Hoghton Tower Limited

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Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Hoghton Tower Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02637777 . The registered office is Hoghton Tower, Hoghton, Preston, Lancashire, PR5 0SH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2. Going Concern Disclosure

The Directors are required to assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The Director makes this assessment in respect of a period of at least one year from the date of authorisation of the accounts. The Directors are actively monitoring the future trading environment to ensure that the company maintains its future profitability prospects and remains a going concern. At the date of approving these accounts the directors have a reasonable expectation that the company will be able to manage the situation and that it is has sufficient cash resources to enable it to meet its liabilities as they fall due for at least 12 months from the date of approval. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgements and 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 of the revision and future periods where the revision affects both current and future periods.

2.3. Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4. Tangible Fixed Assets and Depreciation

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

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold	50 years straight line
Fixtures & Fittings	3 years straight line
Computer Equipment	15% pa reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

...CONTINUED

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Hoghton Tower Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. Tangible Fixed Assets and Depreciation - continued

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and, loans from fellow group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.7. Foreign Currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2.8. Government Grant

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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Hoghton Tower Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.10. Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company

2.11. Employee and retirement benefits

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

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

2.12. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2024: 8)

4. Tangible Assets

	Land & Property
	Leasehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	25,242	58,322	8,137	91,701
Additions	-	9,065	-	9,065

As at 31 March 2025	25,242	67,387	8,137	100,766

Depreciation
As at 1 April 2024	10,604	49,692	7,709	68,005
Provided during the period	505	3,987	72	4,564

As at 31 March 2025	11,109	53,679	7,781	72,569

Net Book Value
As at 31 March 2025	14,133	13,708	356	28,197

As at 1 April 2024	14,638	8,630	428	23,696

5. Stocks

	2025	2024
	£	£
Stock	7,211	12,017

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Hoghton Tower Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	573	19,634
Amounts owed by group undertakings	10,735	-
Other debtors	5,934	3,247

	17,242	22,881

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	16,305	7,980
Bank loans and overdrafts	4,628	5,869
Amounts owed to group undertakings	-	24,595
Other creditors	38,123	40,925
Taxation and social security	5,063	3,695

	64,119	83,064

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	25,071	27,635

The company received a bounce back loan during the year ended 31 March 2021. The loan is repayable over 6 years and repayments commenced 13 months from drawdown. The loan is not secured on the assets of the company.

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

10. Related Party Transactions

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Entities with control, joint control or significant influence over the company

Company Director

£7,500

The company is controlled by Hoghton Tower Preservation Trust, a charity of which Elena Faraoni, director of the company was a Trustee during the year.

The company has a licence with Hoghton Tower Preservation Trust which allows the company to hold events, run the tea room, the shop and holiday accommodation on property leased by Hoghton Tower Preservation Trust. The terms of the licence require the company to pay residual profits on activities to Hoghton Tower Preservation Trust by way of a gift aid donation. A donation of £nil (2024: £Nil) was made in relation to the year ended 31 March 2025.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		28,197		23,696

			28,197		23,696
CURRENT ASSETS
Stocks	5	7,211		12,017
Debtors	6	17,242		22,881
Cash at bank and in hand		11,481		38,242

		35,934		73,140
Creditors: Amounts Falling Due Within One Year	7	(64,119 )		(83,064 )

NET CURRENT ASSETS (LIABILITIES)			(28,185 )		(9,924 )

TOTAL ASSETS LESS CURRENT LIABILITIES			12		13,772

Creditors: Amounts Falling Due After More Than One Year	8		(25,071 )		(27,635 )

NET LIABILITIES			(25,059 )		(13,863 )

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			(25,061 )		(13,865 )

SHAREHOLDERS' FUNDS			(25,059)		(13,863)