Company registration number 05143584 (England and Wales)
DEPHO ESTATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
DEPHO ESTATES LIMITED
COMPANY INFORMATION
Directors
D A Hoban
H J Hoban
F A Hoban
P J Hoban
J N Hoban
Company number
05143584
Registered office
Unit 4 Woodside Court
Clayton Wood Rise
Leeds
West Yorkshire
LS16 6RF
Auditor
Beldenn Ltd
Unit A1 Empire House
11 Mulcture Hall Road
Halifax
HX1 1SP
Bankers
National Westminster Bank Plc
PO Box No 4
3 Cambridge Crescent
Harrogate
West Yorkshire
HG1 1PJ
DEPHO ESTATES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group statement of financial position
8
Company statement of financial position
9 - 10
Group statement of cash flows
11
Notes to the financial statements
12 - 24
DEPHO ESTATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the year ended 28 February 2025.

Business review

As shown on the group's statement of income and retained earnings, turnover has decreased 56% to £11.10m from £25.51m in 2024 caused mainly by Calder Conferences Limited. Calder Conferences had to diverse from that of its core business and was successful in facilitating contingency support requirement outside of its normal trade in 2023. This extra business ceased in 2024. The groups profit before taxation is £3.2m in 2025 compared with £9.4m in 2024. The group's statement of financial position shows the net assets improving from £30.03m in 2024 to £32.9m in 2025. The directors are pleased with the company's performance for the year ended 28 February 2025.

Financial risks and uncertainties

The group's activities expose it to certain financial risks including credit risk and liquidity risk.

 

Credit risk

The group's principal financial assets are bank balances and trade and other debtors. The group's credit risk is primarily attributable to its trade debtors. The amounts presented in the Balance Sheet are after allowances for bad debt provisions. Detailed credit checks are undertaken of all customers and credit limits are continually monitored.

 

Liquidity risk

The group's financing requirements are constantly monitored in order to maintain liquidity such that sufficient funds are available for ongoing operations and future developments.

Key performance indicators

The key financial performance indicators are those that communicate the financial performance and strength of the group as a whole and are summarised below:

 

 

 

28

February

 

28

February

 

 

 

2025

 

2024

 

 

 

£

 

£

Turnover

 

 

11,100,702

 

25,507,305

Gross profit

 

 

12,192,586

 

20,960,783

Profit before taxation

 

3,217,301

 

9,350,648

Net assets

 

 

32,888,340

 

30,034,890

 

 

 

 

 

 

The group has performed well against its budgeted activities.

Future developments

The prospects for the year ended 28 February 2026 are encouraging and the directors look forward to another successful and profitable year.

On behalf of the board

P J Hoban
Director
29 July 2025
DEPHO ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

The principal activities of the group continued to be that of specialist conference organisers, travel agents, property investment and the operation of a golf and spa hotel.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid during the year amounting to £240,000. 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:

D A Hoban
H J Hoban
F A Hoban
P J Hoban
J N Hoban
Auditor

The auditor, Beldenn Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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:

 

 

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.

Strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has disclosed the information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 in its Strategic Report.true

DEPHO ESTATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
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.

On behalf of the board
P J Hoban
Director
29 July 2025
DEPHO ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEPHO ESTATES LIMITED
- 4 -
Opinion

We have audited the financial statements of Depho Estates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

DEPHO ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEPHO ESTATES LIMITED
- 5 -
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:

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.

Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

DEPHO ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEPHO ESTATES LIMITED
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Bell (Senior Statutory Auditor)
For and on behalf of Beldenn Ltd, Statutory Auditor
Chartered Accountants
Unit A1 Empire House
11 Mulcture Hall Road
Halifax
HX1 1SP
29 July 2025
DEPHO ESTATES LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
2
11,100,702
25,507,305
Cost of sales
1,091,884
(4,546,522)
Gross profit
12,192,586
20,960,783
Administrative expenses
(8,212,806)
(10,744,235)
Operating profit
3
3,979,780
10,216,548
Interest receivable and similar income
7
119,506
278,669
Interest payable and similar expenses
8
(881,985)
(583,122)
Amounts written off investments
9
-
(561,447)
Profit before taxation
3,217,301
9,350,648
Tax on profit
12
(123,851)
(1,919,988)
Profit for the financial year
3,093,450
7,430,660
Retained earnings brought forward
30,033,790
22,843,130
Dividends
(240,000)
(240,000)
Retained earnings carried forward
32,887,240
30,033,790
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

DEPHO ESTATES LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
28 February 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
13
13,340
21,340
Tangible assets
14
1,183,569
1,609,304
Investment property
15
31,886,942
28,616,795
33,083,851
30,247,439
Current assets
Stocks
18
47,163
47,915
Debtors
19
12,422,391
4,171,660
Cash at bank and in hand
3,103,885
12,951,067
15,573,439
17,170,642
Creditors: amounts falling due within one year
20
(8,303,534)
(13,902,079)
Net current assets
7,269,905
3,268,563
Total assets less current liabilities
40,353,756
33,516,002
Creditors: amounts falling due after more than one year
21
(6,550,813)
(2,750,813)
Provisions for liabilities
Deferred tax liability
23
914,603
730,299
(914,603)
(730,299)
Net assets
32,888,340
30,034,890
Capital and reserves
Called up share capital
24
1,100
1,100
Profit and loss reserves
32,887,240
30,033,790
Total equity
32,888,340
30,034,890
The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
29 July 2025
P J Hoban
Director
Company registration number 05143584 (England and Wales)
DEPHO ESTATES LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2025
28 February 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
13
13,340
21,340
Tangible assets
14
13,313
22,062
Investment property
15
31,886,942
28,616,795
Investments
16
99,164
99,164
32,012,759
28,759,361
Current assets
Debtors
19
11,405,745
1,281,512
Cash at bank and in hand
648,957
345,648
12,054,702
1,627,160
Creditors: amounts falling due within one year
20
(6,358,324)
(790,362)
Net current assets
5,696,378
836,798
Total assets less current liabilities
37,709,137
29,596,159
Creditors: amounts falling due after more than one year
21
(6,550,813)
(2,750,813)
Provisions for liabilities
Deferred tax liability
23
906,747
720,444
(906,747)
(720,444)
Net assets
30,251,577
26,124,902
Capital and reserves
Called up share capital
24
1,100
1,100
Profit and loss reserves
30,250,477
26,123,802
Total equity
30,251,577
26,124,902
DEPHO ESTATES LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2025
28 February 2025
- 10 -

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 £4,366,675 (2024 - £8,758,947 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
29 July 2025
P J Hoban
Director
Company registration number 05143584 (England and Wales)
DEPHO ESTATES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,370,376
3,427,113
Interest paid
(881,985)
(583,122)
Income taxes (paid)/refunded
(1,184,641)
1,061,244
Net cash (outflow)/inflow from operating activities
(696,250)
3,905,235
Investing activities
Purchase of tangible fixed assets
(190,796)
(315,314)
Proceeds from disposal of tangible fixed assets
-
3,250
Purchase of investment property
(4,416,604)
(4,423,854)
Proceeds from disposal of investment property
1,124,129
-
Decrease//increase in other debtors
(9,430,500)
2,000,000
Interest received
119,506
278,669
Net cash used in investing activities
(12,794,265)
(2,457,249)
Financing activities
Repayment of borrowings
83,333
-
Repayment of other borrowings
3,800,000
(1,443,240)
Dividends paid to equity shareholders
(240,000)
(240,000)
Net cash generated from/(used in) financing activities
3,643,333
(1,683,240)
Net decrease in cash and cash equivalents
(9,847,182)
(235,254)
Cash and cash equivalents at beginning of year
12,951,067
13,186,321
Cash and cash equivalents at end of year
3,103,885
12,951,067
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 12 -
1
Accounting policies
Company information

Depho Estates Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4 Woodside Court, Clayton Wood Rise, Leeds, West Yorkshire, LS16 6RF.

 

The group consists of Depho Estates 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 investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions available to it in respect of its separate financial statements which are presented alongside the consolidated financial statements.

1.2
Business combinations

The consolidated financial statements incorporate those of Depho Estates Limited and all of its subsidiaries.

 

All financial statements are made up to 28 February 2025.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Depho Estates Limited and all of its subsidiaries.

 

All financial statements are made up to 28 February 2025.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

 

Turnover represents commissions receivable in respect of the company's ordinary activities acting as an agent. Revenues and the associated cash flows are recognised net. Revenue is recognised on the date of the booking and the event.

 

Turnover is recognised on an accruals basis.

DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -
1.6
Intangible fixed assets - goodwill

Acquired goodwill is written off over its useful economic life of 10 years.

1.7
Tangible fixed assets

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

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

Plant and equipment
25% reducing balance
Fixtures and fittings
20 to 33.3% straight line
IT equipment
20% straight line
Motor vehicles
25% reducing balance
1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date.

1.9
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.

1.10
Stocks

Stock is valued at the lower of cost and net realisable value.

1.11
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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.

1.12
Retirement benefits

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

DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 14 -
2
Turnover and other revenue

The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the UK.

2025
2024
£
£
Turnover analysed by class of business
Provision of services
10,544,342
25,096,677
Rent received
143,435
404,628
Management charges received
412,925
6,000
11,100,702
25,507,305
3
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
616,531
632,373
Loss on disposal of investment property
22,328
-
0
Amortisation of intangible assets
8,000
8,000
4
Auditor's remuneration
2025
2024
£
£
Audit of the financial statements of the group and company
9,000
10,250
Audit of the financial statements of the company's subsidiaries
27,000
24,000
36,000
34,250
5
Employees
Group and company

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

2025
2024
Number
Number
Sales and administration
141
148
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,033,616
4,729,159
Social security costs
369,533
457,516
Pension costs
80,793
80,273
4,483,942
5,266,948
6
Directors' remuneration
2025
2024
£
£
Remuneration for management services
80,000
71,965
7
Interest receivable
2025
2024
£
£
Interest on bank deposits
109,006
278,669
Other interest income
10,500
-
Total income
119,506
278,669
8
Interest payable
2025
2024
£
£
Interest on other loans
881,985
583,122
Total finance costs
881,985
583,122
9
Amounts written off investments
2025
2024
£
£
Changes in the fair value of investment properties
-
(561,447)
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 16 -
10
Retirement benefit schemes
2025
2024
£
£
Charge for the year
80,793
80,273

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

11
Dividends
2025
2024
£
£
Interim paid
240,000
240,000
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 17 -
12
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
1,549,559
Adjustments in respect of prior periods
(60,453)
29,027
Total current tax
(60,453)
1,578,586
Deferred tax
Origination and reversal of timing differences
184,304
341,402
Total tax charge
123,851
1,919,988

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£
£
Profit before taxation
3,217,301
9,350,648
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.50%)
804,325
2,290,909
Tax effect of expenses that are not deductible in determining taxable profit
(793,577)
(523,576)
Unutilised tax losses carried forward
5,526
-
0
Adjustments in respect of prior years
60,453
29,027
Effect of change in corporation tax rate
-
123,628
47,124
-
0
Taxation charge
123,851
1,919,988
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 18 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 29 February 2024 and 28 February 2025
980,000
Amortisation and impairment
At 29 February 2024
958,660
Amortisation charged for the year
8,000
At 28 February 2025
966,660
Carrying amount
At 28 February 2025
13,340
At 28 February 2024
21,340
Company
Goodwill
£
Cost
At 29 February 2024 and 28 February 2025
80,000
Amortisation and impairment
At 29 February 2024
58,660
Amortisation charged for the year
8,000
At 28 February 2025
66,660
Carrying amount
At 28 February 2025
13,340
At 28 February 2024
21,340
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
14
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
IT equipment
Motor vehicles
Total
£
£
£
£
£
Fair value/cost
At 29 February 2024
401,327
2,412,877
749,076
233,202
3,796,482
Additions
15,050
175,746
-
0
-
0
190,796
At 28 February 2025
416,377
2,588,623
749,076
233,202
3,987,278
Depreciation and impairment
At 29 February 2024
155,590
1,228,494
671,989
131,105
2,187,178
Depreciation charged in the year
64,278
506,253
20,476
25,524
616,531
At 28 February 2025
219,868
1,734,747
692,465
156,629
2,803,709
Carrying amount
At 28 February 2025
196,509
853,876
56,611
76,573
1,183,569
At 28 February 2024
245,737
1,184,383
77,087
102,097
1,609,304
Company
IT equipment
£
Fair value/cost
At 29 February 2024 and 28 February 2025
448,222
Depreciation and impairment
At 29 February 2024
426,160
Depreciation charged in the year
8,749
At 28 February 2025
434,909
Carrying amount
At 28 February 2025
13,313
At 28 February 2024
22,062
15
Investment property
Group and company
2025
£
Fair value
At 29 February 2024
28,616,795
Additions
4,416,604
Disposals
(1,146,457)
At 28 February 2025
31,886,942
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
15
Investment property
(Continued)
- 20 -

The last third party professional valuation was undertaken on the 28 February 2020. The directors have undertaken an impairment review during the year and in their opinion the current carrying value of investment property at 28 February 2025 is not materially misstated.

 

On 28 February 2025 the historical cost of these properties was £33,452,107 (2024: £33,061,139).

 

Additions during the year of £4,416,604 are recognised at cost, which is deemed to be fair value at the 28 February 2025.

16
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
99,164
99,164
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 29 February 2024 and 28 February 2025
99,164
Carrying amount
At 28 February 2025
99,164
At 28 February 2024
99,164
17
Subsidiaries

Details of the company's subsidiaries at 28 February 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Calder Conferences Limited
1
Hotel and conference booking agents
Ordinary
100.00
World of Travel Limited
1
Travel agency
Ordinary
100.00
Calder Conferences (EM) Limited
1
Dormant
Ordinary
100.00
Calder Conferences Accommodation Limited
1
Dormant
Ordinary
100.00
Calder World of Travel Limited
1
Dormant
Ordinary
100.00
Alne Ltd
1
Golf and spa hotel
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 4 Woodside Court, Clayton Wood Rise, Leeds, West Yorkshire, LS16 6RF
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 21 -
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
47,163
47,915
-
0
-
0
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
717,298
2,386,687
494,865
51,614
Corporation tax recoverable
712,199
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
590,000
606,816
Other debtors
10,270,930
642,974
10,243,694
604,339
Prepayments and accrued income
721,964
1,141,999
77,186
18,743
12,422,391
4,171,660
11,405,745
1,281,512
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
22
83,333
-
0
-
0
-
0
Trade creditors
3,833,298
4,153,705
421,848
663,647
Amounts due to group undertakings
-
0
-
0
5,874,676
-
0
Corporation tax payable
-
0
532,895
-
0
60,452
Other taxation and social security
395,564
631,251
9,138
10,836
Accruals and deferred income
3,991,339
8,584,228
52,662
55,427
8,303,534
13,902,079
6,358,324
790,362

The bank borrowings are secured by a fixed and floating charge over all assets of the company.

21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
22
6,385,531
2,585,531
6,385,531
2,585,531
Directors' loans
165,282
165,282
165,282
165,282
6,550,813
2,750,813
6,550,813
2,750,813

The bank borrowings are secured by a fixed and floating charge over all assets of the company.

DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 22 -
22
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other borrowings
6,385,531
2,585,531
6,385,531
2,585,531
Directors' loans
165,282
165,282
165,282
165,282
Other loans
83,333
-
-
0
-
6,634,146
2,750,813
6,550,813
2,750,813
Payable within one year
83,333
-
0
-
0
-
0
Payable after one year
6,550,813
2,750,813
6,550,813
2,750,813

The bank borrowings are secured by a fixed and floating charge over the investment properties.

23
Deferred taxation
Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
914,603
730,299
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
906,747
720,444
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 29 February 2024
730,299
720,444
Charge to profit or loss
184,304
186,303
Liability at 28 February 2025
914,603
906,747
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 23 -
24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
240
240
240
240
A Ordinary shares of £1 each
380
380
380
380
B Ordinary shares of £1 each
380
380
380
380
C Ordinary shares of £1 each
20
20
20
20
D Ordinary shares of £1 each
20
20
20
20
E Ordinary shares of £1 each
20
20
20
20
F Ordinary shares of £1 each
20
20
20
20
G Ordinary shares of £1 each
20
20
20
20
1,100
1,100
1,100
1,100
25
Related party transactions

During the year the company charged commercial rent to Penn Hill Leisure Limited, for the use of premises amounting to £79,000 (2024: £79,000). P J Hoban is a director of Penn Hill Leisure Limited

Included in other loans are two loans from Jumb Beck Trading. These are accruing interest at 6% above base per annum. The total amounts owed to Jumb Beck Trading at 28 February 2025 were £6,468,864 (2024: £2,585,531). D A Hoban and P J Hoban are directors of Jumb Beck Trading.

26
Controlling party

The company is controlled by the directors and immediate family.

27
Cash generated from group operations
2025
2024
£
£
Profit after taxation
3,093,450
7,430,660
Adjustments for:
Taxation charged
123,851
1,919,988
Finance costs
881,985
583,122
Investment income
(119,506)
(278,669)
Loss on disposal of investment property
22,328
-
0
Fair value (gain)/loss on investment properties
-
0
561,447
Amortisation and impairment of intangible assets
8,000
8,000
Depreciation and impairment of tangible fixed assets
616,531
632,373
Movements in working capital:
Decrease in stocks
752
11,684
Decrease in debtors
1,891,968
8,507,314
Decrease in creditors
(5,148,983)
(15,948,806)
Cash generated from operations
1,370,376
3,427,113
DEPHO ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 24 -
28
Analysis of changes in net funds/(debt) - group
29 February 2024
Cash flows
28 February 2025
£
£
£
Cash at bank and in hand
12,951,067
(9,847,182)
3,103,885
Borrowings excluding overdrafts
(2,585,531)
(3,883,333)
(6,468,864)
10,365,536
(13,730,515)
(3,364,979)
29
Subsidiary audit exemption

For the year ended 28 February 2025 the subsidiary World of Travel Ltd has claimed exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

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