Company Registration No. SC727123 (Scotland)
Crerar Holdings Limited
Financial statements
for the year ended 31 August 2024
Pages for filing with the registrar
Crerar Holdings Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
3 - 10
Crerar Holdings Limited
Statement of financial position
As at 31 August 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
10,006
542,543
Current assets
Stocks
3,985
3,985
Debtors
6
22,018,825
20,588,845
Cash at bank and in hand
2,570,933
4,409,064
24,593,743
25,001,894
Creditors: amounts falling due within one year
7
(4,878,706)
(1,624,335)
Net current assets
19,715,037
23,377,559
Total assets less current liabilities
19,725,043
23,920,102
Creditors: amounts falling due after more than one year
8
(3,506,070)
(7,661,667)
Net assets
16,218,973
16,258,435
Capital and reserves
Called up share capital
10
9,996,350
9,996,350
Profit and loss reserves
6,222,623
6,262,085
Total equity
16,218,973
16,258,435

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 12 April 2025 and are signed on its behalf by:
Patrick Crerar CBE
Director
Company Registration No. SC727123
Crerar Holdings Limited
Statement of changes in equity
For the year ended 31 August 2024
2
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 22 March 2022
-
0
-
-
-
Period ended 31 August 2023:
Loss and total comprehensive income for the period
-
-
(19,770,620)
(19,770,620)
Issue of share capital
10
9,996,350
-
-
9,996,350
Dividends
-
-
(1,999,270)
(1,999,270)
Reserve arising from subsidiary undertaking on corporate restructuring
-
28,031,975
-
0
28,031,975
Reserve transfer arising on disposal of investment
-
(28,031,975)
28,031,975
-
Balance at 31 August 2023
9,996,350
-
6,262,085
16,258,435
Year ended 31 August 2024:
Loss and total comprehensive income for the year
-
-
(39,462)
(39,462)
Balance at 31 August 2024
9,996,350
-
6,222,623
16,218,973
Crerar Holdings Limited
Notes to the financial statements
For the year ended 31 August 2024
3
1
Accounting policies
Company information

Crerar Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is .

1.1
Reporting period

The financial statements for the year ended 31 August 2024 report the results for the 12-month period from 1 September 2023 to 31 August 2024. The comparative amounts reports the results for the 17-month period from 22 March 2022, the company's incorporation date, to 31 August 2023.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.3
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
4% reducing balance
Motor vehicles
20% reducing balance

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 credited or charged to profit or loss.

1.4
Impairment of fixed 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, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Crerar Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
4

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, 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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of 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 company after deducting all of its liabilities.

Crerar Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Crerar Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies (continued)
6
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the 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.

3
Employees

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

2024
2023
Number
Number
Total
5
5
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Bank interest received
108,298
121,054
Interest received from vendor loan
1,436,253
569,458
1,544,551
690,512
Crerar Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
7
5
Tangible fixed assets
Land and buildings
Motor Vehicles
Total
£
£
£
Cost
At 1 September 2023
540,219
13,808
554,027
Disposals
(540,219)
-
0
(540,219)
At 31 August 2024
-
0
13,808
13,808
Depreciation and impairment
At 1 September 2023
10,183
1,301
11,484
Depreciation charged in the year
-
0
2,501
2,501
Eliminated in respect of disposals
(10,183)
-
0
(10,183)
At 31 August 2024
-
0
3,802
3,802
Carrying amount
At 31 August 2024
-
0
10,006
10,006
At 31 August 2023
530,036
12,507
542,543
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
13,114
19,387
2024
2023
Amounts falling due after more than one year:
£
£
Other loans
22,005,711
20,569,458
Total debtors
22,018,825
20,588,845
Interest is accrued on the vendor loan balance at a rate of 1.5% above base rate.
Crerar Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
8
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,751
22
Corporation tax
126,916
-
0
Other taxation and social security
49,863
663,769
Other creditors
4,700,176
960,544
4,878,706
1,624,335
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other loans
2,276,363
2,127,985
Other creditors
1,229,707
5,533,682
3,506,070
7,661,667

On 14 March 2023, the company granted a debenture in favour of The Crerar Trust.

 

9
Loans and overdrafts
2024
2023
£
£
Other loans
2,276,363
2,127,985
Payable after one year
2,276,363
2,127,985

The company has entered into a loan facility with the largest shareholder on 14 March 2023. The facility provided for the company to draw upon £2,000,000 of loan finance. The loan facility is repayable over a two year period ending March 2025, subject to the granting of a two year extension making the repayment date March 2027. The loan bears interest at 1.5% over base, with such interest to be rolled-up on a quarterly basis to be paid at the settlement of the loan.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
17,585,199 Ordinary shares of 25p each
17,585,199
17,585,199
4,396,300
4,396,300
22,400,201 Trustee shares of 25p each
22,400,201
22,400,201
5,600,050
5,600,050
39,985,400
39,985,400
9,996,350
9,996,350
Crerar Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
10
Called up share capital (continued)
9
The Ordinary and Trustee shares rank pari passu in all respects with the exception of the following:

(a)   The holders of the Trustee shares are entitled to the same number of votes as the holders of the Ordinary shares in General Meetings

(b)   On the winding up of the company any surplus assets shall be applied:
    - firstly, towards the repayment of the capital paid up on the Ordinary and Trustee shares,
    - secondly, towards the repayment of £51,759 to and among the holders of the Trustee shares,
    - thirdly, any balance shall be paid out among the holders of the Ordinary and Trustee shares on a pari passu basis.
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jamie Younger BSc CA
Statutory Auditors:
Saffery LLP
Date of audit report:
28 May 2025
12
Events after the reporting date

Subsequent to the year end the loan balance of £22,005,711 as at year end was repaid in full, this repayment allowed the loan facility with the largest shareholder (totalling £2,276,363 as at year end) to be repaid in full and will also allow accrued incentive costs to be settled in full.

Crerar Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 August 2024
10
13
Related party transactions

The company was novated a loan payable of £2,070,675 following the hive-up agreement concluded between Crerar Hotel Group Limited and Crerar Holdings Limited on 13 March 2023. The balance due to The Crerar Trust at the year-end is £2,070,675 (2023, £2,070,675) and the company has accrued interest payable thereon of £205,688 (2023, £57,310).This loan balance is further detailed in Note 10.

14
Parent company

The Crerar Hotels Trust owns 56.02% of the called-up share capital of Crerar Holdings Limited, which represents 50% of the company’s voting rights. Crerar Trustee Company 1 Limited and Crerar Trustee Company 2 Limited may each be deemed to have significant control of Crerar Holdings Limited.

2024-08-312023-09-01false28 May 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedPatrick Crerar CBEGraham CrerarNigel DearnleyNigel DearnleyfalsefalseSC7271232023-09-012024-08-31SC7271232024-08-31SC7271232023-08-31SC727123core:LandBuildings2024-08-31SC727123core:OtherPropertyPlantEquipment2024-08-31SC727123core:LandBuildings2023-08-31SC727123core:OtherPropertyPlantEquipment2023-08-31SC727123core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-31SC727123core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-31SC727123core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-31SC727123core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-31SC727123core:CurrentFinancialInstruments2024-08-31SC727123core:CurrentFinancialInstruments2023-08-31SC727123core:Non-currentFinancialInstruments2024-08-31SC727123core:Non-currentFinancialInstruments2023-08-31SC727123core:ShareCapital2024-08-31SC727123core:ShareCapital2023-08-31SC727123core:RetainedEarningsAccumulatedLosses2024-08-31SC727123core:RetainedEarningsAccumulatedLosses2023-08-31SC727123core:ShareCapital2022-03-21SC727123core:ShareCapitalOrdinaryShares2024-08-31SC727123core:ShareCapitalOrdinaryShares2023-08-31SC727123bus:Director12023-09-012024-08-31SC727123core:RetainedEarningsAccumulatedLosses2022-03-222023-08-31SC7271232022-03-222023-08-31SC727123core:RetainedEarningsAccumulatedLosses2023-09-012024-08-31SC727123core:ShareCapital2022-03-222023-08-31SC727123core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-012024-08-31SC727123core:MotorVehicles2023-09-012024-08-31SC727123core:LandBuildings2023-08-31SC727123core:OtherPropertyPlantEquipment2023-08-31SC7271232023-08-31SC727123core:LandBuildings2023-09-012024-08-31SC727123core:OtherPropertyPlantEquipment2023-09-012024-08-31SC727123core:WithinOneYear2024-08-31SC727123core:WithinOneYear2023-08-31SC727123core:AfterOneYear2024-08-31SC727123core:AfterOneYear2023-08-31SC727123bus:PrivateLimitedCompanyLtd2023-09-012024-08-31SC727123bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-31SC727123bus:FRS1022023-09-012024-08-31SC727123bus:Audited2023-09-012024-08-31SC727123bus:Director22023-09-012024-08-31SC727123bus:Director32023-09-012024-08-31SC727123bus:CompanySecretary12023-09-012024-08-31SC727123bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP