Company registration number 10626575 (England and Wales)
THE SEREN COLLECTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE SEREN COLLECTION LIMITED
COMPANY INFORMATION
Directors
Ms Zoe Agar
Mr Neil Kedward
Company number
10626575
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 SEREN COLLECTION LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 33
THE SEREN COLLECTION LIMITED
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 Seren Collection is an independent Welsh hospitality group rooted in its commitment of delivering exceptional customer service.
Seren was founded in 2016 by Neil and Zoe Kedward to bring together their thriving hospitality destinations under a single management brand to better support the ongoing development of the businesses. Seren is the Welsh word for star, it represents the strong belief in nurturing venues and teams so they shine. The group is proud to have won a number of awards including holding a Michelin star at the Beach House Oxwich; and The Grove Narberth, a 5 star hotel consistently voted one of the best luxury hotels in the UK. Whilst still very much remaining a family business.
The Group operates in the luxury hospitality industry. The UK has one of the most dynamic and diverse hospitality sectors in the world.
The Group operates in a small space in the industry providing luxury experiences, and as a result does not face the same challenges as high street competitors. The Group pride themselves on using the best local ingredients and employing the best staff including Michelin star chefs and experienced restaurant and front of house staff.
Revenue generation for the year remained strong with turnover remaining consistent at £7,070,270 (2023: £7,065,979). Despite continued product, energy and wage inflation the group, following an extensive review by the Group in all areas of the business during the year, costs were efficiently reduced to produce a considerably improved gross margin rising to 35.8% and EBITDA increasing by 97%. The decisions taken have changed the operating model in a way that has seen a significant step change in profitability to normalised levels in 2025. Like many businesses across the UK, Seren has had to redefine its way of working.
Key performance indicators
Dec 2024 Dec 2023
Revenue £7,070,270 £7,065,979
Gross Profit £2,534,320 £2,310,116
Gross Margin 35.84% 32.7%
EBITDA £830,789 £436,871
Principal risks and uncertainties
The principal risk facing the Group is the strength of the UK economy, 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 crisis. This is somewhat mitigated by the business working at the higher end of the market where its guests typically have higher levels of disposable income. Staffing issues are still being felt in the sector, but Seren's attractive four day working model for operating staff means that they have no such issues. Seren also pride themselves on the treatment of their staff with competitive salaries and benefits.
Ongoing market uncertainty is inevitable in low a low growth economy but the strength of the Group's brand, together with its high levels of historical capital expenditure will stand the company in good stead.
THE SEREN COLLECTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future developments
The company will continue to focus on sustained profitability and growth.
There are several exciting projects with Phase 4 of Penmaenuchaf starting in early 2026. A new and more accessible restaurant concept 'Lan y Môr' was introduced during 2024 to replace the previous fine-dining 'Coast' restaurant. This has improved revenue and profitability since its launch whilst maintaining a lower price point coupled with great hospitality.
Our plans and strategies further consider the impact of our operations on the community and environment, as well as our wider social responsibilities, and in particular how we comply with environmental legislation and react promptly to local community concerns. Our intention is to behave responsibly and to ensure that the management operate the business in a responsible manner, recognising the high standards of business conduct and good governance expected for a business such as ours.
We will also seek to continue to offer high quality employment opportunities for local residents. We also plan to
continue to support local community causes through regular fundraising and charitable events. We would hope that this approach will nurture our reputation in the local communities in which we operate.
A significant investor has taken a minority stake in the business. This injection of cash is enabling the next phase of works to be completed at Penmaenuchaf.
Employees
All of our staff no matter how senior are critical to 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 long standing representatives of our Group. This ensures a continuity of delivery and an 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 our team members receive, along with the health, safety and well-being of our team is a key consideration in how we operate. The Group has regular board meetings and board communications with employees. There are regular team meetings and a full and 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 working environment.
As a Group, we invest heavily in learning and development to ensure that staff are equipped with the skills they need to do their roles. A rigorous health, safety and environment policy is adopted to promote staff working practices as well as monitoring trends and making changes to procedures in response to those trends.
Our Group purpose is to realise the potential of our staff and venues, and we are pleased that the Group continues to be recognised with numerous, industry leading UK awards for the quality of its people, teams and venues.
THE SEREN COLLECTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Financial risk management objectives and policies
The Group operates a number of risk management policies designed to minimise its exposure to financial risk.
Liquidity and cash flow risk
The Group utilises a number of financial instruments including bank loans, overdrafts and hire purchase loans to finance its operations. The primary risk faced by the Group as a result of its uses of these financial statements is interest rate risk.
Interest rate risk
The bank overdraft borrowings at variable rates expose the Group to cash-flow interest rate risk, however the directors actively manage this risk by monitoring the cashflow to ensure such borrowings are minimised.
The Group's bank loan borrowings, which are issued at variable rates, expose the Group to fair value interest rate risk. These loans are provided by the Group's bankers at rates agreed at the start of the loan.
Climate legislation risk
The potential impact of climate change and the associated future legislation on our business is a concern. The Group is proactively investing in the future and exploring ways to adapt to the changing landscape.
We’re incredibly passionate about a greener lifestyle and organically growing our business in the right way to ensure a sustainable future. We understand the importance of the traceability of ingredients in our kitchens and always try to make sure our produce comes from sustainable sources. Our chefs are also genuinely committed to using local food wherever possible and they’re passionate about forming links with the best food producers across Wales – including many farmers, fishermen, butchers, artisan food producers, and other suppliers within a 50-mile radius of each venue.
Mr Neil Kedward
Director
16 July 2025
THE SEREN COLLECTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group continued to be that of hotels and licensed restaurants.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms Zoe Agar
Mr Neil Kedward
Going concern
As at 31 December 2024 the Group had net current liabilities of £1,267,211 (2023: £2,076,820), notwithstanding the financial position reported, the financial statements have been prepared on a going concern basis which assumes that the Group will continue in operational existence for the foreseeable future.
In making our assessment, the directors have undertaken a review of the Group's financial position. The directors have prepared forecasts, which indicate that based on the anticipated level of sales and profitability to date, there is sufficient expectation that the Group 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 these financial statements. Significant funding has been achieved via capital injection through the issue of Group shares to external investors which will assist with bridging, if any, possible cashflow shortfalls and completion of property redevelopment. This helps deflate the doubt, if not completely satisfying material uncertainty, of the Group'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 Group's forecasts and projections show that the company will be able to operate within its facilities.
After consideration of the above matters and the expected continued support of 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 Group be unable to continue as a going concern.
Auditor
The auditor, Redwood Wales Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
THE SEREN COLLECTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Energy and carbon report
We’re incredibly passionate about championing a greener future and we’ve had a green action plan in place since opening the hotel. Instead of needing to incorporate a climate-conscious work ethic into our practices, we took a different approach and made them a pivotal part of how we work and run the hotel from day one. We’re proud to be an environmentally responsible hotel and restaurant.
We’re also members of Green Tourism UK and were awarded a Gold Award in 2017 for our efforts.
Below we detail some of the the things we do to tackle climate change and to reduce our carbon footprint.
80% of the produce used at The Grove comes from our two acres of kitchen gardens
The Grove holds a Green Electricity Certificate, as all our electricity is 100% renewable, clean electricity, generated by wind and hydro assets.
4000 trees planted in total to provide us with natural woodland spaces
The Grove is very fortunate to have our own boreholes, which supply the entire property
Across the Group our glass, plastic, paper, and cardboard is recycled, while some of the cardboard is also used for composting.
Installation of EV charging points.
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 group and company, 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 UK 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 group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and 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 auditor of the company 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 auditor of the company 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.
THE SEREN COLLECTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
On behalf of the board
Mr Neil Kedward
Director
16 July 2025
THE SEREN COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SEREN COLLECTION LIMITED
- 7 -
Opinion
We have audited the financial statements of The Seren Collection Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, 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).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 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.
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 group and parent 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.
We draw your attention to Going Concern detailed in Note 1 in the financial statements, which outlines the company's financial position as at 31 December 2024, including net liabilities of £1,267,221. As disclosed in that note, the company has agreed equity investment and received confirmation of continued bank support for at least 12 months from the date of approval of the financial statements, whilst also performing to expectations. These factors support management's conclusion that the going concern basis remains appropriate. Our opinion is not modified in respect of this matter.
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 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.
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.
THE SEREN COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SEREN COLLECTION LIMITED
- 8 -
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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:
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 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 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 parent 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 SEREN COLLECTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SEREN COLLECTION LIMITED
- 9 -
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:
discussions with management to enquire of any known instances of non-compliance with laws and regulations, including fraud;
discussions with management in respect of any actual or potential litigation claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
testing the appropriateness of journal entries and other adjustments to address the risk of fraud through management override of controls;
review of the financial statements disclosures and testing to support documentation to assess compliance with relevant laws and regulations; and
evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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.
The 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 SEREN COLLECTION LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
7,070,270
7,065,979
Cost of sales
(4,535,950)
(4,755,863)
Gross profit
2,534,320
2,310,116
Administrative expenses
(2,067,386)
(2,312,970)
Other operating income
60,191
64,273
Operating profit
5
527,125
61,419
Interest receivable and similar income
9
13,225
Interest payable and similar expenses
10
(380,557)
(363,413)
Profit/(loss) before taxation
159,793
(301,994)
Tax on profit/(loss)
11
(88,175)
Profit/(loss) for the financial year
71,618
(301,994)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
11,633
(362,480)
- Non-controlling interests
59,985
60,486
71,618
(301,994)
THE SEREN COLLECTION LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Profit/(loss) for the year
71,618
(301,994)
Other comprehensive income
Revaluation of tangible fixed assets
1,126,169
Cash flow hedges gain arising in the year
Tax relating to other comprehensive income
(213,972)
Other comprehensive income for the year
912,197
Total comprehensive income for the year
983,815
(301,994)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
923,830
(362,480)
- Non-controlling interests
59,985
60,486
983,815
(301,994)
THE SEREN COLLECTION LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
143,163
167,023
Tangible assets
14
11,306,094
10,059,918
11,449,257
10,226,941
Current assets
Stocks
17
113,164
128,997
Debtors
18
274,291
214,146
Cash at bank and in hand
627,384
7,831
1,014,839
350,974
Creditors: amounts falling due within one year
19
(2,282,050)
(2,427,794)
Net current liabilities
(1,267,211)
(2,076,820)
Total assets less current liabilities
10,182,046
8,150,121
Creditors: amounts falling due after more than one year
20
(4,384,918)
(4,616,222)
Provisions for liabilities
Deferred tax liability
22
1,091,179
789,032
(1,091,179)
(789,032)
Net assets
4,705,949
2,744,867
Capital and reserves
Called up share capital
23
100
32
Share premium account
24
999,990
Revaluation reserve
25
2,752,030
1,839,833
Profit and loss reserves
864,178
852,544
Equity attributable to owners of the parent company
4,616,298
2,692,409
Non-controlling interests
89,651
52,458
Total equity
4,705,949
2,744,867
THE SEREN COLLECTION LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
£
£
- 13 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
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:
16 July 2025
Mr Neil Kedward
Director
Company registration number 10626575 (England and Wales)
THE SEREN COLLECTION LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
71,594
74,734
Investments
15
308,910
308,910
380,504
383,644
Current assets
Stocks
17
21,154
19,416
Debtors
18
824,161
472,373
Cash at bank and in hand
612,482
3,041
1,457,797
494,830
Creditors: amounts falling due within one year
19
(313,323)
(456,945)
Net current assets
1,144,474
37,885
Net assets
1,524,978
421,529
Capital and reserves
Called up share capital
23
100
32
Share premium account
24
999,990
Profit and loss reserves
524,888
421,497
Total equity
1,524,978
421,529
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 £103,391 (2023 - £275,954 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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:
16 July 2025
Mr Neil Kedward
Director
Company registration number 10626575 (England and Wales)
THE SEREN COLLECTION LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2023
32
1,853,555
1,281,302
3,134,889
56,534
3,191,423
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(362,480)
(362,480)
60,486
(301,994)
Dividends
12
-
-
-
(80,000)
(80,000)
(64,562)
(144,562)
Transfers
-
-
(13,722)
13,722
-
-
-
Balance at 31 December 2023
32
1,839,833
852,544
2,692,409
52,458
2,744,867
Year ended 31 December 2024:
Profit for the year
-
-
-
11,633
11,633
59,985
71,618
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,126,169
-
1,126,169
-
1,126,169
Tax relating to other comprehensive income
-
-
(213,972)
(213,972)
-
(213,972)
Total comprehensive income
-
-
912,197
11,633
923,830
59,985
983,815
Issue of share capital
23
68
999,990
-
-
1,000,058
-
1,000,058
Dividends
12
-
-
-
1
1
(22,792)
(22,791)
Balance at 31 December 2024
100
999,990
2,752,030
864,178
4,616,298
89,651
4,705,949
THE SEREN COLLECTION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
32
225,543
225,575
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
275,954
275,954
Dividends
12
-
-
(80,000)
(80,000)
Balance at 31 December 2023
32
421,497
421,529
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
103,391
103,391
Issue of share capital
23
68
999,990
-
1,000,058
Balance at 31 December 2024
100
999,990
524,888
1,524,978
THE SEREN COLLECTION LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
775,190
481,657
Interest paid
(380,557)
(363,413)
Net cash inflow from operating activities
394,633
118,244
Investing activities
Purchase of tangible fixed assets
(387,059)
(838,587)
Proceeds from disposal of tangible fixed assets
473
190,238
Interest received
13,225
Net cash used in investing activities
(373,361)
(648,349)
Financing activities
Proceeds from issue of shares
1,000,058
-
Repayment of bank loans
(166,637)
563,430
Payment of finance leases obligations
(81,090)
(76,821)
Dividends paid to equity shareholders
-
(80,000)
Dividends paid to non-controlling interests
(22,792)
(64,562)
Net cash generated from financing activities
729,539
342,047
Net increase/(decrease) in cash and cash equivalents
750,811
(188,058)
Cash and cash equivalents at beginning of year
(293,173)
(105,115)
Cash and cash equivalents at end of year
457,638
(293,173)
Relating to:
Cash at bank and in hand
627,384
7,831
Bank overdrafts included in creditors payable within one year
(169,746)
(301,004)
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information
The Seren Collection Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Cornstore, The Green, Pembroke, UK, SA71 4NU.
The group consists of The Seren Collection Limited and all of its subsidiaries.
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 convention modified to include the revaluation of freehold properties.The principal accounting policies adopted are set out below.
Reduced disclosure exemptions
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 4 ' Statement of Financial Position's - Reconciliation of the opening and closing number of shares;
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.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company The Seren Collection 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 2024. 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.
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern
As at 31 December 2024 the Group had net current liabilities of £1,267,211 (2023: £2,076,820), notwithstanding the financial position reported, the financial statements have been prepared on a going concern basis which assumes that the Group will continue in operational existence for the foreseeable future.
In making our assessment, the directors have undertaken a review of the Group's financial position. The directors have prepared forecasts, which indicate that based on the anticipated level of sales and profitability to date, there is sufficient expectation that the Group 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 these financial statements. Significant funding has been achieved via capital injection through the issue of Group shares to external investors which will assist with bridging, if any, possible cashflow shortfalls and completion of property redevelopment. This helps deflate the doubt, if not completely satisfying material uncertainty, of the Group'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 Group's forecasts and projections show that the company will be able to operate within its facilities.
After consideration of the above matters and the expected continued support of 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 Group be unable to continue as a going concern.
1.4
Turnover
Turnover is recognised 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue represents the amounts received (excluding VAT and similar taxes) in the areas set out below.
Guest stays - represents overnight stay revenue and is recognised at the time when a customer stays at the accommodation.
Dining - represents food and beverage sales and are recognised at the point of sale.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.6
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.
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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
Leasehold land and buildings
Land Nil, Buildings 10% Straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
33.33% 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 recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
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.
1.8
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.
1.9
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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 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.
1.10
Leases
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.
1.11
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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 in 2021 to value freehold property and the carrying values in the accounts reflect the change in valuation accordingly. Please see notes to the accounts for further information.
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Accomodation
2,138,931
2,050,614
Food
3,521,078
3,623,485
Drink
1,301,151
1,312,123
Other
109,110
79,757
7,070,270
7,065,979
2024
2023
£
£
Turnover analysed by geographical market
United kingdom
7,070,270
7,065,979
2024
2023
£
£
Other revenue
Interest income
13,225
-
Grants received
10,143
10,143
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item
8,250
-
The exceptional item included in the period relates to legal fees incurred as part of the new share issue in the year.
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
267
859
Government grants
(10,143)
(10,143)
Fees payable to the group's auditor for the audit of the group's financial statements
2,600
2,000
Depreciation of owned tangible fixed assets
266,579
351,592
Profit on disposal of tangible fixed assets
-
(9,270)
Amortisation of intangible assets
23,860
23,860
Loss on disposal of intangible assets
473
-
Operating lease charges
72,174
69,306
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,600
2,000
Audit of the financial statements of the company's subsidiaries
20,100
18,500
22,700
20,500
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
2
2
2
2
Staff
139
147
10
12
Total
141
149
12
14
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,224,596
3,468,769
401,192
513,434
Social security costs
243,183
259,079
33,076
47,466
Pension costs
127,750
131,622
32,948
44,054
3,595,529
3,859,470
467,216
604,954
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
18,198
16,683
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,225
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
10
Interest payable and similar expenses
2024
2023
£
£
Other interest
26,220
Loan interest
335,030
305,292
Interest on finance leases and hire purchase contracts
19,307
58,121
Total finance costs
380,557
363,413
11
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
88,175
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
159,793
(301,994)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
39,948
(57,379)
Tax effect of expenses that are not deductible in determining taxable profit
9,095
5,776
Tax effect of income not taxable in determining taxable profit
(1,181)
Tax effect of utilisation of tax losses not previously recognised
(17,165)
(31)
Unutilised tax losses carried forward
(25,122)
(2,527)
Permanent capital allowances in excess of depreciation
(5,575)
54,161
Deferred tax movement
88,175
Taxation charge
88,175
-
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
213,972
-
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
80,000
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
260,604
Amortisation and impairment
At 1 January 2024
93,581
Amortisation charged for the year
23,860
At 31 December 2024
117,441
Carrying amount
At 31 December 2024
143,163
At 31 December 2023
167,023
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
More information on impairment movements in the year is given in note .
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
9,298,536
168,320
1,181,727
926,178
154,860
33,047
11,762,668
Additions
353,965
24,100
4,024
4,970
387,059
Disposals
(2,112)
(2,112)
Revaluation
1,014,777
1,014,777
At 31 December 2024
10,667,278
168,320
1,205,827
930,202
157,718
33,047
13,162,392
Depreciation and impairment
At 1 January 2024
150,166
25,646
752,727
633,979
111,593
28,639
1,702,750
Depreciation charged in the year
37,819
10,673
114,788
82,922
15,969
4,408
266,579
Eliminated in respect of disposals
(1,639)
(1,639)
Revaluation
(111,392)
(111,392)
At 31 December 2024
76,593
36,319
867,515
716,901
125,923
33,047
1,856,298
Carrying amount
At 31 December 2024
10,590,685
132,001
338,312
213,301
31,795
11,306,094
At 31 December 2023
9,148,370
142,674
429,000
292,199
43,267
4,408
10,059,918
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
Company
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost or valuation
At 1 January 2024
61,876
4,264
27,752
93,892
Additions
2,415
2,415
Disposals
(1,245)
(1,245)
At 31 December 2024
61,876
4,264
28,922
95,062
Depreciation and impairment
At 1 January 2024
1,438
17,720
19,158
Depreciation charged in the year
839
4,716
5,555
Eliminated in respect of disposals
(1,245)
(1,245)
At 31 December 2024
2,277
21,191
23,468
Carrying amount
At 31 December 2024
61,876
1,987
7,731
71,594
At 31 December 2023
61,876
2,826
10,032
74,734
Land and buildings includes the hotel grounds of Penmaenuchaf Dolgellau acquired in 2022 and The Grove Narberth from which the Group trades. The Grove Narberth property carrying value includes the latest valuation by an external surveyor in 2025. Significant and substantial development has taken place to both properties since acquisition which has both improved and increased the capacity of the venues.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Group
Cost
9,085,224
8,688,828
Accumulated depreciation
(129,822)
(60,098)
Carrying value
8,955,402
8,628,730
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
308,910
308,910
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
308,910
Carrying amount
At 31 December 2024
308,910
At 31 December 2023
308,910
16
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Grove Narberth Ltd
The Cornstore, The Green, Pembroke, Wales, SA71 4NU
Hotel
Ordinary
100.00
The Beach House Oxwixh Ltd
The Cornstore, The Green, Pembroke, Wales, SA71 4NU
Restaurant
Ordinary
80.00
Coast Saundersfoot Ltd
The Cornstore, The Green, Pembroke, Wales, SA71 4NU
Restaurant
Ordinary
100.00
Penmaenuchaf Dolgellau Ltd
The Cornstore, The Green, Pembroke, Wales, SA71 4NU
Hotel
Ordinary
100.00
Kiosk Cafe Ltd
The Cornstore, The Green, Pembroke, Wales, SA71 4NU
Cafe
Ordinary
100.00
ZN Cafe Ltd
The Cornstore, The Green, Pembroke, Wales, SA71 4NU
Cafe
Ordinary
100.00
Seren Management Services Ltd
The Cornstore, The Green, Pembroke, Wales, SA71 4NU
Management services
Ordinary
100.00
Under s479A of the Companies Act 2006, the following subsidiaries are exempt from the requirements of the Act relating to the audit of individual accounts. The Seren Collection Limited has guaranteed the liabilities of:
Kiosk Cafe Ltd (registered number: 10756934)
ZN Cafe Ltd (registered number: 14085928)
Seren Management Services Ltd (registered number: 13506565)
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
113,164
128,997
21,154
19,416
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,531
6,632
8,532
6,632
Amounts owed by group undertakings
-
-
708,273
384,915
Other debtors
176,744
162,016
87,787
72,618
Prepayments and accrued income
89,016
45,498
19,569
8,208
274,291
214,146
824,161
472,373
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
336,083
482,106
Obligations under finance leases
71,219
72,877
Trade creditors
397,830
237,931
10,638
21,370
Corporation tax payable
12
12
12
12
Other taxation and social security
238,178
410,926
30,438
57,467
Other creditors
718,432
762,180
237,894
365,712
Accruals and deferred income
520,296
461,762
34,341
12,384
2,282,050
2,427,794
313,323
456,945
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
4,299,563
4,451,435
Obligations under finance leases
85,355
164,787
4,384,918
4,616,222
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,649,110
2,976,301
-
-
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,465,900
4,632,537
Bank overdrafts
169,746
301,004
4,635,646
4,933,541
-
-
Payable within one year
336,083
482,106
Payable after one year
4,299,563
4,451,435
Overdrafts and long-term loans are secured by fixed and floating charges over all property and assets of the company, by Barclays Bank Plc and second charge by Development Bank of Wales.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
36,627
-
Revaluations
23,468
-
Deferred tax
1,031,084
789,032
1,091,179
789,032
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
789,032
-
Charge to profit or loss
88,175
-
Charge to equity
213,972
-
Liability at 31 December 2024
1,091,179
-
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
32
90
32
Ordinary A shares of £1 each
10
-
10
-
100
32
100
32
During the year the company issued 58 Ordinary £1 shares at par value and 10 Ordinary A £1 shares at a premium of £99,999 per share.
The Share Premium account as a result of the issue of 10 Ordinary £1 shares during the year has a closing balance of £999,990 (2023: £Nil).
24
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
Issue of new shares
999,990
-
999,990
-
At the end of the year
999,990
999,990
25
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
1,839,833
1,853,555
Revaluation surplus arising in the year
1,126,169
Deferred tax on revaluation of tangible assets
(213,972)
-
-
-
Transfer to retained earnings
-
(13,722)
-
-
At the end of the year
2,752,030
1,839,833
-
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
185,272
93,272
-
-
Between two and five years
954,364
466,364
-
-
In over five years
493,272
186,544
-
-
1,632,908
746,180
-
-
27
Related party transactions
Included in other creditors is a family loan of £170,000 (2023:£208,367). No interest is payable and the whole sum is repayable on demand.
Included in other debtors are amounts owed by Routescape Limited, a company under common owner and directorship, amounting to £87,787 (2023: £72,618).
28
Controlling party
The ultimate controlling party is directors Mr N Kedward and Mrs Z Agar by virtue of their majority shareholding.
29
Non-controlling interests
There is a non-controlling interest which has 20% voting rights in subsidiary, The Beach House Oxwich Ltd.
THE SEREN COLLECTION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
30
Cash generated from group operations
2024
2023
£
£
Profit/(loss) after taxation
71,618
(301,994)
Adjustments for:
Taxation charged
88,175
Finance costs
380,557
363,413
Investment income
(13,225)
Gain on disposal of tangible fixed assets
-
(9,270)
Loss on disposal of intangible assets
473
-
Amortisation and impairment of intangible assets
23,860
23,860
Depreciation and impairment of tangible fixed assets
266,579
351,592
Movements in working capital:
Decrease in stocks
15,833
38,310
(Increase)/decrease in debtors
(60,145)
56,761
Increase/(decrease) in creditors
1,710
(41,039)
Cash generated from operations
775,435
481,633
Difference
(245)
24
Per cash flow statement page
775,190
481,657
31
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
7,831
619,553
627,384
Bank overdrafts
(301,004)
131,258
(169,746)
(293,173)
750,811
457,638
Borrowings excluding overdrafts
(4,632,537)
166,637
(4,465,900)
Obligations under finance leases
(237,664)
81,090
(156,574)
(5,163,374)
998,538
(4,164,836)
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