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Registered number: 09646893









REDESDALE HOLDINGS LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
REDESDALE HOLDINGS LTD
 
 
COMPANY INFORMATION


Directors
Benjamin Bradley (resigned 5 April 2025)
Keith Harris (resigned 5 April 2025)
Jane Ireland (resigned 5 April 2025)
Paul Michael (resigned 5 April 2025)
Robet Smith (resigned 5 April 2025)
Peter St Lawrence (resigned 5 April 2025)
Melanie Ashfield (resigned 5 April 2025)
Thomas Davies 
David Nathan 




Registered number
09646893



Registered office
Bull Courtyard
Bell Street

Henley-On-Thames

Oxfordshire

RG9 2BA




Independent auditors
Moore Kingston Smith LLP





 
REDESDALE HOLDINGS LTD
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Balance Sheet
12 - 13
Company Balance Sheet
14
Consolidated Statement of Changes in Equity
15
Company Statement of Changes in Equity
16
Consolidated Statement of Cash Flows
17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 36


 
REDESDALE HOLDINGS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors present their strategic report for the year ended 31 July 2024.

Business review
 
The year to 31 July 2024 was a positive one, with turnover increasing 13% over the prior year following the addition of 6 bedrooms completing just before the start of the year. With the growth being driven by accommodation sales we have managed to reduce staff costs as a percentage of turnover to 37% (2023: 38%) despite minimum wage increasing by nearly 10%. Improved food and beverage margins of 66% and 68% respectively (2023: 65% and 66%) have contributed to improved EBIDTA margin of 19% (2023: 17%) and overall EBITDA growth of 25%.
On 5th April 2025, Redesdale Holdings Limited and one of its subsidiary companies, Redesdale Arms Limited, were sold to new shareholders. The assets and trade of the entity were subsequently transferred to W H Brakspear & Sons Limited and both companies ceased to trade.  Accordingly both Redesdale Holdings Limited and its subsidiary company Redesdale Arms Limited have prepared their accounts on a basis other than going concern.

Principal risks and uncertainties
 
The directors review the principal risks and uncertainties facing the business in board meetings, typically every six months. The executive directors review operational risks more frequently with senior member of the management team as part of the regular business review process. The main risks facing the group are as follows:
Economic risk
There are a number of economic uncertainties facing the group and the hospitality sector as a whole. Although the rise in energy costs has largely levelled out, the impact of historic increases continues to be felt as the delayed impact pushes up prices in other, energy intensive, areas such as laundry. Government policy on taxation and minimum wage will affect our operating margins directly and through inflation in other areas. We review our purchasing costs regularly with tendering and benchmarking exercises.
Workforce risk
Attracting and retaining staff is a key risk for almost all businesses that operate in the hospitality sector and, due to the local demographic, can be particularly challenging for the group. We focus on employee engagement and creating a pleasant supportive environment for our employees and maintain a stock of staff accommodation to help attract prospective employees from other areas of the country.
Liquidity risk
Cashflow is carefully monitored and, due to the nature of revenues, can be relatively accurately forecasted allowing alignment with supplier payments and payroll.

Financial key performance indicators
 
The group’s key performance indicators were as follows:
                               Change
                      2024     2023        2024
                      £'000      £'000 
   
Turnover (£'000) 3,443     3,050 13%
EBITDA (£'000) 660     528           25%
Occupancy     77%     74%  4%
ARR (£)              107.19   102.60 4%

Page 1

 
REDESDALE HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


This report was approved by the board on 29 August 2025 and signed on its behalf.



David Nathan
Director

Page 2

 
REDESDALE HOLDINGS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company's principal activity was that of a holding company.

Results and dividends

The loss for the year, after taxation, amounted to £195,036 (2023 - loss £232,861).

There were no dividends paid in the year (2023: £NIL).

Directors

The directors who served during the year were:

Benjamin Bradley (resigned 5 April 2025)
Keith Harris (resigned 5 April 2025)
Jane Ireland (resigned 5 April 2025)
Paul Michael (resigned 5 April 2025)
Robet Smith (resigned 5 April 2025)
Peter St Lawrence (resigned 5 April 2025)
Melanie Ashfield (resigned 5 April 2025)
Thomas Davies 
David Nathan 

Page 3

 
REDESDALE HOLDINGS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsMoore Kingston Smith LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 August 2025 and signed on its behalf.
 





David Nathan
Director

Page 4

 
REDESDALE HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDESDALE HOLDINGS LTD
 

Opinion


We have audited the financial statements of Redesdale Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Emphasis of matter - financial statements prepared on a basis other than that of a going concern


Following the change in ownership of the company subsequent to the year end, its assets and trade were transferred to W H Brakspear & Sons Limited. Consequently, the company has ceased trading, and the financial statements have been prepared on a basis other than that of going concern. Our opinion is not modified in this respect.


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


Page 5

 
REDESDALE HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDESDALE HOLDINGS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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.


Page 6

 
REDESDALE HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDESDALE HOLDINGS LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
REDESDALE HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDESDALE HOLDINGS LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements.


As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 
 
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
Page 8

 
REDESDALE HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDESDALE HOLDINGS LTD (CONTINUED)


procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Other matters 
 

The financial statements of Redesdale Holdings Limited for the year ended 31 July 2023 were not audited. Accordingly, we do not express an opinion on the comparative figures included in these financial statements.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 9

 
REDESDALE HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDESDALE HOLDINGS LTD (CONTINUED)





Graham Wintle (Senior Statutory Auditor)
  
for and on behalf of
Moore Kingston Smith LLP
 
Chartered Accountants and Statutory Auditors
  

29 August 2025
Page 10

 
REDESDALE HOLDINGS LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
3,442,998
3,049,738

Cost of sales
  
(566,746)
(543,140)

Gross profit
  
2,876,252
2,506,598

Administrative expenses
  
(2,671,544)
(2,384,685)

Operating profit
  
204,708
121,913

Interest payable and similar expenses
 7 
(311,121)
(304,921)

Loss before taxation
  
(106,413)
(183,008)

Tax on loss
 8 
(88,623)
(49,853)

Loss for the financial year
  
(195,036)
(232,861)

  

Unrealised surplus on revaluation of tangible fixed assets
  
-
654,773

Other comprehensive income for the year
  
-
654,773

Total comprehensive income for the year
  
(195,036)
421,912

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(195,036)
(232,861)

  
(195,036)
(232,861)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(195,036)
421,912

  
(195,036)
421,912

The notes on pages 19 to 36 form part of these financial statements.

Page 11

 
REDESDALE HOLDINGS LTD
REGISTERED NUMBER: 09646893

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
269,946
459,893

Tangible assets
 10 
6,170,694
6,272,661

  
6,440,640
6,732,554

Current assets
  

Stocks
 12 
30,087
31,467

Debtors: amounts falling due within one year
 13 
198,019
45,547

Cash at bank and in hand
  
408,548
288,073

  
636,654
365,087

Creditors: amounts falling due within one year
 14 
(2,640,891)
(2,535,467)

Net current liabilities
  
 
 
(2,004,237)
 
 
(2,170,380)

Total assets less current liabilities
  
4,436,403
4,562,174

Creditors: amounts falling due after more than one year
 15 
(2,721,082)
(2,769,483)

Provisions for liabilities
  

Deferred taxation
 18 
(133,370)
(83,077)

Other provisions
  
(67,373)
-

  
 
 
(200,743)
 
 
(83,077)

Net assets excluding pension asset
  
1,514,578
1,709,614

Net assets
  
1,514,578
1,709,614


Capital and reserves
  

Called up share capital 
 20 
200
200

Revaluation reserve
 21 
2,221,927
2,332,337

Profit and loss account
 21 
(707,549)
(622,923)

Equity attributable to owners of the parent Company
  
1,514,578
1,709,614

  
1,514,578
1,709,614


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2025.



Page 12

 
REDESDALE HOLDINGS LTD
REGISTERED NUMBER: 09646893
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024


David Nathan
Director

The notes on pages 19 to 36 form part of these financial statements.

Page 13

 
REDESDALE HOLDINGS LTD
REGISTERED NUMBER: 09646893

COMPANY BALANCE SHEET
AS AT 31 JULY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Investments
 11 
2,268,149
2,268,149

  
2,268,149
2,268,149

Current assets
  

Debtors: amounts falling due within one year
 13 
1,883,470
2,222,223

Cash at bank and in hand
  
35,207
15,485

  
1,918,677
2,237,708

Creditors: amounts falling due within one year
 14 
(1,864,936)
(1,814,630)

Net current assets
  
 
 
53,741
 
 
423,078

Total assets less current liabilities
  
2,321,890
2,691,227

  

Creditors: amounts falling due after more than one year
 15 
(2,721,082)
(2,769,483)

  

Net liabilities
  
(399,192)
(78,256)


Capital and reserves
  

Called up share capital 
 20 
200
200

Profit and loss account brought forward
  
(78,456)
(105,263)

Loss/(profit) for the year
  
(320,936)
26,807

Profit and loss account carried forward
  
(399,392)
(78,456)

  
(399,192)
(78,256)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2025.


David Nathan
Director

The notes on pages 19 to 36 form part of these financial statements.

As permitted by section 408 of the Companies Act 2006, the company has not prepared its own income statement and related notes. The company’s loss for the year was £320,936 (2023 restated profit: £26,807).

Page 14

 
REDESDALE HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022 (as previously stated)
200
1,673,217
(115,544)
1,557,873

Prior year adjustment - correction of error
-
101,454
(371,625)
(270,171)


At 1 August 2022 (as restated)
200
1,774,671
(487,169)
1,287,702


Comprehensive income for the year

Loss for the year

-
-
(232,861)
(232,861)

Surplus on revaluation of freehold property
-
654,773
88,111
742,884

Surplus on revaluation of other fixed assets
-
-
8,996
8,996


Other comprehensive income for the year
-
654,773
97,107
751,880


Total comprehensive income for the year
-
654,773
(135,754)
519,019


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(97,107)
-
(97,107)


Total transactions with owners
-
(97,107)
-
(97,107)



At 1 August 2023
200
2,332,337
(622,923)
1,709,614


Comprehensive income for the year

Loss for the year

-
-
(195,036)
(195,036)

Surplus on revaluation of freehold property
-
-
101,444
101,444

Surplus on revaluation of other fixed assets
-
-
8,966
8,966


Other comprehensive income for the year
-
-
110,410
110,410


Total comprehensive income for the year
-
-
(84,626)
(84,626)


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(110,410)
-
(110,410)


Total transactions with owners
-
(110,410)
-
(110,410)


At 31 July 2024
200
2,221,927
(707,549)
1,514,578


The notes on pages 19 to 36 form part of these financial statements.

Page 15

 
REDESDALE HOLDINGS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
200
(105,263)
(105,063)


Comprehensive income for the year

Profit for the year

-
26,807
26,807


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
26,807
26,807


Total transactions with owners
-
-
-



At 1 August 2023
200
(78,456)
(78,256)


Comprehensive income for the year

Loss for the year

-
(320,936)
(320,936)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(320,936)
(320,936)


Total transactions with owners
-
-
-


At 31 July 2024
200
(399,392)
(399,192)


The notes on pages 19 to 36 form part of these financial statements.

Page 16

 
REDESDALE HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(195,036)
(232,861)

Adjustments for:

Amortisation of intangible assets
189,947
189,947

Depreciation of tangible assets
208,101
176,129

Loss on disposal of tangible assets
(5,913)
-

Interest paid
311,121
304,921

Taxation charge
88,623
49,853

Decrease in stocks
1,380
1,619

(Increase)/decrease in debtors
(87,472)
25,643

Increase in creditors
133,758
104,304

Increase in provisions
67,373
-

Corporation tax (paid)
(132,364)
(65,326)

Net cash generated from operating activities

579,518
554,229


Cash flows from investing activities

Purchase of tangible fixed assets
(118,722)
(458,939)

Sale of tangible fixed assets
18,501
-

Net cash from investing activities

(100,221)
(458,939)

Cash flows from financing activities

Repayment of loans
(47,701)
(42,685)

Interest paid
(311,121)
(304,921)

Net cash used in financing activities
(358,822)
(347,606)

Net increase/(decrease) in cash and cash equivalents
120,475
(252,316)

Cash and cash equivalents at beginning of year
288,073
540,389

Cash and cash equivalents at the end of year
408,548
288,073


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
408,548
288,073

408,548
288,073


The notes on pages 19 to 36 form part of these financial statements.

Page 17

 
REDESDALE HOLDINGS LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

288,073

120,475

408,548

Debt due after 1 year

(2,769,483)

47,701

(2,721,782)

Debt due within 1 year

(1,747,912)

-

(1,747,912)


(4,229,322)
168,176
(4,061,146)

The notes on pages 19 to 36 form part of these financial statements.

Page 18

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Redesdale Holdings Limited is a company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is Bull Courtyard, Bell Street, Henley-On-Thames, Oxfordshire, England, RG9 2BA. The principal activity of the company is that of being a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 18 June 2015.

 
2.3

Financial statements prepared on a basis other than going concern

Following the change in ownership of the company subsequent to the year end, its assets and trade were transferred to W H Brakspear & Sons Limited. Consequently, the company has ceased trading.
The financial statements have therefore been prepared on a basis other than that of a going concern. No adjustment to the company's assets and liabilities as at 31 July 2024 has been required
as a result of the financial statements being prepared on this basis.

Page 19

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 21

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Motor vehicles
-
Fixtures and fittings
-
Computer equipment
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 22

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 23

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.
The main area of estimation is the valuation of the freehold property. This judgement is made by qualified third party experts in property valuation. 

Page 24

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
3,438,350
3,044,764

Other income
4,648
4,974

3,442,998
3,049,738


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,442,998
3,049,738



5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,000
-

Page 25

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,178,052
1,085,673

Social security costs
157,431
90,008

Cost of defined contribution scheme
27,531
23,648

1,363,014
1,199,329


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
55
53
7
7


7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
184,132
185,096

Other loan interest payable
119,000
119,000

Other interest payable
7,989
825

311,121
304,921

Page 26

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
38,330
-


38,330
-


Total current tax
38,330
-

Deferred tax


Origination and reversal of timing differences
50,293
49,853

Total deferred tax
50,293
49,853


88,623
49,853

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(106,413)
(183,008)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(26,603)
(45,752)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
27,487
27,487

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
292
220

Capital allowances for year in excess of depreciation
95,913
51,535

Utilisation of tax losses
(7,466)
-

Unrelieved tax losses carried forward
-
16,363

Marginal relief
(1,000)
-

Total tax charge for the year
88,623
49,853

Page 27

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
8.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 August 2023
1,899,466



At 31 July 2024

1,899,466



Amortisation


At 1 August 2023
1,439,573


Charge for the year on owned assets
189,947



At 31 July 2024

1,629,520



Net book value



At 31 July 2024
269,946



At 31 July 2023
459,893



Page 28

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
6,236,753
24,365
353,557
2,589
6,617,264


Additions
77,219
-
41,503
-
118,722


Disposals
-
(24,365)
-
-
(24,365)



At 31 July 2024

6,313,972
-
395,060
2,589
6,711,621



Depreciation


At 1 August 2023
87,914
11,230
244,991
468
344,603


Charge for the year on owned assets
171,710
547
34,981
863
208,101


Disposals
-
(11,777)
-
-
(11,777)



At 31 July 2024

259,624
-
279,972
1,331
540,927



Net book value



At 31 July 2024
6,054,348
-
115,088
1,258
6,170,694



At 31 July 2023
6,148,839
13,135
108,566
2,121
6,272,661




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
6,054,348
6,148,839

6,054,348
6,148,839


Page 29

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Cost or valuation at 31 July 2024 is as follows:

Land and buildings
£


At cost
-
At valuation:

Enter date & basis
6,313,972



6,313,972

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
3,509,599
3,432,381

Accumulated depreciation
(580,773)
(519,428)

Net book value
2,928,826
2,912,953


11.


Fixed asset investments

Group












Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
2,268,149



At 31 July 2024
2,268,149




Page 30

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Redesdale Arms Limited
Bull Courtyard, Bell Street, Henley-On-Thames, Oxfordshire, RG9 2BA
Ordinary
100%
Number Four Stow Limited
Kings Arms Hotel, High Street, Amersham, Buckinghamshire, HP7 0DJ
Ordinary
100%

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Redesdale Arms Limited
3,680,841
279,758

Number Four Stow Limited
351,132
(3,911)


12.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
30,087
31,467


The difference between purchase price or production cost of stocks and their replacement cost is not material.


13.


Debtors

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£


Trade debtors
27,409
21,032
-
-

Amounts owed by group undertakings
-
-
1,818,270
2,222,023

Other debtors
29,323
5,000
-
-

Called up share capital not paid
200
200
200
200

Prepayments and accrued income
76,087
19,315
-
-

Tax recoverable
65,000
-
65,000
-
Page 31

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.Debtors (continued)


198,019
45,547
1,883,470
2,222,223



14.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Bank loans
50,992
50,292
50,992
50,292

Other loans
1,697,620
1,697,620
1,697,620
1,697,620

Trade creditors
197,999
137,650
-
-

Corporation tax
38,330
67,364
-
-

Other taxation and social security
121,403
127,895
-
-

Other creditors
430,200
380,111
98,588
63,106

Accruals and deferred income
104,347
74,535
17,736
3,612

2,640,891
2,535,467
1,864,936
1,814,630



15.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
2,721,082
2,769,483
2,721,082
2,769,483




Page 32

 
REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
50,992
50,292
50,992
50,292

Other loans
1,697,620
1,697,620
1,697,620
1,697,620


1,748,612
1,747,912
1,748,612
1,747,912


Amounts falling due 2-5 years

Bank loans
2,721,082
2,769,483
2,721,082
2,769,483


4,469,694
4,517,395
4,469,694
4,517,395



17.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
408,548
288,073
35,207
15,485




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand


18.


Deferred taxation


Group



2024


£






At beginning of year
(83,077)


Charged to profit or loss
(50,293)



At end of year
(133,370)

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REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
18.Deferred taxation (continued)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(133,370)
(83,077)

(133,370)
(83,077)


19.


Provisions


Group



Other provision 1

£





Charged to profit or loss
67,373



At 31 July 2024
67,373

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REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           19.Provisions (continued)

Company


Total

£






At 31 July 2024
-


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) Ordinary shares of £0.01 each
200
200



21.


Reserves

Revaluation reserve

The revaluation reserve represents the surplus on revaluation of the freehold property.

Profit and loss account

The balance in the profit and loss account represents the toal distributable reserves of the Company.


22.


Prior year adjustment

A prior year adjustment has been recognised to correct the balances owed to related parties, in order to agree the amount due with the counterparty. This resulted in an increase in intercompany debtors of £30,000, an increase in other creditors of £30,000. A further adjustment has been made to correct historic depreciation and revaluations in respect of the Groups properties. This has resulted in a reduction of the carrying value of the properties of £87,914, a reduction of retained profits of £371,625 and an increase in the revalaution reserve of £341,520.


23.


Pension commitments

The Group contributes to a defined contributions pension scheme. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £27,531 (2023: £Nil). At the balance sheet date £5,970 (2023: £6,067) is unpaid and held in creditors.

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REDESDALE HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

24.


Commitments under operating leases

At 31 July 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
1,730
-

Later than 1 year and not later than 5 years
721
-

2,451
-


25.


Related party transactions

The company has taken advantage of the exemption conferred by paragraph 33.1a of FRS102 “Related Party Disclosures” not to disclose transactions with other group entities, whose voting rights are 100% controlled within the group, and where consolidated financial statements of the group are publicly available.
Within creditors is a loan of which £929,000 is due to directors who served during the year (2023: £929,000). Interest of 7% is charged on this loan.


26.


Post balance sheet events

On 5th April 2025, Redesdale Holdings Limited and one of its subsidiary companies, Redesdale Arms Limited, were sold to new shareholders. The assets and trade of the entity were subsequently transferred to W H Brakspear & Sons Limited.


27.


Controlling party

The ultimate controlling party from 5 April 2025 is Thomas Anthony Trehearne Davies. During the year ended 31 July 2024 and until 5 April 2025 there was no ultimate controlling party.

 
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