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REGISTERED NUMBER: 03556789 (England and Wales)






















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2024

for

Majorstage Limited

Majorstage Limited (Registered number: 03556789)






Contents of the Financial Statements
for the year ended 31 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Majorstage Limited

Company Information
for the year ended 31 October 2024







DIRECTORS: C J Naylor
Mrs G A Naylor
Mrs K J Naylor
R A Naylor
M R Naylor





SECRETARY: Mrs K J Naylor





REGISTERED OFFICE: Peckforton Castle
Stone House Lane
Peckforton
Tarporley
Cheshire
CW6 9TN





REGISTERED NUMBER: 03556789 (England and Wales)





AUDITORS: Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

Majorstage Limited (Registered number: 03556789)

Strategic Report
for the year ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

Peckforton Castle is a Grade I listed historic estate, renowned for its grandeur, stunning architecture, and versatile event spaces. It continues to be a flagship property within Boutique Hotel Group, combining luxury accommodation, exceptional wedding and event facilities, and leisure activities. Our commitment is to uphold the castle's heritage while delivering a modern guest experience that matches its historic appeal.

REVIEW OF BUSINESS
Performance and Highlights
Despite a challenging year with lower immediate booking volumes, the long-term outlook remains robust. The wedding business, which typically sustains 200-240 weddings annually, remains a core focus, supported by a strong pipeline of future bookings into 2025 and beyond. Our conferences, banquets, and leisure activities have seen resilient demand, and our Land Rover Experience has continued to attract visitors.

Strategic Initiatives and Opportunities
We are investing in refurbishments across key areas of the estate to enhance guest comfort and uphold our high standards, including guest bedrooms, event facilities, restaurant, communal and recreational amenities. Our focus remains on safeguarding the castle's heritage while boosting its appeal and operational efficiency.
Looking ahead, the group's investment in a significant refurbishment programme for all venues, including Peckforton Castle, aims to reinforce our position again as a 4 AA Red Star property and support our pursuit of culinary and service awards, with a goal of within the next 2 years returning our 1851 Restaurant to 3 Rosettes.

Outlook
Although booking levels were temporarily subdued, the pipeline of future events remains strong. As market confidence improves, we anticipate increased leisure and event bookings in late 2024 and 2025 and beyond. Our strategic refurbishments, combined with ongoing marketing efforts, will position Peckforton Castle for a sustainable growth trajectory, reaffirming its status as a premier historic venue in Cheshire.

KEY PERFORMANCE INDICATORS
Key performance indicators include occupancy levels which stood at 87% (2023 - 87%) and gross profit at 49.9% (2023 - 52.3%).

PRINCIPAL RISKS AND UNCERTAINTIES
The cost-of-living crisis is something we are fully aware will potentially adversely affect our business in the coming year. We are already suffering from increases in costs and when we renew our energy contracts this is likely to result in a much higher cost price.

Increases in interest rates are another area we are watching closely, as we have benefited hugely over recent years from extremely low cost debt.

Staff recruitment whilst has vastly improved and we are close to being fully staffed for the year ahead, it is still an area we are watching. The directors are working closely with our in house HR team to improve staff retention and look at new ways of encouraging strong applicants for the roles we do still have available.

FINANCIAL INSTRUMENT RISKS
The financial instrument risks affecting the company relate to cashflow risk, credit risk and liquidity risk.

Cashflow risk is the risk that sufficient levels of cash do not flow into the business to allow working capital requirements to be met in a timely manner. The management of the timing of the cash inflows and cash outflows is achieved with the close involvement of management. Management also reviews financial information on a regular basis to determine whether further measures are needed to ensure sufficient cash inflows to the business.

Credit risk is the risk that the company will not receive full settlement on amounts due from customers. The risk of bad debts is mitigated by the group having a policy of performing credit checks or receiving payments on account for new clients when practical and ensuring that the company's exposure to any individual client is tightly controlled, through credit control policies and procedures. This includes taking deposits for wedding, room bookings and corporate events.

Liquidity risk is the risk that the company will not have sufficient funds to carry out its short and longer-term objectives. Historically, the company has managed its funding requirements through the use of bank and other debt finance providers as well as retained profits.


Majorstage Limited (Registered number: 03556789)

Strategic Report
for the year ended 31 October 2024

FUTURE DEVELOPMENTS
In the previous twelve months we have changed to taking a proactive approach again. Whilst other factors out of control continue, this process will be managed extremely closely, and a refurbishment program will be implemented slowly.

ON BEHALF OF THE BOARD:





C J Naylor - Director


17 July 2025

Majorstage Limited (Registered number: 03556789)

Report of the Directors
for the year ended 31 October 2024

The directors present their report with the financial statements of the company for the year ended 31 October 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2024 will be £560,000 (2023: £550,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

C J Naylor
Mrs G A Naylor
Mrs K J Naylor
R A Naylor
M R Naylor

DISCLOSURE IN THE STRATEGIC REPORT
Future developments, principal risks and uncertainties and financial instrument risks are disclosed in the Strategic Report.

The company has chosen in accordance with section 414(c) of the Companies Act 2006 (Strategic and Directors Report) Regulations 2013 to set out in the company’s Strategic Report information required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Bennett Brooks & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C J Naylor - Director


17 July 2025

Report of the Independent Auditors to the Members of
Majorstage Limited

Opinion
We have audited the financial statements of Majorstage Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 October 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Majorstage Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. Audit procedures performed included:

- Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and regulations;
- Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business;
- Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are 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. Also, 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Majorstage 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 a Report of the Auditors 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.




Jason Leach FCA (Senior Statutory Auditor)
for and on behalf of Bennett Brooks & Co Limited
Chartered Accountants
& Statutory Auditors
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

17 July 2025

Majorstage Limited (Registered number: 03556789)

Income Statement
for the year ended 31 October 2024

2024 2023
Notes £ £

TURNOVER 3 6,305,921 7,200,157

Cost of sales (3,155,925 ) (3,436,799 )
GROSS PROFIT 3,149,996 3,763,358

Administrative expenses (1,883,861 ) (1,723,387 )
1,266,135 2,039,971

Other operating income 62,072 72,000
OPERATING PROFIT 6 1,328,207 2,111,971

Impairment of fixed asset
investment 7 (140,000 ) -
1,188,207 2,111,971


Interest payable and similar expenses 8 (500,000 ) (480,000 )
PROFIT BEFORE TAXATION 688,207 1,631,971

Tax on profit 9 (129,772 ) (327,525 )
PROFIT FOR THE FINANCIAL YEAR 558,435 1,304,446

Majorstage Limited (Registered number: 03556789)

Other Comprehensive Income
for the year ended 31 October 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 558,435 1,304,446


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

558,435

1,304,446

Majorstage Limited (Registered number: 03556789)

Balance Sheet
31 October 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 20,735,636 20,800,068
Investments 13 - 140,000
20,735,636 20,940,068

CURRENT ASSETS
Stocks 14 63,390 52,802
Debtors 15 1,754,713 2,230,670
Cash at bank and in hand 969,461 617,557
2,787,564 2,901,029
CREDITORS
Amounts falling due within one year 16 (2,816,026 ) (3,050,082 )
NET CURRENT LIABILITIES (28,462 ) (149,053 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,707,174

20,791,015

CREDITORS
Amounts falling due after more than one year 17 (275,500 ) (338,667 )

PROVISIONS FOR LIABILITIES 19 (3,497,376 ) (3,516,485 )
NET ASSETS 16,934,298 16,935,863

CAPITAL AND RESERVES
Called up share capital 20 2 2
Revaluation reserve 21 12,240,167 12,240,167
Retained earnings 21 4,694,129 4,695,694
SHAREHOLDERS' FUNDS 16,934,298 16,935,863

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2025 and were signed on its behalf by:





C J Naylor - Director


Majorstage Limited (Registered number: 03556789)

Statement of Changes in Equity
for the year ended 31 October 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 November 2022 2 3,941,248 12,240,167 16,181,417

Changes in equity
Profit for the year - 1,304,446 - 1,304,446
Total comprehensive income - 1,304,446 - 1,304,446
Dividends - (550,000 ) - (550,000 )
Total transactions with owners,
recognised directly in equity

-

(550,000

)

-

(550,000

)
Balance at 31 October 2023 2 4,695,694 12,240,167 16,935,863

Changes in equity
Profit for the year - 558,435 - 558,435
Total comprehensive income - 558,435 - 558,435
Dividends - (560,000 ) - (560,000 )
Total transactions with owners,
recognised directly in equity

-

(560,000

)

-

(560,000

)
Balance at 31 October 2024 2 4,694,129 12,240,167 16,934,298

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements
for the year ended 31 October 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

Transactions are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The principal policies are set out below:

The financial statements have been prepared on a going concern basis under the historical cost convention in accordance with the Companies Act 2006.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.

The principal judgement surrounds the directors estimate of the high residual value of the castle and the long useful economic life which results in any depreciation charge being not material. The directors also apply judgement in determining the carrying value of the castle, which takes into account the independent valuations performed by qualified valuers.

Going concern
The company is mainly funded through cash reserves and parent company borrowings.

The Group generates income from guests staying in the hotels, restaurant and bar takings, experience days and weddings and other events.

The company is party to the Group's banking arrangements and is reliant on the support of its ultimate parent company, which has confirmed in writing that financial support will be provided for the foreseeable future.

The Group is mainly funded through bank borrowings which are secured on the Group's hotel assets.The Group had long-term financing in place that was due for renewal by 5 May 2025. This date has been extended by one quarter to 5 August 2025 to allow for the revaluations of properties to be conducted and administration time for refinancing agreements. The expectation is that this will be completed by 5 August 2025. The Group's bankers continue to remain supportive. The Directors believe the Group will be able to operate within the level of its current cash resources and the facilities expected to be agreed with the Group's bankers. Accordingly, the company continues to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Wedding and function room hire turnover is recognised once the event has taken place. Any deposits taken are held within other creditors and released to the profit and loss account once the event has passed.

Accommodation turnover is recognised on the day the guest has stayed at the hotel. Any deposits taken are held within other creditors and released to the profit and loss account once the event has passed.

Turnover in relation to the sale of food and drink in the restaurants and bars are recognised at the point of sale at the tills.

Goodwill
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the company's interest in the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill has been fully amortised over it's expected useful life of five years. No reversals of impairment are recognised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Freehold property comprising of the hotel, owned by the company is measured at fair value under the revaluation method..

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property- refer below
Plant and machinery- 20% on reducing balance
Fixtures and fittings- 20%, 33% and 50% on cost
Motor vehicles- 20%, 25% and 33% on reducing balance
Computer equipment- 33% and 50% on cost

The castle, being a long standing enduring asset, is not depreciated as the combination of a high residual value and long useful economic life results in a depreciable amount on which the annual depreciation charge would be immaterial. The directors carry out an annual impairment review and expense repairs as they are incurred. Removable fixtures, consistent with a hotel complex, are depreciated over their useful economic life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Leasing commitments
Rentals paid under operating leases (in cases where the risks and rewards of ownership do not rest with the company) are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution benefit pension scheme. Contributions payable into the company's pension scheme are charged to the profit and loss in the period to which they relate.

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Other debtors
Other debtors are measured at the transaction price.

Other creditors
Other creditors are measured at the transaction price. Deposits for events are held within other creditors and released to the profit and loss when the event has taken place.

Revaluation reserve
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributable reserve known as a revaluation reserve.

Share capital
Ordinary shares are classed as equity.

Taxation
Taxation expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income (which relates to deferred tax recognised on revalued properties) or directly in equity when it is recognised in those statements respectively. Current or deferred tax assets and liabilities are not discounted.

Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years and is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax
Deferred tax arises from the timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Deferred tax is recognised on all timing differences at the reporting date. Deferred tax is measured using rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Investments held as fixed assets are stated at cost less any provisions for impairment. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or recoverable amount. Recoverable amount is the higher of its net realisable value and its value in use.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the fixed asset investment.

Financial instruments

Financial assets
Basic financial assets, including trade and other receivables, group debtors, cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

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.

Other financial assets 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.

Financial assets are derecognised when:

(a) the contractual rights to the cash flows from the asset expire or are settled; or
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
(c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables and loans from fellow group companies, 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 receipts discounted at a market rate of interest.

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. Accounts 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.

Financial Instruments
Financial investments will be recognized and initially measured at cost, which includes transaction costs directly attributable to the acquisition.

Subsequent measurement will depend on the category of the investment: held for trading and available for sale investments will be measured at fair value, while held to maturity investments will be measured at amortized cost.

3. TURNOVER

All turnover and profit before tax of the company, arose in the UK and is attributable to the hospitality, leisure and entertainment industry

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 2,151,166 2,074,906
Social security costs 152,685 157,481
Other pension costs 38,533 29,244
2,342,384 2,261,631

The average number of employees during the year was as follows:
2024 2023

Administration staff and directors 24 23
Function staff 107 144
131 167

There were additional staff paid by the company which were recharged to related companies at cost and are disclosed in their accounts accordingly.

5. DIRECTORS' EMOLUMENTS
2024 2023
£ £
Directors' remuneration 107,000 107,000
Directors' pension contributions to money purchase schemes 1,209 1,208

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

Money purchase schemes 3 3

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Hire of plant & machinery 8,618 5,493
Depreciation - owned assets 138,614 128,517
Auditors' remuneration 25,000 20,000
Auditors' remuneration for non audit work 49,568 30,991

7. EXCEPTIONAL ITEMS
2024 2023
£ £
Impairment of fixed asset
investment (140,000 ) -

The £140,000 impairment relates to the full provision of an investment made in an LLP in 2014.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 500,000 480,000

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 152,277 350,990
Overprovision in prior year (3,396 ) (15,995 )
Total current tax 148,881 334,995

Deferred tax:
Deferred tax (24,326 ) (7,470 )
Adjustments in respect of prior periods 5,217 -
Total deferred tax (19,109 ) (7,470 )

Tax on profit 129,772 327,525

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

2024 2023
£ £
Profit before tax 688,207 1,631,971
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
22.500%)

172,052

367,193

Effects of:
Expenses not deductible for tax purposes 36,739 7,645
Income not taxable for tax purposes - (967 )
Adjustments to tax charge in respect of previous periods 1,820 (15,995 )

Effect of changes in corporation tax rate - (647 )
Effects of group relief (80,839 ) (29,704 )
Total tax charge 129,772 327,525

FACTORS THAT MAY EFFECT FUTURE CHARGES

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining reducing at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

10. DIVIDENDS
2024 2023
£ £
Ordinary shares of £1 each
Interim 560,000 550,000

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

11. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£ £ £
COST
At 1 November 2023
and 31 October 2024 40,518 23,532 64,050
AMORTISATION
At 1 November 2023
and 31 October 2024 40,518 23,532 64,050
NET BOOK VALUE
At 31 October 2024 - - -
At 31 October 2023 - - -

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST OR VALUATION
At 1 November 2023 20,000,000 200,023 2,716,499
Additions - - 63,750
At 31 October 2024 20,000,000 200,023 2,780,249
DEPRECIATION
At 1 November 2023 - 56,704 2,098,998
Charge for year - 1,955 126,967
At 31 October 2024 - 58,659 2,225,965
NET BOOK VALUE
At 31 October 2024 20,000,000 141,364 554,284
At 31 October 2023 20,000,000 143,319 617,501

Motor Computer
vehicles equipment Totals
£ £ £
COST OR VALUATION
At 1 November 2023 17,077 136,522 23,070,121
Additions - 10,432 74,182
At 31 October 2024 17,077 146,954 23,144,303
DEPRECIATION
At 1 November 2023 17,077 97,274 2,270,053
Charge for year - 9,692 138,614
At 31 October 2024 17,077 106,966 2,408,667
NET BOOK VALUE
At 31 October 2024 - 39,988 20,735,636
At 31 October 2023 - 39,248 20,800,068

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

12. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 October 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Valuation in 2021 2,400,000 - -
Valuation in 2018 3,600,000 - -
Valuation in 2015 2,350,127 - -
Valuation in 2012 2,615,284 - -
Valuation in 2010 374,627 - -
Valuation in 2008 1,941,000 - -
Valuation in 2004 1,220,007 - -
Valuation in 2000 527,952 - -
Cost 4,971,003 200,023 2,780,249
20,000,000 200,023 2,780,249

Motor Computer
vehicles equipment Totals
£ £ £
Valuation in 2021 - - 2,400,000
Valuation in 2018 - - 3,600,000
Valuation in 2015 - - 2,350,127
Valuation in 2012 - - 2,615,284
Valuation in 2010 - - 374,627
Valuation in 2008 - - 1,941,000
Valuation in 2004 - - 1,220,007
Valuation in 2000 - - 527,952
Cost 17,077 146,954 8,115,306
17,077 146,954 23,144,303

If the land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 4,971,003 4,971,003
Aggregate depreciation 797,822 797,822

13. FIXED ASSET INVESTMENTS
Unlisted
investments
£
COST
At 1 November 2023 140,000
Impairments (140,000 )
At 31 October 2024 -
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 140,000

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

13. FIXED ASSET INVESTMENTS - continued

The fixed asset investment was impaired in full in the year.

14. STOCKS
2024 2023
£ £
Consumables 63,390 52,802

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 118,758 199,807
Amounts owed by group undertakings 1,539,489 1,904,559
Other debtors 27,586 6,602
Prepayments & accrued income 68,880 119,702
1,754,713 2,230,670

Amounts due from related and group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 148,090 196,527
Amounts owed to group undertakings 80,117 594,621
Tax 25,931 147,879
Social security & other taxes 64,071 72,892
VAT 253,232 234,057
Other creditors 1,971,999 1,504,470
Accruals 272,586 299,636
2,816,026 3,050,082

Amounts due to related and group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Other creditors 275,500 338,667

18. SECURED DEBTS

There is a cross guarantee and debenture between the group companies, secured by way of a legal charge on the freehold property.

19. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 3,497,376 3,516,485

Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

19. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 November 2023 3,516,485
Credit to Income Statement during year (19,109 )
Balance at 31 October 2024 3,497,376

The deferred tax relates to accelerated capital allowances of £119,012, timing differences on the revalued property of £3,388,901 and other timing differences of £10,536 (asset).

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary £1 2 2

Ordinary shares are classed as equity.

21. RESERVES
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 November 2023 4,695,694 12,240,167 16,935,861
Profit for the year 558,435 558,435
Dividends (560,000 ) (560,000 )
At 31 October 2024 4,694,129 12,240,167 16,934,296

22. PENSION COMMITMENTS

The company contributes to employees' personal pension plans whose assets are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company and amounted to £38,532 (2023: £29,244). Included in other creditors are contributions of £37,310 (2023: £23,532 ) payable to the plans at the year-end, which includes amounts recharged to fellow subsidiaries.

23. CONTINGENT LIABILITIES

The company is a corporate member of Silberhutte Developments LLP and is liable to contribute to the assets of the LLP in the event of a winding-up. The LLP is in the process of winding up but the liability potentially falling due is not expected to be significant.

24. RELATED PARTY DISCLOSURES

Exemption has been taken under FRS 102 Section 33 with regard to disclosure of inter-group transactions. Group accounts are available from the company's registered office.

During the year, the company incurred expenditure with related parties as follows:

Olive Linen Limited - laundry service costs of £252,000 of which £138,600 was recharged to group companies. There was no balance outstanding at the balance sheet date. This company, controlled by a director, provides laundry services to Majorstage Limited, Nunsmere Limited and Inglewood Manor Limited. These are charged to Majorstage and then recharged to the other two companies.


Majorstage Limited (Registered number: 03556789)

Notes to the Financial Statements - continued
for the year ended 31 October 2024
The ultimate parent company is Boutique Hotel Group Limited which owns 100% of the issued share capital in Majorstage Limited.

25. ULTIMATE CONTROLLING PARTY

The directors consider there to be no ultimate controlling party.