Company registration number 09436275 (England and Wales)
THE GROVE NARBERTH LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE GROVE NARBERTH LTD
COMPANY INFORMATION
Directors
Mr Neil Kedward
Ms Zoe Agar
Company number
09436275
Registered office
The Cornstore
The Green
Pembroke
UK
SA71 4NU
Auditor
Redwood Wales Limited
T/a CJH
Ty Caer Wyr, Charter Court
Phoenix Way
Swansea
United Kingdom
SA7 9FS
THE GROVE NARBERTH LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
THE GROVE NARBERTH LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

The Grove Narberth, nestled in the picturesque Pembrokeshire countryside, has established itself as one of Wales' premier luxury hotels. Since its acquisition in 2007 by Zoe and Neil Kedward, the property has undergone extensive renovations, transforming from a dilapidated estate into a celebrated country house hotel. The Grove's commitment to excellence is evident in its numerous accolades, including the 'Independent Hotel of the Year' at the 2024 Independent Hotel Show and the SLH Hotel of the Year in 2023. During the year the Hotel was also awarded the Michelin Key.

 

The hotel offers a unique blend of historical charm and modern luxury, with individually designed rooms that reflect the building's storied past. The Grove's dedication to providing exceptional service and a tranquil environment makes it a perfect retreat for those seeking a luxurious escape.

 

Revenue generation for the year remained strong at an impressive £3.25M (2023: £3.28M). Overall, 2024 was undoubtedly a more challenging year than the previous. However, we continue to demonstrate exceptional resilience and as a result, we achieved a reasonable result comparable with previous period. This underscores the unwavering commitment and professionalism of our team, ensuring that our business sustains even in challenging political and economic uncertainty.

 

 

Key performance indicators

2024        2023

Revenue    £3,255,608    £3,289,882
Gross profit     £1,041,771    £955,511
Gross profit %    31.9%        29%
EBITDA        £386,755    £280,027

Principal risks and uncertainties

The principal risks facing the hotel is the strength of the UK economy and staffing. With luxury hotels and expensive restaurants not seen as an essential household expense which could mean families foregoing such costs during the current and extended cost of living crises. This is somewhat mitigated by the business working at the higher end of the market where its guests typically have higher levels of disposal income. Staffing issues are still being felt in the sector. The Grove pride themselves on the treatment of their staff with competitive salaries and benefits.

 

Ongoing market uncertainty is inevitable in a low growth economy but the strength of the company's brand, together with its high levels of historical capital expenditure will stand the company in good stead.

Employees

All of our staff no matter how senior are critical to the delivery of our plan. We're fortunate in that we have a proven track record in finding, training and retaining an outstanding team, with the majority of senior management being longstanding representatives of the hotel. This ensures a continuity of delivery and inherent understanding by the team of the companies desire for excellence in all that we do.

 

Our people wish to work for an organisation with strong commitment to ethical practices and compliance. Our approach to the pay and benefits of our team members receive, along with the health, safety and well-being of our team is a key consideration in how we operate. The company has regular board meetings and board communications with employees. There are regular team meetings and a comprehensive appraisal system for all staff members. We have developed over the years Group values and policies in respect of workplace conduct to produce a supportive, respectful and friendly work environment.

 

 

THE GROVE NARBERTH LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Financial risk management objectives and policies
The Company operates a number of risk management policies designed to minimise its exposure to financial risk.

 

Liquidity and cash flow risk
The Company produces detailed monthly management accounts and forecasts, which enable the directors to monitor the cash position and ensure that there is sufficient liquidity and cash flow to minimise the risk of being unable to pay debts as they fall due.

 

Interest rate risk
The Company utilises a number of financial instruments including bank overdrafts and loans. The primary risk faced by the company of its use of these financial instruments is interest rate risk. The bank overdraft borrowings at variable rates expose the company to cash flow interest rate risk, however the directors actively manage this risk by transferring funds between group company bank accounts in order to minimise use of overdraft facilities.

 

Climate legislation risk
The potential impact of climate change and the associated future legislation on our business is a concern. The company is proactively investing in the future and exploring ways to adapt to the changing landscape.

On behalf of the board

Mr Neil Kedward
Director
16 July 2025
THE GROVE NARBERTH LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of running a hotel and restaurant.

Results and dividends

The results for the year are set out on .

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Neil Kedward
Ms Zoe Agar

Going concern

As at 31 December 2024 the company had net current liabilities of £1,517,776 (2023: £1,533,188), not withstanding the financial position reported, the financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

 

In making our assessment, the directors have undertaken a review of the company's financial position. The directors have prepared forecasts, which indicate that based on the anticipated level of sales, there is a reasonable expectation that the company will be able to operate within its current level of agreed facilities the group has secured with the bank for a period of at least 12 months from the date of approval of the financial statements. Significant funding has been achieved via capital injection through the issue of group shares to external investors which will assist with bridging cashflow shortfalls and completion of property redevelopment. This helps deflate the doubt, if not completely satisfying material uncertainty, of the company's ability to continue as a going concern.

 

Economic factors continue to bring uncertainty to business operations and the director therefore continue to review profit margins to proactively seek suitable cost saving measures wherever possible without sacrificing quality and customer experience. At the date of signing the report sales continued to meet budgeted levels, With no indication at the current time this position will change the company's forecasts and projections shoe that the company will be able to operate within its facilities.

 

After consideration of the above matters and the expected continued support of Parent Company, investors and lenders, the directors are satisfied that it is appropriate to continue to prepare the financial statements on a going concern basis. The financial statements therefore do not include the adjustments required should the company be unable to continue as a going concern.

 

Auditor

The auditors, Redwood Wales, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

THE GROVE NARBERTH LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

In preparing these financial statements, the directors are required to:

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Neil Kedward
Director
16 July 2025
THE GROVE NARBERTH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE GROVE NARBERTH LTD
- 5 -
Opinion

We have audited the financial statements of The Grove Narberth Ltd (the 'company') for the year ended 31 December 2024 which comprise , the statement of comprehensive income, the balance sheet, the statement of changes in equity 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).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

THE GROVE NARBERTH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE GROVE NARBERTH LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on operations of the company. The key laws and regulations we consider in this context include the UK Companies Act and relevant tax legislation.

 

THE GROVE NARBERTH LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE GROVE NARBERTH LTD (CONTINUED)
- 7 -

Audit procedures performed by the engagement team to respond to the risk of irregularities and non-compliance with laws and regulations, including fraud, include the following:

 

 

There are inherent limitations in the audit procedures which means 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. The risk of not detecting material misstatements due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forger or intentional misrepresentation, or through collusion.

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 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.

Mark Howells (Senior Statutory Auditor)
For and on behalf of Redwood Wales Limited, Statutory Auditor
T/a CJH
Ty Caer Wyr, Charter Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FS
United Kingdom
16 July 2025
THE GROVE NARBERTH LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Loss for the year
(32,090)
(129,189)
Other comprehensive income
Revaluation of tangible fixed assets
1,002,654
-
0
Tax relating to other comprehensive income
(190,504)
-
0
Total other comprehensive income for the year
812,150
-
0
Total comprehensive income for the year
780,060
(129,189)
THE GROVE NARBERTH LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
7,421,332
6,567,947
Current assets
Stocks
9
41,252
60,677
Debtors
10
71,873
65,007
Cash at bank and in hand
1,062
414
114,187
126,098
Creditors: amounts falling due within one year
11
(1,631,963)
(1,659,286)
Net current liabilities
(1,517,776)
(1,533,188)
Total assets less current liabilities
5,903,556
5,034,759
Creditors: amounts falling due after more than one year
12
(1,884,761)
(2,047,016)
Provisions for liabilities
Deferred tax liability
14
982,995
732,003
(982,995)
(732,003)
Net assets
3,035,800
2,255,740
Capital and reserves
Called up share capital
16
100
100
Revaluation reserve
17
2,651,983
1,839,833
Profit and loss reserves
18
383,717
415,807
Total equity
3,035,800
2,255,740

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
Mr Neil Kedward
Director
Company registration number 09436275 (England and Wales)
THE GROVE NARBERTH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
100
1,853,555
531,274
2,384,929
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(129,189)
(129,189)
Transfers
-
(13,722)
13,722
-
Balance at 31 December 2023
100
1,839,833
415,807
2,255,740
Year ended 31 December 2024:
Loss
-
-
(32,090)
(32,090)
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,002,654
-
1,002,654
Tax relating to other comprehensive income
-
(190,504)
-
0
(190,504)
Total comprehensive income
-
812,150
(32,090)
780,060
Balance at 31 December 2024
100
2,651,983
383,717
3,035,800
THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

The Grove Narberth Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Cornstore, The Green, Pembroke, UK, SA71 4NU.

1.1
Accounting convention

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 modified to include the revaluation of freehold properties The principal accounting policies adopted are set out below.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of The Seren Collection Limited.

1.2
Going concern

As at 31 December 2024 the company had net current liabilities of £1,517,776 (2023: £1,533,188), not withstanding the financial position reported, the financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.true

 

In making our assessment, the directors have undertaken a review of the company's financial position. The directors have prepared forecasts, which indicate that based on the anticipated level of sales, there is a reasonable expectation that the company will be able to operate within its current level of agreed facilities the group has secured with the bank for a period of at least 12 months from the date of approval of the financial statements. Significant funding has been achieved via capital injection through the issue of group shares to external investors which will assist with bridging cashflow shortfalls and completion of property redevelopment. This helps deflate the doubt, if not completely satisfying material uncertainty, of the company's ability to continue as a going concern.

 

Economic factors continue to bring uncertainty to business operations and the director therefore continue to review profit margins to proactively seek suitable cost saving measures wherever possible without sacrificing quality and customer experience. At the date of signing the report sales continued to meet budgeted levels, With no indication at the current time this position will change the company's forecasts and projections shoe that the company will be able to operate within its facilities.

THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

After consideration of the above matters and the expected continued support of Parent Company, investors and lenders, the directors are satisfied that it is appropriate to continue to prepare the financial statements on a going concern basis. The financial statements therefore do not include the adjustments required should the company be unable to continue as a going concern.

1.3
Turnover

Revenue represents the amounts received (excluding VAT and similar taxes) in the areas set out below.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10% straight line
Computers
20% straight line
Motor vehicles
20% straight line

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 credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax

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 when the company has 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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Property carrying values

The directors appointed independent chartered surveyors to value freehold and leasehold property and the carrying values in the accounts reflect the change in valuation accordingly. Please notes to the accounts for further information.

THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Accomodation
1,597,387
1,636,003
Food
1,197,768
1,175,149
Beerage
460,453
478,730
3,255,608
3,289,882
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
3,255,608
3,289,882
2024
2023
£
£
Other revenue
Grants received
10,143
10,143
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(10,143)
(10,143)
Fees payable to the company's auditor for the audit of the company's financial statements
5,400
5,000
Depreciation of owned tangible fixed assets
168,474
223,666
(Profit)/loss on disposal of tangible fixed assets
-
696
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Staff
64
69
THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,444,556
1,501,434
Social security costs
111,162
113,024
Pension costs
50,796
48,882
1,606,514
1,663,340
6
Interest payable and similar expenses
2024
2023
£
£
Other interest
26,220
-
0
Other interest on financial liabilities
144,356
127,429
Interest on finance leases and hire purchase contracts
19,307
58,121
189,883
185,550
7
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
60,488
-
0

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
28,398
(129,189)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
7,100
(24,546)
Tax effect of expenses that are not deductible in determining taxable profit
19
-
0
Tax effect of income not taxable in determining taxable profit
(1,020)
(5,798)
Tax effect of utilisation of tax losses not previously recognised
-
0
1,306
Unutilised tax losses carried forward
(41,685)
-
0
Permanent capital allowances in excess of depreciation
34,469
28,968
Deferred tax movement
60,488
70
Provisions
1,117
-
0
Taxation charge for the year
60,488
-
THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 16 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
190,504
-
8
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
6,090,310
941,816
637,814
69,023
33,047
7,772,010
Additions
-
0
18,223
-
0
982
-
0
19,205
Revaluation
909,690
-
0
-
0
-
0
-
0
909,690
At 31 December 2024
7,000,000
960,039
637,814
70,005
33,047
8,700,905
Depreciation and impairment
At 1 January 2024
92,964
608,417
421,696
52,347
28,639
1,204,063
Depreciation charged in the year
-
0
94,599
63,469
5,998
4,408
168,474
Revaluation
(92,964)
-
0
-
0
-
0
-
0
(92,964)
At 31 December 2024
-
0
703,016
485,165
58,345
33,047
1,279,573
Carrying amount
At 31 December 2024
7,000,000
257,023
152,649
11,660
-
0
7,421,332
At 31 December 2023
5,997,346
333,399
216,118
16,676
4,408
6,567,947

Land and buildings were revalued in the year by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Tangible fixed assets
(Continued)
- 17 -

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and Buildings
2024
2023
£
£
Cost
6,090,310
6,047,880
Accumulated depreciation
(92,963)
(41,670)
Carrying value
5,997,347
6,006,210
9
Stocks
2024
2023
£
£
Finished goods and goods for resale
41,252
60,677
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
41,151
44,228
Prepayments and accrued income
30,722
20,779
71,873
65,007
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13
251,057
508,098
Obligations under finance leases
71,219
72,877
Trade creditors
113,846
111,556
Amounts owed to group undertakings
573,642
356,826
Taxation and social security
118,917
224,581
Other creditors
232,229
152,561
Accruals and deferred income
271,053
232,787
1,631,963
1,659,286
THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13
1,799,406
1,882,229
Obligations under finance leases
85,355
164,787
1,884,761
2,047,016
Creditors which fall due after five years are payable as follows:
Payable by instalments
1,431,949
1,478,609

Overdrafts and long term loans are secured by a fixed and floating charge over all property and assets of the company.

13
Loans and overdrafts
2024
2023
£
£
Bank loans
1,891,270
1,983,134
Bank overdrafts
159,193
407,193
2,050,463
2,390,327
Payable within one year
251,057
508,098
Payable after one year
1,799,406
1,882,229

 

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax
982,995
732,003
THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Deferred taxation
(Continued)
- 19 -
2024
Movements in the year:
£
Liability at 1 January 2024
732,003
Charge to profit or loss
60,488
Charge to equity
190,504
Liability at 31 December 2024
982,995
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,796
48,882

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
17
Revaluation reserve
2024
2023
£
£
At the beginning of the year
1,839,833
1,853,555
Revaluation surplus arising in the year
1,002,654
-
0
Deferred tax on revaluation of tangible assets
(190,504)
-
Transfer to retained earnings
-
0
(13,722)
At the end of the year
2,651,983
1,839,833
THE GROVE NARBERTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
18
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
415,807
531,274
Adjusted balance
415,807
531,274
Loss for the year
(32,090)
(129,189)
Transfer from revaluation reserve
-
0
13,722
At the end of the year
383,717
415,807
19
Ultimate controlling party

The Grove Narberth Ltd is a wholly subsidiary of The Seren Collection Ltd, a company registered in England and Wales.

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