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Registered number: 02609047 WEETWOOD HALL LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
WEETWOOD HALL LIMITED COMPANY INFORMATION
Directors | Dennis Hopper
| Ruth Buller
| Richard Metcalfe
| Robert James Wadsworth
Registered number | 02609047
Registered office | Nexus Discovery Way
| University Of Leeds
| Leeds
| LS2 3AA
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants and Statutory Auditors
| Third Floor
| 10 South Parade
| Leeds
| LS1 5QS
WEETWOOD HALL LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Income Statement | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 23
WEETWOOD HALL LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The Directors present their Strategic Report and Directors' Report on the affairs of the Company together with the financial statements and Auditors Report for the year ended 31 July 2025.
Business review
The Strategic Report has been prepared under Section 414C of the Companies Act 2006, the principal activity is that of Conference Centre, Hotel and Restaurant. Turnover for the year is £4,734,313 (2024: £4,524,735), an increase of 4.6%. Bedroom sales are £2,059,455 (2024: £1,973,540), a 4.4% increase; food and beverage sales are £1,948,972 (2024: £1,839,029), a 6.0% increase; and conference and events sales are £547,399 (2024: £585,675), a 6.5% decrease. Meanwhile, other income was £178,487 (2024: £126,491), an increase of 41.1%. The total 4.6% (2024: 9.3%) growth in turnover for the year represents the achievement of an 8.5% increase in the average daily room rate (ADR) for the year. Despite a small reduction in occupancy, revenue per available room has increased by 4.8%. The annual growth outperforms national inflation (CPI), which started the financial year at 3.1% and was up to 4.2% by the end of the financial year. The year has resulted in a £389,485 loss before taxation (2024: £402,798 loss). The decreased loss in comparison to the prior year has been delivered by several factors. These factors include lower wage costs, through a reduction in staff numbers by not replacing staff when they leave, restructuring departments, and multiskilling team members to improve productivity, and the increase in ADR. The hotel progressed further with its room refurbishment plans, increasing the appeal of 32 smaller rooms and 3 larger rooms this year, which has supported the increase in the overall ADR. Efforts to keep costs controlled have continued but persistent economic inflation has led to a 3.0% increase in cost of sales and administrative expenses in the year. Furthermore, interest rates have maintained the cost of outstanding loans. These factors have resulted in the loss for the year. Due to capital expenditure during the year on refurbishments to rooms, restaurants and the reception area, the balance sheet shows a decreased cash position of £287,792 at year end (2024: £385,795). There has been a continued moratorium on repayments of the loans with the University of Leeds due to trading being below plan. The Company uses several measures as key performance indicators, including a gross margin percentage of 33.5% (2024: 30.2%), an average room occupancy percentage of 65.9% (2024: 71.8%) and an average daily room rate of £76.46 (2024: £70.47) which reflect the performance as detailed above. Revenue per available room grew by 4.8% during the year, while the same metric for the competitor set retracted by 4.8%. The external customer service report from Revinate measures across all online review platforms. Weetwood Hall was rated 84% for the year ended July 2025 (July 2024: 82%), evidencing the continued provision of good-quality hospitality. Page 1
WEETWOOD HALL LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Principal risks and uncertainties
The Company operates in a highly competitive market and one which is heavily influenced by the overall health of the economy. In addition, there is a continued risk in respect of how the business will continue to recover from the pandemic, and cope with inflationary pressures from ongoing global events. The Company combats this by offering a high value-added service to its clients and looking for ways to continue to diversify its market segmentation and improve facilities and maintain the high standard of service and quality of accommodation. The Directors are satisfied with the future prospects of the Company and are satisfied that Weetwood Hall Limited adopts the going concern principle. The Directors have considered the future cash flows of the Company, taking into account current and future trading and the servicing of debt. Whilst the Company is in a net current liability position (as in prior years), the University has agreed to pause any loan repayments until cashflows recover, and there is discretion over if and when Gift Aid payments are made back to the University. The Company monitors cash flow as part of its day-to-day control procedures. The University, as the parent undertaking, has provided a letter of support to the Company signalling the University's willingness to provide the necessary financial support to allow the Company to meet its liabilities as they fall due in the normal course of business. The Directors have considered the financial strength of the University and are satisfied that the University has sufficient available funds to provide this support as needed. On this basis, the Directors believe that the Company has sufficient funds to meet its commitments for the foreseeable future, being at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going concern basis. This report was approved by the board and signed on its behalf.
................................................ Dennis Hopper Director
Date: 15 January 2026
Page 2
WEETWOOD HALL LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2025 The Directors present their report and the financial statements for the year ended 31 July 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable laws 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: ∙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; ∙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.
Results and dividends
The loss for the year, after taxation, amounted to £427,505 (2024: loss £413,297). The Directors do not recommend any payment of a dividend (2024: £nil). There is a loss before tax of £389,485 for the year (2024: loss before tax of £402,798).
Directors
The Directors who served during the year were:
Dennis Hopper
Ruth Buller
Richard Metcalfe
Robert James Wadsworth
Future developments
The Directors expect a period of growth of both revenue and profit as the business continues returning to pre-pandemic trading. Economic factors are continuing to have an impact, however, the business is continuing to experience an increase in leisure, and corporate enquiries and the sports market is once again starting to provide a much-needed increase in revenue. The business will continue to work with the hotel management company to implement improvement plans and growth strategies.
Directors' indemnities
The Company has made qualifying third-party indemnity provisions for the benefit of its Directors which were made during the year and remain in force at the date of this report. Page 3
WEETWOOD HALL LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Other Matters
The Company's principal activities, results, principal risks and uncertainties, future prospects and KPI's in the business are presented in the Strategic Report and form part of this report by cross reference.
Financial risk management objectives and policies Credit Risk
The Company's principal financial assets are bank balances and cash, trade receivables and other receivables. The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses a mixture of long-term external and group company finance.
Gift aid payment
No gift aid contribution was made during the year (2024: £Nil).
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
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.
................................................ Dennis Hopper Director
Date: 15 January 2026
Page 4
WEETWOOD HALL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED
Opinion
We have audited the financial statements of Weetwood Hall Limited (the 'Company') for the year ended 31 July 2025, which comprise the Income Statement, the Statement of Financial Position, 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 July 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 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the 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 5
WEETWOOD HALL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the 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.
Matters on which we are required to report by exception
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. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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 Directors' Responsibilities Statement set out on page 3, 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. Page 6
WEETWOOD HALL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED (CONTINUED)
Auditors' 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 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the company through discussions with management; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence, and reviewing legal expenses; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected trends or movements; • tested journal entries which we considered to be at a higher risk of being fraudulent given certain criteria; • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias, including reviewing the outcome of those estimates after the year end and reviewing the outcome of estimates from prior periods; and • investigated the rationale behind significant or unusual transactions, including from bank statements. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; and • reviewing correspondence with HMRC, and other relevant regulators where applicable. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our Page 7
WEETWOOD HALL LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEETWOOD HALL LIMITED (CONTINUED) audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non- compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. 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.
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 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. Huw Nicholls (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants and Statutory Auditors Leeds Date: 16 January 2026 Page 8
WEETWOOD HALL LIMITED INCOME STATEMENT FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 4,734,313 | 4,524,735
Cost of sales |  | (3,149,307) | (3,156,451)
Gross profit |  | 1,585,006 | 1,368,284
Administrative expenses |  | (1,704,386) | (1,543,147)
Operating loss | 4 | (119,380) | (174,863)
Interest receivable and similar income | 7 | 9,705 | 10,946
Interest payable and similar expenses | 8 | (279,810) | (238,881)
Loss before tax |  | (389,485) | (402,798)
Tax on loss | 9 | (38,020) | (10,499)
Loss for the financial year |  | (427,505) | (413,297)
The notes on pages 12 to 23 form part of these financial statements.
Page 9
WEETWOOD HALL LIMITED REGISTERED NUMBER: 02609047 STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 5,403,975 |  | 5,358,808
|  |  | 5,403,975 |  | 5,358,808
Current assets |  |  |  |  |
Stocks | 11 | 39,462 |  | 42,694 |
Debtors: amounts falling due within one year | 12 | 341,255 |  | 353,424 |
Cash at bank | 13 | 287,792 |  | 385,795 |
|  | 668,509 |  | 781,913 |
Creditors: amounts falling due within one year | 14 | (849,710) |  | (893,589) |
Net current liabilities |  |  | (181,201) |  | (111,676)
Total assets less current liabilities |  |  | 5,222,774 |  | 5,247,132
Creditors: amounts falling due after more than one year | 15 |  | (4,317,331) |  | (3,914,184)
Net assets |  |  | 905,443 |  | 1,332,948
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 130,100 |  | 130,100
Share premium account | 19 |  | 1,170,000 |  | 1,170,000
Profit and loss account | 19 |  | (394,657) |  | 32,848
|  |  | 905,443 |  | 1,332,948
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Dennis Hopper
Director
Date: 15 January 2026
The notes on pages 12 to 23 form part of these financial statements. Page 10
WEETWOOD HALL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 130,100 | 1,170,000 | 446,145 | 1,746,245
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (413,297) | (413,297)
Total comprehensive income for the year | - | - | (413,297) | (413,297)
At 1 August 2024 | 130,100 | 1,170,000 | 32,848 | 1,332,948
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (427,505) | (427,505)
Total comprehensive income for the year | - | - | (427,505) | (427,505)
At 31 July 2025 | 130,100 | 1,170,000 | (394,657) | 905,443
| The notes on pages 12 to 23 form part of these financial statements.
Page 11
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
Weetwood Hall Limited is a private limited company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and registered in England and Wales. The address of the registered office can be found on the Company Information page. The nature of the Company's operations and its principal activities are set out in the strategic report on pages 1 to 2. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company operates in a highly competitive market and one which is heavily influenced by the overall health of the economy. The Directors are satisfied with the future prospects of the Company and are satisfied that Weetwood Hall Limited adopts the going concern principle. The Directors have considered the future cash flows of the Company, taking into account current and future trading and the servicing of debt. Whilst the Company is in a net current liability position (as in prior years), the University has agreed to pause any loan repayments until cashflows recover, and there is discretion over if and when Gift Aid payments are made back to the University. The Company monitors cash flow as part of its day-to-day control procedures. The University, as the parent undertaking, has provided a letter of support to the Company signalling the University's willingness to provide the necessary financial support to allow the Company to meet its liabilities as they fall due in the normal course of business. The Directors have considered the financial strength of the University and are satisfied that the University has sufficient available funds to provide this support as needed. On this basis, the Directors believe that the Company has sufficient funds to meet its commitments for the foreseeable future, being at least 12 months from the date of signing. As a result, the accounts continue to be prepared on a going concern basis. Page 12
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised 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: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 13
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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:
|  |  |  | Buildings | - | 25 - 50 years
|  |  |  | Plant and machinery | - | 4 - 10 years
|  |  |  | Fixtures and fittings | - | 4 - 10 years
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. No depreciation is provided on freehold land. Other tangible assets are depreciated on a straight-line basis over their estimated useful lives. Page 14
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
| 2.10 | Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. 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. (i) Financial assets and liabilities All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If the arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Debt instruments which comply with all of the condition of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, it is considered whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as "basic' financial instruments are subsequently measured at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transactions) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accommodation | 2,059,455 | 1,973,540
| Food & Beverage | 1,948,972 | 1,839,029
| Conference Events | 547,399 | 585,675
| Other | 178,487 | 126,491
|  | 4,734,313 | 4,524,735
| The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.
Page 15
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
4. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of a tangible assets | 388,633 | 355,764
| Operating lease rentals | 3,252 | 12,067
| Cost of stock recognised as an expense | 597,966 | 584,463
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 27,460 | 20,800
| There has been £1,080 in non-audit fees payable to the auditors in 2025 (2024: £1,000).
6. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,699,137 | 1,742,636
| Social security costs | 157,548 | 159,444
| Cost of defined contribution scheme | 60,339 | 61,147
|  | 1,917,024 | 1,963,227
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management staff | 7 | 7
|  | Staff | 68 | 69
|  |  | 75 | 76
Page 16
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
7. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 9,705 | 10,946
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest due to group undertakings | 279,810 | 238,881
|  | 279,810 | 238,881
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 38,020 | 10,499
| Total deferred tax | 38,020 | 10,499
| Tax on loss | 38,020 | 10,499
Page 17
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (389,485) | (402,798)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024:- 25%) | (97,371) | (100,700)
| Effects of: |  |
| Expenses not deductible for tax purposes | 2,748 | 2,424
| Fixed asset differences | 51,692 | 49,472
| Movement in deferred tax not recognised | 80,951 | 59,303
| Tax on loss | 38,020 | 10,499
| Given the recent trading performance and current economic conditions, the future profitability of the Company is uncertain and therefore the deferred tax assets of £904,961 (2024: £824,010) on losses has not been recognised
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 18
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
10. | Tangible fixed assets
|  | Land and buildings | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 August 2024 | 9,506,842 | 492,677 | 738,691 | 10,738,210
| Additions | - | 177,228 | 261,182 | 438,410
| Disposals | - | (248) | (7,379) | (7,627)
| At 31 July 2025 | 9,506,842 | 669,657 | 992,494 | 11,168,993
| Depreciation |  |  |  |
| At 1 August 2024 | 4,426,220 | 358,425 | 594,757 | 5,379,402
| Charge for the year on owned assets | 196,384 | 76,409 | 115,840 | 388,633
| Disposals | - | (145) | (2,872) | (3,017)
| At 31 July 2025 | 4,622,604 | 434,689 | 707,725 | 5,765,018
| Net book value |  |  |  |
| At 31 July 2025 | 4,884,238 | 234,968 | 284,769 | 5,403,975
| At 31 July 2024 | 5,080,622 | 134,252 | 143,934 | 5,358,808
Page 19
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
11. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Food and beverages | 39,462 | 42,694
|  | 39,462 | 42,694
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 126,066 | 104,934
| Amounts owed by group undertakings | 2,616 | 28,028
| Other debtors | 1,399 | -
| Prepayments and accrued income | 109,280 | 80,548
| Deferred taxation | 101,894 | 139,914
|  | 341,255 | 353,424
| Amounts owed by group undertakings relates to trade debts on 30-day terms.
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank | 287,792 | 385,795
|  | 287,792 | 385,795
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 245,945 | 197,920
| Amounts owed to group undertakings | 26,530 | 23,297
| Other taxation and social security | 162,767 | 160,176
| Obligations under finance lease and hire purchase contracts | 50,136 | 33,521
| Other creditors | 15,797 | 8,414
| Accruals and deferred income | 348,535 | 470,261
|  | 849,710 | 893,589
| Amounts owed to group undertakings relate to trading balances in the normal course of business.
Page 20
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
15. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 176,485 | 8,666
| Amounts owed to group undertakings | 4,140,846 | 3,905,518
|  | 4,317,331 | 3,914,184
| The amount owed to group undertakings is an unsecured loan from the University of Leeds. The loan is subject to interest at 1.9% over SONIA. The loan is repayable in quarterly instalments over 5 years. In March 2023, the Company signed a new loan agreement with the University of Leeds which delayed repayments of the loan amount. This loan agreement and the loan repayments are under review while cashflows recover.
16. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 50,136 | 33,521
| Between 1-5 years | - | 8,666
|  | 50,136 | 42,187
| The Company has leased various IT equipment on leases which are considered to meet the definition of finance leases and are accounted for accordingly.
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 139,914
| Charged to the profit or loss | (38,020)
| At end of year | 101,894
Page 21
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 17.Deferred taxation (continued)
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 100,736 | 130,189
| Short-term timing differences | 1,158 | 9,725
|  | 101,894 | 139,914
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 130,100 (2024 - 130,100) Ordinary shares of £1 each - | 130,100 | 130,100
19. | Reserves
Share premium account The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses. Profit and loss account The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
20. | Pension commitments
The Company makes pension contributions to the Nest workplace pension scheme on behalf of enrolled employees. The Company also pays into the personal pension schemes of certain senior members of staff. The total expense charged to the profit and loss in the year was £60,339 (2024: £61,147) and accrued at the year end was £7,363 (2024: £Nil).
21. | Commitments under operating leases
| At 31 July 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 2,213 | -
|  | 2,213 | -
Page 22
WEETWOOD HALL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
22. | Related party transactions
| As a wholly owned subsidiary, Weetwood Hall Limited has taken advantage of the exemption available under FRS 102 section 33 'Related Party Transactions' from disclosing transactions with other group entities.
23. | Controlling party
The ultimate and immediate parent undertaking and controlling party is the University of Leeds. Copies of the group financial statements may be obtained from the University of Leeds, Leeds, LS2 9JT. This is the only entity preparing group financial statements within which Weetwood Hall Limited is consolidated.
Page 23