IRIS Accounts Production v25.1.4.42 05759775 Board of Directors 31.10.24 1.11.23 31.10.24 31.10.24 Hotelier true true true false true true false false false false false false false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh057597752023-10-31057597752024-10-31057597752023-11-012024-10-31057597752022-10-31057597752022-11-012023-10-31057597752023-10-3105759775ns15:EnglandWales2023-11-012024-10-3105759775ns14:Euro2023-11-012024-10-3105759775ns10:Director12023-11-012024-10-3105759775ns10:Consolidated2024-10-3105759775ns10:ConsolidatedGroupCompanyAccounts2023-11-012024-10-3105759775ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3105759775ns10:Consolidatedns10:FRS1022023-11-012024-10-3105759775ns10:Consolidatedns10:Audited2023-11-012024-10-3105759775ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3105759775ns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3105759775ns10:Consolidatedns10:LargeCompaniesRegimeForDirectorsReport2023-11-012024-10-3105759775ns10:Consolidatedns10:LargeCompaniesRegimeForAccounts2023-11-012024-10-3105759775ns10:FullAccounts2023-11-012024-10-3105759775ns5:Subsidiary12023-11-012024-10-3105759775ns5:Subsidiary22023-11-012024-10-3105759775ns5:Subsidiary32023-11-012024-10-3105759775ns5:Subsidiary42023-11-012024-10-3105759775ns5:Subsidiary52023-11-012024-10-3105759775ns5:Subsidiary62023-11-012024-10-310575977512023-11-012024-10-3105759775ns10:Consolidated2023-11-012024-10-3105759775ns10:Director22023-11-012024-10-3105759775ns10:Director32023-11-012024-10-3105759775ns10:Director42023-11-012024-10-3105759775ns10:Director52023-11-012024-10-3105759775ns10:CompanySecretary12023-11-012024-10-3105759775ns10:RegisteredOffice2023-11-012024-10-3105759775ns10:Consolidated2022-11-012023-10-3105759775ns5:CurrentFinancialInstruments2024-10-3105759775ns5:CurrentFinancialInstruments2023-10-3105759775ns5:Non-currentFinancialInstruments2024-10-3105759775ns5:Non-currentFinancialInstruments2023-10-3105759775ns5:ShareCapital2024-10-3105759775ns5:ShareCapital2023-10-3105759775ns5:RetainedEarningsAccumulatedLosses2024-10-3105759775ns5:RetainedEarningsAccumulatedLosses2023-10-3105759775ns5:ShareCapital2022-10-3105759775ns5:RetainedEarningsAccumulatedLosses2022-10-3105759775ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3105759775ns5:RetainedEarningsAccumulatedLosses2023-11-012024-10-3105759775ns5:NetGoodwill2023-11-012024-10-3105759775ns5:IntangibleAssetsOtherThanGoodwill2023-11-012024-10-3105759775ns5:ComputerSoftware2023-11-012024-10-3105759775ns5:FurnitureFittings2023-10-3105759775ns5:FurnitureFittings2023-11-012024-10-3105759775ns5:FurnitureFittings2024-10-3105759775ns5:FurnitureFittings2023-10-3105759775ns5:CostValuation2023-10-3105759775ns5:CostValuation2024-10-31057597751ns5:Subsidiary12023-11-012024-10-3105759775ns5:Subsidiary232023-11-012024-10-31057597755ns5:Subsidiary32023-11-012024-10-31057597757ns5:Subsidiary42023-11-012024-10-3105759775ns5:Subsidiary592023-11-012024-10-3105759775ns5:Subsidiary6112023-11-012024-10-3105759775ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3105759775ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3105759775ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-10-3105759775ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-10-3105759775ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-10-3105759775ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-10-3105759775ns5:RetainedEarningsAccumulatedLosses2023-10-31
REGISTERED NUMBER: 05759775 (England and Wales)






















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 October 2024

for

Boutique Hotel Group Limited

Boutique Hotel Group Limited (Registered number: 05759775)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


Boutique Hotel Group Limited

Company Information
for the year ended 31 October 2024







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





SECRETARY: Mrs K J Naylor





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





REGISTERED NUMBER: 05759775 (England and Wales)





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

Boutique Hotel Group Limited (Registered number: 05759775)

Group Strategic Report
for the year ended 31 October 2024

The directors present their strategic report of the company and the group for the year ended 31 October 2024.

Principal activity
The principal activity of the Group is that of hotel, wedding and leisure facilities.

Boutique Hotel Group is a proud family-owned enterprise operating a collection of distinctive venues in Cheshire, each rich in history and timeless charm. Our unwavering dedication to preserving our family business heritage has been instrumental in our ongoing success. Over the past year, the group has navigated a challenging period characterised by a slowdown in confirmed bookings, primarily attributable to the lingering effects of the pandemic. Nonetheless, we remain optimistic about future prospects, supported by positive booking trends for upcoming years.

REVIEW OF BUSINESS
Inglewood Manor
Now in its sixth year within the group, Inglewood Manor remains a vital part of our portfolio. The venue's performance has been disappointing, with a focus now on operational efficiencies. However, like the rest of the group, we have experienced a significant dip in new wedding confirmations, which we attribute to the typical two-year planning cycle being delayed by recent global circumstances.

Peckforton Castle
Peckforton Castle continues to be a flagship property, with a resilient leisure and corporate divisions. Although the immediate booking pipeline was affected, particularly for weddings, we are pleased to report that the volume of future bookings for 2025 and beyond is strong. Our marketing efforts and reputation continue to support a healthy pipeline, preparing us for a more active year ahead.

Nunsmere Hall
Nunsmere Hall's stunning setting and bespoke amenities continue to attract interest, although confirmed wedding bookings for this year have been lower than in previous periods. We are encouraged, however, by the significant number of inquiries and reservations secured for 2025/26, indicating a return to more typical booking levels.The year has been one of cautious adjustment rather than growth. The decline in confirmed wedding bookings reflects the typical two-year preparation cycle, delayed by the residual impacts of the pandemic. Nonetheless, our operational costs have been managed carefully, and we have maintained a steady footing in the market.

Our EBITDA finished approximately 8% below budget, a reflection of the reduced activity levels. Cost control measures, particularly around food, drink and energy expenses, have been effective in safeguarding profitability despite lower revenues.

Economic Climate and Industry Outlook
Considering the broader economic landscape, the hospitality and wedding sectors faced ongoing uncertainties throughout 2024. Although inflationary pressures have eased slightly, consumer confidence remains cautious, and many couples continue to delay wedding planning amid economic uncertainty. The typical 18 to 24-month planning cycle means that the current lower bookings are likely a delay rather than a permanent trend. In the leisure sector, demand remains stable but price-sensitive, prompting us to focus on value-driven marketing and flexible packages.

While short-term booking volumes are subdued, the long-term outlook remains positive. The industry continues to demonstrate resilience, with societal emphasis on milestone celebrations, and we anticipate a rebound in confirmed bookings as market confidence improves.

Our Team and People
I am incredibly proud of our team, which remains one of the cornerstone of our success. This year has been challenging, with budgets being squeezed and operational pressures high. Despite these difficulties, our senior management team have demonstrated remarkable determination and dedication to deliver consistently in tough times. We have some fantastic people throughout the group who go above and beyond day after day to provide exceptional service and memorable experiences for our guests. As Henry Ford famously said, "Coming together is a beginning; keeping together is progress; working together is success". Our people exemplify this spirit, and it is their commitment and resilience that truly drive our continued growth and reputation.

We continue to look at ways of helping develop our people, so that we can retain talented individuals and promote from within wherever possible. We are passionate about investing in our team; alongside apprenticeships, we have recently introduced degree apprenticeships to further enhance development. Our BHG Academy programme continues to flourish, offering tailored training and growth opportunities for our staff. We are committed to adapting and expanding this programme further to ensure that our people have a clear pathway for career progression and ongoing professional development.


Boutique Hotel Group Limited (Registered number: 05759775)

Group Strategic Report
for the year ended 31 October 2024

PRINCIPAL RISKS AND UNCERTAINTIES
While we remain cautious, particularly given the ongoing economic uncertainties, we closely monitor a range of risks that could impact our business. The new government and upcoming policy changes introduce an element of unpredictability, and we are attentive to any legislative or regulatory developments that could influence operational costs or planning. Despite these uncertainties, our outlook for wedding bookings remains positive, supported by strong enquiry levels and a resilient market.

We also anticipate that inflation will stabilise which would help to mitigate cost pressures across our supply chain. Additionally, we are hopeful that interest rates will begin to decline in the near future, reducing borrowing costs and improving financial flexibility. Nonetheless, we remain vigilant in our risk management approach, continuously reviewing market conditions, regulatory changes, and operational risks to ensure the resilience of our group in the face of external challenges.

FINANCIAL INSTRUMENT RISKS
The financial instrument risks affecting the group 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 group 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 group'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 group will not have sufficient funds to carry out its short and longer-term objectives. Historically, the group has managed its funding requirements through the use of bank and other debt finance providers as well as retained profits.

KEY PERFORMANCE INDICATORS
The directors monitor the business against a series of financial indicators, amongst which are:

* Occupancy levels: 79% (Budgeted 80%)
* Average Room Rate (ARR): Year-to-date is £76.64, compared to a budget of £77.53
* Payroll as a percentage of sales: 35.30% (Budget: 36.51%), down from 38.91% in the previous year (2023)
* Gross Profit Margins:
- Food: 73% (Budget: 76%)
- Beverage: 76% (Budget: 76%)

These figures reflect our ongoing efforts to optimise operational efficiency and manage margins effectively within a challenging market environment.


Boutique Hotel Group Limited (Registered number: 05759775)

Group Strategic Report
for the year ended 31 October 2024

FUTURE DEVELOPMENTS
Although this year has been a period of adjustment, we are optimistic about the future. Bookings for 2025 and 2026 are encouraging, with many couples planning events further ahead, which provides confidence for sustained revenue growth. We expect the latter part of 2025 to see increased bookings and a return to more typical operating levels, supported by our ongoing marketing activity and reputation.

The leisure market continues to recover, albeit at a measured pace, and energy costs are expected to stabilise. We remain cautious but proactive, focusing on strengthening our sales pipeline and refining our offerings to meet evolving customer expectations.

We are also investing heavily in our digital presence to enhance direct engagement with our customers. This includes the development of new websites for all venues and for the group as a whole, along with a bespoke app that aims to not only help improve communication with our Wedding Couples, but also foster a loyal, repeat customer base for leisure activities, afternoon teas and restaurant bookings. Our goal is to reduce our reliance on third-party booking platforms that typically charge high commissions, thereby improving our margins and customer retention.

In line with our long-term strategic objectives, we are in the process of developing a substantial capital expenditure (CAPEX) refurbishment programme across all our venues. This investment aims to enhance the quality and appeal of our properties, reaffirming our position as a 4 AA Red Star hotel and supporting our pursuit of culinary excellence through awards such as Rosettes. We believe these upgrades will not only improve guest experience but also generate future revenue growth whilst maintaining the high standards synonymous with Boutique Hotel Group.

ON BEHALF OF THE BOARD:





Mr C J Naylor - Director


17 July 2025

Boutique Hotel Group Limited (Registered number: 05759775)

Report of the Directors
for the year ended 31 October 2024

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

DIVIDENDS
The total distribution of interim dividends for the year ended 31 October 2024 will be £528,000 (2023:£528,000).

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

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

EMPLOYEES
The Group systematically provides employees with information on matters of concern to them, consulting them regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the Group is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the Group plays a major role in its performance.

The Group recognises its responsibility to employ disabled persons in suitable employment and gives full and fair consideration to such persons, including any employee who becomes disabled, having regard to their particular aptitudes and abilities. Where practicable, disabled employees are treated equally with all other employees in respect of their eligibility for training, career development and promotion.

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

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 Group 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Boutique Hotel Group Limited (Registered number: 05759775)

Report of the Directors
for the year ended 31 October 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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:





Mr C J Naylor - Director


17 July 2025

Report of the Independent Auditors to the Members of
Boutique Hotel Group Limited

Opinion
We have audited the financial statements of Boutique Hotel Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Boutique Hotel Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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; and
- 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
Boutique Hotel Group 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

Boutique Hotel Group Limited (Registered number: 05759775)

Consolidated
Income Statement
for the year ended 31 October 2024

2024 2023
Notes £ £

TURNOVER 3 11,481,956 12,718,607

Cost of sales (6,261,371 ) (6,657,209 )
GROSS PROFIT 5,220,585 6,061,398

Administrative expenses (3,766,848 ) (3,513,240 )
1,453,737 2,548,158

Other operating income 9,519 -
OPERATING PROFIT 5 1,463,256 2,548,158

Impairment of fixed asset investment 6 (140,000 ) -
1,323,256 2,548,158


Interest payable and similar expenses 7 (989,520 ) (949,443 )
PROFIT BEFORE TAXATION 333,736 1,598,715

Tax on profit 8 (192,059 ) (373,093 )
PROFIT FOR THE FINANCIAL YEAR 141,677 1,225,622
Profit attributable to:
Owners of the parent 140,500 1,208,063
Non-controlling interests 1,177 17,559
141,677 1,225,622

Boutique Hotel Group Limited (Registered number: 05759775)

Consolidated
Other Comprehensive Income
for the year ended 31 October 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 141,677 1,225,622


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

141,677

1,225,622

Total comprehensive income attributable to:
Owners of the parent 140,500 1,208,063
Non-controlling interests 1,177 17,559
141,677 1,225,622

Boutique Hotel Group Limited (Registered number: 05759775)

Consolidated Balance Sheet
31 October 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 11 670,243 864,360
Tangible assets 12 30,302,101 30,241,257
Investments 13 - 140,000
Investment property 14 1,623,896 1,623,896
32,596,240 32,869,513

CURRENT ASSETS
Stocks 15 106,865 96,277
Debtors 16 425,624 565,234
Cash at bank and in hand 3,070,473 3,286,940
3,602,962 3,948,451
CREDITORS
Amounts falling due within one year 17 (18,210,017 ) (4,921,234 )
NET CURRENT LIABILITIES (14,607,055 ) (972,783 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,989,185

31,896,730

CREDITORS
Amounts falling due after more than one year 18 (462,428 ) (13,960,557 )

PROVISIONS FOR LIABILITIES 21 (3,959,442 ) (3,982,535 )
NET ASSETS 13,567,315 13,953,638

CAPITAL AND RESERVES
Called up share capital 22 100 100
Revaluation reserve 23 9,522,135 9,522,135
Retained earnings 23 3,972,082 4,359,582
SHAREHOLDERS' FUNDS 13,494,317 13,881,817

NON-CONTROLLING INTERESTS 24 72,998 71,821
TOTAL EQUITY 13,567,315 13,953,638

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:





Mr C J Naylor - Director


Boutique Hotel Group Limited (Registered number: 05759775)

Company Balance Sheet
31 October 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 213,429 284,572
Investments 13 8,002,500 8,002,500
Investment property 14 - -
8,215,929 8,287,072

CURRENT ASSETS
Debtors 16 4,775,710 5,030,794
Cash at bank 1,495,625 2,324,420
6,271,335 7,355,214
CREDITORS
Amounts falling due within one year 17 (14,482,937 ) (2,230,367 )
NET CURRENT (LIABILITIES)/ASSETS (8,211,602 ) 5,124,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,327

13,411,919

CREDITORS
Amounts falling due after more than one year 18 - (13,368,750 )
NET ASSETS 4,327 43,169

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 23 4,227 43,069
SHAREHOLDERS' FUNDS 4,327 43,169

Company's profit for the financial year 489,158 461,042

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:





Mr C J Naylor - Director


Boutique Hotel Group Limited (Registered number: 05759775)

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

Called up
share Retained Revaluation
capital earnings reserve
£ £ £
Balance at 1 November 2022 100 3,674,662 9,522,135

Changes in equity
Profit for the year - 1,208,063 -
Total comprehensive income - 1,208,063 -
Dividends - (528,000 ) -
Transfer of minority interest
reserve - 4,857 -
Total transactions with owners,
recognised directly in equity

-

(523,143

)

-
Balance at 31 October 2023 100 4,359,582 9,522,135

Changes in equity
Profit for the year - 140,500 -
Total comprehensive income - 140,500 -
Dividends - (528,000 ) -
Total transactions with owners,
recognised directly in equity

-

(528,000

)

-
Balance at 31 October 2024 100 3,972,082 9,522,135

Boutique Hotel Group Limited (Registered number: 05759775)

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

Non-controlling Total
Total interests equity
£ £ £
Balance at 1 November 2022 13,196,897 59,119 13,256,016

Changes in equity
Profit for the year 1,208,063 17,559 1,225,622
Total comprehensive income 1,208,063 17,559 1,225,622
Dividends (528,000 ) - (528,000 )
Transfer of minority interest
reserve 4,857 (4,857 ) -
Total transactions with owners,
recognised directly in equity

(523,143

)

(4,857

)

(528,000

)
Balance at 31 October 2023 13,881,817 71,821 13,953,638

Changes in equity
Profit for the year 140,500 1,177 141,677
Total comprehensive income 140,500 1,177 141,677
Dividends (528,000 ) - (528,000 )
Total transactions with owners,
recognised directly in equity

(528,000

)

-

(528,000

)
Balance at 31 October 2024 13,494,317 72,998 13,567,315

Boutique Hotel Group Limited (Registered number: 05759775)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 November 2022 100 110,027 110,127

Changes in equity
Dividends - (528,000 ) (528,000 )
Total comprehensive income - 461,042 461,042
Balance at 31 October 2023 100 43,069 43,169

Changes in equity
Dividends - (528,000 ) (528,000 )
Total comprehensive income - 489,158 489,158
Balance at 31 October 2024 100 4,227 4,327

Boutique Hotel Group Limited (Registered number: 05759775)

Consolidated Cash Flow Statement
for the year ended 31 October 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,451,926 2,409,339
Interest paid (988,000 ) (943,000 )
Interest element of hire purchase payments paid (1,520 ) (6,443 )
Tax paid (291,450 ) (581,835 )
Net cash from operating activities 1,170,956 878,061

Cash flows from investing activities
Purchase of intangible fixed assets (7,850 ) -
Purchase of tangible fixed assets (466,333 ) (469,971 )
Net cash from investing activities (474,183 ) (469,971 )

Cash flows from financing activities
Loan repayments in year (387,500 ) (775,000 )
Capital repayments in year (52,740 ) (88,323 )
Amount introduced by directors 55,000 -
Amount withdrawn by directors - (95,001 )
Equity dividends paid (528,000 ) (528,000 )
Net cash from financing activities (913,240 ) (1,486,324 )

Decrease in cash and cash equivalents (216,467 ) (1,078,234 )
Cash and cash equivalents at beginning of year 2 3,286,940 4,365,174

Cash and cash equivalents at end of year 2 3,070,473 3,286,940

Boutique Hotel Group Limited (Registered number: 05759775)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Profit before taxation 333,736 1,598,715
Depreciation charges 607,456 529,212
Impairment of fixed asset investment 140,000 -
Finance costs 989,520 949,443
2,070,712 3,077,370
(Increase)/decrease in stocks (10,588 ) 4,236
Decrease/(increase) in trade and other debtors 84,610 (136,128 )
Increase/(decrease) in trade and other creditors 307,192 (536,139 )
Cash generated from operations 2,451,926 2,409,339

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31.10.24 1.11.23
£ £
Cash and cash equivalents 3,070,473 3,286,940
Year ended 31 October 2023
31.10.23 1.11.22
£ £
Cash and cash equivalents 3,286,940 4,365,174


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.11.23 Cash flow changes At 31.10.24
£ £ £ £
Net cash
Cash at bank
and in hand 3,286,940 (216,467 ) 3,070,473
3,286,940 (216,467 ) 3,070,473
Debt
Finance leases (52,740 ) 52,740 - -
Debts falling due
within 1 year (775,000 ) 387,500 (13,368,750 ) (13,756,250 )
Debts falling due
after 1 year (13,368,750 ) - 13,368,750 -
(14,196,490 ) 440,240 - (13,756,250 )
Total (10,909,550 ) 223,773 - (10,685,777 )

Boutique Hotel Group Limited (Registered number: 05759775)

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

1. STATUTORY INFORMATION

Boutique Hotel Group 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 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 properties 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 properties which takes into account the independent valuations performed by qualified valuers.

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

- From preparing a statement of cash flows (Section 7), on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company’s cash flows; and
- From disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7.

Basis of consolidation
The consolidated financial statements include the financial statements of the Parent Company and its subsidiary undertakings made up to the year ended 31 October. A subsidiary is an entity controlled by the Group, control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Where control of a subsidiary is achieved in stages, the initial aquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

All intra group transactions, balances, income and expenses are eliminated on consolidation.

In the Parent Company's financial statements, investments in subsidiary undertakings are stated at cost, less provision for any impairment.

Boutique Hotel Group Limited (Registered number: 05759775)

Notes to the Consolidated 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 group 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.

Business combinations and goodwill
Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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

Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. 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.

Boutique Hotel Group Limited (Registered number: 05759775)

Notes to the Consolidated 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. Freehold property comprising of the hotels, owned by the group are 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- revaluation
Improvements to property- at varying rates on cost
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 and hotels, being long standing enduring assets, are 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.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investments in associates
Investments in associate undertakings are recognised at cost less any provision for impairment.

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.

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.

Boutique Hotel Group Limited (Registered number: 05759775)

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

2. ACCOUNTING POLICIES - continued

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The group operates a defined contribution benefit pension scheme. Contributions payable into the group's pension scheme are charged to the profit and loss in the period to which they relate.

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.

Boutique Hotel Group Limited (Registered number: 05759775)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets
Basic financial assets, including trade and other receivables, loans to fellow group companies, 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 recognised 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 amortised cost.

3. TURNOVER

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

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,127,944 4,114,137
Social security costs 286,672 290,024
Other pension costs 69,422 54,025
4,484,038 4,458,186

Boutique Hotel Group Limited (Registered number: 05759775)

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

4. EMPLOYEES AND DIRECTORS - continued

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

Administrative staff and Directors 38 38
Function staff 243 276
281 314

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

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Hire of plant & machinery 29,612 35,433
Depreciation - owned assets 369,099 314,850
Depreciation - assets on hire purchase contracts 36,390 11,639
Goodwill amortisation 199,157 199,157
Computer software amortisation 2,810 3,000
Auditors' remuneration 49,000 44,000
Auditors' remuneration for non audit work 91,357 75,430
Amounts written off investments 140,000 -

6. 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.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 988,000 943,000
Hire purchase 1,520 6,443
989,520 949,443

Boutique Hotel Group Limited (Registered number: 05759775)

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

8. 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 212,938 407,245
Overprovision in prior year (3,396 ) (27,859 )
Underprovision in prior year 5,610 -
Total current tax 215,152 379,386

Deferred tax:
Deferred tax (58,434 ) (6,293 )
Adjustments in respect of
prior period 35,341 -
Total deferred tax (23,093 ) (6,293 )

Tax on profit 192,059 373,093

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 333,736 1,598,715
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
22.500 %)

83,434

359,711

Effects of:
Expenses not deductible for tax purposes 63,068 54,215
Income not taxable for tax purposes - (3,456 )
Adjustments to tax charge in respect of previous periods 37,555 (27,859 )
Deferred tax not recognised 8,002 (7,440 )
Arising from change in rate of corporation tax - (2,078 )
Total tax charge 192,059 373,093

Tax rate changes
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 at 19%, as previously enacted). There has been no change to corporation tax rates for the financial year ended 31 December 2024. For the financial year ended 31 October 2024 the weighted average tax rate is 25% (31 October 2023 weighted average tax rate was 22.5%). Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Boutique Hotel Group Limited (Registered number: 05759775)

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

10. DIVIDENDS
2024 2023
£ £
Ordinary A shares of £1 each
Interim 114,000 114,000
Ordinary B shares of £1 each
Interim 114,000 114,000
Ordinary C shares of £1 each
Interim 114,000 114,000
Ordinary D shares of £1 each
Interim 114,000 114,000
Ordinary E shares of £1 each
Interim 72,000 72,000
528,000 528,000

Each share type carries the following rights:

On a show of hands every member who is present in person shall have one vote and, on a poll, every member who is present in person or by proxy shall have one vote for every share held by them.

Dividends may be declared and paid according to the amounts paid up on the shares and shall be apportioned and paid pro rata to the amounts paid up on the shares. No dividend shall exceed the amount recommended by the directors.

Each share, ranking pari passu, is entitled to participate in a distribution arising from a winding up of the company.

11. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£ £ £
COST
At 1 November 2023 2,032,089 58,394 2,090,483
Additions - 7,850 7,850
At 31 October 2024 2,032,089 66,244 2,098,333
AMORTISATION
At 1 November 2023 1,168,479 57,644 1,226,123
Amortisation for year 199,157 2,810 201,967
At 31 October 2024 1,367,636 60,454 1,428,090
NET BOOK VALUE
At 31 October 2024 664,453 5,790 670,243
At 31 October 2023 863,610 750 864,360

The company has no intangible fixed assets.

Boutique Hotel Group Limited (Registered number: 05759775)

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

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST OR VALUATION
At 1 November 2023 28,286,035 1,563,595 4,902,072
Additions 244,470 11,399 194,606
At 31 October 2024 28,530,505 1,574,994 5,096,678
DEPRECIATION
At 1 November 2023 - 981,686 3,594,685
Charge for year 6,032 76,119 302,500
At 31 October 2024 6,032 1,057,805 3,897,185
NET BOOK VALUE
At 31 October 2024 28,524,473 517,189 1,199,493
At 31 October 2023 28,286,035 581,909 1,307,387

Motor Computer
vehicles equipment Totals
£ £ £
COST OR VALUATION
At 1 November 2023 41,165 208,576 35,001,443
Additions - 15,858 466,333
At 31 October 2024 41,165 224,434 35,467,776
DEPRECIATION
At 1 November 2023 30,694 153,121 4,760,186
Charge for year 3,427 17,411 405,489
At 31 October 2024 34,121 170,532 5,165,675
NET BOOK VALUE
At 31 October 2024 7,044 53,902 30,302,101
At 31 October 2023 10,471 55,455 30,241,257

Boutique Hotel Group Limited (Registered number: 05759775)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 October 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Valuation in 2021 3,133,438 - -
Valuation in 2018 4,061,761 - -
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 12,306,309 1,574,994 5,096,678
28,530,505 1,574,994 5,096,678

Motor Computer
vehicles equipment Totals
£ £ £
Valuation in 2021 - - 3,133,438
Valuation in 2018 - - 4,061,761
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 41,165 224,434 19,243,580
41,165 224,434 35,467,776

The professional valuations for the year ended 2021 were carried out by I D Crompton Bsc (Hons) MRICS), a RICS registered valuer of Lambert Smith Hampton.

Boutique Hotel Group Limited (Registered number: 05759775)

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

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
COST OR VALUATION
At 1 November 2023 527,043
Transfer to ownership (527,043 )
At 31 October 2024 -
DEPRECIATION
At 1 November 2023 131,356
Charge for year 36,390
Transfer to ownership (167,746 )
At 31 October 2024 -
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 395,687

Company
Fixtures
and
fittings
£
COST
At 1 November 2023
and 31 October 2024 415,715
DEPRECIATION
At 1 November 2023 131,143
Charge for year 71,143
At 31 October 2024 202,286
NET BOOK VALUE
At 31 October 2024 213,429
At 31 October 2023 284,572

Boutique Hotel Group Limited (Registered number: 05759775)

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

13. FIXED ASSET INVESTMENTS

Group
Interest in Unlisted
associate investments Totals
£ £ £
COST
At 1 November 2023 180,900 140,000 320,900
Impairments - (140,000 ) (140,000 )
At 31 October 2024 180,900 - 180,900
PROVISIONS
At 1 November 2023
and 31 October 2024 180,900 - 180,900
NET BOOK VALUE
At 31 October 2024 - - -
At 31 October 2023 - 140,000 140,000
Company
Shares in
group Interest in
undertakings associate Totals
£ £ £
COST
At 1 November 2023
and 31 October 2024 8,002,500 180,900 8,183,400
PROVISIONS
At 1 November 2023
and 31 October 2024 - 180,900 180,900
NET BOOK VALUE
At 31 October 2024 8,002,500 - 8,002,500
At 31 October 2023 8,002,500 - 8,002,500

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Majorstage Limited
Registered office: Peckforton Castle, Stone House Lane, Peckforton, Tarporley, Cheshire, CW6 9TN
Nature of business: Hotel and wedding venue
%
Class of shares: holding
Ordinary 100.00

Shares held by the parent company, Boutique Hotel Group Limited.

Nayco 3 Limited
Registered office: Peckforton Castle, Stone House Lane, Peckforton, Tarporley, Cheshire, CW6 9TN
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 92.00

Shares held by the parent company, Boutique Hotel Group Limited.

Boutique Hotel Group Limited (Registered number: 05759775)

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

13. FIXED ASSET INVESTMENTS - continued

Nunsmere Limited
Registered office: Peckforton Castle, Stone House Lane, Peckforton, Tarporley, Cheshire, CW6 9TN
Nature of business: Hotel and wedding venue
%
Class of shares: holding
Ordinary 92.00

Shares held by Nayco 3 Limited.

Nunsmere Hall Limited
Registered office: Peckforton Castle, Stone House Lane, Peckforton, Tarporley, Cheshire, CW6 9TN
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 92.00

Shares held by Nayco 3 Limited.

ICCL Limited
Registered office: Peckforton Castle Stone House Lane, Peckforton, Tarporley, England, CW6 9TN
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 100.00

Shares held by the parent company, Boutique Hotel Group Limited.

Inglewood Manor Limited
Registered office: Peckforton Castle Stone House Lane, Peckforton, Tarporley, England, CW6 9TN
Nature of business: Hotel and wedding venue
%
Class of shares: holding
Ordinary 100.00

Shares held by ICCL Limited.


14. INVESTMENT PROPERTY

Group
Total
£
FAIR VALUE
At 1 November 2023
and 31 October 2024 1,623,896
NET BOOK VALUE
At 31 October 2024 1,623,896
At 31 October 2023 1,623,896

Boutique Hotel Group Limited (Registered number: 05759775)

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

14. INVESTMENT PROPERTY - continued

Group

Fair value at 31 October 2024 is represented by:
£
Valuation in 2018 1,100,000
Valuation in 2019 80,000
Cost 443,896
1,623,896

15. STOCKS

Group
2024 2023
£ £
Consumables 106,865 96,277

16. DEBTORS

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year:
Trade debtors 207,116 218,226 - -
Amounts owed by group undertakings - - 4,696,783 4,916,783
Other debtors 30,669 29,004 - -
Directors' current accounts 59,011 114,011 59,011 114,011
Prepayments & accrued income 108,912 203,993 - -
405,708 565,234 4,755,794 5,030,794

Amounts falling due after more than one year:
Other debtors 19,916 - 19,916 -

Aggregate amounts 425,624 565,234 4,775,710 5,030,794

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Boutique Hotel Group Limited (Registered number: 05759775)

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

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 19) 13,756,250 775,000 13,756,250 775,000
Hire purchase contracts (see note 20) - 52,740 - -
Trade creditors 297,137 376,107 - -
Amounts owed to group undertakings - - 721,292 1,449,972
Tax 86,592 162,890 - -
Social security & other taxes 64,085 73,709 - -
VAT 362,081 361,407 - -
Other creditors 3,286,427 2,751,885 5,395 5,395
Accruals & deferred income 357,445 367,496 - -
18,210,017 4,921,234 14,482,937 2,230,367

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans (see note 19) - 13,368,750 - 13,368,750
Other creditors 462,428 591,807 - -
462,428 13,960,557 - 13,368,750

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 13,756,250 775,000 13,756,250 775,000
Amounts falling due between one and two years:
Bank loans - 1-2 years - 775,000 - 775,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 12,593,750 - 12,593,750

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year - 52,740

Boutique Hotel Group Limited (Registered number: 05759775)

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

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax 3,959,442 3,982,535

Group
Deferred tax
£
Balance at 1 November 2023 3,982,535
Credit to Income Statement during year (58,434 )
Adjustments in respect of 35,341
prior year
Balance at 31 October 2024 3,959,442

The above balances relate to accelerated capital allowances liability of £103,620 (2023: £134,568), deferred tax on property revaluations liability of £3,866,358 (2023: £3,872,788) and other timing differences asset of (£10,536) (2023: (£24,821)).

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number Class: Nominal Value 2024 2023
£    £   
25 Ordinary A £1 25 25
22 Ordinary B £1 22 22
25 Ordinary C £1 25 25
23 Ordinary D £1 23 23
5 Ordinary E £1 5 5
100 100

Each share type carries the following rights:

On a show of hands every member who is present in person shall have one vote and, on a poll, every member who is present in person or by proxy shall have one vote for every share held by them.

Dividends may be declared and paid according to the amounts paid up on the shares and shall be apportioned and paid pro rata to the amounts paid up on the shares. No dividend shall exceed the amount recommended by the directors.

Each share, ranking pari passu, is entitled to participate in a distribution arising from a winding up of the company.

23. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 November 2023 4,359,582 9,522,135 13,881,717
Profit for the year 140,500 140,500
Dividends (528,000 ) (528,000 )
At 31 October 2024 3,972,082 9,522,135 13,494,217

Boutique Hotel Group Limited (Registered number: 05759775)

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

23. RESERVES - continued

Company
Retained
earnings
£

At 1 November 2023 43,069
Profit for the year 489,158
Dividends (528,000 )
At 31 October 2024 4,227


24. NON-CONTROLLING INTERESTS


The funds relating to minority interests are analysed as follows:
2024 2023
£    £   
At 1 November 71,821 59,119
Total comprehensive income attributable to minority interest 1,177 17,559
Transfer to reserves - (4,857 )
At 31 October 72,998 71,821

The above represents capital and reserves attributable to shares in a subsidiary undertaking, included in the consolidation, held by or on behalf of persons other than the parent company and its subsidiaries.

25. PENSION COMMITMENTS

The group contributes to employees' personal pension plans whose assets are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group and amounted to £69,421 (2023: £54,025). Included in other creditors are contributions of £37,310 (2023: £23,532) payable to the plans at the year-end.

26. CONTINGENT LIABILITIES

Majorstage Limited, a company within the group, 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.

27. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£ £
R A Naylor
Balance outstanding at start of year 75,000 75,000
Amounts repaid (30,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,000 75,000

Boutique Hotel Group Limited (Registered number: 05759775)

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

27. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

C J Naylor
Balance outstanding at start of year 39,011 (55,990 )
Amounts advanced - 95,001
Amounts repaid (25,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,011 39,011

28. RELATED PARTY DISCLOSURES

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.

During the year, a total of key management personnel compensation of £ 116,699 (2023 - £ 116,697 ) was paid.

The directors are considered to be the only members of "key management" for the purposes of section 33 of FRS 102.

29. ULTIMATE CONTROLLING PARTY

The directors consider there to be no ultimate controlling party.