| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 August 2024 |
| for |
| Denham Grove Hotel Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 August 2024 |
| for |
| Denham Grove Hotel Limited |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 15 |
| Denham Grove Hotel Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| 364-368 Cranbrook Road |
| Gants Hill |
| Ilford |
| Essex |
| IG2 6HY |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| The principal activity of the company in the year under review was that of a hotel and venue hiring for conferences, training and weddings. |
| Key Financial Performance Indicators |
| The group key financial and other performance indicators during the year were as follows: |
| 2024 2023 |
| Turnover (continuing operations) 4,357,047 4,497,711 |
| Operating Profit 45,863 56,038 |
| (Loss) after Tax (757,146) (514,774) |
| Shareholder's Equity (1,301,697) (544,551) |
| Non Financial Performance Indicators |
| The Management of Human Resources |
| Directors has regular meeting with key management employees to ensure any issues relating to staff are resolved as a priority.This has helped company to have low level of staff turnover and increased efficiencies. |
| Customer centric approach |
| The company ensures that service provided to both corporate and private individuals is second to none with the emphasis on an amazing experience visiting the venue and the service received. |
| Brand Awareness |
| The company has been increasing its brand awareness. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors hold regular meetings with key management employees to evaluate the company risk management process. Full due diligence is carried out on customers and suppliers to ensure compliance with relevant legislation and to have a better understanding of their needs. |
| The company recognises increased price competition in the market place which will continue to put pressure on its margins.The company is overcoming this risk by growing in niche sectors with higher margins. |
| ON BEHALF OF THE BOARD: |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of a hotel and venue hiring for conferences, training and weddings. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 August 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| FINANCIAL MANAGEMENT |
| Liquidity risk |
| The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. |
| Interest rate risk |
| The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and loans. |
| Credit risk |
| Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. |
| All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Prestons, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Denham Grove Hotel Limited |
| Opinion |
| We have audited the financial statements of Denham Grove Hotel Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies 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. |
| Report of the Independent Auditors to the Members of |
| Denham Grove Hotel Limited |
| 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the 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. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities to detect material misstatement in respect of irregularities, including fraud. |
| 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 Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Denham Grove Hotel Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| 364-368 Cranbrook Road |
| Gants Hill |
| Ilford |
| Essex |
| IG2 6HY |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Income Statement |
| for the Year Ended 31 August 2024 |
| 31/8/24 | 31/8/23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (141,591 | ) | 56,038 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest payable and similar expenses | 5 |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 6 |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 31/8/24 | 31/8/23 |
| Notes | £ | £ |
| LOSS FOR THE YEAR | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Balance Sheet |
| 31 August 2024 |
| 31/8/24 | 31/8/23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 August 2023 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 August 2024 | ( |
) | ( |
) |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 31/8/24 | 31/8/23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Loan repayments in year | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Amts owed by/to group undertakings DR |
| Net cash from financing activities | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
956,444 |
| Cash and cash equivalents at end of year |
2 |
1,914,638 |
2,058,215 |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Loss before taxation | ( |
) | ( |
) |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Finance costs | 795,646 | 394,076 |
| 950,409 | 873,163 |
| Decrease in stocks |
| Decrease in trade and other debtors |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2024 |
| 31/8/24 | 1/9/23 |
| £ | £ |
| Cash and cash equivalents | 1,914,638 | 2,058,215 |
| Year ended 31 August 2023 |
| 31/8/23 | 1/9/22 |
| £ | £ |
| Cash and cash equivalents | 2,058,215 | 956,444 |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/9/23 | Cash flow | At 31/8/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,058,215 | (143,577 | ) | 1,914,638 |
| 2,058,215 | ( |
) | 1,914,638 |
| Debt |
| Finance leases | (40,470 | ) | 15,284 | (25,186 | ) |
| Debts falling due after 1 year | (5,955,445 | ) | 177,300 | (5,778,145 | ) |
| (5,995,915 | ) | 192,584 | (5,803,331 | ) |
| Total | (3,937,700 | ) | 49,007 | (3,888,693 | ) |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Denham Grove Hotel Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Judgements and key sources of estimation uncertainty |
| In the application of company's accounting policies, the directors are 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. |
| Turnover |
| Turnover represents net income receivable from sale of goods and services in the year, excluding value added tax. Hotel turnover represents primarily room rentals and food and beverage sales. |
| Tangible fixed assets |
| Tangible fixed assets 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 costs of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
| Depreciation is provided on the following basis: |
| Freehold land and buildings | - | 10 years straight line |
| Leasehold improvements | - | 7 years straight line |
| Plant and equipments | - | 7 years straight line |
| Fixtures and fittings | - | 7 years straight line |
| Motor vehicles | - | 3 years straight line |
| Other fixed assets | - | 7 years straight line |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss account. |
| Impairment of non-current assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible 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. |
| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss account, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
| Stocks |
| Inventories 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 inventories to their present location and condition. |
| Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
| At the reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss account. Reversals of impairment losses are also recognised in profit or loss account. |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leases. |
| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less and impairment. |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continuing financial support of The Clay Oven UK Limited, a company under common control and directors of the parent company. A loan has been provided by The Clay Oven UK Limited which enabled the company to acquire the land, buildings and fittings of Denham Grove Hotel Limited. The Clay Oven UK Limited have confirmed that this facility will not be withdrawn if it were to prevent the company from meeting its obligations as and when they fall due. |
| Based on the forecasts prepared, management believe that the company have sufficient resources to meet any liabilities as and when they fall due. The financial statements do not include any adjustments that would result if the above support was withdrawn. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31/8/24 | 31/8/23 |
| Operational and management |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Directors' remuneration |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Bank loan interest |
| Loan Interest |
| Hire purchase |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the loss for the year was as follows: |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on loss |
| 7. | TANGIBLE FIXED ASSETS |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 7. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 8. | STOCKS |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Stocks |
| 9. | DEBTORS |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 151,495 | - |
| Other creditors |
| Accruals and deferred income |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Bank loans (see note 12) |
| Hire purchase contracts (see note 13) |
| In April 2023, the company refinanced the existing loan with National Westminster Bank Plc by two new facilities as follows: |
| - A first facility of £4,940,000 is due for repayment by the 5th anniversary following first drawdown. Interest is payable at the Bank of England base rate + 2.14%. |
| - A second facility of £1,060,000 with quarterly capital and interest repayment with a final instalment due on 5th anniversary following the first drawdown Interest is payable at the Bank of England base rate + 2.14%. |
| Both loans are secured with a first legal charge over the assets of the company. |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 5,778,145 | 5,955,445 |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 13. | LEASING AGREEMENTS |
| At the reporting end date, the company had outstanding commitments for future minimum lease | payments under non-cancellable operating leases, as follows: |
| 31/8/23 | 31/8/22 |
| £ | £ |
| Operating lease commitments | 40,470 | 55,272 |
| 14. | PROVISIONS FOR LIABILITIES |
| 31/8/24 | 31/8/23 |
| £ | £ |
| Deferred tax | 465,434 | 487,383 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 August 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/8/24 | 31/8/23 |
| value: | £ | £ |
| Ordinary shares | £1 | 100 | 100 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 September 2023 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 August 2024 | ( |
) |
| Denham Grove Hotel Limited (Registered number: 10666336) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 17. | RELATED PARTY TRANSACTIONS |
| As at the year end, the company gave a loan of £800,000 (2023: £800,000) to a company under common control. The loan is interest free and is repayable by March 2032. |
| The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related Party Disclosures' not to disclose transactions entered into between the two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions. |
| 18. | PARENT COMPANY |
| The parent company is The Clay Oven Group Limited, a company incorporated in the United Kingdom. Copies of financial statements are available at its registered office which is Garlands, Sandy Lane, Northwood, Middx, United Kingdom, HA6 3ER. |