA in line with its forecasts, which have proved to be achievable over the past two years and refinance successfully as planned and continue to prepare the financial statements on a going concern basis.
 
 
2.4

Turnover

Turnover 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. Turnover 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

Turnover 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 turnover 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.

Provision of services

Turnover 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 turnover 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.

Page 19

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:
  Website    -  3 - 5 years
  Other     -  2 years
The amortisation expense is charged to administrative expenses in the Statement of Comprehensive Income

 
2.6

Tangible 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.

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:

Plant & machinery
-
2 - 15 years
Motor vehicles
-
2 - 10 years
Fixtures & fittings
-
2 - 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 the Statement of Comprehensive Income.
The depreciation expense is charged to administrative expenses in the Statement of Comprehensive Income.

  
2.7
Operating leases: Lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.

Page 20

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income. 

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured
Page 21

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the Statement of Comprehensive Income. They are subsequently measured at fair value with changes in the Statement of Comprehensive Income.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the Statement of Comprehensive Income. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 22

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Creditors

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

 
2.13

Interest payable and similar expenses

Interest payable and similar expenses are charged to the 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.

  
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.  Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.15

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 to Statement of comprehensive income 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.

 
2.16

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 Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of financial position. 

Page 23

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 Statement of Financial Position, 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. 
Page 24

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
In the Directors' opinion, there are no key assumptions or accounting estimates in these financial statements.


4.


Turnover

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


2023
2022
£000
£000

Provision of services
12,698
12,670

Sale of goods
5,939
4,902

18,637
17,572


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Amortisation of intangible assets
14
21

Depreciation of tangible assets
507
541


6.


Auditor's remuneration

2023
2022
£000
£000

Fees payable to the Company's auditor in respect of the audit of the Company's annual financial statements
44
41
The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 25

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

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


2023
2022
£000
£000

Wages and salaries
6,819
6,201

Social security costs
532
498

Cost of defined contribution scheme
198
172

7,549
6,871


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


        2023
        2022
            No.
            No.







Hotel and golf operations
324
305



Administration
21
20



Spa operations
11
14



Sales
28
27

384
366


8.


Directors' remuneration and key management personnel

2023
2022
£000
£000

Directors' emoluments
117
105

Company contributions to defined contribution pension schemes
25
15

142
120


During the year retirement benefits were accruing to 1 Directors (2022 - 1) in respect of defined contribution pension schemes.

The Directors are considered to be the Key Management Personnel of the Company.


9.


Interest payable and similar expenses

2023
2022
£000
£000


Finance leases and hire purchase contracts
15
12

Page 26

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tax on profit


2023
2022
£000
£000



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
393
497

Total deferred tax
393
497


Taxation on profit on ordinary activities
393
497

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
1,608
1,928


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
402
366

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3
1

Capital allowances for year in excess of depreciation
-
34

Utilisation of tax losses
-
96

Chnages in tax rates - deferred tax
6
-

Other differences
(18)
-

Total tax charge for the year
393
497


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets




Website
Other
Total

£000
£000
£000



Cost


At 1 January 2023
352
127
479


Additions
-
18
18



At 31 December 2023

352
145
497



Amortisation


At 1 January 2023
296
127
423


Charge for the year
-
14
14



At 31 December 2023

296
141
437



Net book value



At 31 December 2023
56
4
60



At 31 December 2022
57
-
57

The amortisation expense is charged to administrative expenses in the Statement of Comprehensive Income.



Page 28

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£000
£000
£000
£000



Cost


At 1 January 2023
1,345
326
6,085
7,756


Additions
68
-
72
140



At 31 December 2023

1,413
326
6,157
7,896



Depreciation


At 1 January 2023
1,035
246
4,763
6,044


Charge for the year
67
28
412
507



At 31 December 2023

1,102
274
5,175
6,551



Net book value



At 31 December 2023
311
52
982
1,345



At 31 December 2022
310
80
1,322
1,712

The depreciation expense is charged to administrative expenses in the Statement of Comprehensive Income.


13.


Stocks

2023
2022
£000
£000

Finished goods and goods for resale
188
195


Page 29

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£000
£000


Trade debtors
399
467

Amounts owed by group undertakings
4,983
2,110

Other debtors
3
2

Prepayments and accrued income
355
318

Deferred taxation
310
703

6,050
3,600


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


15.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
183
785

Less: bank overdrafts
(673)
-



16.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Bank overdrafts
673
-

Trade creditors
569
1,060

Other taxation and social security
305
349

Obligations under finance lease and hire purchase contracts
131
94

Other creditors
491
684

Accruals and deferred income
1,876
1,507

4,045
3,694


Page 30

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

Net obligations under finance leases and hire purchase contracts
-
89


HSBC Bank holds security by way of a fixed and floating charge over all assets of the company, in relation to the bank loan held within the Group.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£000
£000


Within one year
131
94

Between 1-5 years
-
89

131
183

The amounts due to finance leases are secured on the assets to which they relate.


19.


Deferred taxation




2023


£000



At beginning of year
703


Charged to Statement of Comprehensive Income
(393)



At end of year
310

The deferred tax asset of £310k (2022: £703k) is made up as follows:

2023
2022
£000
£000


Fixed asset differences
274
285

Tax losses carried forward
36
418

Page 31

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000,000 (2022 - 1,000,000) Ordinary shares of £1.00 each
1,000,000
1,000,000

Ordinary shares carry with them voting rights, but no right to any fixed income.



21.


Reserves

Profit and loss account

The profit and loss account represents the cumulative profits and losses, after the payment of dividends.


22.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £198k (2022 - £172k). Contributions totalling £73k (2022 - £32k) were payable to the fund at the reporting date and are included on the Statement of financial position within creditors.


23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000


Not later than 1 year
48
94

Later than 1 year and not later than 5 years
77
89

125
183


24.


Related party transactions

The Company has taken advantage of the exemption available in accordance within Section 33 'Related party disclosure' of FRS 102 not to disclose transactions entered into between two or more members of a group that are wholly owned. 
Transactions between Group companies have not been disclosed as the Company has taken advantage of the exemption conferred by FRS102 section 33.1A, not to disclose transactions with entities wholly owned by the Group.
Rent was paid to Jeffrey and Carol Sargeant, Directors, of £17k (2022 - £18k). £Nil was outstanding in respect of this rent at the year-end (2022 - £Nil).

Page 32

 
WHITTLEBURY HALL & SPA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Controlling party

The Company is a wholly owned subsidiary of Whittlebury Park Enterprises Limited, a company incorporated in England and Wales. The registered number of Whittlebury Park Enterprises Limited is 08080101 and its registered office is The Atrium, Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP
The largest group in which the results of the Company are consolidated is that headed by Whittlebury Park Enterprises Limited. The consolidated group financial statements of Whittlebury Park Enterprises Limited are available to the public and can be obtained from Companies House.
Jeffrey Ian Sargeant and Carol Elizabeth Sargeant are considered to be the ultimate controlling parties by virtue of their ownership of Whittlebury Park Enterprises Limited.

Page 33