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Registered number:
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Company information
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Contents
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Directors' report
For the year ended 31 August 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The profit for the year, after taxation, amounted to £90,380 (2023 - £85,061).
Further information on the performance of the group during the year and the group's state of affairs at the balance sheet date are noted within the Strategic report on pages 3 to 4.
Dividends The directors do not recommend the payment of a dividend.
The directors are not aware of any likely future developments which would have significant effect on the group.
Fixed assets Details of movements in fixed assets are set out in the notes to the accounts.
The director who served during the year was:
There have been no significant events affecting the group since the year end.
The group is not involved in any major research and development projects.
The parent company and its subsidiaries are close companies within the meaning of S.439 CTA 2010.
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Directors' report (continued)
For the year ended 31 August 2024
The directors are responsible for preparing the group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Under section 487(2) of the Companies Act 2006, Clay Ratnage Strevens & Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on 21 May 2025 and signed on its behalf.
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Group strategic report
For the year ended 31 August 2024
The principal activity of the company is that of managing the affairs of its subsidiary companies, and its trading subsidiary's principal activity is that of hospitality. There were no changes in this activity during the year.
The group's main trading operations are within the hospitality sector and the subsidiary company has continued to trade with reasonable success despite the tough trading conditions which continue to affect this sector. The directors have continued to invest in the trading activities of the subsidiary and they undertake ongoing maintenance expenditure, conducting both restorative and preventative maintenance to ensure the facilities remain at a high standard. The group saw a reduction in energy costs when compared to the previous year, although costs remain much higher than historically experienced. However, the general trend has been an increase in costs during the year, as a result of inflation, and this has put added pressure on results of the trading subsidiary.
Given the challenges presented during this and the preceding years, the directors are pleased to confirm that the group made a profit after taxation of £90,380 (2023 - £85,061). The directors are satisfied with the state of the financial affairs of the group at the balance sheet date and are pleased to report that the group maintains a sensible level of funds in order to ensure that all working capital requirements of the business can be met. The group has the ongoing financial support of its ultimate holding company.
The principal risks and uncertainties identified by the directors of the group relate to factors concerning the overall state of the UK economy and the continuing cost of living crisis. These factors directly impact the demand for domestic holidays, weddings and other related activities. The stability of the UK economy also has a direct impact on customers attitude to spending which affects the group as the industry within which it operates is substantially reliant on customers willingness to spend their surplus income.
The group is in a good position, both financially and operationally, to adapt to the continuing challenges within its sector. The group continues to develop and strengthen its brand and the directors continue to have an active involvement in the daily activities of the group, which enables them to respond to any problems that may arise.
The directors consider the key financial performance indicators to be as follows:
Gross profit percentage - The director reports that the trading subsidiary's gross profit percentage has reduced slightly to 42.9% (2023 - 45.5%). The reduction seen in the current year would have been greater if it were not for the change in the mix of turnover, with a greater proportion of the turnover in the year arising from accommodation. The gross margin arising on liquor sales has seen a reduction which was attributable to the fact that the subsidiary company incurred higher liquor costs due to inflation. The margin has also been adversely impacted by minimum wage increases. The director anticipates a further slight fall in gross profit margin moving forward due to ever increasing wage costs. Operating profit percentage - The director confirms that the operating profit percentage has increased and is 10.4% (2023 - 8.7%). The director expects that operating profit margin will be maintained during the forthcoming year. Group net value - The director reports that the net value of the group has increased by £90,380 (2023 - increase £85,061) during the year. This increase is attributable to the group's profit for the year.
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Group strategic report (continued)
For the year ended 31 August 2024
This report was approved by the board on 21 May 2025 and signed on its behalf.
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Independent auditors' report to the members of Sedum Limited
We have audited the financial statements of Sedum 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 and company Balance sheets, the Group Statement of cash flows, the group and company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Independent auditors' report to the members of Sedum Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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Independent auditors' report to the members of Sedum Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
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.
To identify risks of material misstatement due to fraud, we assess events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures include:
• Obtaining an understanding of the legal and regulatory frameworks applicable to the group and the sector in which they operate.
• Obtaining an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries to the group's accounting department and management.
• Assessing the susceptibility of the company's financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures:
- Identifying and assessing the design effectiveness of controls which management have in place to prevent and
detect fraud.
- Understanding how those charged with governance consider and address the potential for override of controls and
management bias.
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. - Assessing the extent of compliance with the relevant laws and regulations.
- Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition.
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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Independent auditors' report to the members of Sedum Limited (continued)
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Clay Ratnage Strevens & Hills
for and on behalf of
Statutory Auditors
Construction House
Runwell Road
Wickford
SS11 7HQ
21 May 2025
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Consolidated statement of comprehensive income
For the year ended 31 August 2024
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Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 21 May 2025.
The notes on pages 16 to 34 form part of these financial statements.
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Company balance sheet
As at
The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 21 May 2025.
The notes on pages 16 to 34 form part of these financial statements.
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Consolidated statement of changes in equity
For the year ended 31 August 2024
Consolidated statement of changes in equity
For the year ended 31 August 2023
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Company statement of changes in equity
For the year ended 31 August 2024
Company statement of changes in equity
For the year ended 31 August 2023
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Consolidated statement of cash flows
For the year ended 31 August 2024
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Consolidated analysis of net debt
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
Sedum Limited is a private company limited by shares. Its registered office and principal place of business is Pontlands Park Hotel, West Hanningfield Road, Great Baddow, Chelmsford, CM2 8HR.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 August 2014.
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Notes to the financial statements
For the year ended 31 August 2024
2.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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Notes to the financial statements
For the year ended 31 August 2024
2.Accounting policies (continued)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated impairment losses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line method and a reducing balance basis.
Depreciation is provided at the following rates:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. The group recognises investment property as section 17 property, plant and equipment as permitted by section 16.4A(b).
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Notes to the financial statements
For the year ended 31 August 2024
2.Accounting policies (continued)
At each balance sheet date, stock is 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 profit or loss.
The group 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 group's Balance sheet when the group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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Notes to the financial statements
For the year ended 31 August 2024
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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 profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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Notes to the financial statements
For the year ended 31 August 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
For the year ended 31 August 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
There were no factors that may affect future tax charges.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £
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Notes to the financial statements
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
Included in fixed assets is freehold land at valuation of £6,780,000 (2023 - £6,780,000), (cost £685,600 (2023 - £685,600)) which is not depreciated.
The aforementioned valuation represents the open market value of the property, as provided by the director, having regard to professional advice taken personally.
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Notes to the financial statements
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
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Notes to the financial statements
For the year ended 31 August 2024
24.Deferred taxation (continued)
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost represents contributions payable by the group to the fund in the year and amounted to £11,324 (2023 - £10,570).
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Notes to the financial statements
For the year ended 31 August 2024
The company's ultimate holding company as at the balance sheet date was Ralis Services SA, a company incorporated in the British Virgin Islands. Ralis Services SA does not produce financial statements available for public use.
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