Year Ended
Registration number:
Cordash Limited
Contents
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Cordash Limited
Strategic Report
Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the group is that of a holding company.
Fair review of the business
2024 saw a 4% decrease in rooms sold compared to 2023 whereas room rates increased by 10% in 2024, mitigating the decrease in room sales to leave overall income broadly equal to 2023.
Gross margin increased by 2% compared to 2023 and gross profit percentage remaining at 87%. Overheads increased by 3% compared to last year. Operating profit decreased by 11% on 2023.
The hotel continues to closely monitor its customer service and maintains its strategy of being service driven to uphold the excellent reputation of the hotel both nationally and internationally.
The company continues to be in a strong net asset position of £13,880,636 (2023 - £13,807,587).
The company completed the construction of a new dining space and an additional suite, both of which opened in Spring 2024.
On 1 February 2024, the bank loan and CBILS loan were consolidated and a further £1.625m was borrowed to refinance the building work undertaken in recent years.
The directors review Key Performance Indicators (KPIs) such as room rates, occupancy rates and
wages as a percentage of turnover. These indicators help the directors to maintain profitability and
positive operating cash flows. The disclosure of these KPIs is deemed to be prejudicial to the interests
of the company.
Principal risks and uncertainties
In line with other hospitality businesses, the principal business risks and uncertainties facing the group surround inflation in the cost of goods and a challenging labour market.
Operational risks continue to arise from the challenging employment environment arising from both Brexit and COVID-19 and a challenging supply chain. The group is mitigating these risks by constantly updating its staff recruitment and retention policy, and securing bulk supplies where possible.
The group mitigates general risks and uncertainties through good communication with long-standing customers and continued investment in the hotel to maintain the high standards on which its reputation is built.
The group's trading activities also expose it to a number of financial risks, including cash flow and overall liquidity risk. The group manages this through the tight control of costs and regular cash flow reviews.The group's trading activities also expose it to a number of financial risks, including cash flow and overall liquidity risk. The group manages this through the tight control of costs and regular cash flow reviews.
Cordash Limited
Strategic Report
Year Ended 31 December 2024
Approved by the
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Cordash Limited
Directors' Report
Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
Going concern
The financial statements have been prepared on a going concern basis. The Directors acknowledge the Parents net current liability position as at the year end of £874,503 (2023 - £874,503). This is as a result of intercompany debt and the director's have satisfied themselves on the validity of applying the going concern basis of preparation as assurances have been given to its parent that the amount owed to them can be called upon for repayment should it impact the going concern of the company.
Financial risk management objectives and policies
The directors consider that the hotel's activities do not expose the group to any undue financial risks. The only risk identified was in the area of liquidity and this risk is managed by careful budgeting and forecasting and maintenance of good relationships with the bank.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
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Cordash Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Cordash Limited
Independent Auditor's Report to the Members of Cordash Limited
Opinion
We have audited the financial statements of Cordash Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 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 director's 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 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 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.
Cordash Limited
Independent Auditor's Report to the Members of Cordash Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page 4, 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.
Cordash Limited
Independent Auditor's Report to the Members of Cordash Limited
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.
We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting.
Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations and review of correspondence and contracts with third parties. We also addressed the risk of management override of internal controls of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.
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. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Cordash Limited
Independent Auditor's Report to the Members of Cordash Limited
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.
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Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Cordash Limited
Consolidated Profit and Loss Account
Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses excluding depreciation costs |
( |
( |
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Operating profit before depreciation costs |
1,038,497 |
1,105,319 |
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Depreciation costs |
(347,334) |
(331,762) |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Profit attributable to: |
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Owners of the company |
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Cordash Limited
Consolidated Statement of Comprehensive Income
Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Deferred tax movement on revalued fixed assets |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Cordash Limited
Consolidated Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Fair value reserve |
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Profit and loss account |
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Equity attributable to owners of the company |
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Total equity |
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Approved and authorised by the
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Cordash Limited
Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £216,466 (2023 - profit of £275,211).
Approved and authorised by the
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Company Registration Number: 05197532
Cordash Limited
Consolidated Statement of Changes in Equity
Year Ended 31 December 2024
|
Share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
- |
- |
- |
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Other comprehensive income |
- |
- |
- |
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- |
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Total comprehensive income |
- |
- |
- |
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Dividends |
- |
- |
- |
- |
( |
( |
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Transfers |
- |
- |
- |
(32,199) |
32,199 |
- |
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At 31 December 2024 |
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Share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
- |
- |
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Other comprehensive income |
- |
- |
- |
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- |
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Total comprehensive income |
- |
- |
- |
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Dividends |
- |
- |
- |
- |
( |
( |
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Purchase of own share capital |
- |
- |
6,150 |
- |
(6,150) |
- |
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Transfers |
- |
- |
- |
(32,198) |
32,198 |
- |
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At 31 December 2023 |
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Cordash Limited
Statement of Changes in Equity
Year Ended 31 December 2024
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Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
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At 31 December 2024 |
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Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
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Purchase of own share capital |
- |
- |
6,150 |
(6,150) |
- |
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At 31 December 2023 |
4,448 |
4,000,160 |
12,000 |
5,163,898 |
9,180,506 |
Cordash Limited
Consolidated Statement of Cash Flows
Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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Decrease/(increase) in trade debtors |
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( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisition of tangible assets |
( |
( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
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Repayment of bank borrowing |
( |
( |
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Interest on preference shares |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
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( |
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Net increase/(decrease) in cash and cash equivalents |
|
( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
1,104,156 |
368,316 |
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Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The business address is the same as the registered office address.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions for parent company
FRS 102 grants a qualifying entity exemptions from the full requirements of FRS 102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity.
The company has taken advantage of the emeption under FRS 102 1.12(b) from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its cash flows are included in the consolidated financial statements of the group.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.
As permitted by Section 408 of the Companies Act 2006, no separate profit and loss account or statement of comprehensive income is presented in respect of the parent company. The profit attributable to the Company is disclosed in the footnote to the Company's balance sheet.
Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cash flows include the results and cash flows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Going concern
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets, except freehold land and buildings are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Freehold land and buildings are stated in the balance sheet at deemed cost. An amount equal to the excess of the annual depreciation charge on the deemed cost of the assets over the notional historical cost depreciation charge on those assets is transferred annually from the fair value reserve to the profit and loss reserve.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land and buildings |
2% straight line, land elements are not depreciated |
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Furniture, fittings and equipment |
15-33% reducing balance |
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Motor vehicles |
25% reducing balance |
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Assets under construction |
Not depreciated |
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
10% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Group company loans and bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for group company loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Group company loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
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Sale of rooms |
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Rendering of services |
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The analysis of the group's turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - property |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) is as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Management |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
96,124 |
91,686 |
During the year the number of directors who were receiving benefits:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
3,000 |
3,000 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
12,000 |
11,500 |
|
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on preference shares |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Difference between accumulated depreciation and capital allowances |
|
|
Deferred tax on property revaluation |
|
|
|
|
2023 |
Liability |
|
Difference between accumulated depreciation and capital allowances |
|
|
Deferred tax on property revaluation |
|
|
|
Tax relating to items recognised in other comprehensive income or equity - group
|
2024 |
2023 |
|
|
Deferred tax related to items recognised as items of other comprehensive income |
( |
( |
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Intangible assets |
Group
|
Goodwill |
|
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Amortisation |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
- |
|
At 31 December 2023 |
- |
|
Property, plant and equipment |
Group
|
Freehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Properties under construction |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
|
- |
|
|
|
Transfers |
|
- |
- |
( |
- |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
- |
|
|
Charge for the year |
|
|
|
- |
|
|
At 31 December 2024 |
|
|
|
- |
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £20,029,524 (2023 - £17,179,115) in respect of freehold land and buildings. Included within freehold land and buildings is freehold land with the net book value £7,659,402 (2022 - £7,659,402).
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 & 31 December 2023 |
|
|
Provision |
|
|
At 1 January 2021 & 31 December 2024 |
- |
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
England & Wales |
Ordinary |
|
|
The principal activity of The Nare Hotel Company Limited is that of running a hotel.
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Other inventories |
|
|
- |
- |
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
- |
- |
|
|
Amounts due from group undertakings |
- |
- |
|
|
|
|
Other debtors |
|
|
- |
- |
|
|
Prepayments |
|
|
- |
- |
|
|
Income tax asset |
|
|
|
|
|
|
|
|
|
|
||
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Payments on account |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Corporation tax |
98,223 |
87,325 |
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
|
|
|
|
Accrued expenses |
|
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
No interest is charged on the amounts due to group undertakings. This balance is repayable on demand.
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
- |
- |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
- |
- |
|
Redeemable preference shares |
|
|
|
|
|
|
|
|
|
|
Redeemable preference shares
|
The |
Group
Bank borrowings
|
There is a legal charge in relation to this loan over Units A-G Tregony Industrial Estate, Truro, TR2 5TL and The Nare Hotel and the White House, Veryan, Truro, TR2 5PF. |
|
|
|
|
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Deferred tax and other provisions |
Group
|
Deferred tax |
|
|
At 1 January 2024 |
|
|
Decrease in existing provisions |
( |
|
At 31 December 2024 |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of 185.81 (2023 - 228.04) per each Ordinary A |
110,000 |
135,000 |
||
|
Interim dividend of 353.28 (2023 - 500.82) per each Ordinary B |
70,656 |
100,163 |
||
|
Interim dividend of 8.29 (2023 - 9.27) per each Ordinary C |
35,810 |
40,048 |
||
|
|
|
|
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2023 - £
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Analysis of changes in net debt |
Group
|
|
|
1 January 2023 |
Cash Flow |
Other movements |
At end of period |
|
|
£ |
£ |
£ |
||
|
Cash at bank and in hand |
368,316 |
735,840 |
- |
1,104,156 |
|
368,316 |
735,840 |
1,104,156 |
||
|
Debt |
||||
|
Bank loan |
(2,633,981) |
(1,410,186) |
- |
(4,044,167) |
|
Preference shares |
(188,000) |
- |
(188,000) |
|
|
(2,821,981) |
(1,410,186) |
- |
(4,232,167) |
|
|
Net Debt |
(2,453,665) |
(674,346) |
- |
(3,128,011) |
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
59.20 |
|
59.20 |
|
|
|
20.00 |
|
20.00 |
|
|
|
4,348 |
|
4,348 |
|
|
|
20.80 |
|
20.80 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary A Shares have the following rights, preferences and restrictions: |
|
Ordinary B Shares have the following rights, preferences and restrictions: |
|
Ordinary C Shares have the following rights, preferences and restrictions: |
|
Ordinary D Shares have the following rights, preferences and restrictions: |
|
Related party transactions |
Group
Key management personnel
The remuneration of directors and other members of key management during the year was as follows:
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
Transactions with directors |
|
2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
|
Mr T G H Ashworth |
||||
|
Unsecured, interest free and repayable on demand loan account |
|
( |
|
|
|
Mrs K A Ashworth |
||||
|
Unsecured, interest free and repayable on demand loan account, interest charged at Base Rate + 10.5% |
|
- |
- |
|
|
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
|
Mr T G H Ashworth |
||||
|
Unsecured, interest free and repayable on demand loan account |
|
( |
|
|
|
Mrs K A Ashworth |
||||
|
Unsecured, interest free and repayable on demand loan account, interest charged at Base Rate + 10.5% |
|
- |
- |
|
Expenditure with and payables to related parties
Summary of transactions with key management
|
2024 |
Key management |
|
Rendering of services |
|
|
Leases |
|
|
|
|
|
|
|
Cordash Limited
Notes to the Financial Statements
Year Ended 31 December 2024
|
2023 |
Key management |
|
Rendering of services |
|
|
Leases |
|
|
|
|
|
|
|
Loans from related parties
Summary of transactions with other related parties
|
2024 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
|
|
2023 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
|
Terms of loans from related parties
|
Parent and ultimate parent undertaking |
The ultimate controlling party is