IRIS Accounts Production v25.1.3.33 02102329 Board of Directors 1.4.24 31.3.25 31.3.25 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh021023292024-03-31021023292025-03-31021023292024-04-012025-03-31021023292023-03-31021023292023-04-012024-03-31021023292024-03-3102102329ns15:EnglandWales2024-04-012025-03-3102102329ns14:PoundSterling2024-04-012025-03-3102102329ns10:Director12024-04-012025-03-3102102329ns10:PrivateLimitedCompanyLtd2024-04-012025-03-3102102329ns10:MediumEntities2024-04-012025-03-3102102329ns10:Audited2024-04-012025-03-3102102329ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-04-012025-03-3102102329ns10:Medium-sizedCompaniesRegimeForAccounts2024-04-012025-03-3102102329ns10:FullAccounts2024-04-012025-03-3102102329ns10:OrdinaryShareClass12024-04-012025-03-3102102329ns10:Director22024-04-012025-03-3102102329ns10:CompanySecretary12024-04-012025-03-3102102329ns10:RegisteredOffice2024-04-012025-03-3102102329ns5:CurrentFinancialInstruments2025-03-3102102329ns5:CurrentFinancialInstruments2024-03-3102102329ns5:ShareCapital2025-03-3102102329ns5:ShareCapital2024-03-3102102329ns5:RevaluationReserve2025-03-3102102329ns5:RevaluationReserve2024-03-3102102329ns5:RetainedEarningsAccumulatedLosses2025-03-3102102329ns5:RetainedEarningsAccumulatedLosses2024-03-3102102329ns5:ShareCapital2023-03-3102102329ns5:RetainedEarningsAccumulatedLosses2023-03-3102102329ns5:RevaluationReserve2023-03-3102102329ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102102329ns5:RevaluationReserve2023-04-012024-03-3102102329ns5:RetainedEarningsAccumulatedLosses2024-04-012025-03-3102102329ns5:RevaluationReserve2024-04-012025-03-310210232922024-04-012025-03-310210232922023-04-012024-03-3102102329ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-04-012025-03-3102102329ns5:PlantMachinery2024-04-012025-03-3102102329ns5:MotorVehicles2024-04-012025-03-3102102329ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-04-012025-03-3102102329ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-04-012024-03-3102102329ns5:OwnedAssets2024-04-012025-03-3102102329ns5:OwnedAssets2023-04-012024-03-310210232912024-04-012025-03-310210232912023-04-012024-03-3102102329ns10:OrdinaryShareClass12023-04-012024-03-3102102329ns5:LandBuildings2024-03-3102102329ns5:PlantMachinery2024-03-3102102329ns5:MotorVehicles2024-03-3102102329ns5:LandBuildings2024-04-012025-03-3102102329ns5:LandBuildings2025-03-3102102329ns5:PlantMachinery2025-03-3102102329ns5:MotorVehicles2025-03-3102102329ns5:LandBuildings2024-03-3102102329ns5:PlantMachinery2024-03-3102102329ns5:MotorVehicles2024-03-3102102329ns5:WithinOneYearns5:CurrentFinancialInstruments2025-03-3102102329ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3102102329ns5:DeferredTaxation2024-03-3102102329ns5:DeferredTaxation2024-04-012025-03-3102102329ns5:DeferredTaxation2025-03-3102102329ns10:OrdinaryShareClass12025-03-31
REGISTERED NUMBER: 02102329 (England and Wales)












CODECREST LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025






CODECREST LIMITED (REGISTERED NUMBER: 02102329)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


CODECREST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025







Directors: Mr G G Atkinson
Mr C Wilson



Secretary: Miss D Robinson



Registered office: Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Business address: Ambleside Salutation Hotel
Lake Road
AMBLESIDE
LA22 9BX



Registered number: 02102329 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: National Westminster Bank Plc
2 High Street
WINDERMERE
LA23 1AF



Accountants: Xeinadin
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025


The directors present their strategic report for the year ended 31 March 2025.

Review of business
The principal activity of the company is the operation of a hotel.

The financial statements show that the company's turnover for the year was £4,221,792 compared to £3,756,580 in the previous year, the directors are pleased with the increase in turnover deriving from additional premium rooms available for a full year. Despite this, operating profit has decreased to of £79,745 compared to £112,314 last year.

Principal risks and uncertainties
The director considers the following to be the principal risks faced by the company:

- The continuing economic uncertainty due to high interest rates;
- The impact of the cost of living crisis on customers disposable income;
- The ongoing impact of the increased National Minimum wage from April 2025
- The impact of increased National Insurance rates and reduced thresholds;

The high cost of living has a negative impact on individuals disposable income and therefore the hospitality and leisure industry could suffer as a result.

The directors don't believe that cashflow imposes a risk as it is the company's policy to ensure that forecast funding requirements can be met with available committed facilities.

Key performance indicators
The directors monitor the progress of the business based on the following KPI's:

2025 2024
Average occupancy 72.7% 73.8%
Based on rooms available 70 64
Average rate per room £170 £162

On behalf of the board:





Mr G G Atkinson - Director


3 June 2025

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025


The directors present their report with the financial statements of the company for the year ended 31 March 2025.

Principal activity
The principal activity of the company in the year under review was that of hotelier.

Dividends
The directors recommend that no final dividend be paid on any class of shares.

Future developments
Incorporated within Principal Risks and Uncertainties in the Strategic Report.

Directors
Mr G G Atkinson has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr C Wilson - appointed 13 September 2024

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025


Auditors
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr G G Atkinson - Director


3 June 2025

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CODECREST LIMITED


Opinion
We have audited the financial statements of Codecrest Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of 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 March 2025 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CODECREST LIMITED


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 Directors' Report.

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 page three, 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
CODECREST LIMITED


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 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.
· audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.
· online review of company's bank to confirm bank balances, loan facilities and security held.
· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.
· enquiries are made of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
· financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations.


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.

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 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.




Stuart Hinnigan F.C.A. C.T.A. (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

3 June 2025

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £    £   

Turnover 3 4,221,792 3,756,580

Cost of sales 713,370 655,590
Gross profit 3,508,422 3,100,990

Administrative expenses 3,443,012 3,059,410
65,410 41,580

Other operating income 4 14,335 70,734
Operating profit 6 79,745 112,314

Interest receivable and similar income 811 960
80,556 113,274

Interest payable and similar expenses 8 167 -
Profit before taxation 80,389 113,274

Tax on profit 9 51,607 49,834
Profit for the financial year 28,782 63,440

Other comprehensive income - -
Total comprehensive income for the year 28,782 63,440

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

BALANCE SHEET
31 MARCH 2025

2025 2024
Notes £    £    £   
Fixed assets
Tangible assets 11 7,785,944 7,989,644

Current assets
Stocks 12 49,548 37,468
Debtors 13 30,662 143,538
Cash at bank and in hand 367,379 251,286
447,589 432,292
Creditors
Amounts falling due within one year 14 5,421,922 5,544,989
Net current liabilities (4,974,333 ) (5,112,697 )
Total assets less current liabilities 2,811,611 2,876,947

Provisions for liabilities 15 385,683 395,301
Net assets 2,425,928 2,481,646

Capital and reserves
Called up share capital 16 37,500 37,500
Revaluation reserve 2,272,896 2,272,896
Retained earnings 115,532 171,250
Shareholders' funds 2,425,928 2,481,646

The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2025 and were signed on its behalf by:





Mr G G Atkinson - Director


CODECREST LIMITED (REGISTERED NUMBER: 02102329)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2023 37,500 168,085 2,272,896 2,478,481

Changes in equity
Profit for the year - 63,440 - 63,440
Total comprehensive income - 63,440 - 63,440
Dividends - (60,275 ) - (60,275 )
Balance at 31 March 2024 37,500 171,250 2,272,896 2,481,646

Changes in equity
Profit for the year - 28,782 - 28,782
Total comprehensive income - 28,782 - 28,782
Dividends - (84,500 ) - (84,500 )
Balance at 31 March 2025 37,500 115,532 2,272,896 2,425,928

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 457,553 328,540
Interest paid (167 ) -
Tax paid (38,219 ) (417 )
Net cash from operating activities 419,167 328,123

Cash flows from investing activities
Purchase of tangible fixed assets (119,248 ) (145,216 )
Interest received 811 960
Net cash from investing activities (118,437 ) (144,256 )

Cash flows from financing activities
Amount introduced by directors 17,516 60,860
Amount withdrawn by directors (34,809 ) (154,217 )
Inter group borrowings (82,844 ) 84,225
Equity dividends paid (84,500 ) (60,275 )
Net cash from financing activities (184,637 ) (69,407 )

Increase in cash and cash equivalents 116,093 114,460
Cash and cash equivalents at beginning of
year

2

251,286

136,826

Cash and cash equivalents at end of year 2 367,379 251,286

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025


1. Reconciliation of profit before taxation to cash generated from operations

2025 2024
£    £   
Profit before taxation 80,389 113,274
Depreciation charges 318,899 323,932
Profit on disposal of fixed assets (251 ) (53,687 )
Finance costs 167 -
Finance income (811 ) (960 )
398,393 382,559
Increase in stocks (12,080 ) (2,673 )
Decrease/(increase) in trade and other debtors 112,876 (14,643 )
Decrease in trade and other creditors (41,636 ) (36,703 )
Cash generated from operations 457,553 328,540

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 March 2025
31/3/25 1/4/24
£    £   
Cash and cash equivalents 367,379 251,286
Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 251,286 136,826


3. Analysis of changes in net funds

At 1/4/24 Cash flow At 31/3/25
£    £    £   
Net cash
Cash at bank and in hand 251,286 116,093 367,379
251,286 116,093 367,379
Total 251,286 116,093 367,379

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


1. Statutory information

Codecrest Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Although there are net current liabilities at the balance sheet date, due to the support of the parent company, the accounts have been prepared on the going concern basis.

Significant judgements and estimates
When preparing the financial statements, the directors are required to make judgements, estimates and
assumptions about the carrying value of assets, liabilities, income and expenses.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 Company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

No judgements have been made in applying the Company's accounting policies in the preparation of the financial statements, other than those involving estimation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods and services provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good or service to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% Straight line
Fixtures and equipment - 33% Straight line, 20% Straight line and 10% Straight line
Motor vehicles - 25% Reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.


CODECREST LIMITED (REGISTERED NUMBER: 02102329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. Other operating income
2025 2024
£    £   
Other income 14,335 70,734

Other income includes the balance received for loss of earnings as a result of the kitchen fire in April 2023.

5. Employees and directors
2025 2024
£    £   
Wages and salaries 1,554,080 1,395,566
Social security costs 136,819 120,593
Other pension costs 92,236 26,108
1,783,135 1,542,267

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


5. Employees and directors - continued

The average number of employees during the year was as follows:
2025 2024

Management and administration 13 13
Front of house 53 52
66 65

2025 2024
£    £   
Directors' remuneration - -
Directors' pension contributions to money purchase schemes 63,258 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 -

6. Operating profit

The operating profit is stated after charging/(crediting):

2025 2024
£    £   
Hire of plant and machinery 111 801
Depreciation - owned assets 318,899 323,932
Profit on disposal of fixed assets (251 ) (53,687 )
Auditors' remuneration 6,300 6,000
Auditors' remuneration for non audit work 4,054 5,018

7. Exceptional items
2025 2024
£    £   
Exceptional items (100,000 ) (100,995 )

This represents full and final compensation paid to an employee for life changing injuries as the result of a work related incident.

8. Interest payable and similar expenses
2025 2024
£    £   
Other interest payable and
charges 167 -
167 -

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


9. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 61,225 38,219

Deferred tax (9,618 ) 11,615
Tax on profit 51,607 49,834

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025 2024
£    £   
Profit before tax 80,389 113,274
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

20,097

28,319

Effects of:
Expenses not deductible for tax purposes 33,844 24,861

Utilisation of group losses (2,334 ) (3,346 )
for current tax and deferred
Total tax charge 51,607 49,834

10. Dividends
2025 2024
£    £   
Ordinary shares shares of 1 each
Interim 84,500 60,275

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


11. Tangible fixed assets
Fixtures
Freehold and Motor
property equipment vehicles Totals
£    £    £    £   
Cost
At 1 April 2024 8,938,527 2,344,628 66,287 11,349,442
Additions 67,885 51,363 - 119,248
Disposals - (22,435 ) (27,787 ) (50,222 )
At 31 March 2025 9,006,412 2,373,556 38,500 11,418,468
Depreciation
At 1 April 2024 1,271,103 2,030,311 58,384 3,359,798
Charge for year 180,141 137,794 964 318,899
Eliminated on disposal - (22,435 ) (23,738 ) (46,173 )
At 31 March 2025 1,451,244 2,145,670 35,610 3,632,524
Net book value
At 31 March 2025 7,555,168 227,886 2,890 7,785,944
At 31 March 2024 7,667,424 314,317 7,903 7,989,644

On transition to FRS 102 revalued property, measured at fair value, was transferred at deemed cost. The historical cost of Freehold property is £6,480,971 (2024 - £6,413,086, accumulated depreciation £996,664 (2024 - £867,031) and net book value £5,484,307 (2024 - £5,546,055)

12. Stocks
2025 2024
£    £   
Stocks 49,548 37,468

13. Debtors: amounts falling due within one year
2025 2024
£    £   
Trade debtors 9,253 6,758
Other debtors 100 110,629
Prepayments 21,309 26,151
30,662 143,538

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


14. Creditors: amounts falling due within one year
2025 2024
£    £   
Trade creditors 105,331 83,640
Amounts owed to group undertakings 4,559,529 4,646,673
Tax 61,225 38,219
Social security and other taxes 32,740 29,941
VAT 145,009 145,448
Other creditors 13,665 10,694
Directors' current accounts - 17,293
Accruals 504,423 573,081
5,421,922 5,544,989

15. Provisions for liabilities
2025 2024
£    £   
Deferred tax 385,683 395,301

Deferred
tax
£   
Balance at 1 April 2024 395,301
Provided during year (9,618 )
Balance at 31 March 2025 385,683

16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
37,500 Ordinary shares 1 37,500 37,500

Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

17. Pension commitments

The company operates a defined contribution pension scheme. Contributions totalling £6,696 (2024 - £5,792) were payable to the scheme at the end of the year and are included in other creditors.

The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £92,236 (2024 - £26,108).

18. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

CODECREST LIMITED (REGISTERED NUMBER: 02102329)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


19. Ultimate controlling party

The controlling party is the parent Youngmight Limited, incorporated in England & Wales.

The registered office of Youngmight Limited is Dalton House, 9 Dalton Square, Lancaster, LA1 1WD.

The parent produces publicly available financial statements, these are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.