| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Inglewood Manor Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Inglewood Manor Limited |
| Inglewood Manor Limited (Registered number: 04976562) |
| Contents of the Financial Statements |
| for the year ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Inglewood Manor 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 |
| Inglewood Manor Limited (Registered number: 04976562) |
| Balance Sheet |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Inglewood Manor Limited (Registered number: 04976562) |
| Notes to the Financial Statements |
| for the year ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Inglewood Manor 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" including the provisions of Section 1A "Small Entities" 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 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 Manor 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 Manor 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. |
| 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. |
| 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. |
| Inglewood Manor Limited (Registered number: 04976562) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. Land and buildings 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. |
| Plant and machinery | - 3 to 20 years |
| Fixtures & fittings | - 3 to 10 years |
| Computer equipment | - 2 to 5 years |
| Motor vehicles | - 5 years |
| 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. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 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. |
| 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. |
| Inglewood Manor Limited (Registered number: 04976562) |
| 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. |
| Inglewood Manor Limited (Registered number: 04976562) |
| 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. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer software |
| £ |
| COST |
| At 1 November 2023 | 15,000 |
| Additions | 7,850 |
| At 31 October 2024 | 22,850 |
| AMORTISATION |
| At 1 November 2023 | 14,250 |
| Charge for year | 2,810 |
| At 31 October 2024 | 17,060 |
| NET BOOK VALUE |
| At 31 October 2024 | 5,790 |
| At 31 October 2023 | 750 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | 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 |
| Inglewood Manor Limited (Registered number: 04976562) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 October 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2004 | 699,000 | - | 699,000 |
| Valuation in 2007 | 1,403,000 | - | 1,403,000 |
| Valuation in 2013 | (790,000 | ) | - | (790,000 | ) |
| Valuation in 2018 | (610,872 | ) | - | (610,872 | ) |
| Cost | 2,204,377 | 1,703,619 | 3,907,996 |
| 2,905,505 | 1,703,619 | 4,609,124 |
| If freehold property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 2,488,721 | 2,488,721 |
| Aggregate depreciation | 433,924 | 433,924 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The fair value of investment property has been determined by an independent, MRICS qualified valuer by reference to recent market prices of similar properties in the area. |
| The last valuation was dated 3 April 2020 and carried out by Lambert Smith Hampton. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
| Inglewood Manor Limited (Registered number: 04976562) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| 10. | SECURED DEBTS |
| There is a cross guarantee and debenture between the group companies, secured by way of a legal charge on the freehold property. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | 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 directors consider there to be no ultimate controlling party. |
| 13. | ULTIMATE PARENT COMPANY |
| Boutique Hotel Group Limited is regarded by directors as being the company's ultimate parent company. The registered office of the ultimate parent company is the same as Inglewood Manor Limited and can be found on the Company Information page. |