Company Registration Number: 01697263
31 MARCH 2025
LAKE DISTRICT HOTELS LIMITED
COMPANY INFORMATION
LAKE DISTRICT HOTELS LIMITED
CONTENTS
LAKE DISTRICT HOTELS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are very pleased with the results for the current year and believe that the company will continue to trade very successfully, producing favourably comparable results year on year.
The economic climate has continued to challenge the hospitality industry, increasing operational costs and reducing the disposable income of customers, however the award winning facilities of Lake District Hotels have ensured that the six hotels and spa remain sought after destinations.
Lake District Hotels occupies the luxury end of the market, and the directors seek to ensure the hotels are maintained at an exceptional standard. To achieve this, funds continue to be reinvested back into the business. The Falls Spa has recently had the changing room facilities upgraded, and a rolling program of bedroom and public area refurbishments is consistently being undertaken across all of the hotels. The directors have also invested in staff accommodation this year as well as a refurbishment of existing staff housing.
The company is continually assessing its market position and seeking to take advantage of business opportunities as they arise, and the directors have invested this year in a number of self-catering properties. Following refurbishment, these properties will offer luxury group accommodation and represent a new revenue stream for Lake District Hotels.
The economic climate has continued to challenge the hospitality industry, increasing operational costs and reducing the disposable income of customers, however the award winning facilities of Lake District Hotels have ensured that the six hotels and spa remain sought after destinations.
Lake District Hotels occupies the luxury end of the market, and the directors seek to ensure the hotels are maintained at an exceptional standard. To achieve this, funds continue to be reinvested back into the business. The Falls Spa has recently had the changing room facilities upgraded, and a rolling program of bedroom and public area refurbishments is consistently being undertaken across all of the hotels. The directors have also invested in staff accommodation this year as well as a refurbishment of existing staff housing.
The company is continually assessing its market position and seeking to take advantage of business opportunities as they arise, and the directors have invested this year in a number of self-catering properties. Following refurbishment, these properties will offer luxury group accommodation and represent a new revenue stream for Lake District Hotels.
The company is not immune to risks and has procedures in place aimed to minimise the possibility and scale of specific risks that may impact the company. A specific risk to the company is if a downturn in the tourist trade in the Lake District occurred there could be a significant effect on turnover and profitability. To mitigate this risk, the company ensures that its properties are maintained to exceptionally high standards and carries out promotional activity to position itself in such markets that it would not be significantly affected. The company benefits from a strong market presence, reputation and goodwill.
The company's key financial and other performance indicators during the year were as follows:
Page 1
LAKE DISTRICT HOTELS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
We consider our key stakeholders to be: our customers, staff members, operational suppliers and the local community.
All company directors have a duty to act in the way they consider would be most likely to promote the success of the company for the benefit of its members as a whole. They have regard for:
• The likely consequence for decisions in the long term;
• The interests of the company's employees;
• The need to foster the company's business relationships with suppliers, customers and others;
• The impact of the company's operations on the community and environment;
• The desirability of the company maintaining a reputation for high standards of business conduct:
• The need to act fairly as between members of the company.
Our customers - We aim to provide our customers with the high quality they deserve and expect. We engage with our customers to obtain feedback about their experience so that we can continue to improve and meet their needs.
Our employees - Regular meetings are held between senior management and employee representatives to discuss matters of concern. Employees are kept informed about progress and position of the company by way of regular departmental meetings.
Our suppliers - We see building strong relationships with our suppliers as an integral part of being able to deliver a high quality experience to our customers. Wherever possible we aim to engage with local suppliers and ensure payments are made within agreed terms.
Our community - The company operates from locations throughout the Lake District. We organise and promote fundraising activities each year to aid local charitable causes.
All company directors have a duty to act in the way they consider would be most likely to promote the success of the company for the benefit of its members as a whole. They have regard for:
• The likely consequence for decisions in the long term;
• The interests of the company's employees;
• The need to foster the company's business relationships with suppliers, customers and others;
• The impact of the company's operations on the community and environment;
• The desirability of the company maintaining a reputation for high standards of business conduct:
• The need to act fairly as between members of the company.
Our customers - We aim to provide our customers with the high quality they deserve and expect. We engage with our customers to obtain feedback about their experience so that we can continue to improve and meet their needs.
Our employees - Regular meetings are held between senior management and employee representatives to discuss matters of concern. Employees are kept informed about progress and position of the company by way of regular departmental meetings.
Our suppliers - We see building strong relationships with our suppliers as an integral part of being able to deliver a high quality experience to our customers. Wherever possible we aim to engage with local suppliers and ensure payments are made within agreed terms.
Our community - The company operates from locations throughout the Lake District. We organise and promote fundraising activities each year to aid local charitable causes.
This report was approved by the board and signed on its behalf.
Page 2
LAKE DISTRICT HOTELS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their annual report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £5,799,780 (2024 - £5,044,021).
No ordinary dividends were paid during the year. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
Page 3
LAKE DISTRICT HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Objectives and policies
The company uses various financial instruments which include cash, debtors, trade creditors and private equity loans. The main purpose of these financial instruments is to raise finance for the company's operations (working capital) and to facilitate the growth of the company.
Adequate finance has been made available to take advantage of all business opportunities arising during the year and the directors consider the state of affairs to be satisfactory as the comapny as the company is in a strong financial position.
Price risk, credit risk, liquidity risk and cash flow risk
The business's principal financial instruments comprise bank balances, bank overdraft, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business's cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring or amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowance for doubtful debtors. Credit risk is low for this company due to the nature of the industry it is in.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans comprise of loans from directors. The loans are interest free and repayable on demand. The business manages the liquidity risk by ensuring there are enough funds to meet payments.
The company uses various financial instruments which include cash, debtors, trade creditors and private equity loans. The main purpose of these financial instruments is to raise finance for the company's operations (working capital) and to facilitate the growth of the company.
Adequate finance has been made available to take advantage of all business opportunities arising during the year and the directors consider the state of affairs to be satisfactory as the comapny as the company is in a strong financial position.
Price risk, credit risk, liquidity risk and cash flow risk
The business's principal financial instruments comprise bank balances, bank overdraft, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business's cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring or amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowance for doubtful debtors. Credit risk is low for this company due to the nature of the industry it is in.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans comprise of loans from directors. The loans are interest free and repayable on demand. The business manages the liquidity risk by ensuring there are enough funds to meet payments.
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
The following information has been collected complying with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 and the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
The company's main sources of CO2 emissions are from consumption of gas and electricity at the hotel premises.
Data has been compiled from information obtained from supplier invoices and using the government's approved conversion factors for kgCO2e per unit.
Page 4
LAKE DISTRICT HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Page 5
LAKE DISTRICT HOTELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Promoting the success of the company
All company directors have a duty to act in the way they consider would be most likely to promote the success of the company for the benefit of its members as a whole, in compliance with section 172 of the Companies Act 2006, and as laid out in the Strategic Report.
All company directors have a duty to act in the way they consider would be most likely to promote the success of the company for the benefit of its members as a whole, in compliance with section 172 of the Companies Act 2006, and as laid out in the Strategic Report.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 6
LAKE DISTRICT HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT HOTELS LIMITED
We have audited the financial statements of Lake District Hotels Limited (the 'Company') for the year ended 31 March 2025, which comprise the profit and loss account, the statement of comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 7
LAKE DISTRICT HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT HOTELS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' report.
Page 8
LAKE DISTRICT HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT HOTELS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
∙We obtained an understanding of laws and regulations that affect the company, focusing on those that has a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.
∙We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the directors and third-party advisors about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks or material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimated were indicative of a potential bias.
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.
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 Auditors' report.
Page 9
LAKE DISTRICT HOTELS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT HOTELS LIMITED (CONTINUED)
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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Chartered Accountants & Statutory Auditors
Carlisle
Page 10
LAKE DISTRICT HOTELS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Page 11
LAKE DISTRICT HOTELS LIMITED
REGISTERED NUMBER: 01697263
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
Page 12
LAKE DISTRICT HOTELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 13
LAKE DISTRICT HOTELS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Page 14
LAKE DISTRICT HOTELS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
Page 15
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Lake District Hotels Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lake District Hotels Limited, Armathwaite Hall Hotel, Bassenthwaite, Keswick, Cumbria, CA12 4RE.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover from the sale of goods and services is recognised when the significant rewards of ownership of the goods have been passed to the buyer (usually at the time of sale), or on provision of the service (usually when the guest stays at the hotel, or makes use of the spa).
Page 16
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 17
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Certain freehold land and buildings were previously revalued. The revalued amounts are now considered as deemed historical cost following transition to FRS102.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The directors believe the hotels do not depreciate due to the high standards in which they are kept and that the residual value of freehold land and buildings is in excess of cost.
Page 18
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for
Page 19
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Page 20
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have significant risk of causing a material adjustments to the carrying amount of assets and liabilities are as follows.
Depreciation of tangible assets
Depreciation is charged on tangible fixed assets in accordance with the accounting policies listed out above. The depreciation charge for the year is an estimation of the impairment on the tangible fixed assets held by the company and is at the discretion of the directors. No depreciation is charged on the land and buildings held by the company, which is a departure from FRS102, but this is deemed necessary to show a true and fair view of the value of the land and buildings which need to be maintained to a very high standard.
Page 21
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
Page 22
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 23
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 24
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
Page 25
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 26
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
Page 27
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 28
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Ordinary shares have the following rights, preferences and restrictions:
The ordinary A shares and ordinary B shares have full rights in respect of voting rights, dividend rights and the right to participate to capital on a winding up. The shares are not redemmable shares.
The ordinary A shares and ordinary B shares have full rights in respect of voting rights, dividend rights and the right to participate to capital on a winding up. The shares are not redemmable shares.
Revaluation reserve
Capital redemption reserve
Profit and loss account
Page 29
LAKE DISTRICT HOTELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The pension cost charge represents contributions payable by the company to the fund and amounted to £168,773 (2024 - £207,767). Contributions totalling £28,306 (2024 - £24,961 ) were payable to the fund at the reporting date.
Page 30