| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Nunsmere Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Nunsmere Limited |
| Nunsmere Limited (Registered number: 08689814) |
| 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 |
| Nunsmere Limited |
| Company Information |
| for the year ended 31 October 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| St George's Court |
| Winnington Avenue |
| Northwich |
| Cheshire |
| CW8 4EE |
| Nunsmere Limited (Registered number: 08689814) |
| Strategic Report |
| for the year ended 31 October 2024 |
| The directors present their strategic report for the year ended 31 October 2024. |
| Nunsmere Hall is an iconic luxury hotel set on a private island within a 60-acre lake in Cheshire. Known for its stunning grounds, refined atmosphere, and versatile event spaces, it remains a flagship property within Boutique Hotel Group, with a strong reputation in weddings and leisure. |
| REVIEW OF BUSINESS |
| Performance and Highlights |
| During the year, Nunsmere Hall experienced a steady year over delivering on budgeted EBITDA, whilst down on the previous year, which, mirroring industry-wide delays due to the pandemic's influence on planning timelines. However, interest and inquiries remain high, with a solid pipeline of bookings for 2025 and beyond. The leisure segment, including dining, and bespoke activities, performed steadily, benefiting from a return in demand for luxury experiences. |
| Strategic Initiatives and Opportunities |
| Investment continues in upgrading existing amenities to enhance customer experience and preserve the property's historic charm. We are focusing on marketing initiatives to boost direct booking channels and developing new packages for leisure and corporate clients. |
| The long-term vision aligns with our group's broader strategy of refurbishment and quality enhancement, ensuring Nunsmere Hall remains a leading luxury destination in the region and returns to being a AA 4 Red Star property with it Crystal Restaurant regaining its 2 Rossette culinary award over the next 18 months. |
| Outlook |
| While immediate bookings for 2024/25 are subdued, the strong future booking pipeline provides confidence for a rebound in activity in the coming years. Our dedication to excellence, combined with ongoing refurbishment projects and targeted marketing, will position Nunsmere Hall for sustained success. |
| KEY PERFORMANCE INDICATORS |
| Key performance indicators include occupancy levels which was at 75% (2023 - 75%) and gross profit at 44.5% (2023 - 45.9%), |
| 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 company 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. |
| Nunsmere Limited (Registered number: 08689814) |
| 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: |
| Nunsmere Limited (Registered number: 08689814) |
| 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 31st October 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of a hotel and function venue. |
| DIVIDENDS |
| No dividends (2023: £nil) will be distributed for the year ended 31 October 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
| 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: |
| Report of the Independent Auditors to the Members of |
| Nunsmere Limited |
| Opinion |
| We have audited the financial statements of Nunsmere 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 |
| Nunsmere 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: |
| 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 |
| Nunsmere 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| St George's Court |
| Winnington Avenue |
| Northwich |
| Cheshire |
| CW8 4EE |
| Nunsmere Limited (Registered number: 08689814) |
| Income Statement |
| for the year ended 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 344,203 | 467,349 |
| Other operating income |
| OPERATING PROFIT |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION | 6 |
| Tax on profit | 7 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Nunsmere Limited (Registered number: 08689814) |
| Other Comprehensive Income |
| for the year ended 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Nunsmere Limited (Registered number: 08689814) |
| Balance Sheet |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Revaluation reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Nunsmere Limited (Registered number: 08689814) |
| 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 | ( |
) |
| Changes in equity |
| Profit for the year | - | 191,261 | - | 191,261 |
| Total comprehensive income | - |
| Total transactions with owners, recognised directly in equity |
- |
- |
- |
- |
| Balance at 31 October 2023 |
| Changes in equity |
| Profit for the year | - | 42,954 | - | 42,954 |
| Total comprehensive income | - |
| Total transactions with owners, recognised directly in equity |
- |
- |
- |
- |
| Balance at 31 October 2024 |
| Nunsmere Limited (Registered number: 08689814) |
| Notes to the Financial Statements |
| for the year ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Nunsmere 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 hotel 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 hotel 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. |
| Nunsmere Limited (Registered number: 08689814) |
| 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 |
| 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. |
| 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 at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property | - refer below |
| Plant and machinery | - 10% on cost and 20% on cost |
| Fixtures & fittings | - 20% on cost, 33% on cost and 50% on cost |
| Computer equipment | - 20% on cost, 33% on cost and 50% on cost |
| The hotel, 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. |
| Hire purchase and leasing commitments |
| Assets where the risks and rewards of ownership rest with the company are treated as finance leases. Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| Nunsmere Limited (Registered number: 08689814) |
| 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. |
| Share capital |
| Ordinary shares are classed as equity. |
| Distributions to equity holders |
| Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changed in equity. |
| Nunsmere Limited (Registered number: 08689814) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 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. |
| Financial instruments |
| Financial assets |
| Basic financial assets, including trade and other receivables, 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. |
| Nunsmere Limited (Registered number: 08689814) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration staff | 10 | 8 |
| Function staff | 75 | 76 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| The company incurred no salary costs for directors. The directors' salaries are borne by Majorstage Limited, a fellow group company. |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Hire purchase |
| 6. | PROFIT BEFORE TAXATION |
| The profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Hire of plant & machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Goodwill amortisation |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Nunsmere Limited (Registered number: 08689814) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 7. | 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 |
| Overprovision in prior year | - | (11,864 | ) |
| Underprovision in prior year | 5,610 | - |
| Total current tax |
| Deferred tax: |
| Deferred tax | ( |
) | ( |
) |
| Adjustments in respect of |
| previous periods | 29,505 | - |
| Total deferred tax | ( |
) | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Fixed asset timing differences not provided | (1,625 | ) | - |
| Total tax charge | 63,176 | 38,145 |
| 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 the reduced rate of 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 the impact thereof has been reflected in these financial statements. For the financial year ended 31 October 2023, the current weighted average tax rate was 22.5%. |
| Nunsmere Limited (Registered number: 08689814) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 8. | INTANGIBLE FIXED ASSETS |
| Computer |
| Goodwill | software | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| Amortisation for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Cost or valuation at 31 October 2024 is represented by: |
| Fixtures |
| Freehold | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2021 | 733,438 | - | - | - | 733,438 |
| Valuation in 2018 | 194,557 | - | - | - | 194,557 |
| Cost | 4,697,005 | 601,266 | 1,031,372 | 40,998 | 6,370,641 |
| 5,625,000 | 601,266 | 1,031,372 | 40,998 | 7,298,636 |
| If freehold property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 4,472,005 | 4,472,005 |
| Nunsmere Limited (Registered number: 08689814) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| All hire purchase contracts completed in the year and the assets are now owned by the company. Hence included within the fixed assets above are plant and machinery with a net book value of £nil (2023: £395,687) which are held under hire purchase contracts. |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Consumables |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments & accrued income |
| Amounts due from related and group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 14) |
| Trade creditors |
| Due to parent undertaking | 4,353,142 | 4,573,142 |
| Amounts owed to group undertakings |
| Tax |
| VAT | 117,217 | 120,944 |
| Other creditors |
| Accruals |
| Amounts due to related and group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Nunsmere Limited (Registered number: 08689814) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | - | 52,740 |
| There is a cross guarantee and debenture between the group companies, secured by way of a legal charge on the freehold property. |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 185,754 | 188,850 |
| Deferred tax |
| £ |
| Balance at 1 November 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 October 2024 |
| The above balances all relate to accelerated capital allowances asset of £17,057 and deferred tax on property revaluations liability of £202,811. |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 18. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 November 2023 | 858,298 |
| Profit for the year |
| At 31 October 2024 | 901,252 |
| 19. | 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 £16,699 (2023: £8,575). No amounts (2023: £nil) are included in other creditors payable to the plans at the year end due to a fellow subsidiary managing the payroll processing and liability settling. The applicable amounts are recharged to the company accordingly. |
| 20. | 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. |
| The board of directors are considered to be "Key management" for the purposes of key management disclosures. |
| Boutique Hotel Group Limited is regarded by the directors as being the company's ultimate parent company. |
| Nunsmere Limited (Registered number: 08689814) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 21. | ULTIMATE CONTROLLING PARTY |
| The directors consider there to be no ultimate controlling party. |