The director presents the strategic report for the year ended 31 December 2023.
2023 saw a continuation of increasing costs due to the War in Ukraine pushing energy costs upwards. Continued supply chain issues also saw significant inflationary pressures and by extension interest rate increases. However due to Strathmore Hotels historic strategy of only operating units within key tourist and conference locations the company was, and is, always placed well to recover swiftly from any forced restriction on trade. In turn, the Company has always maintained prudence and risk aversion in terms of Borrowing so low LTV’s have always been maintained. This, coupled with shift away in 2014 in relying on fossil fuels as it’s primary energy source, means that, although the company has experienced significant increases in costs – the company is as well placed as any other to cope, and absorb, such increasing cost pressures.
Operating Climate
The Directors regard the group as having a strong and stable customer base. The majority of the customers are UK and European based. Guest demographic and strong location of the hotels maintains a demand that the directors believe assures the group’s core business. The principle risk in the medium term is the continuing economic climate.
Interest Rate risk
The Group finances it operations through a mixture of retained profits and bank borrowings. It is the group’s policy to undertake borrowings on the basis of variable interest rate facilities. The performance of the company during the pandemic and its consequential lack of requirement of extra borrowing, government assistance (i.e CBILS loan etc) , coupled with its long term strategy of minimising Loan to Value (LTV), means the directors are confident that the overall resources of the company are sufficient to enable it absorb any potential adverse change in interest rate.
Energy Costs
The war in Ukraine, coupled with a sharp increase of post pandemic demand for Oil and Gas has resulted in record high prices of fossil fuel. In 2014 the Directors decided to convert the hotels primary energy source from Gas to sustainable Biomass. This conversion has been extremely successful and has been operating well for several years. As a result, the Directors are confident that the company is well placed to avoid extreme energy costs due to its lack of reliance on Gas. 2023 saw the completion of installation and certification of a new Biomass system at the Ben Wyvis Hotel in Strathpeffer, replacing the aging Oil Heating system that was in situ. This new system, in addition to being sustainable, will see a significant decrease in energy costs and efficient at the site.
An analysis of the company's key performance indicators is as follows:
|
| |
| 2023 | 2022 |
| £m | £m |
Turnover | 19.2 | 17.6 |
Gross profit | 8.2 | 7.1 |
Operating profit | 2.4 | 2.3 |
Profit before tax | 1.3 | 1.8 |
Interest cover | 2.4 | 4.5 |
Net assets | 11.0 | 9.8 |
Bed Occupancy
| 63% | 62% |
The directors will continue with current management policies which have resulted in the group's growth in recent years.
The likely consequences of any decision in the long term
The directors are fully committed to the long-term sustainability of the company. This is evidenced by recent hotel additions and the continuing refurbishment of the hotel portfolio. All strategic decisions are made with a long term focus in mind.
The interests of the company's employees
The directors recognise the role the employees play in delivering customer service to guests through not only
customer-facing roles, but also in back-office administration and maintenance of the buildings and grounds.
We are active in training and motivating our workforce to retain our employees and provide the level of service that we pride ourselves in.
The impact of the company's operations on the community and the environment
We are committed to supporting the communities that we are based in and being environmentally responsible.
The importance of the company's business relationships with suppliers, customers and others
We aim to give a high level of service to our customers. Guest feedback is sought by way of satisfaction questionnaires and KPls.
There are a number of key suppliers that maintain engagement with the individual hotels. We work closely with our regular suppliers and maintain regular contact by phone and email.
The desirability of the company maintaining a reputation for high standards of business conduct
The directors are determined to ensure that the business operates to the highest standards possible. The directors review performance regularly to ensure that the business is able to meet these standards.
The need to act fairly between members of the company
The directors and members work closely together to ensure that all relevant parties are consulted when determining a course of action for the business.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2023.
The results for the year are set out on page 10.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance..
Consilium Audit Limited were appointed as auditor to the company and are deemed to be reappointed under section 487(2) of the Companies Act 2006.
The director recognises that the group has a responsbility to the environment and endeavours to be as environmentally friendly as possible in carrying out the group's business activities.
Scope 1 emissions are direct emissions from sources that are owned or controlled by the group (e.g hotels). Scope 2 emissions are indirect emissions from sources that are not owned or controlled by the group (e.g purchased electricity).
Our scope 1 and scope 2 energy use and greenhouse gas emissions data for 2022 has been produced by the director from information maintained by the group.
To calculate the footprint, data was collated from across the group and from our suppliers to identify the amount of energy used in our operations. The group uses the most robust and accurate data source available for each component of its energy use and carbon emission calculations. Assumptions and estimations are only used when strictly necessary by means of the most robust data and assumptions available.
Our market based data conversion factors are taken directly from each supplier's annual fuel mix disclosure statement as illustrated below.
Other conversion factors are taken from the UK government's conversion factors 2021.
Greenhouse gas emissions are calculated in line with GHG Reporting Protocol - Corporate standard and reported in line with the UK Government's guidance on Streamlined Energy and Carbon Reporting and mandatory GHG reporting guidance.
We have audited the financial statements of Strathmore Leisure Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 director with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the group through discussions with directors and management and from our knowledge of the regulatory environment relevant to the group.
We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence.
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.
To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £110,376 (2022 - £89,596 loss).
Strathmore Leisure Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is .
The group consists of Strathmore Leisure Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Strathmore Leisure Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Room revenue is recognised at the point at which the rooms are occupied, whilst food and beverage sales are recognised at the point of sale.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Individual freehold and leasehold properties are carried at fair value at the balance sheet date. A full valuation is obtained on a regular basis, and in any year where it is likely that there has been a material change in value. In years where no valuation is performed an assessment of valuation is carried out by the directors in light of current market conditions.
The carrying value of tangible fixed assets carried at valuation is outlined at note 11.
The estimates and assumptions made to determine asset lives require judgements to be made as regards to useful lives and residual values. The useful lives and residual values of the company's fixed assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets. Historically, changes in useful lives have not resulted in material changes to the company's depreciation charge.
The depreciation charge in the year is outlined at note 11.
Negative goodwill is written off over the period from which the group's non-monetary assets are recovered. As the non-monetary assets exceeded the amount of negative goodwill at the point of acquisition, judgement is required in determining which of the non-monetary assets the negative goodwill should be matched against. The director has applied those assets with the shortest useful lives in arriving at an estimated average period of five years.
The carrying value of negative goodwill at the reporting date is outlined at note 10.
The company holds an investment in subsidiary which is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The director reviews the investment on an annual basis for any indicators of impairment.
The carrying value of the company's investment at the reporting date is outlined at note 12.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Included in freehold property is freehold land at a a cost of £11,302,957 (2022 - £11,302,957).
As at 1 June 2021 the group's hotel properties and leasehold properties were valued by JLL, independent valuers and surveyors, on a fair value basis. The hotels were valued as fully equipped operational entities having regard to trading potential. Leasehold properties includes the Cairn Hotel valued on a leasehold interest basis. Valuations were undertaken in accordance with the RICS Appraisal and Valuation Manual. In assessing fair value of the company's hotels, multiples are applied to the maintainable operating profits for each hotel, with an adjustment made for capital expenditure. In making their fair value assessment at the reporting date, the directors have considered the June 2021 valuations and subsequent events and are satisfied that the carrying values stated above represent an appropriate fair value.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Details of the company's subsidiaries at 31 December 2023 are as follows:
JLC Estates Limited has taken the exemption available under section 479A of the Companies Act 2006 not to have their individual financial statements audited.
In September 2022, the group refinanced its bank borrowings to new £12.1m, 3 year facilities with interest payable at 2.7% above base rate. £2.9m of the loans are repayable in quarterly instalments, with the remaining £9.2m repayable at the maturity date.
The bank loans and overdrafts are secured by standard securities and debentures over the group's hotel properties, together with a bond and floating charge over the assets of the group.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The A and B preference shares carry a fixed cumulative preferential dividend at the rate of 1.25% per annum which is payable within 14 days of the company's financial year-end. If the company is not lawfully permitted to pay the dividend as a result of insufficient profits, the amount unpaid will be a debt due by the company and will accrue interest at the rate of 2.5% above the base lending rate of Royal Bank of Scotland PLC. The C preference shares, to the extent that they have not been redeemed, carry a right to a fixed cumulative preferential dividend from 31 August 2025 at the rate of 1.25% per annum which is payable within 14 days of the company's financial year-end. If the company is not lawfully permitted to pay the dividend as a result of insufficient profits, the amount unpaid will be a debt due by the company and will accrued interest at the rate of 2.5% above the base lending rate of Royal Bank of Scotland PLC.
On a winding up or sale, the holders of A,B and C preference shares have priority before all other classes of shares to receive repayment of capital plus any arrears of dividends.
The A and C preference shares have redemption rights, some of which are dependent on various events as details in the company's Articles of Association. No redemption notice can be served on the company prior to the repayment of certain directors loan balances. B preference shares have an annual redemption entitlement up to a maximum of £300,000 per B preference shareholder. They are automatically redeemed on the 7th anniversary of issue or on the occurrence of various events as detailed in the company's Articles of Association.
During 2023, £350,000 of B preference shares were redeemed.
The company has provided guarantees in respect of bank borrowings of its subsidiary companies, Strathmore Hotels (Scotland) Limited and Strathmore Hotels Limited. The amount outstanding in respect of these guarantees at 31 December 2023 was £12,573,241 (2022: £11,275,937).
At 31 December 2023 the group had a lease for the Cairn Hotel, Harrogate. The period remaining is 78 years and the total amount payable is £8,852,118 (2022 - £8,967,118). The repayment profile of the lease is a payment of £115,000 per annum.
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Included within amounts owed to group undertakings within note 16 is £2,424,062 (2022 - £1,659,230) owed to group undertakings not part of the wholly owned group.
Included within other debtors is £nil (2022 - £393,062) owed by connected companies.
Included within other creditors is £140,358 (2022 - £47,582) owed to connected companies.
The director had an interest free loan during the year. The loan is repayable on demand. The amounts repayable to the group at the balance sheet date was as follows: