Mogford Limited - Accounts

Registered number

02094400

Mogford Limited

Annual Report of the Directors and

Consolidated Audited Financial Statements for the Year Ended

31 December 2024

Mogford Limited
Contents




Page

Company information	1
Strategic report	2
Directors' report	3
Independent auditor's report	5
Consolidated income statement	8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10
Company statement of financial position	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated cash flows statement	14
Notes to the financial statements	16

Mogford Limited

Company Information

Directors

Mr J L Mogford

Ms R Mofford

Mr P R L Hughes (Resigned 31 October 2024)

Mr M Di Napoli (Appointed 1 October 2024)

Ms E L Dickson (Appointed 1 October 2024)

Secretary

Mrs E R Shelver

Auditors

Ridgefield Consulting Ltd

2 Hinksey Court

Church Way

Oxford

Oxfordshire

OX2 9SX

Registered office

10a Woodstock Road

Oxford

Oxfordshire

OX2 6HT

Registered number

02094400

Mogford Limited
Strategic Report

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Review of business
Mogford Limited and its subsidiary Mogford Hotels Limited operate the Old Bank Hotel, which is a 42 bedroom hotel, Quod Restaurant, The Old Parsonage Hotel, with its own restaurant and Gees Restaurant. All the businesses are located in the city of Oxford. Administration and management services for all the businesses are provided by Mogford Limited. The group's key financial highlights are as follows:

	2024	2023	2022	2021
	£	£	£	£
Turnover	18,953,548	19,712,624	18,771,478	13,481,824
Gross profit margin	48.01%	46.26%	48.37%	47.64%
Profit/ (Loss) before tax	(726,454)	593,975	1,480,635	2,294,987

The group delivered results in line with expectations during a year of testing market conditions across the hospitality sector. Inflationary pressures, particularly in wages, rents and rates, meant that cost increases moved ahead of revenue growth, which placed pressure on profitability. Even so, strong cost discipline, with excellent control over food and beverage margins, significantly reduced the impact of these challenges and demonstrated the resilience of our operations. The directors are confident that the enduring strengths of the business; proven concepts in prime locations supported by an experienced and committed management team, provide a solid foundation for profits to not only recover but also strengthen in the years ahead.


Principal risks and uncertainties
The key risks and uncertainties for the business remain the persistence of high inflation, elevated interest rates, and challenges in recruiting suitable staff. In response, the business is focused on enhancing productivity and continuing to invest in the guest experience to strengthen our appeal. With prime locations, disciplined cost control, and a highly experienced management team attuned to guest expectations, the outlook for the group remains strong and the future is promising.

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




Mr J L Mogford
Director

Mogford Limited
Registered number:		02094400
Directors' Report

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

Financial instruments

		2024	2023	2022	2021
Liquidity ratio (Current assets/ current liabilities)		149.99%	129.52%	92.05%	156.45%
Gearing ratio (Total borrowing/ total assets)		34.16%	37.73%	34.45%	32.62%

The group's principal financial instruments comprise bank balances, trade debtors, trade creditors and loans made available to the group. The main purpose of these instruments is to raise funds and finance the group's operations. Owing to the nature of the instruments used by the group, the value of these instruments will not fluctuate as a result of changes in market prices and therefore there is no exposure to price risk.
The loans held by the group comprise loans from the directors and a loan from a UK bank. Financial risk from fluctuating interest rates is not considered to be significant in the present climate of low interest rates. Quarterly repayments of the bank loan are fixed. The group manages liquidity risk by ensuring there are sufficient funds to meet the repayments when due. Trade debtors form only a very small part of the group's current assets. They are managed in respect of credit and cash flow risks by internal policies concerning the credit offered to customers and all are subject to both the regular monitoring of amounts outstanding and credit limits. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts when due.

Dividends
No dividends will be distributed for the year ended 31 December 2024.


Directors
The following persons served as directors during the year:

	Mr J L Mogford
	Ms R Mofford
	Mr P R L Hughes (Resigned 31 October 2024)
	Mr M Di Napoli (Appointed 1 October 2024)
	Ms E L Dickson (Appointed 1 October 2024)

Directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and group and of the profit or loss of the company and group for that period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

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


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the group's auditors are unaware; and
●	each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.



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



Mr J L Mogford
Director

Mogford Limited
Independent auditor's report
to the members of Mogford Limited

Opinion

We have audited the financial statements of Mogford Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position and the parent company Statement of Financial Position, the Statement of Changes in Equity and the parent company Statement of Changes in Equity, the Cash Flow Statement and notes to the Financial Statements, including a summary of 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 the 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 December 2024 and of the group's profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.


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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the report and financial statements, other than the group's and the parent company's financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the group's and the parent company's 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. In connection with our audit of the group's and the parent company's financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group's and the parent company's financial statements or our knowledge obtained in 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 there is a material misstatement in the group's and the parent company's financial statements or a material misstatement of the other information. 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 the audit:
●	the information given in the group strategic report and the group 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 group directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the group directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
●	the parent company financial statements are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the group's and the parent company's 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 group's and the parent company's 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to health and safety legislation, fire regulations, food hygiene, employment legislation, the financial reporting framework and the Companies Act 2006. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above and corroborated our enquiries with management by reference to submissions and correspondence with H.M. Revenue and Customs where appropriate.
We assessed the risks of material misstatements in respect of fraud and made appropriate enquiries of management and relevant related parties independently of management. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries and other adjustments for appropriateness into our audit approach.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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 parent 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 parent 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Thomas BA, BFP, FCCA, ACA
(Senior Statutory Auditor)		2 Hinksey Court
for and on behalf of		Church Way
Ridgefield Consulting Ltd		Oxford
Chartered Accountants and Statutory Auditors		Oxfordshire
29 September 2025		OX2 9SX

Mogford Limited
Consolidated Income Statement
for the year ended 31 December 2024


Notes		2024		2023
£			£

Turnover	3	18,953,548		19,712,624

Cost of sales		(9,853,756)		(10,592,776)

Gross profit		9,099,792		9,119,848

Administrative expenses		(9,723,474)		(8,131,254)
Other operating income		1,000,000		-

Operating profit	4	376,318		988,594

Loss on revaluation of investments		(657,324)		-
Interest receivable		69,531		40,381
Interest payable	7	(514,979)		(435,000)

(Loss)/profit on ordinary activities before taxation		(726,454)		593,975

Tax on (loss)/profit on ordinary activities	8	(201,226)		(170,416)

(Loss)/profit for the financial year		(927,680)		423,559

Profit attributable to:
Owners of the parent company		(927,680)		423,559

Mogford Limited
Consolidated Statement of comprehensive income
for the year ended 31 December 2024


Notes		2024		2023
£			£

(Loss)/profit for the financial year		(927,680)		423,559

Other comprehensive income
Loss on revaluation of land and buildings		-		(2,658,068)
Deferred taxation arising on the revaluation of short leasehold	18	812,328		416,255

Total comprehensive income for the year		(115,352)		(1,818,254)

Total comprehensive income attributable to:
Owners of the parent company		(115,352)		(1,818,254)

Mogford Limited
Consolidated Statement of Financial Position
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	10		12,207,256			13,146,056
Investment property	11		1,200,000			1,857,324
Other investments	12		110,000			110,000
			13,517,256			15,113,380

Current assets
Stocks	13	122,546			109,038
Debtors	14	2,263,615			2,352,623
Cash at bank and in hand		3,337,478			2,482,656
		5,723,639			4,944,317

Creditors: amounts falling due within one year	15	(3,816,104)			(3,817,554)

Net current assets			1,907,535			1,126,763

Total assets less current liabilities			15,424,791			16,240,143

Creditors: amounts falling due after more than one year	16		(5,425,000)			(6,125,000)

Net assets			9,999,791			10,115,143

Capital and reserves
Called up share capital	19		892			892
Revaluation reserve	20		9,100,676			9,476,308
Other reserve	20		(123,750)			(123,750)
Retained earnings	21		1,021,973			761,693

Shareholders' funds			9,999,791			10,115,143




Mr J L Mogford
Director
Approved by the board and authorised for issue on 29 September 2025

Mogford Limited
Company Statement of Financial Position
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	10		5,436,395			5,859,347
Investment property	11		1,200,000			1,857,324
Investments	12		234,750			234,750
			6,871,145			7,951,421

Current assets
Stocks	13	64,002			58,508
Debtors	14	1,449,623			1,841,901
Cash at bank and in hand		2,881,019			2,261,734
		4,394,644			4,162,143

Creditors: amounts falling due within one year	15	(3,551,071)			(3,277,029)

Net current assets			843,573			885,114

Total assets less current liabilities			7,714,718			8,836,535

Creditors: amounts falling due after more than one year	16		(2,875,250)			(3,246,250)


Net assets			4,839,468			5,590,285

Capital and reserves
Called up share capital	19		892			892
Revaluation reserve	20		2,971,902			3,187,767
Retained earnings	21		1,866,674			2,401,626

Shareholders' funds			4,839,468			5,590,285




Mr J L Mogford
Director
Approved by the board and authorised for issue on …......................

Mogford Limited
Consolidated Statement of Changes in Equity
for the year ended 31 December 2024

Share		Other		Revaluation		Retained		Total
capital		reserve		reserve		earnings
£		£		£		£		£

At 1 January 2023	892		(123,750)		12,302,594		(246,339)		11,933,397

Profit for the financial year	-		-		-		423,559		423,559

Loss on revaluation of land and buildings	-		-		(2,658,068)		-		(2,658,068)

Reserve movements:
Deferred taxation arising on the revaluation of land and buildings	-		-		416,255		-		416,255
Transfer for additional depreciation on revaluation					(584,473)		584,473		-

Total comprehensive income for the financial year	-		-		(2,826,286)		1,008,032		(1,818,254)


At 31 December 2023	892		(123,750)		9,476,308		761,693		10,115,143



At 1 January 2024	892		(123,750)		9,476,308		761,693		10,115,143

Loss for the financial year	-		-		-		(927,680)		(927,680)

Reserve movements:
Deferred taxation arising on the revaluation of land and buildings	-		-		812,328		-		812,328
Undistributable reserve - loss on revaluation	-		-		(657,324)		657,324		-
Transfer for additional depreciation on revaluation	-		-		(530,638)		530,638		-

Total comprehensive income for the financial year	-		-		(375,634)		260,282		(115,352)


At 31 December 2024	892		(123,750)		9,100,674		1,021,975		9,999,791

Mogford Limited
Company Statement of Changes in Equity
for the year ended 31 December 2024

Share		Revaluation		Retained		Total
capital		reserve		earnings
£		£		£		£

At 1 January 2023	892		4,563,433		2,092,678		6,657,003

Profit for the financial year	-		-		166,985		166,985

Loss on revaluation of land and buildings	-		(1,504,807)		-		(1,504,807)

Reserve movements:
Transfer for additional depreciation on revaluation	-		(141,963)		141,963		-

Deferred taxation arising on the revaluation of land and buildings	-		271,104		-		271,104

Total comprehensive income for the financial year	-		(1,375,666)		308,948		(1,066,718)


At 31 December 2023	892		3,187,767		2,401,626		5,590,285


At 1 January 2024	892		3,187,767		2,401,626		5,590,285

Loss for the financial year	-		-		(1,280,411)		(1,280,411)

Reserve movements:
Transfer for additional depreciation on revaluation	-		(88,135)		88,135		-

Deferred taxation arising on the revaluation of land and buildings	-		529,594		-		529,594

Total comprehensive income for the financial year	-		(215,865)		(534,952)		(750,817)


At 31 December 2024	892		2,971,902		1,866,674		4,839,468

Mogford Limited
Consolidated Cash Flows Statements
for the year ended 31 December 2024

			2024		2023
£				£
Operating activities
(Loss)/profit for the financial year			(927,680)		423,559

Adjustments for:
Loss on revaluation of investment property			657,324		-
Interest receivable			(69,531)		(40,381)
Interest payable			514,979		435,000
Tax on (loss)/profit on ordinary activities			201,226		170,416
Depreciation			980,534		1,055,768
(Increase)/decrease in stocks			(13,508)		16,815
Decrease/(increase) in debtors			890,185		(601,593)
Increase/(decrease) in creditors			160,135		(241,233)

			2,393,664		1,218,351
Corporation tax paid			(351,661)		(300,000)

Cash generated by operating activities			2,042,003		918,351

Investing activities
Payments to acquire tangible fixed assets			(41,734)		(52,017)
Payments to acquire investment properties			-		3,932

Cash used in investing activities			(41,734)		(48,085)

Financing activities
Interest received			69,531		40,381
Interest paid			(514,978)		(435,000)
Repayment of loans			(700,000)		(303,422)

Cash used in financing activities			(1,145,447)		(698,041)

Net cash generated
Cash generated by operating activities			2,042,003		918,351
Cash used in investing activities			(41,734)		(48,085)
Cash used in financing activities			(1,145,447)		(698,041)

Net cash generated			854,822		172,225

Cash and cash equivalents at 1 January			2,482,656		2,310,431
Cash and cash equivalents at 31 December			3,337,478		2,482,656

Cash and cash equivalents comprise:
Cash at bank			3,337,478		2,482,656


Analysis of changes in net debt
At 1.1.24		Cash flows		At 31.12.24
£		£		£
Cash and cash equivalents
Cash and cash equivalents	2,482,656		854,822		3,337,478


Borrowings
Debt due within one year	(700,000)		-		(700,000)
Debt due after more than one year	(6,125,000)		700,000		(5,425,000)

Total net debt	(4,342,344)		1,554,822		(2,787,522)

Mogford Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1	Summary of significant accounting policies

	Basis of preparation
	These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. The assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiary are presented as those of a single economic entity in the financial statements.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents net invoiced rentals of hotel rooms and sales of food and beverages. Revenue is recognised when rooms are occupied and food and beverages are sold.

	Tangible fixed assets

	Tangible fixed assets are measured at historical cost less accumulative depreciation and any accumulative impairment losses. Short leasehold property is recognised at fair value based on periodic valuations by external independent valuers, less subsequent depreciation for the property. A revaluation surplus is credited to revaluation reserves in shareholders' equity. Depreciation is provided on all tangible fixed assets excluding 'Artworks', at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter.

	Short leasehold land and buildings			over the duration of the lease
	Fixtures, fittings, tools and equipment			20% reducing balance
	Motor vehicles			20% straight line on cost


	In the directors' opinion, 'Artworks' may have a long economic life and may also have high residual value, consequently depreciation has not been charged.

	Short leasehold properties were revalued in 2023 in order to reflect the current market value.

	Impairment
	Financial assets (including trade and other debtors)
	A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

	Impairment
	Financial assets (including trade and other debtors) (continued)
	An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment, an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the group would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.
	Non-financial assets
	The carrying amounts of the group's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss.

	Investment property
	Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.

	Investments in subsidiaries
	Investments in subsidiary undertakings are recognised at cost less provision for permanent diminution in value. Dividends are brought into account in the income statement when received.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the year end. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Hire purchase and leasing commitments
	Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

	Pension costs and other post-retirement benefits
	The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions payable to the group's pension scheme are charged to income statement in the period to which they relate.

2	Significant judgements and estimates

	The preparation of the Financial Statements requires Management to exercise judgement and to make estimates and assumptions that affect the application of policies, reported amounts of revenues, expenses, assets and liabilities and disclosures. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
	The areas of key judgements and estimates are in relation to i) Depreciation and amortisation ii) Leasehold valuations. With regards to depreciation and amortisation, judgements and estimates are based on an estimate of the useful life of each category of fixed asset. For short leasehold assets the area of judgement is its valuation to the business. This has been carried out by managements expert, any subsequent changes to the valuation have been reflected in the financial statements. It is the entities policy to carry out revaluations once the carrying value is deemed to be significantly different to the market value.


3	Turnover					2024		2023
£							£

	Sale of services					18,913,548		19,707,044

	The turnover is attributable to the principal activities of the company and the group. All turnover arose within the United Kingdom.


4	Operating profit					2024		2023
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					979,028		1,053,886
	Depreciation of assets held under finance leases and hire purchase contracts					1,506		1,883
	Operating lease rentals - plant and machinery					9,135		7,638
	Operating lease rentals - land and buildings					1,880,220		1,649,341
	Auditors' remuneration for audit services					32,105		29,120


5	Directors' emoluments					2024		2023
£							£
	Emoluments					491,549		464,107


6	Staff costs					2024		2023
£							£

	Wages and salaries					6,529,049		6,640,333
	Social security costs					539,805		494,213
	Other pension costs					176,860		194,444
						7,245,714		7,328,990


						2024		2023
	Average number of employees during the year					Number	Number

	Office and management					42		19
	Restaurants and hotels					158		216
						200		235

	The average number of employees by undertakings that were consolidated during the year was 101 (2023: 105).


7	Interest payable					2024		2023
£							£

	Bank loans and overdrafts					514,979		435,000


8	Taxation					2024		2023
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					190,077		340,568
	Adjustments in respect of previous periods					-		(180,264)
						190,077		160,304

	Deferred tax:
	Origination and reversal of timing differences					11,149		10,112

	Tax on profit on ordinary activities					201,226		170,416

	Taxation (cont'd)

	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2024		2023
£							£

	(Loss)/profit on ordinary activities before tax					(726,454)		593,975

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					(181,614)		148,494

	Effects of:
	Expenses not deductible for tax purposes					574,090		1,056,323
	Capital allowances for period in excess of depreciation					(191,250)		(854,137)
	Adjustments to tax charge in respect of previous periods					-		(180,264)

	Current tax charge for period					201,226		170,416


9	Individual Income Statement

	As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was £160,986 (2017: loss £160,986).


10	Tangible fixed assets
	Group
		Short leasehold		Motor vehicles		Fixtures, fittings, tools and equipment		Total
	Cost or valuation	£	£		£		£
	At 1 January 2024	17,781,952		115,134		9,959,731		27,856,817
	Additions	18,739		22,995		-		41,734

	At 31 December 2024	17,800,691		138,129		9,959,731		27,898,551

	Depreciation
	At 1 January 2024	5,453,248		115,134		9,142,379		14,710,761
	Charge for the year	900,096		4,599		75,839		980,534

	At 31 December 2024	6,353,344		119,733		9,218,218		15,691,295

	Tangible fixed assets (cont'd)
	Group	Short leasehold		Motor vehicles		Fixtures, fittings, tools and equipment		Total
	Carrying amount	£	£		£		£
	At 31 December 2024	11,447,347		18,396		741,513		12,207,256
	At 31 December 2023	12,328,704		-		817,352		13,146,056

	If the short leasehold properties had not been revalued they would have been included at the following historical cost:
						2024		2023
£							£
	Cost					5,319,692		5,319,692
	Aggregate depreciation					3,467,924		3,356,494
	Carrying amount of short leasehold on cost basis					1,851,768		1,963,198

	The short leasehold property was revalued on a fair value basis on 15 May 2023 by Colliers International Property Consultants Ltd and the property's market value is reflected in the financial statements.


	Assets held under finance leases and hire purchase					2024		2023
£							£
	Cost					89,799		89,799
	Aggregate depreciation					83,774		82,266
	Carrying value of plant and machinery included above held under finance leases and hire purchase contracts					6,025		7,533

	Tangible fixed assets (continued)
	Company	Short leasehold		Motor vehicles		Fixtures, fittings, tools and equipment		Total
£			£		£		£
	Cost or valuation
	At 1 January 2024	7,135,212		115,134		6,996,682		14,247,028
	Additions	18,739		22,995		-		41,734
								-
	At 31 December 2024	7,153,951		138,129		6,996,682		14,288,762

	Depreciation
	At 1 January 2024	1,988,844		115,134		6,283,703		8,387,681
	Charge for the year	386,826		4,599		73,261		464,686

	At 31 December 2024	2,375,670		119,733		6,356,964		8,852,367

	Carrying amount
	At 31 December 2024	4,778,281		18,396		639,718		5,436,395
	At 31 December 2023	5,146,368		-		712,979		5,859,347

	If the short leasehold properties had not been revalued they would have been included at the following historical cost:
						2024		2023
£							£
	Cost					2,644,806		2,644,806
	Aggregate depreciation					1,709,866		1,668,956
	Carrying amount of short leasehold on cost basis					934,940		975,850

	The short leasehold property was revalued on a fair value basis on 15 May 2023 by Colliers International Property Consultants Ltd and the property's market value is reflected in the financial statements.

	Company
	Assets held under finance leases and hire purchase					2024		2023
£							£
	Cost					89,799		89,799
	Aggregate depreciation					83,774		82,266
	Carrying value of plant and machinery included above held under finance leases and hire purchase contracts					6,025		7,533


11	Investment property					2024
£
	Valuation
	At 1 January 2024					1,857,324
	Revaluation of investment property					(657,324)

	At 31 December 2024					1,200,000


12	Investments			Investments in
	Company			subsidiary	Other
undertakings					investments		Total
	Cost			£	£		£
	At 1 January 2024			124,750		110,000		234,750
	At 31 December 2024			124,750		110,000		234,750

	Historical cost							£
	At 1 January 2024							234,750
	At 31 December 2024							234,750

	The parent company holds 20% or more of the share capital of the following company:

Capital and							Profit
		Shares held				reserves	for the year
		Class		%	£		£
	Mogford Hotels Ltd	Ordinary		100		5,285,076		352,733
	10a Woodstock Road, Oxford OX2 6HT


13	Stocks					2024		2023
	Group					£	£

	Finished goods and goods for resale					122,546		109,038

	Company					2024		2023
£							£
	Finished goods and goods for resale					64,002		58,508


14	Debtors
		Group				Company
		2024		2023		2024		2023
£			£		£		£

	Trade debtors	77,565		58,850		30,737		23,790
	Deferred tax asset (see note 18)	1,102,719		301,542		737,338		213,733
	Other debtors	234,827		1,212,070		196,513		1,159,674
	Prepayments and accrued income	848,504		780,161		485,035		444,704
		2,263,615		2,352,623		1,449,623		1,841,901

15	Creditors: amounts falling due within one year

		Group				Company
		2024		2023		2024		2023
£			£		£		£

	Bank loans	700,000		700,000		371,000		371,000
	Trade creditors	885,710		558,946		269,944		265,515
	Amounts owed to group undertakings	-		-		2,001,254		1,637,751
	Corporation tax	190,077		351,662		-		123,226
	Other taxes and social security costs	659,440		616,193		161,598		153,165
	Other creditors	688,660		625,268		280,682		321,773
	Accruals and deferred income	692,217		965,485		466,593		404,599
		3,816,104		3,817,554		3,551,071		3,277,029


16	Creditors: amounts falling due after one year
		Group				Company
		2024		2023		2024		2023
£			£		£		£

	Bank loans	5,425,000		6,125,000		2,875,250		3,246,250


17	Loans					2024		2023
£							£
	Analysis of maturity of debt:
	Within one year or on demand					700,000		700,000
	Between one and two years					1,400,000		1,400,000
	Between two and five years					4,025,000		4,725,000
						6,125,000		6,825,000

	The group's borrowings are secured as follows: - By a fixed and floating charge on all the assets of the group. - By a debenture and an unlimited composite guarantee between Mogford Limited and its trading subsidiary supported by legal charges over the Old Parsonage Hotel, Gees restaurant and the Old Bank Hotel including Quod Restaurant.


18	Deferred taxation
		Group				Company

		2024		2023		2024		2023
£			£		£		£

	Accelerated capital allowances	(1,102,719)		(301,542)		(737,338)		(213,733)


	Deferred taxation (continued)	Group				Company

		2024		2023		2024		2023
£			£		£		£
	At 1 January	(301,542)		104,601		(213,733)		53,235
	Charged/ (Credited) to the income statement	11,151		10,112		5,990		4,136
	Credited to other comprehensive income	(812,328)		(416,255)		(529,595)		(271,104)

	At 31 December	(1,102,719)		(301,542)		(737,338)		(213,733)


19	Share capital	Nominal		2024		2024		2023
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		892		892		892


20	Reserves
	Group			Other	Revaluation		Totals
reserve					reserve
£					£		£
	At 1 January			(123,750)		9,476,308		9,352,558
	Loss on revaluation of land and buildings			-		(657,324)		(657,324)
	Deferred taxation arising on the revaluation of short leasehold			-		812,327		812,327
	Revaluation adjustment - accum. Depreciation			-		(530,635)		(530,635)

	At 31 December			(123,750)		9,100,676		8,976,926


	Company			Other	Revaluation		Totals
reserve					reserve
£					£		£
	At 1 January			-		3,187,767		3,187,767
	Loss on revaluation of land and buildings			-		(657,324)		(657,324)
	Deferred taxation arising on the revaluation of short leasehold			-		529,594		529,594
	Revaluation adjustment - accum. Depreciation			-		(88,135)		(88,135)

	At 31 December			-		2,971,902		2,971,902


21	Retained earnings
	Group					2024		2023
£							£
	At 1 January					761,693		(246,339)
	Revaluation adjustment - accum. Depreciation					530,636		584,473
	(Loss)/profit for the financial year					(927,680)		423,559
	Undistributable reserve - loss on revaluation					657,324		-

	At 31 December					1,021,973		761,693


	Company					2024		2023
£							£
	At 1 January					2,401,626		2,092,678
	Revaluation adjustment - accum. Depreciation					88,135		141,963
	(Loss)/ profit for the financial year					(1,280,411)		166,985
	Undistributable reserve - loss on revaluation					657,324		-

	At 31 December					1,866,674		2,401,626


22	Other financial commitments
	Total future minimum lease payments under non-cancellable operating leases:

						Land and buildings		Land and buildings
						2024		2023
£							£
	Falling due:
	within one year					1,655,028		1,638,258
	within two to five years					8,275,140		8,191,290
	in over five years					17,622,964		15,987,362
						27,553,132		25,816,910


23	Controlling party
	During the current and previous financial year, the group was controlled by Mr J L Mogford, the director of the group who owns a majority of issued share capital of the parent company, Mogford Ltd.


24	Presentation currency
	The financial statements are presented in Sterling.


25	Legal form of entity and country of incorporation
	Mogford Limited and Mogford Hotels Limited are private companies limited by shares and incorporated in England.



26	Principal place of business
	The address of the group's principal place of business and registered office is:
	10a Woodstock Road
	Oxford
	Oxfordshire
	OX2 6HT