Year Ended
Registration number:
M&P Food Products Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
M&P Food Products Limited
Company Information
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Directors |
V Mason A L Mason J H Mason S J Hewlett J J P Mason |
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Registered office |
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Bankers |
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Auditors |
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M&P Food Products Limited
Strategic Report
Year Ended 31 October 2024
The directors present their strategic report for the year ended 31 October 2024.
Fair review of the business
The Directors announce a loss for the year after exceptional items of £298k (2023 - profit of £2,207k).
M&P Food Products Limited ("the Group") is a holding company that controls a number of entities, the principal trading entity being Tregenna Castle Hotel Limited. Nestled within 72 acres of subtropical gardens the resort provides a selection of family friendly hotel and self catering accommodation, as well as an 9 hole golf course, tennis courts and outdoor pool. The strategy of the directors continues to focus upon the maximisation of the potential of the site by using the generation of profits by Tregenna to finance ongoing development, property enhancement and to provide working capital for the Group.
The hotel has also advanced its long term projects for developing staff accommodation, refurbishing hotel guest rooms, and hotel facilities such as dining and function rooms.
Revenue in the year has reduced to £6,045k (2023 - £9,493k) due to a reduction in property sales at Tregenna Castle Hotel. Within revenue is £5,987k (2023 - £5,791k) which related to the activities of the hotel and lettings business. The gross margin of the group reduced to 46.3% (2023 - 48.5%).
The group has been exposed to the impact of inflation in the current year, but the mitigations to energy costs in particular due to the new CHP gas turbine have meant that the group has mitigated as far as possible, the impact of the high inflation during the period.
The group's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
|
|
Turnover |
£000's |
6,045 |
9,493 |
|
Hotel & lettings turnover |
£000's |
5,987 |
5,791 |
|
Hotel wage cost percentage |
% |
42 |
42 |
M&P Food Products Limited
Strategic Report
Year Ended 31 October 2024
Principal risks and uncertainties
Tregenna’s business is affected by a number of factors that can pose a risk to its financial performance in both the immediate and longer term.
1. The surplus discretionary spend of holidaymakers and visitors to the resort
2. The weather
3. Real time social media can impact on the flow of visitors to, and the reputation of, the resort
4. Shortened booking lead times
5. The seasonal nature of Tregenna's income
6. Sufficient capital to realise the development aspirations on site
Tregenna is able to deal with these risks through a combination of mitigating actions:
1. Focus is given to actively engage with visitors with the aim of delivering first class service and value for money from arrival through to departure.
2. Constant investment into the infrastructure of the properties on site to diversify the range of activities available during inclement weather.
3. Operate a flexible pricing strategy including offering discounts for early bookers whilst maintaining a fair balance between occupancy and rate.
4. Close monitoring and planning of costs and cashflows to ensure that there is adequate working capital during the winter months.
5. Continuing to maintain good relationships with the principal funders
Approved and authorised by the
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M&P Food Products Limited
Directors' Report
Year Ended 31 October 2024
The directors present their report and the for the year ended 31 October 2024.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The group and company's principal financial instruments comprise of bank balances, trade creditors, deposits in advance from customers and loans from other undertakings.
The main purpose of these instruments is to raise funds for the group and company's main operations. The Directors believe that the group is dealing pro-actively with the risks and uncertainties that it faces.
Price risk, credit risk, liquidity risk and cash flow risk
Liquidity risk
The group manages this particular risk through a process of projecting incomes on a rolling basis, regular analysis of cashflow, regularly updated profit and loss forecasts and regular review of performance against budget.
Price risk
All prices and pricing strategies are set in advance of trading periods and are constantly reviewed.
Credit risk
The group is not adversely affected by credit risk as the bulk of trading is either based on cash transactions or deposits received in advance.
Operational risk
The Directors are aware of the continual changes in laws and regulations and the associated compliance costs and plan ahead accordingly.
M&P Food Products Limited
Directors' Report
Year Ended 31 October 2024
Dividends
During the year dividends of £200,000 (2023 - £40,000) were paid to the shareholders. The directors do not recommend a final dividend in respect of the year to 31 October 2024.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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M&P Food Products Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
M&P Food Products Limited
Independent Auditor's Report to the Members of M&P Food Products Limited
Opinion
We have audited the financial statements of M&P Food Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's and the parent company's affairs as at 31 October 2024 and of the group's loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
M&P Food Products Limited
Independent Auditor's Report to the Members of M&P Food Products Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; |
• | we have not received all the information and explanations we require from our audit. |
M&P Food Products Limited
Independent Auditor's Report to the Members of M&P Food Products Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 group’s and the parent 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 group or the parent 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Group and Company and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and Company at the planning stage of the audit. Firstly, the Group and Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group and Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Group and Company’s licence to operate. In making this assessment we determined that the most significant elements of legislation include GDPR insofar that it pertains to guest information, food standards and licencing laws and employment laws and regulations.
M&P Food Products Limited
Independent Auditor's Report to the Members of M&P Food Products Limited
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances, allegations or suspicions of fraud.
• Reviewing the food hygiene ratings awarded to the hotel and considering if there have been any visits in the year to 31 October 2024.
• Discussing with management how guest information is handled.
We also evaluated the risk of fraud through management override including that arising from management’s incentives. The key risks we identified were with regards to the cut off of recognition of income or through management bias in selecting accounting estimates. In response to the identified risk, as part of our audit work we:
• Used data analytics to test journal entries throughout the year, for appropriateness;
• Undertook a proof in total of the revenue recognised in the financial statements to the booking systems used by the company.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
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 auditor's report.
M&P Food Products Limited
Independent Auditor's Report to the Members of M&P Food Products Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
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Lowin House
Tregolls Road
Cornwall
TR1 2NA
M&P Food Products Limited
Consolidated Profit and Loss Account
Year Ended 31 October 2024
|
Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating (loss)/profit |
( |
|
|
|
Other exceptional item |
(4,963) |
- |
|
|
Exceptional impairment of inter group debt |
( |
- |
|
|
Income from other fixed asset investments |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
(Loss)/profit before tax |
( |
|
|
|
Taxation |
|
|
|
|
(Loss)/profit for the financial year |
( |
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
( |
|
M&P Food Products Limited
Consolidated Balance Sheet
31 October 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Intangible assets |
( |
( |
|
|
Tangible assets |
|
|
|
|
Other financial assets |
- |
6,856 |
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
M&P Food Products Limited
Consolidated Balance Sheet
31 October 2024
|
Note |
2024 |
2023 |
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Revaluation reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Equity attributable to non-controlling interests |
- |
( |
|
|
Total equity |
|
|
Approved and authorised by the
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Company Registration Number: 01387127
M&P Food Products Limited
Balance Sheet
31 October 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Other financial assets |
- |
6,856 |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1,560,000 |
1,610,000 |
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|
Capital redemption reserve |
2,450,000 |
2,400,000 |
|
|
Profit and loss account |
2,011,666 |
1,359,064 |
|
|
Shareholders' funds |
6,021,666 |
5,369,064 |
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £902,602 (2023 - profit of £93,300).
Approved and authorised by the
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Company Registration Number: 01387127
M&P Food Products Limited
Consolidated Statement of Changes in Equity
Year Ended 31 October 2024
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
|
|
At 1 November 2023 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
- |
( |
( |
|
Dividends |
- |
- |
- |
( |
( |
|
Purchase of own share capital |
(50,000) |
50,000 |
- |
(50,000) |
(50,000) |
|
Transfers |
- |
- |
- |
(14,297) |
(14,297) |
|
At 31 October 2024 |
|
|
|
|
|
|
Total |
Non- controlling interests |
Total equity |
|
|
At 1 November 2023 |
|
( |
|
|
Loss for the year |
( |
- |
( |
|
Total comprehensive income |
( |
- |
( |
|
Dividends |
( |
- |
( |
|
Purchase of own share capital |
(50,000) |
- |
(50,000) |
|
Transfers |
(14,297) |
- |
(14,297) |
|
Decrease in ownership interests in subsidiaries that do not result in a loss of control |
- |
|
|
|
At 31 October 2024 |
|
- |
|
M&P Food Products Limited
Consolidated Statement of Changes in Equity
Year Ended 31 October 2024
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
|
|
At 1 November 2022 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Purchase of own share capital |
(800,000) |
800,000 |
- |
(800,000) |
(800,000) |
|
At 31 October 2023 |
|
|
|
|
|
|
Total |
Non- controlling interests |
Total equity |
|
|
At 1 November 2022 |
|
( |
|
|
Profit for the year |
|
- |
|
|
Total comprehensive income |
|
- |
|
|
Dividends |
( |
- |
( |
|
Purchase of own share capital |
(800,000) |
- |
(800,000) |
|
At 31 October 2023 |
|
( |
|
M&P Food Products Limited
Statement of Changes in Equity
Year Ended 31 October 2024
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 November 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Purchase of own share capital |
(50,000) |
50,000 |
(50,000) |
(50,000) |
|
At 31 October 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
At 1 November 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Purchase of own share capital |
(800,000) |
800,000 |
(800,000) |
(800,000) |
|
At 31 October 2023 |
|
|
|
|
M&P Food Products Limited
Consolidated Statement of Cash Flows
Year Ended 31 October 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
(Loss)/profit for the year |
( |
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
( |
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
(Increase)/decrease in trade debtors |
( |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
M&P Food Products Limited
Consolidated Statement of Cash Flows
Year Ended 31 October 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from disposal of other investments |
|
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Payments for purchase of own shares |
( |
( |
|
|
Proceeds from other borrowing draw downs |
|
|
|
|
Repayment of other borrowing |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 November 2022 / 2023 |
|
|
|
|
Cash and cash equivalents at 31 October 2023 / 2024 |
124,597 |
315,231 |
|
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
General information |
These financial statements were authorised for issue by the
The address of its registered office is:
The company is a private company limited by share capital, incorporated in England and Wales.
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements are summarised within this note.
The functional currency of the Group and Company is considered to be points sterling because this is the currency of the primary economic environment in which the Group and Company operates.
Monetary amounts in these financial statements are rounded to the nearest pound.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Summary of disclosure exemptions
FRS102 allows a qualifying entity certain disclosure exemptions, which have been adopted by the Company as follows:
(i) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows included in these financial statements includes the Company's cash flows;
(ii) From the financial instrument disclosures, required under FRS102 paragraphs 11.39 to 11.48A as the information is provided in the consolidated financial statement disclosures.
(iii) The requirements of Section 33 Related Party Disclosures paragraph 33.7.
The Group has also taken advantage of the exemption under FRS102 paragraph 33.1A in respect of transactions between members of the Group, where those Group companies are 100% owned.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2024.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. The profit of the company for the year was £902,602 (2023 - £93,300).
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Going concern
At the balance sheet date the Group has net current assets of £225,610 (2023 - £753,707)
In preparing and approving these financial statements the directors have given due consideration to Group liquidity and to the impact of economic uncertainties on the financial statements.
Whilst recognising that there can be no certainty the directors are satisfied that the going concern basis of preparation remains appropriate. In reaching this conclusion the directors, having made all necessary enquiries, have considered the following matters in particular:
i) The group holds no bank debt.
ii) At the balance sheet date deposits for future stays were £535,307 (2023 - £559,547).
iii) Post year end performance has been promising; demand at the hotel continues to be strong, and is expected to remain strong for the rest of the year.
On this basis the Directors continue to apply the going concern assertion to the preparation of the financial statements.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
The sale of goods relates to the sale of Castle Village Phase 2 units to third parties, and is recognised at the point of completion. Any amounts received in advance of completion are recognised as payments on account within creditors.
The provision of services relate to the provision of hotel services.
Accommodation revenue is recognised at the point of the customer staying in the room. Deposits received in advance of customer stays are treated as payments on account and recognised within creditors due within one year.
Food, beverage, spa income and all other sales are recognised at the point of sale.
In addition the group provides management and marketing services to third parties. This income is recognised on an accrual basis and included in other operating income. Ground rents are included in other operating income and are also recognised on an accruals basis.
Interest income is recognised on an accruals basis.
Government grants
During a prior year the company recognised Omicron grant income from the Government designed to mitigate the impact of Covid 19. The company has elected to account for such grants under the accruals model as permitted by FRS 102. There are no grants of this nature in the current year. Grants of a revenue nature are recognised in “other operating income” within profit or loss in the same period as the related expenditure. There are no grants of this nature in the current year.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible fixed assets under the revaluation model are stated at valuation less accumulated depreciation and any accumulated impairment losses. Valuation includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Group and Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental benefits to the Group and Company. The carrying amount of the replaced part is derecognised.
Repairs and renewals are charged to profit or loss during the year in which they are incurred.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows
|
Asset class |
Depreciation method and rate |
|
Buildings |
At varying rates based on value |
|
Plant and machinery |
15% - 20% reducing balance |
|
Fixtures and fittings |
15% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Computer equipment |
25% on cost |
The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Revaluation of tangible fixed assets
Properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Impairment of non financial assets
At each balance sheet date the directors review the carrying amount of the company's 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 the asset does not generate cash flows that are independent from other assets 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 as an expense immediately.
Intangible assets
Goodwill represents the difference between the fair value of the consideration paid and the fair value of the separable net assets acquired.
Acquired negative goodwill is written back to the profit and loss account as the related assets are
realised.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line |
|
Negative goodwill |
As the related assets are realised |
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Investments
Investments in subsidiary undertakings are carried at cost less impairment, where an impairment is required as a result of an impairment test.
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks at the balance sheet date comprise of:
- Work in progress which relates to the development of Castle Village Phase 2, a collection of properties for sale.
- Other inventories, which relate to items used in the trade of the hotel.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
is determined using the first-in, first-out (FIFO) method.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank and other loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Critical judgements and estimation uncertainty
In applying the Group and Company’s accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following areas are where the Directors have applied judgement in the preparation of the financial statements:
i) Depreciation estimates and recoverable amount (note 13)
The Tregenna Castle Hotel is carried at a valuation, which was last updated in the year to 31 October 2018. Management have assessed the existing valuation and assert that there has been no material movement in the value of the hotel and as such there has been no change in this valuation.
At the balance sheet date freehold land and buildings had a carrying value of £15,706,573 (2023 - £15,811,986).
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
The sale of goods relates to the sale of units from the Castle Approach development.
The analysis of the group's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Rental income |
|
|
|
Other income |
|
|
|
|
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Hotel and administrative staff |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
- |
|
439,000 |
123,600 |
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
- |
|
Company contributions to money purchase pension schemes |
|
- |
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
17,895 |
13,760 |
The element of the audit fee relating to the audit of the company is £4,500 (2023 - £5,200).
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest expense on other finance liabilities |
|
|
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
(65,316) |
238,187 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
( |
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Increase/(decrease) from tax losses for which no deferred tax asset was recognised |
|
( |
|
Tax decrease from effect of indexation allowance on capital gains |
- |
( |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
|
( |
|
Total tax credit |
( |
( |
On 1 April 2023 there was an increase in the main rate of corporation tax to 25%, with the rate prior to that date being 19%. Consequently, there has been an increase in the applicable tax rate to 25% (2023 - 23%), being the average rate for the year.
Deferred tax continues to be recognised at 25% on the basis that this is the tax rate on which these timing differences are expected to reverse.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Capital allowances in excess of depreciation |
|
|
Other items |
( |
|
|
|
2023 |
Liability |
|
Capital allowances in excess of depreciation |
|
|
Other items |
( |
|
|
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Intangible assets |
Group
|
Goodwill |
Negative goodwill |
Total |
|
|
Cost or valuation |
|||
|
At 1 November 2023 |
|
( |
( |
|
Disposals |
( |
|
|
|
At 31 October 2024 |
- |
( |
( |
|
Amortisation |
|||
|
At 1 November 2023 |
|
( |
( |
|
Amortisation eliminated on disposals |
( |
|
|
|
At 31 October 2024 |
- |
- |
- |
|
Carrying amount |
|||
|
At 31 October 2024 |
- |
( |
( |
|
At 31 October 2023 |
- |
( |
( |
The negative goodwill has arisen on elimination of investments upon consolidation.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Tangible assets |
Group
|
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 November 2023 |
|
|
|
|
|
|
Additions |
|
|
- |
|
|
|
At 31 October 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 November 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 October 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 October 2024 |
|
|
|
|
|
|
At 31 October 2023 |
|
|
|
|
|
Included in cost of land and buildings is freehold land of £1,440,000 (2023 - £1,440,000) which is not depreciated.
Revaluation
The Tregenna Castle Hotel was subject to a valuation undertaken by Christie and Co in October 2018. The valuation was undertaken on the basis of market valuation under the profits method in accordance with the Royal Institute of Chartered Surveyors Valuation Professional Standards, known as the "Red Book".
This historical cost of land and buildings is £8,136,625 (2023 - £8,097,231).
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 November 2023 and 31 October 2024 |
|
|
Disposals |
( |
|
At 31 October 2024 |
|
|
Provision |
|
|
At 1 November 2023 and 31 October 2024 |
( |
|
Carrying amount |
|
|
At 31 October 2024 |
|
|
At 31 October 2023 |
|
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Holding |
Proportion of voting rights and shares held |
||
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Ordinary |
|
|
|
|
|
Ordinary |
|
|
|
|
|
Ordinary |
|
|
|
|
|
Ordinary |
|
|
|
* denotes subsidiary interests through the shareholding in Tregenna Castle Hotel Limited.
The registered office of each of the above entities is The Tregenna Castle Hotel, Trelyon Avenue, St Ives, Cornwall, TR26 2DE. The principal place of trade for each of the above companies is the same as its registered office.
The principal activity of Tregenna Castle Hotel Limited is that of a hotelier.
The principal activity of Tregenna Homes Limited is that of holiday property rentals.
The principal activity of Nuthust Developments Limited is that of property development.
The principal activity of M&P Food Products Limited is that of a holding company.
Birmingham Mortgage Company Limited has been removed from the registrar in the current year.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Other financial assets |
Group
|
Listed investments |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 November 2023 and 31 October 2024 |
6,856 |
6,856 |
|
Disposals |
(6,856) |
(6,856) |
|
Carrying amount |
||
|
At 31 October 2024 |
- |
- |
|
At 31 October 2023 |
|
6,856 |
Company
|
Listed investments |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 November 2023 and 31 October 2024 |
6,856 |
6,856 |
|
Disposals |
(6,856) |
(6,856) |
|
Carrying amount |
||
|
At 31 October 2024 |
- |
- |
|
At 31 October 2023 |
|
6,856 |
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Work in progress |
|
|
- |
- |
|
Other inventories |
|
|
- |
- |
|
|
|
- |
- |
|
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
( |
|
|
|
|
Prepayments |
|
|
|
|
|
|
Income tax asset |
|
- |
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash at bank |
|
|
|
|
|
Reconciliation of net debt |
|
1 November 2023 |
Cash flow |
Other movements |
At 31 October 2024 |
|
|
£ |
£ |
£ |
||
|
Cash at bank and on hand |
315,231 |
(190,634) |
- |
124,597 |
|
Bank overdrafts |
- |
- |
- |
- |
|
Cash and cash equivalents |
315,231 |
(190,634) |
- |
124,597 |
|
Other loans |
(513,362) |
(405,709) |
- |
(919,071) |
|
Net funds / (debt) |
(198,131) |
(596,343) |
(794,474) |
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other creditors |
|
|
|
- |
|
|
Accruals |
|
|
|
|
|
|
Corporation tax |
14,535 |
85,361 |
- |
19,013 |
|
|
Payments on account |
|
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Loans and borrowings |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Current loans and borrowings |
||||
|
Other borrowings |
|
|
|
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Non-current loans and borrowings |
||||
|
Other borrowings |
|
|
- |
- |
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Deferred tax and other provisions |
Group
|
Deferred tax |
Total |
|
|
At 1 November 2023 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 October 2024 |
|
|
|
|
||
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Reserves |
The group and company have the following reserve balances:
Share capital
Share capital represents the nominal value of shares that have been issued.
Other reserves
The other reserve, which is a subset of the profit and loss account, represents the cumulative movements in valuation of investment property, adjusted for the attributable deferred tax. This reserve is not distributable.
Revaluation reserve
The revaluation reserve relates to the uplift in valuation of certain assets which are stated in the financial statements at their revalued amount.
Profit and loss account
The profit and loss account includes all current and prior year retained profits and losses, adjusted for the other reserves balance shown separately for presentational purposes.
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
|
|
|
1,550,000 |
|
1,600,000 |
|
|
|
|
|
|
The holders of the ordinary shares are entitled to an equal right to vote, receive dividends and to participate on the distribution of assets in the event of a winding up.
The A shareholders are entitled to return on capital or participation in the event of a distribution of assets in priority to the ordinary shareholders up to the nominal value of their shares. The A shares are non voting.
During the year the company undertook a share buyback, with 50,000 (2023 - 800,000) A shares, representing 3.11% (2023 - 33.2%) of the issued share capital, being bought back and cancelled for £1 per share.
|
Non adjusting events after the financial period |
|
|
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
|
Financial instruments |
Group
Categorisation of financial instruments
|
2024 |
2023 |
|
|
Financial assets measured at fair value through profit or loss |
- |
|
|
Related party transactions |
Group
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Transactions with Directors
During the year the Group has had an outstanding loan balance with its directors. The loan is interest free, unsecured and repayable upon demand. During the year:
• There have been repayments made of £603,552 (2023 - £978,300)
• There have been advances made by the directors of £531,761 (2023 - £901,798)
• Proceeds from the cancellation of shares have been received of £50,000 (2023 - £800,000)
At the balance sheet date the directors are due £16,571 (2023 - £88,362).
The group drew down a loan with the directors' pension scheme in the year. £150,000 was advanced (2023 - £500,000). The group owed £452,500 at the balance sheet date (2023 - £425,000).
The loan accrues interest at a rate of 9% per annum.
Cavalini Holdings Limited
At the end of the year a balance of £450,000 (2023 - £nil) was owed to Cavalini Holdings Limited. Cavalini Holdings Limited is a related party by virtue of the controlling interest of J Mason, Director.
The loan accrues interest at a rate of 8% per annum on £250,000 of the loan, and 5% per annum on £200,000 of the loan.
Vilamouragest Lda
Vilamouragest Lda is a related party by virtue of common ultimate control.
During the year Tregenna Castle Hotel Limited charged Vilamouragest Lda £99,603 (2023 - £93,017) for the provision of marketing services.
At the balance sheet date Tregenna Castle Hotel Limited was owed £11,522 (2023 - £11,522) by Vilamouragest Lda.
Tregenna Castle Holiday and Leisure Club
Certain group undertakings are the founder member of the unincorporated club.
During the year the group charged the club £184,399 (2023 - £158,525).
At the balance sheet date Tregenna Castle Hotel Limited owed the club £207,716 (2023 - £857 owed by the club).
M&P Food Products Limited
Notes to the Financial Statements
Year Ended 31 October 2024
Transactions with other related parties
The group has transacted with the following related parties:
Steve's Industries Limited
Steve’s Industries Limited is a related party by virtue of the controlling interest of S Hewlett, Director.
During the year Steve’s Industries Limited charged Tregenna Castle Hotel Limited £61,473 (2023 - £60,000) for works undertaken around the site.
At the balance sheet date Tregenna Castle Hotel Limited owed Steve’s Industries Limited £1,473 (2023 - £nil).
Castle Village Residents Limited
Castle Village Residents Limited is a related party by virtue of the controlling interest of S Hewlett, Director.
During the year Tregenna Castle Hotel Limited charged Castle Village Residents Limited £14,033 (2023 - £6,643) for cleaning and maintenance fees.
At the balance sheet date Tregenna Castle Hotel Limited owed the company £43,055 (2023 - £56,794).
Castle Approach Management Limited
Castle Approach Management Limited is a related party by virtue of the controlling interest of S Hewlett, Director.
During the year Tregenna Castle Hotel Limited charged Castle Approach Management Limited £8,667 (2023 - £9,293) for cleaning and maintenance fees.
At the balance sheet date Tregenna Castle Hotel Limited owed the company £27,978 (2023 - £31,185).
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Parent and ultimate parent undertaking |
The ultimate controlling party is