Company registration number 10600958 (England and Wales)
Cameron Ventures Hotels Limited
Annual Report and Financial Statements
For the year ended 31 August 2024
Cameron Ventures Hotels Limited
Contents
Page
Company Information
1
Strategic report
2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 26
Cameron Ventures Hotels Limited
Company Information
- 1 -
Director
Mr B A Keane
Secretary
Mrs K R Keane
Company number
10600958
Registered office
Pendragon House
65 London Road
St Albans
Herts
AL1 1LJ
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Cameron Ventures Hotels Limited
Strategic Report
For the year ended 31 August 2024
- 2 -

The director presents the strategic report for the year ended 31 August 2024.

Principal activities

The principal activity of the Group is the ownership and operation of hotels in the United Kingdom which operate under the Best Western brand.

Review of the business

The Group made an operating profit for the year of £1,221,046 (2023 - £2,759,054) on a turnover of £5,295,555 (2023 - £7,669,182) The gross profit margin for the year was 66% (2023 - 68%). The operating profit for 2023 included the gain on the sale of Brome Grange Hotel owned by one of the group's subsidiaries.

 

At the year end the Group had net assets of £5,079,503 (2023 - £4,468,127).

Principal risks and uncertainties

The principal risk and uncertainties faced by the Group include:

Key performance indicators

The Group's management assesses the performance of the hotels by measuring actual performance against budget, reviewing gross profit margins and regularly monitoring room occupancy and daily rates.

Future developments

The Group's management continue to invest in maintaining and upgrading the facilities to further strengthen the market position of the hotels and their valuations. They are however of the view that the current economic uncertainty caused by inflationary pressures the economic downturn has had an effect on confidence and that this in turn will impact turnover in the short term.

On behalf of the board

Mr B A Keane
Director
23 April 2025
Cameron Ventures Hotels Limited
Director's Report
For the year ended 31 August 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 August 2024.

Results and dividends

The results for the year are set out on page 8.

Particulars of recommended dividends are detailed in note 11 to the financial statements.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr B A Keane
Auditor

The auditor, Gilberts Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

Cameron Ventures Hotels Limited
Director's Report (Continued)
For the year ended 31 August 2024
- 4 -
On behalf of the board
Mr B A Keane
Director
23 April 2025
Cameron Ventures Hotels Limited
Independent Auditor's Report
To the Members of Cameron Ventures Hotels Limited
- 5 -
Opinion

We have audited the financial statements of Cameron Ventures Hotels Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent 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.

Conclusions relating to going concern

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

 

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

 

Our responsibilities and the responsibilities of the director 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 director is 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Cameron Ventures Hotels Limited
Independent Auditor's Report (Continued)
To the Members of Cameron Ventures Hotels Limited
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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.

Explanations 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. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:
We obtained an understanding of the legal and regulatory requirements applicable to the group and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. There are inherent limitations in the audit procedures noted above, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance, miscellaneous receipts and payments testing, journal entry testing, analytical procedures and obtaining additional corroborative evidence as required. In doing so we evaluate whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We recognise that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We communicated relevant key laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud and non-compliance with laws and regulations throughout the audit.
Cameron Ventures Hotels Limited
Independent Auditor's Report (Continued)
To the Members of Cameron Ventures Hotels Limited
- 7 -
We did not identify any audit matters relating to irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.

Amanda Ruggles (Senior Statutory Auditor)
For and on behalf of Gilberts Chartered Accountants (Statutory Auditor)
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
23 April 2025
Cameron Ventures Hotels Limited
Group Statement of Comprehensive Income
For the year ended 31 August 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
5,638,061
7,669,182
Cost of sales
(1,848,886)
(2,427,190)
Gross profit
3,789,175
5,241,992
Administrative expenses
(2,599,571)
(3,664,655)
Other operating income
29,040
8,566
Exceptional item
4
-
0
1,173,151
Operating profit
5
1,218,644
2,759,054
Interest receivable and similar income
69,979
45,125
Interest payable and similar expenses
9
(345,873)
(339,920)
Profit before taxation
942,750
2,464,259
Tax on profit
10
(275,822)
(439,853)
Profit for the financial year
25
666,928
2,024,406
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Cameron Ventures Hotels Limited
Group Balance Sheet
For the year ended 31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
38,001
76,001
Tangible assets
13
5,421,682
5,640,156
Investment property
14
246,900
246,900
5,706,583
5,963,057
Current assets
Stocks
17
16,179
24,149
Debtors
18
4,124,978
4,869,378
Cash at bank and in hand
486,994
818,785
4,628,151
5,712,312
Creditors: amounts falling due within one year
19
(1,555,027)
(2,963,849)
Net current assets
3,073,124
2,748,463
Total assets less current liabilities
8,779,707
8,711,520
Creditors: amounts falling due after more than one year
20
(3,727,105)
(4,175,000)
Provisions for liabilities
Deferred tax liability
22
47,547
68,393
(47,547)
(68,393)
Net assets
5,005,055
4,468,127
Capital and reserves
Called up share capital
24
1,600
1,600
Share premium account
25
1,486,590
1,486,590
Profit and loss reserves
25
3,516,865
2,979,937
Total equity
5,005,055
4,468,127

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 23 April 2025
23 April 2025
Mr B A Keane
Director
Company registration number 10600958 (England and Wales)
Cameron Ventures Hotels Limited
Company Balance Sheet
For the year ended 31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
3,489,090
3,489,090
Current assets
Debtors
18
2,968,684
3,301,079
Cash at bank and in hand
73,726
61,299
3,042,410
3,362,378
Creditors: amounts falling due within one year
19
(1,027,965)
(1,089,643)
Net current assets
2,014,445
2,272,735
Total assets less current liabilities
5,503,535
5,761,825
Creditors: amounts falling due after more than one year
20
(3,727,105)
(4,175,000)
Net assets
1,776,430
1,586,825
Capital and reserves
Called up share capital
24
1,600
1,600
Share premium account
25
1,486,590
1,486,590
Profit and loss reserves
25
288,240
98,635
Total equity
1,776,430
1,586,825

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £319,605 (2023 - £20,853 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 23 April 2025
23 April 2025
Mr B A Keane
Director
Company registration number 10600958 (England and Wales)
Cameron Ventures Hotels Limited
Group Statement of Changes in Equity
For the year ended 31 August 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,600
1,486,590
1,090,531
2,578,721
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
2,024,406
2,024,406
Dividends
11
-
-
(135,000)
(135,000)
Balance at 31 August 2023
1,600
1,486,590
2,979,937
4,468,127
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
666,928
666,928
Dividends
11
-
-
(130,000)
(130,000)
Balance at 31 August 2024
1,600
1,486,590
3,516,865
5,005,055
Cameron Ventures Hotels Limited
Company Statement of Changes in Equity
For the year ended 31 August 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,600
1,486,590
212,783
1,700,973
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
20,852
20,852
Dividends
11
-
-
(135,000)
(135,000)
Balance at 31 August 2023
1,600
1,486,590
98,635
1,586,825
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
319,605
319,605
Dividends
11
-
-
(130,000)
(130,000)
Balance at 31 August 2024
1,600
1,486,590
288,240
1,776,430
Cameron Ventures Hotels Limited
Group Statement of Cash Flows
For the year ended 31 August 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,104,267
1,584,584
Interest paid
(345,873)
(339,920)
Income taxes paid
(574,470)
(410,695)
Net cash inflow from operating activities
183,924
833,969
Investing activities
Purchase of tangible fixed assets
(23,224)
(283,852)
Proceeds from disposal of tangible fixed assets
1,711
1,176,734
Purchase of investment property
-
(246,900)
Interest received
69,979
45,125
Net cash generated from investing activities
48,466
691,107
Financing activities
Repayment of bank loans
(447,895)
(1,700,000)
Payment of finance leases obligations
-
(8,147)
Dividends paid to equity shareholders
(130,000)
(135,000)
Net cash used in financing activities
(577,895)
(1,843,147)
Net decrease in cash and cash equivalents
(345,505)
(318,071)
Cash and cash equivalents at beginning of year
818,785
1,136,856
Cash and cash equivalents at end of year
473,280
818,785
Relating to:
Cash at bank and in hand
486,994
818,785
Bank overdrafts included in creditors payable within one year
(13,714)
-
Cameron Ventures Hotels Limited
Notes to the Group Financial Statements
For the year ended 31 August 2024
- 14 -
1
Accounting policies
Company information

Cameron Ventures Hotels Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ. The principal place of business is Cameron House, 5 King Street, Mildenhall, Suffolk, IP28 7ES.

 

The group consists of Cameron Ventures Hotels Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Cameron Ventures Hotels Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Hotel accommodation income is recognised for each night as it takes place at the room rate for that night. Food and beverage income is recognised on the day provided to the customer at the price for the items purchased.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.7
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Furniture, fixtures and equipment
10% straight line
Motor vehicles
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.12
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 17 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives and residual values may vary depending on a number of factors such as future market conditions and utilisation.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of hotel services
5,638,061
7,669,182
2024
2023
£
£
Other revenue
Interest income
69,979
45,125
Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
- 18 -
4
Exceptional item
2024
2023
£
£
Income
Profit on disposal of assets
-
1,173,151
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
221,135
237,134
Loss/(profit) on disposal of tangible fixed assets
18,852
(3,897)
Amortisation of intangible assets
38,000
38,000
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
2,500
Audit of the financial statements of the company's subsidiaries
37,500
35,000
40,000
37,500
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff
65
92
-
-
Management staff
12
12
1
1
Total
77
104
1
1
Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
7
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,522,194
1,800,171
-
0
-
0
Social security costs
118,371
128,646
-
-
Pension costs
30,265
32,441
-
0
-
0
1,670,830
1,961,258
-
0
-
0
8
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
24,000
13,200
Company pension contributions to defined contribution schemes
528
-
24,528
13,200
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
132,192
140,150
Interest on finance leases and hire purchase contracts
-
767
Other interest
213,681
199,003
Total finance costs
345,873
339,920
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
296,668
522,100
Adjustments in respect of prior periods
-
0
(125)
Total current tax
296,668
521,975
Deferred tax
Origination and reversal of timing differences
(20,846)
(82,122)
Total tax charge
275,822
439,853
Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
10
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
942,750
2,464,259
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
235,688
530,185
Tax effect of expenses that are not deductible in determining taxable profit
19,943
4,536
Under/(over) provided in prior years
-
0
(125)
Effect of capital allowance and depreciation
41,037
(12,621)
Deferred taxation
(20,846)
(82,122)
Taxation charge
275,822
439,853
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
130,000
135,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
925,271
Amortisation and impairment
At 1 September 2023
849,270
Amortisation charged for the year
38,000
At 31 August 2024
887,270
Carrying amount
At 31 August 2024
38,001
At 31 August 2023
76,001
The company had no intangible fixed assets at 31 August 2024 or 31 August 2023.
Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
- 21 -
13
Tangible fixed assets
Group
Freehold land and buildings
Furniture, fixtures and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
5,606,310
1,176,174
115,100
6,897,584
Additions
4,230
4,244
14,750
23,224
Disposals
(18,528)
-
0
(4,500)
(23,028)
At 31 August 2024
5,592,012
1,180,418
125,350
6,897,780
Depreciation and impairment
At 1 September 2023
564,094
652,902
40,432
1,257,428
Depreciation charged in the year
94,110
108,207
18,818
221,135
Eliminated in respect of disposals
(969)
-
0
(1,496)
(2,465)
At 31 August 2024
657,235
761,109
57,754
1,476,098
Carrying amount
At 31 August 2024
4,934,777
419,309
67,596
5,421,682
At 31 August 2023
5,042,216
523,272
74,668
5,640,156
The company had no tangible fixed assets at 31 August 2024 or 31 August 2023.
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 September 2023 and 31 August 2024
246,900
-

The investment property valuation is provided by the director by reference to market evidence of transaction prices for similar properties.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
3,489,090
3,489,090
Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
15
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
3,489,090
Carrying amount
At 31 August 2024
3,489,090
At 31 August 2023
3,489,090
16
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cameron Ventures Group Limited
Pendragon House, 65 London Road, St Albans, AL1 1LJ
Ordinary
100
Cameron Ventures (Cedars) Limited
As above
Ordinary
100
Cameron Ventures (Ipswich) Limited
As above
Ordinary
100
Cameron Ventures (Priory) Limited
As above
Ordinary
100
Cameron Ventures (Brome Grange) Limited
As above
Ordinary
100
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Hotel stock
16,179
24,149
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
308,969
693,521
-
0
-
0
Corporation tax recoverable
84,375
97,033
84,375
84,375
Amounts owed by group undertakings
-
-
1,826,827
2,904,789
Other debtors
3,650,737
3,993,309
1,057,482
311,915
Prepayments and accrued income
80,897
85,515
-
0
-
0
4,124,978
4,869,378
2,968,684
3,301,079
Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
- 23 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
13,714
-
0
-
0
-
0
Trade creditors
351,809
982,429
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
877,965
1,004,129
Corporation tax payable
186,545
477,005
-
0
84,375
Other taxation and social security
180,037
64,726
-
-
Other creditors
599,090
387,332
150,000
1,139
Accruals and deferred income
223,832
1,052,357
-
0
-
0
1,555,027
2,963,849
1,027,965
1,089,643
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
3,727,105
4,175,000
3,727,105
4,175,000
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
-
4,175,000
-
4,175,000
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,727,105
4,175,000
3,727,105
4,175,000
Bank overdrafts
13,714
-
0
-
0
-
0
3,740,819
4,175,000
3,727,105
4,175,000
Payable within one year
13,714
-
0
-
0
-
0
Payable after one year
3,727,105
4,175,000
3,727,105
4,175,000

The long-term loans are secured by fixed and floating charges over the assets of the company and its subsidiaries.

Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
- 24 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
47,547
68,393
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
68,393
-
Credit to profit or loss
(20,846)
-
Liability at 31 August 2024
47,547
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,265
32,441

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,600
1,600
1,600
1,600
25
Reserves
Share premium

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
- 25 -
26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Group
Entities under common control
574,702
261,290

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities under common control
2,550,218
2,875,552
27
Directors' transactions

Included in other debtors is £250,000 (2023 - £250,000) due from the director. Interest has been charged on the loans at the HMRC authorised rate.

28
Analysis of changes in net debt - group
2024
£
Opening net funds/(debt)
Cash and cash equivalents
818,785
Loans
(4,175,000)
(3,356,215)
Changes in net debt arising from:
Cash flows of the entity
102,390
Closing net funds/(debt) as analysed below
(3,253,825)
Closing net funds/(debt)
Cash and cash equivalents
473,280
Loans
(3,727,105)
(3,253,825)
Cameron Ventures Hotels Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 August 2024
- 26 -
29
Cash generated from group operations
2024
2023
£
£
Profit after taxation
666,928
2,024,406
Adjustments for:
Taxation charged
275,822
439,853
Finance costs
345,873
339,920
Investment income
(69,979)
(45,125)
Loss/(gain) on disposal of tangible fixed assets
18,852
(3,897)
Amortisation and impairment of intangible assets
38,000
38,000
Depreciation and impairment of tangible fixed assets
221,135
237,134
Movements in working capital:
Decrease in stocks
7,970
13,659
Decrease/(increase) in debtors
724,704
(2,372,858)
(Decrease)/increase in creditors
(1,125,038)
913,492
Cash generated from operations
1,104,267
1,584,584
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