Company Registration No. 02605990 (England and Wales)
UFFORD PARK LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 APRIL 2023 TO
30 NOVEMBER 2023
UFFORD PARK LIMITED
COMPANY INFORMATION
Directors
Dr A Bansal
Mrs S Bansal
Mr C R Jenno
Mrs P Walker
Company number
02605990
Registered office
Lion Quays Hotel & Spa
Weston Rhyn
Gobowen
Oswestry
Shropshire
SY11 3EN
Auditor
Morris Lane
31/33 Commercial Road
Poole
Dorset
BH14 0HU
UFFORD PARK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 29
Non statutory information
Detailed trading, profit and loss account
UFFORD PARK LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the period ended 30 November 2023.

Review of the business

To enable streamlined auditing and consistency in reporting, the company changed its year-end to align with the LQ Group, moving from 31 March to 30 November.

 

During this 8-month period, the hotel benefited from substantial investments in its spa and leisure facilities, as well as further improvements to the driving range. Significant enhancements included:

- Creation of eight new treatment rooms, including two non-therapist experiences, enhancing the range of services offered to guests.

- Development of a new arrival area for guests, complemented by a separate reception area featuring a retail shop, aimed at improving the guest experience from the moment of arrival.

- Establishment of a new deep relaxation area, providing guests with a tranquil space to unwind.

- Extension of the gym footprint, allowing for a more spacious and accommodating fitness environment.

- Addition of a new studio area at the rear of the main gym floor, designed to support a variety of fitness classes and activities.

- Installation of new Technogym equipment and wellness system technology throughout the facility, ensuring that guests have access to state-of-the-art fitness and wellness resources.

 

Despite the refurbishment disruptions, which spanned over five months, and the continued pressure from the previous year’s increase in utility costs, the hotel managed to maintain year-on-year overall revenue at comparable levels. Additionally, profit before tax increased to £644,159 in the 8 month period to 30 November 2023 from £137,981 in the 12 month period to 31 March 2023 - an overall increase of £506,178 and this is partly as a result of the positive impact of the strategic investments and operational improvements.

 

Changes in compliance requirements and potential legal challenges necessitated the introduction of new Training and H&S software and tracking platforms. These measures were implemented to mitigate uncertainties and manage additional costs effectively. 

 

The rapid pace of technological and marketing change underscores the need for continuous investment, and there is a commitment to making these necessary enhancements throughout 2024 and 2025 to maintain a competitive edge.

 

The balance sheet continued to strengthen with total equity as at 30 November 2023 being £4,517,513 compared with total equity of £3,912,855 as at 31 March 2023. The assets of the business were valued at £8.6m on 18 September 2023 by Savills, an independent valuer.

Principal risks and uncertainties

The hotel and leisure sector faces several ongoing risks and uncertainties. The economic downturn, changes in consumer spending patterns, and fluctuations in tourism significantly impact our industry.  Additionally, the continued fluctuations in the Bank of England interest rates, pose further challenges.

 

The directors are keenly aware of these risks and are proactively managing them. Close monitoring of working capital requirements and strategic product investment will secure a stable future for the hotel.

On behalf of the board

Mrs P Walker
Director
5 June 2025
UFFORD PARK LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the period ended 30 November 2023.

Principal activities

The principal activity of the company continued to be that of the running of Ufford Park Hotel, Golf & Spa.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Dr A Bansal
Mrs S Bansal
Mr C R Jenno
Mrs P Walker
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk

The company aims to mitigate liquidity risk and cash flow risk by managing working capital, and as a result, it continues to closely monitor the working capital requirements. In addition, the directors continue to work with the company's bank to ensure that these working capital requirements are met.

Future developments

Future developments include a continuing program of refurbishment in order to maintain standards and increase revenue. In addition, there is an ongoing centralisation and restructure of resources for cost saving efficiencies. The company continues to invest in staff welfare, training and development along with improved staff communication to ensure that the key policy of maintaining high customer service and satisfaction is met. In addition, there is an emphasis on fostering business relationships with supplier to maintain cost control.

Auditor

Morris Lane were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

UFFORD PARK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
On behalf of the board
Mrs P Walker
Director
5 June 2025
UFFORD PARK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 4 -

The directors are responsible for preparing the annual 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:

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.

UFFORD PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UFFORD PARK LIMITED
- 5 -
Opinion

We have audited the financial statements of Ufford Park Limited (the 'company') for the period ended 30 November 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

UFFORD PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UFFORD PARK LIMITED (CONTINUED)
- 6 -
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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

 

Identifying and assessing the risks of material misstatement due to irregularities, including fraud

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company through discussion with the directors and from our general commercial experience. The identified laws and regulations were communicated to the audit team in order that they remained alert to any non-compliance throughout the audit.

 

The company is subject to laws and regulations which have a direct effect on the financial statements and the disclosures contained therein. These have been identified as: the financial reporting framework under which the company operates - Financial Reporting Standard 102; Statutory Instrument 2008/410 – The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008; the Companies Act 2006 and taxation legislation including pay as you earn; value added tax; corporation tax and pensions legislation.

 

In addition to the above, the company is subject to other operational laws and regulations where non-compliance may have a material effect on the financial statements. Non-compliance of such laws and regulations may result in litigation, the imposition of fines or the closure of the business which could have a material impact on amounts or disclosures in the financial statements. We have identified the following laws and regulations which are more likely to have significant effect as: compliance with licencing laws; food hygiene laws; health and safety laws; General Data Protection Regulation (GDPR) and employment law.

UFFORD PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UFFORD PARK LIMITED (CONTINUED)
- 7 -

Audit procedures designed to respond to the risks of material misstatement due to irregularities, including fraud

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the senior statutory auditor drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to possible indication of management bias. At the completion stage of the audit, the senior statutory auditor's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

Auditing standards limit the audit procedures required to identify non-compliance with other operational laws and regulations to enquiry of directors and management and inspection of any correspondence. If a breach of operational regulations is not evident from relevant correspondence or disclosed to us, an audit is unlikely to detect that breach. In addition, the further removed non-compliance with laws and regulations is from the events and transactions included in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting to an error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Due to the inherent limitations of an audit, there is an unavoidable risk that, despite properly planning and performing our audit in accordance with accounting standards, some material misstatements may not have been detected.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Pettifer (Senior Statutory Auditor)
For and on behalf of Morris Lane, Statutory Auditor
Chartered Accountants
31/33 Commercial Road
Poole
Dorset
BH14 0HU
5 June 2025
UFFORD PARK LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 8 -
Period
Year
ended
ended
30 November
31 March
2023
2023
Notes
£
£
Revenue
3
3,932,059
5,462,403
Cost of sales
(2,299,314)
(3,446,918)
Gross profit
1,632,745
2,015,485
Administrative expenses
(977,460)
(1,818,203)
Operating profit
4
655,285
197,282
Finance costs
8
(11,126)
(59,301)
Profit before taxation
644,159
137,981
Tax on profit
9
(63,236)
(3,791)
Profit for the financial period
580,923
134,190

The income statement has been prepared on the basis that all operations are continuing operations.

UFFORD PARK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 9 -
Period
Year
ended
ended
30 November
31 March
2023
2023
as restated
£
£
Profit for the period
580,923
134,190
Other comprehensive income
Revaluation of property, plant and equipment
28,894
(2,108,536)
Tax relating to other comprehensive income
(5,159)
536,399
Total other comprehensive income for the period
23,735
(1,572,137)
Total comprehensive income for the period
604,658
(1,437,947)
UFFORD PARK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 10 -
30 November 2023
31 March 2023
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
8,600,000
7,700,000
Current assets
Inventories
11
60,694
46,533
Trade and other receivables
12
368,551
221,561
Cash and cash equivalents
31,339
245,038
460,584
513,132
Current liabilities
13
(3,605,854)
(3,650,149)
Net current liabilities
(3,145,270)
(3,137,017)
Total assets less current liabilities
5,454,730
4,562,983
Non-current liabilities
14
(242,860)
(31,739)
Provisions for liabilities
Deferred tax liability
17
694,357
618,389
(694,357)
(618,389)
Net assets
4,517,513
3,912,855
Equity
Called up share capital
19
200,182
200,182
Revaluation reserve
20
1,604,321
1,588,842
Capital redemption reserve
20
18
18
Retained earnings
20
2,712,992
2,123,813
Total equity
4,517,513
3,912,855
The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
Mrs P Walker
Director
Company Registration No. 02605990
UFFORD PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Retained earnings
Total
£
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022 as restated
200,184
3,198,039
16
1,952,563
5,350,802
Year ended 31 March 2023:
Profit for the year
-
-
-
134,190
134,190
Other comprehensive income:
Revaluation of property, plant and equipment
-
(2,108,536)
-
-
(2,108,536)
Tax relating to other comprehensive income
-
536,399
-
-
0
536,399
Total comprehensive income for the year
-
0
(1,572,137)
-
0
134,190
(1,437,947)
Transfers
-
(37,060)
-
37,060
-
Other movements
(2)
-
2
-
-
Balance at 31 March 2023 as restated
200,182
1,588,842
18
2,123,813
3,912,855
Period ended 30 November 2023:
Profit for the period
-
-
-
580,923
580,923
Other comprehensive income:
Revaluation of property, plant and equipment
-
28,894
-
-
28,894
Tax relating to other comprehensive income
-
(5,159)
-
-
0
(5,159)
Total comprehensive income for the period
-
0
23,735
-
0
580,923
604,658
Transfers
-
(8,256)
-
8,256
-
Balance at 30 November 2023
200,182
1,604,321
18
2,712,992
4,517,513
UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 12 -
1
Accounting policies
Company information

Ufford Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lion Quays Hotel & Spa, Weston Rhyn, Gobowen, Oswestry, Shropshire, SY11 3EN. The principle place of business is Ufford Park Woodbridge Hotel, Golf & Spa, Yarnmouth Road, Melton, Woodbridge, Suffolk, IP12 IQW.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold property at fair value. The principal accounting policies adopted are set out below.

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

 

 

The financial statements of the company are consolidated in the financial statements of LQ Spa & Golf Resorts Limited. These consolidated financial statements are available from its registered office, Lion Quays Hotel & Spa, Weston Rhyn, Oswestry, Shropshire, SY11 3EN.

1.2
Going concern

The directors have carefully considered those factors likely to affect the future development, performance and financial position of the company in relation to the ability of the company to operate within its current and foreseeable financial and operational resources.true

 

The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks applicable to the company. These include rising inflation, rising interest rates, staff shortages as a result of Brexit, the increase in the National Living Wage for employees over the age of 21, the cost of living crisis and higher insurance premiums.

 

The company's forecasts and projections, after taking into account continued support form its bank and directors, show that the company should be able to meet its liabilities as the fall due for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors have the expectation that the company will be in a position to manage its financing and business risks satisfactorily. Overall, the directors do not consider there to be a cause for material uncertainty regarding the company’s going concern status as at the date of signing these financial statements.

 

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Reporting period

The accounting reference date has been shortened from 31 March 2024 to 30 November 2023 in order to facilitate a more accurate reporting function within the business. As a result, the comparative amounts presented in the financial statements (including related notes) are not entirely comparable.

1.4
Revenue

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

 

Revenue is recognised as follows:

 

Rooms

Revenue is recognised when the rooms are occupied.

 

Food and beverages

Revenue is recognised at the point of sale, when the food and beverages have been provided.

 

Golf, health club and spa memberships

Revenue is recognised over the period of membership.

 

Golf green fees and shop income, health club and spa treatments and products

Revenue is recognised when the goods or service has been provided.

 

Deferred revenue consisting of deposits paid in advance are recognised on the day that services are performed.

1.5
Property, plant and equipment

Property, plant and equipment 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 property
2% straight line
Plant and machinery
10% - 25% straight line
Fixtures and fittings
10% - 25% straight line
Health & spa equipment
10% - 20% straight line
Golf equipment
10% - 20% straight line

Freehold land is not depreciated.

 

During the period, the company revised the depreciation rates of certain fixed assets to better reflect their expected useful lives. This change in estimate was applied prospectively from 1 April 2023. As a result, the accumulated depreciation was recalculated, leading to a reduction of £66,640 in the current period's depreciation charge.

 

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.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.6
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, 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, 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.

1.7
Inventories

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.

At each 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. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
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. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.12
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 non-current 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.

1.13
Retirement benefits

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

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating 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 so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
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.

Key sources of estimation uncertainty

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

Fair value, residual value and depreciation of freehold property

Freehold property represents the company's most significant asset and is assessed to have a useful life of 50 years and is carried at a revalued amount, being its fair value at the date of revaluation less any subsequent depreciation.

 

The value of the freehold property as at 30 November 2023 was determined based on an external valuation, having regards to factors such as current and future projected income levels, location and recent market transactions in the sector. Carrying value is then calculated on the basis of estimates and of useful life and residual value of the company's property which are determined by management and reviewed annually for appropriateness,

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 18 -
3
Revenue

An analysis of the company's revenue is as follows:

Period
Year
ended
ended
30 November
31 March
2023
2023
£
£
Revenue analysed by class of business
Rooms
1,553,175
2,058,239
Food and beverages
1,157,858
1,836,991
Healthclub and spa
517,430
759,905
Golf
652,550
656,095
Other
51,046
151,173
3,932,059
5,462,403

The whole of the turnover is attributable to the company's principal activity wholly undertaken in the United Kingdom.

4
Operating profit
Period
Year
ended
ended
30 November
31 March
2023
2023
as restated
Operating profit for the period is stated after charging (crediting):
£
£
Depreciation of owned property, plant and equipment
113,717
322,968
Profit on disposal of property, plant and equipment
(20,420)
(400)
Operating lease charges
21,001
29,980
5
Auditor's remuneration
Period
Year
ended
ended
30 November
31 March
2023
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
16,500
16,900
For other services
Taxation compliance services
1,000
-
0
All other non-audit services
5,000
-
0
6,000
-
UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 19 -
6
Employees

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

Period
Year
ended
ended
30 November
31 March
2023
2023
Number
Number
Service
119
109
Administration and support
14
16
Total
133
125

Their aggregate remuneration comprised:

Period
Year
ended
ended
30 November
31 March
2023
2023
£
£
Wages and salaries
1,505,517
2,778,034
Social security costs
95,239
164,392
Pension costs
24,592
15,499
1,625,348
2,957,925

Included in costs above is £89,188 (31 March 2023 - £nil) of employee costs recharged to the company from a related party hotel.

 

7
Directors' remuneration
Period
Year
ended
ended
30 November
31 March
2023
2023
£
£
Remuneration for qualifying services
36,448
38,000
Company pension contributions to defined contribution schemes
-
760
Compensation for loss of office
-
0
74,999
36,448
113,759

The remuneration for the period ended 30 November 2023 is in respect of directors' salary recharged from a related party hotel.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 20 -
8
Finance costs
Period
Year
ended
ended
30 November
31 March
2023
2023
£
£
Interest on finance leases and hire purchase contracts
10,519
-
Other interest
607
-
0
Interest on bank overdrafts and loans
-
59,301
11,126
59,301
9
Taxation
Period
Year
ended
ended
30 November
31 March
2023
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
2,839
Adjustments in respect of prior periods
(7,573)
6,540
Total current tax
(7,573)
9,379
Deferred tax
Origination and reversal of timing differences
70,809
(5,588)
Total tax charge
63,236
3,791
UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
9
Taxation
(Continued)
- 21 -

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

Period
Year
ended
ended
30 November
31 March
2023
2023
£
£
Profit before taxation
644,159
137,981
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
161,040
26,216
Tax effect of expenses that are not deductible in determining taxable profit
1,184
463
Adjustments in respect of prior years
(7,573)
6,540
Group relief
(50,013)
(47,275)
Depreciation in excess of capital allowances
-
0
23,435
Capital allowances in excess of depreciation
(112,211)
-
0
Deferred tax charge (credit)
70,809
(5,588)
Taxation charge for the period
63,236
3,791

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

Period
Year
ended
ended
30 November
31 March
2023
2023
as restated
£
£
Deferred tax arising on:
Revaluation of property
5,159
(536,399)
UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 22 -
10
Property, plant and equipment
Freehold property
Plant and machinery
Fixtures and fittings
Health & spa equipment
Golf equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023 as restated
6,953,082
1,341,563
2,128,223
483,117
624,755
11,530,740
Additions
408,305
864
228,002
180,456
148,776
966,403
Disposals
-
0
-
0
-
0
-
0
18,420
18,420
Revaluation
(83,006)
-
0
-
0
-
0
-
0
(83,006)
Transfers
167,206
(23,259)
(143,947)
-
0
-
0
-
0
At 30 November 2023
7,445,587
1,319,168
2,212,278
663,573
791,951
12,432,557
Depreciation and impairment
At 1 April 2023
-
0
1,200,751
1,663,770
448,074
518,145
3,830,740
Depreciation charged in the period
111,900
(40,579)
37,916
(20,118)
24,598
113,717
Revaluation
(111,900)
-
0
-
0
-
0
-
0
(111,900)
At 30 November 2023
-
0
1,160,172
1,701,686
427,956
542,743
3,832,557
Carrying amount
At 30 November 2023
7,445,587
158,996
510,592
235,617
249,208
8,600,000
At 31 March 2023 as restated
6,953,082
140,812
464,453
35,043
106,610
7,700,000

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

As at
As at
30 November
31 March
2023
2023
£
£
Plant and machinery
28,860
14,542
Golf equipment
186,615
82,270
Health & spa equipment
144,265
-
0
359,740
96,812

Property, plant and equipment with a carrying amount of £8,600,000 (31 March 2023 - £7,700,000) have been pledged as security for tthe parent company's bank borrowings. Additional information is given in note 23.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
10
Property, plant and equipment
(Continued)
- 23 -
The valuation of freehold property at 30 November 2023 is represented by:
£
Cost
7,941,400
Valuation in 2015
1,852,988
Valuation in November 2023
(83,006)
Prior year adjustment (see note 26)
(2,265,795)
7,445,587
In the years from 2016 to 2022 inclusive, the revaluation comprised an amount equal to the depreciation charged for that year meaning the carrying value is the valuation of £9,200,000 as at 31 March 2015 together with the cost of additions since that date.

The value of the freehold property as at 30 November 2023 was determined based on a valuation performed on 18 September 2023 by Savills, independent valuers not connected with the company, on the basis of market value. The valuation conforms to RICS Valuation - Global Standards and is based on an income approach having regard to the property's trading potential.

Freehold property is carried at valuation. If it was measured using the cost model, the carrying amounts would be as follows:

As at
As at
30 November
31 March
2023
2023
£
£
Cost
7,941,400
7,365,889
Accumulated depreciation
(2,634,907)
(2,531,263)
Carrying value
5,306,493
4,834,626
11
Inventories
As at
As at
30 November
31 March
2023
2023
£
£
Finished goods and goods for resale
60,694
46,533

The carrying amount of inventories includes £60,694 (31 March 2023 - £46,533) pledged as security for liabilities. Additional information is given in note 23.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 24 -
12
Trade and other receivables
As at
As at
30 November
31 March
2023
2023
Amounts falling due within one year:
£
£
Trade receivables
192,479
145,657
Other receivables
84,877
-
0
Prepayments and accrued income
91,195
75,904
368,551
221,561

The carrying amount of trade and other receivables includes £368,551 (31 March 2023 - £221,561) pledged as security for liabilities. Additional information is given in note 23.

13
Current liabilities
As at
As at
30 November
31 March
2023
2023
as restated
Notes
£
£
Obligations under finance leases
16
72,850
29,007
Other borrowings
15
2,505,512
2,682,677
Trade payables
395,152
310,618
Corporation tax
2,933
2,839
Other taxation and social security
148,560
132,158
Other payables
330,788
378,225
Accruals and deferred income
150,059
114,625
3,605,854
3,650,149

Obligations under finance leases are secured on the assets concerned.

14
Non-current liabilities
As at
As at
30 November
31 March
2023
2023
Notes
£
£
Obligations under finance leases
16
242,860
31,739

Obligations under finance leases are secured on the assets concerned.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 25 -
15
Borrowings
As at
As at
30 November
31 March
2023
2023
£
£
Loan from parent undertaking
2,505,512
2,682,677
Payable within one year
2,505,512
2,682,677

The loan from parent undertaking is unsecured, interest free and repayable on demand.

16
Finance lease obligations
As at
As at
30 November
31 March
2023
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
72,850
29,007
In two to five years
242,860
31,739
315,710
60,746

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

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

Liabilities
Liabilities
As at
As at
30 November
31 March
2023
2023
as restated
Balances:
£
£
Accelerated capital allowances
159,584
88,775
Revaluations
534,773
529,614
694,357
618,389
UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
17
Deferred taxation
(Continued)
- 26 -
As at
30 November
2023
Movements in the period:
£
Liability as at 1 April 2023 as restated
618,389
Charge to profit or loss
70,809
Charge to other comprehensive income
5,159
Liability at 30 November 2023
694,357

Of the deferred tax liability set out above, an amount of £27,453 is expected to reverse within 12 months and relates to accelerated capital allowances.

18
Retirement benefit schemes
Period
Year
ended
ended
30 November
31 March
2023
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,592
15,499

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company operates a defined contribution pension scheme for its employees. Included in other creditors on the balance sheet are pensions commitments of £26,465 (31 March 2023 - £6,846).

19
Share capital
As at
As at
As at
As at
30 November
31 March
30 November
31 March
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
C Shares of £1 each
184
184
184
184
Deferred Shares of £200 each
1,000
1,000
199,998
199,998
1,184
1,184
200,182
200,182

The C shares carry full voting rights, are non-redeemable and entitle the holders to dividends. Any return on assets must first be allocated to holders of deferred shares before being distributed to holders of the C shares.

Deferred shares do not carry voting rights or entitlement to dividends and may be redeemed by the company at any time at their nominal value.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 27 -
20
Reserves
Revaluation reserve

The revaluation reserve relates to the unrealised profit on the remeasurement of freehold property at open market value together with annual deferred tax adjustments.

Capital redemption reserve

Capital redemption reserve arose when the company redeemed its own shares. The nominal value of the shares redeemed is transferred from retained earnings to this reserve in accordance with Companies Act.

Retained earnings

Retained earnings represents cumulative profits or losses net of dividends paid and other adjustments.

21
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

As at
As at
30 November
31 March
2023
2023
£
£
Within one year
28,630
29,980
Between two and five years
38,290
58,750
66,920
88,730
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2023
£
£
Spa refurbishment works
-
650,000
23
Financial commitments, guarantees and contingent liabilities

At 30 November 2023, the company provided security for the borrowings of its parent company, LQ Spa & Golf Resorts Limited, by way of an unlimited guarantee with a first legal mortgage over the freehold property and a fixed and floating debenture over all the assets of the company. As at 30 November 2023, the maximum exposure of the company under the guarantee was £4,850,920 (31 March 2023 - £4,875,000).

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 28 -
24
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

Cross charges to related entities
Cross charges from related entities
Period
Year
Period
Year
ended
ended
ended
ended
30 November
31 March
30 November
31 March
2023
2023
2023
2023
£
£
£
£
Entities under common control
1,659
-
0
106,458
-
1,659
-
106,458
-

The following amounts were outstanding at the reporting end date:

As at
As at
30 November
31 March
2023
2023
Amounts due to related parties
£
£
Parent undertaking
2,505,512
2,682,677
2,505,512
2,682,677

 

As at
As at
30 November
31 March
2023
2023
Amounts due from related parties
£
£
Entity under common control
84,877
-
84,877
-
Other information

The loans to and from related parties above are interest free and repayable on demand.

 

Additional related party information is given in notes 6, 7 and 23.

25
Ultimate controlling party

The company's immediate and ultimate parent company, for which group accounts are prepared and are publicly available is LQ Spa & Golf Resorts Limited. whose registered office is Weston Rhyn, Gobowen, Oswestry, SY11 3EN.

The ultimate controlling parties are Dr A Bansal and Mrs S Bansal.

UFFORD PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 29 -
26
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
Notes
£
£
Adjustments to prior period
Revaluation of freehold property
1
-
(2,265,795)
Deferred tax on revaluation of freehold property
2
(1,066,013)
(529,614)
Reclassify loan due to parent company as current liabilities
3
-
-
Total adjustments
(1,066,013)
(2,795,409)
Equity as previously reported
6,416,815
6,708,264
Equity as adjusted
5,350,802
3,912,855
Analysis of the effect upon equity
Revaluation reserve
(1,066,013)
(1,729,396)
Reconciliation of changes in profit for the previous financial period
Year
ended
31 March
2023
£
Revaluation of freehold property
1
-
Deferred tax on revaluation of freehold property
2
-
Reclassify loan due to parent company as current liabilities
3
-
Total adjustments
-
Profit as previously reported
134,190
Profit as adjusted
134,190
Notes to reconciliation
1. Revaluation of freehold property

The carrying value of the freehold property as at 31 March 2023 was adjusted to reflect the market value of the property as at that date.

2. Deferred tax on revaluation of freehold property

This adjustment was required as no deferred tax was provided on the revaluation of the freehold property as at 31 March 2022 or as at 31 March 2023.

3. Reclassify loan due to parent company as current liabilities

The loan due to the parent company of £2,682,677 which is repayable on demand was incorrectly classified as a non-current liability as at 31 March 2023. The adjustment reclassifies the loan as a current liability.

2023-11-302023-04-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Dr A BansalMrs S BansalMr C R JennoMrs P Walker026059902023-04-012023-11-3002605990bus:Director12023-04-012023-11-3002605990bus:Director22023-04-012023-11-3002605990bus:Director32023-04-012023-11-3002605990bus:Director42023-04-012023-11-3002605990bus:RegisteredOffice2023-04-012023-11-30026059902023-11-30026059902022-04-012023-03-3102605990core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3102605990core:RetainedEarningsAccumulatedLosses2023-04-012023-11-3002605990core:RevaluationReserve2023-04-012023-11-3002605990core:RevaluationReserve2022-04-012023-03-3102605990core:RevenueReservesInvestmentFundsOnly2022-04-012023-03-3102605990core:ShareCapital2022-04-012023-03-3102605990core:CapitalRedemptionReserve2022-04-012023-03-3102605990core:ShareCapital2023-04-012023-11-3002605990core:CapitalRedemptionReserve2023-04-012023-11-30026059902023-03-3102605990core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-3002605990core:PlantMachinery2023-11-3002605990core:FurnitureFittings2023-11-3002605990core:ComputerEquipment2023-11-3002605990core:MotorVehicles2023-11-3002605990core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3102605990core:PlantMachinery2023-03-3102605990core:FurnitureFittings2023-03-3102605990core:ComputerEquipment2023-03-3102605990core:MotorVehicles2023-03-3102605990core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3002605990core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102605990core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3002605990core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102605990core:ShareCapital2023-11-3002605990core:ShareCapital2023-03-3102605990core:RevaluationReserve2023-11-3002605990core:RevaluationReserve2023-03-3102605990core:CapitalRedemptionReserve2023-11-3002605990core:CapitalRedemptionReserve2023-03-3102605990core:RetainedEarningsAccumulatedLosses2023-11-3002605990core:RetainedEarningsAccumulatedLosses2023-03-3102605990core:ShareCapital2022-03-3102605990core:RevaluationReserve2022-03-3102605990core:CapitalRedemptionReserve2022-03-3102605990core:RetainedEarningsAccumulatedLosses2022-03-31026059902022-03-3102605990core:ShareCapitalOrdinaryShareClass32023-11-3002605990core:ShareCapitalOrdinaryShareClass32023-03-3102605990core:ShareCapitalOrdinaryShareClass42023-11-3002605990core:ShareCapitalOrdinaryShareClass42023-03-3102605990core:ShareCapitalOrdinaryShares2023-11-3002605990core:ShareCapitalOrdinaryShares2023-03-3102605990core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012023-11-3002605990core:PlantMachinery2023-04-012023-11-3002605990core:FurnitureFittings2023-04-012023-11-3002605990core:ComputerEquipment2023-04-012023-11-3002605990core:MotorVehicles2023-04-012023-11-300260599012023-04-012023-11-300260599012022-04-012023-03-3102605990core:UKTax2023-04-012023-11-3002605990core:UKTax2022-04-012023-03-310260599022023-04-012023-11-300260599022022-04-012023-03-310260599032023-04-012023-11-300260599032022-04-012023-03-3102605990core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3102605990core:PlantMachinery2023-03-3102605990core:FurnitureFittings2023-03-3102605990core:ComputerEquipment2023-03-3102605990core:MotorVehicles2023-03-31026059902023-03-3102605990core:CurrentFinancialInstruments2023-11-3002605990core:CurrentFinancialInstruments2023-03-3102605990core:Non-currentFinancialInstruments2023-11-3002605990core:Non-currentFinancialInstruments2023-03-3102605990core:WithinOneYear2023-11-3002605990core:WithinOneYear2023-03-3102605990core:BetweenTwoFiveYears2023-11-3002605990core:BetweenTwoFiveYears2023-03-3102605990bus:OrdinaryShareClass32023-04-012023-11-3002605990bus:OrdinaryShareClass42023-04-012023-11-3002605990bus:OrdinaryShareClass32023-11-3002605990bus:OrdinaryShareClass52023-03-3102605990bus:OrdinaryShareClass42023-11-3002605990core:OtherRelatedPartiescore:SaleOrPurchaseGoods2023-04-012023-11-3002605990core:OtherRelatedPartiescore:SaleOrPurchaseGoods2022-04-012023-03-3102605990core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-11-3002605990bus:PrivateLimitedCompanyLtd2023-04-012023-11-3002605990bus:FRS1022023-04-012023-11-3002605990bus:Audited2023-04-012023-11-3002605990bus:FullAccounts2023-04-012023-11-30xbrli:purexbrli:sharesiso4217:GBP