Registration number:
Eastwood Park Limited
for the Year Ended 31 March 2025
Eastwood Park Limited
Contents
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Company Information |
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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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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Eastwood Park Limited
Company Information
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Directors |
Mr J L Thatcher Mrs P S Oliver Mrs L A Willis Ms L A Temple |
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Company secretary |
Mr J L Thatcher |
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Registered office |
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Auditors |
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Eastwood Park Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is the provision of training in specialist support services, estates and facilities management and engineering, primarily to the healthcare sector and commercial facilities management sectors, as well as the provision of facilities and services for conferences and social events.
Fair review of the business
During the above period the company’s turnover has increased compared to the previous period, although restructuring and other exceptional costs led to the business making a loss its overall balance sheet remain strong.
The results are summarised on page 10 and the directors feel that in taking into account the exceptional restructuring, demolition and legal and professional costs that have been incurred during this time, that these results are acceptable, particularly in view of the cash held by the business and the expectation that business performance will improve going forward.
The nature of the company’s specialist training provision, that is associated with accreditation related to statutory compliance in most cases, and the unique facilities, plant, equipment and expertise used in its delivery, together with the on-site overnight accommodation continues to make our provision unique and highly attractive to clients from throughout the UK and from overseas. As most of this training is based on the skills needed to undertake specialist roles it has to be delivered on a face-face basis in a safe simulated work environment, such as that created at Eastwood Park in its unique training centre, rather than via remote online training or e-learning.
We have over 55 years’ experience as a specialist training provider and our Eastwood Park brand has been well recognised and respected in the ‘industry’ over this time. As a result of this, and our current and progressive curriculum, many existing healthcare clients return each year providing a secure base upon which to grow the business within this sector and increasingly within our other markets as well.
The growth in our hotel services turnover is mainly as a result of new overnight accommodation business and increased sales in our conferencing, wedding and social bookings. These are provided alongside our training provision and on weekends and during public holiday periods.
Eastwood Park Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
Competition – Due to the high capital costs of replicating the required training environment and the specialist skills and accreditation required to operate in our market, competition remains very limited both in terms of other potential providers and the restricted scope of their provision. However local hotels and other event venues do provide some competition in respect of our hotel services, wedding and social event business. However, the Grade II listed Eastwood Park Country House is a unique venue in a stunning location and presents well to these and more commercial markets.
Employees and skills – We continue to recruit and invest more resources into the ongoing development, retention, progression and succession of our restructured workforce. We have not created any new roles during this period but have focused on filling existing vacancies. We are also investing more in staff development and retention initiatives. We continue to carry a small number of permanent vacancies in our hotel services workforce but we are gradually recruiting into these roles whilst utilising temporary staff in the interim.
Financial Management – The company has consolidated its bank borrowings which it continues to repay from its trading income whilst maintaining sufficient cash in the business to operate it effectively. We have previously reduced some of our borrowings from the cash held in the business and when we consider it appropriate we will continue to do this to accelerate the loan repayments going forward.
Business interruption – Due to the diversity of our ‘products’ and services, and the location of our facilities within the estate, the company should not experience severe disruption that impacts on the entire business. During this accounting period the company has successfully managed the potential disruption that the restructuring and demolition work could have caused.
Approved and authorised by the
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Eastwood Park Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The directors recommend a final dividend payment of £Nil be made in respect of the financial year ended 31 March 2025 (2024 - £Nil).
Financial instruments
The company has procedures to identify risk and manage the risks that may hinder its financial performance objectives. The objective is to limit counterparty exposure, ensure sufficient weekly capital and to mitigate the risk identified. The company does not consider it necessary to employ derivatives to manage risk based on the current activities of the company.
Objectives and policies
The company operates in a select number of profitable business streams and its objectives in doing so are outlined in the company’s Strategic Plan. The directors review the Strategic Plan annually and employ various policies, strategies and tactics to help them achieve, or make progress towards achieving, the objectives in the plan.
Price risk, credit risk, liquidity risk and cash flow risk
The company's activities expose it to a number of financial risks
a) Price risk
The company is exposed to inflationary pressures in the general economy and competitor pricing.
b) Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
c) Liquidity risk
The company actively manages its cash and debt finance to ensure it has sufficient funds available through the preparation of cash and working capital forecasts.
d) Cash flow risk
The directors regularly review the cash position of the company using both short-term and long-term cash forecasts. Cash flow can be forecast with confidence and therefore cash flow risk is considered minimal.
e) Technology risk
The company has a state-of-the-art training centre facility with the latest equipment meaning the company will be at the forefront of its industry for some time to come. The directors are also of the opinion that remote e-learning will have minimal impact on the company as most of its training is based on the skills needed to undertake specialist roles and therefore has to be delivered on a face-face basis in a safe simulated work environment.
Eastwood Park Limited
Directors' Report for the Year Ended 31 March 2025
Future developments
With the recent recognition of hotel status for the Country House and the fit-out of our state-of-the-art training centre now complete the focus for capital development will now be on determining a revised business structure that will facilitate shareholder exits whilst maintaining business continuity and ensure the long-term future of the businesses on the Eastwood Park estate going forward.
The development and updating of our training curriculum and the creation of new digital learning programmes will continue to ensure our provision remains relevant to our current healthcare market whilst also being attractive to other associated markets both in the UK and overseas. Our hotel services and facilities will continue to be enhanced in order to meet our growing customer expectations and our management systems and websites will be reviewed to ensure they continue to meet the requirements of our growing business.
Disclosure of information to the auditors
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 company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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Eastwood Park 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 company and of the profit or loss of the company 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 United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Eastwood Park Limited
Independent Auditor's Report to the Members of Eastwood Park Limited
Opinion
We have audited the financial statements of Eastwood Park Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 March 2025 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 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 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.
We have nothing to report in this regard.
Eastwood Park Limited
Independent Auditor's Report to the Members of Eastwood Park Limited
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 6, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
Eastwood Park Limited
Independent Auditor's Report to the Members of Eastwood Park Limited
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
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undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Freshford House
Redcliffe Way
BS1 6NL
Eastwood Park Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Restructuring costs |
(94,705) |
- |
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Overage income |
- |
300,000 |
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Other operating income |
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Operating profit |
283,582 |
922,525 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(367,996) |
(386,806) |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
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( |
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(Loss)/profit for the financial year |
( |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above and therefore a separate statement of other comprehensive income has not been presented.
Eastwood Park Limited
(Registration number: 04606025)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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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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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Eastwood Park Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 March 2024 |
210,000 |
1,400,393 |
5,450,008 |
7,060,401 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 April 2024 |
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Loss for the year |
- |
- |
( |
( |
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At 31 March 2025 |
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Eastwood Park Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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(Loss)/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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Loss on disposal of tangible assets |
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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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Increase in stocks |
( |
( |
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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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(Decrease)/increase in deferred income, including government grants |
( |
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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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Acquisitions 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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Repayment of bank borrowing |
( |
( |
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Payments to finance lease creditors |
( |
( |
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Dividends paid |
- |
( |
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Net cash flows from financing activities |
( |
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 April |
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Cash and cash equivalents at 31 March |
524,324 |
893,054 |
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Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Eastwood Park Training & Conference Centre
Falfield
Wotton-Under-Edge
Gloucestershire
GL12 8DA
These financial statements were authorised for issue by the
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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.
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.
The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis, even though the company has net current liabilities, as following the preparation of cash forecasts and projections management are of the opinion that the working capital generated by the company for the foreseeable future will be sufficient to enable the company to meet their liabilities for at least twelve months from the date of the approval of the financial statements.
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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 where the revision affects only that period, or 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.
The estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities arise in respect of the valuation of freehold land and buildings for which management are of the opinion requires no impairment. The carrying amount is £12,776,900 (2024 - £13,030,829).
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue for the sale of goods when all the following conditions are satisfied:
a) the significant risks and rewards of ownership have been transferred to the buyer;
b) the group retains no continuing involvement or control over the goods;
c) the amount of revenue can be reliably measured;
d) it is probable that future economic benefits will flow to the company; and
e) specific criteria have been met for each of the groups activities.
The company recognises revenue from the provision of services in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the company;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.
Government grants
Government grants are accrued or deferred on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets
Foreign currency transactions and balances
Balances at the year end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Tax
The tax expense for the period comprises current and deferred 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 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 company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are stated in the balance sheet at cost or valuation 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.
Depreciation
Depreciation is charged so as to write off the cost of assets down to their residual value, 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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Freehold land |
Nil |
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Freehold buildings |
Nil - 50% straight line |
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Plant and machinery |
5% - 50% straight line |
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Fixtures, fittings and equipment |
10% - 50% straight line |
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Motor vehicles |
12.72% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 years |
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Turnover |
The analysis of the company's turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Training |
|
|
|
Conferencing and weddings |
|
|
|
Rental income |
|
|
|
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Restructuring costs |
|
2025 |
2024 |
|
|
Restructuring Costs |
94,705 |
- |
A review of the employment organisational structure was carried out during the year and as a result redundancy costs arose as part of the restructure.
|
Overage income |
|
2025 |
2024 |
|
|
Overage income |
- |
300,000 |
A previous overage agreement in respect of a land sale was renegotiated giving the company certainty of the future cash receipt. As a result of this renegotiation the income was recognised.
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants |
|
|
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Loss on disposal of tangible assets |
( |
( |
|
Operating profit |
Arrived at after charging/(crediting):
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Government grants |
The capital grant received from the West of England Growth Fund is released to the profit and loss account in accordance with the recognition of the economic benefit of the asset to which the grants relates.
The amount of grants recognised in the financial statements was £
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Front of house (catering, housekeeping and grounds) |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
446,732 |
435,411 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the income statement:
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Decrease from effect of different UK tax rate |
( |
- |
|
Tax decrease from other short-term timing differences |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Current tax not recognised |
|
- |
|
Deferred tax not recognised |
|
|
|
Decrease in deferred tax from unrecognised difference from a prior period |
( |
( |
|
Total tax (credit)/charge |
( |
|
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other short term timing differences |
- |
( |
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Other short term timing differences |
- |
( |
|
- |
|
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Amortisation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 1 April 2024 and 31 March 2025 |
- |
- |
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Freehold land and buildings |
Fixtures, fittings and equipment |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
- |
|
|
Disposals |
( |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
( |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and machinery |
7,800 |
26,520 |
Restriction on title and pledged as security
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Stocks |
|
2025 |
2024 |
|
|
Goods for resale |
|
|
The carrying amount of stocks pledged as security for liabilities amounted to £40,255 (2024 - £36,996).
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
|
|
Details of non-current trade and other debtors
£300,000 (2024 - £300,000) of other debtors is classified as non current.
The carrying amount of trade debtors pledged as security for liabilities amounted to £843,356 (2024 - £981,789).
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Decrease in existing provisions |
( |
( |
|
At 31 March 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
210,000 |
|
210,000 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Reserves |
Profit and loss account
This reserve represents accumulated profits net of any distributions made to shareholders.
Revaluation reserve
This reserve represents historic revaluation of freehold land and buildings. On transition to FRS102 the revaluation was treated as deemed cost and no subsequent revaluations are required.
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
- |
|
|
|
|
|
Bank borrowings
|
The bank loans are secured over the freehold land and buildings, and all other assets and undertaking both present and future. |
The bank loans are secured over all present and future liabilities up to £500,000, with rights of set-off and transfer.
The results for the financial year have resulted in a breach of the bank loan covenant. This breach has been reported to the bank and accepted in principle by their credit team.
Other borrowings
Hire purchase contracts are denominated in sterling with a nominal interest rate of 5% per annum, and the final instalment is due on 12 August 2025. The carrying amount at year end is £9,461 (2024 - £31,323).
The finance lease liability is secured over the assets under the hire purchase agreement,
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years by instalments |
|
|
|
- |
- |
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Obligations under leases and hire purchase contracts |
Finance leases
The company has entered into hire purchase and finance lease agreements. The loans in respect of these agreements are secured against the assets to which the relate.
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
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 £
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £Nil (2024 - £ |
- |
|
||
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Analysis of changes in net debt |
|
At 1 April 2024 |
Financing cash flows |
At 31 March 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
893,054 |
(368,730) |
524,324 |
|
Borrowings |
|||
|
Long term borrowings |
(4,581,102) |
447,266 |
(4,133,836) |
|
Short term borrowings |
(382,133) |
(53,499) |
(435,632) |
|
Lease liabilities |
(31,323) |
21,862 |
(9,461) |
|
(4,994,558) |
415,629 |
(4,578,929) |
|
|
( |
|
( |
|
|
|
|||
|
Related party transactions |
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Expenditure with and payables to related parties
|
|
|
2024 |
Key management |
|
Dividends |
|
|
|
|
Loans from related parties
|
2025 |
Key management |
Total |
|
At start of period |
|
|
|
Repaid |
( |
( |
|
At end of period |
- |
- |
|
|
||
|
2024 |
Key management |
Total |
|
Advanced |
|
|
|
At end of period |
|
|
|
|
||
Eastwood Park Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Terms of loans from related parties