Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 2024-12-31 The amortisation expense is charged to administrative expenses in the Consolidated Statement of Comprehensive Income. Negative goodwill Negative goodwill arises if the fair value of purchase consideration of a business combination is less than the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, negative goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.Tangible assets (other than land and buildings (see 2.7)) 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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. 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 the Consolidated Statement of Comprehensive Income. The depreciation expense is charged to administrative expenses in the Statement of Comprehensive Income.The registered address of all the subsidiary companies is The Atrium, Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP.Shareholders and close family member loans accrue interest at 10% per annum, are unsecured, with no set terms for repayment. The shareholders and close family member loans are subordinated to the bank loans. The shareholders and close family members have confirmed that their intention is not to recall the loans within one year of the Balance Sheet date. Included within current liabilities is the interest accrued in the year of £2,193k (2023 - £1,851k). The amounts due to finance leases are secured on the assets to which they relate. Bank Loans are made up of the following: A £30m facility with HSBC Bank. This is disclosed net of arrangement fees , which are capitalised as part of the overall loan and unwound via interest payable on a monthly basis. This loan accrues interest at an effective rate of 3.62%. Please refer to note 2.3 with regards to re-financing. Security on this loan is held by HSBC Bank by way of a fixed and floating charge over all assets of the Group. A £3.7m Coronavirus Business Interruption loan was taken out in 2020, with HSBC Bank, for the purpose of working capital. The loan accrued interest at an effective interest rate or 3.00% per annum. This loan was consolidated in the year with the HSBC Bank loan as detailed above. 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Registered number: 08080101 WHITTLEBURY PARK ENTERPRISES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WHITTLEBURY PARK ENTERPRISES LIMITED COMPANY INFORMATION
Directors | Jeffrey Ian Sargeant
| Carol Elizabeth Sargeant
| Charles Jeffrey Sargeant
Registered number | 08080101
Registered office | The Atrium
| Whittlebury Park
| Whittlebury
| Towcester
| Northamptonshire
| NN12 8WP
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| The Pinnacle
| 160 Midsummer Boulevard
| Milton Keynes
| MK9 1FF
WHITTLEBURY PARK ENTERPRISES LIMITED CONTENTS
| Pages
Group Strategic Report | 1 - 4
Directors' Report | 5 - 11
Independent Auditor's Report | 12 - 15
Consolidated Statement of Comprehensive Income | 16
Consolidated Statement of Financial Position | 17 - 18
Company Statement of Financial Position | 19 - 20
Consolidated Statement of Changes in Equity | 21
Company Statement of Changes in Equity | 22
Consolidated Statement of Cash Flows | 23 - 24
Consolidated Analysis of Net Debt | 25
Notes to the financial statements | 26 - 50
WHITTLEBURY PARK ENTERPRISES LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The Directors present their Group Strategic Report for Whittlebury Park Enterprises Limited and of its subsidiaries (collectively "the Group") for the year ended 31 December 2024.
Principal activities
Whittlebury Hall & Spa Limited operates a hotel, conference centre, spa, golf course and wedding venue. More information can be obtained through the Group website at www.whittlebury.com. Revenue Performance The first Quarter of 2024 saw 22% revenue growth with comparison to the prior year Q1, after the ground work was put in over 2023 to build back this post pandemic Q1 business. Results continued to be positive over the rest of the year with July showing the Highest revenue & EBITDA month in the history of the business, closely followed by October and November which saw their highest revenues for those particular months. Two stand out areas were Mid week Rooms revenue which grew 27% year on year showing the return of corporate bookings, and leisure club revenue grew 25% showing good membership growth following the refurbishment of the Gym. 2024 was a good year with revenue growth of 12% (£2.3m) and coming in exactly on budget at £21m. 2024 had 4 record months: ∙July Highest revenue and EBITDA achieved in any month ∙October Highest revenue for October ever achieved ∙November Highest revenue and EBITDA for November ever achieved, with EBITDA in the month being £330k higher than Nov 23
Business review and future developments
When the filing deadline for these financial statements was approaching, the Group (being Whittlebury Park Enterprises Limited and its subsidiary Whittlebury Hall & Spa Limited) was in detailed discussions with a number of parties regarding the renewal of banking facilities, which expired in May 2024. These discussions have resulted in the businesses renewing their existing facility with HSBC. 2023 EBITDA performance was severely impacted by the energy crisis due to the war in the Ukraine and subsequent significant rise in energy prices severely impacted the Company's EBITDA. In 2024 the company was able to secure better rates for utilities and as a result of this and other operational improvements saw year on year EBITDA growth of 51% The Group had construction of its leisure apartments halted by the Covid Lockdown and on reopening needed to focus on the recovery of the core business. Following on from the businesses post pandemic recovery in 2024, the groups intention to launch these apartments in 2026. The stakeholders continue to fully support recovering EBITDA and have invested in and repositioned our golf & leisure facilities. Page 1
WHITTLEBURY PARK ENTERPRISES LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Business review and future developments (continued) In 2024 the Group won and were nominated for the following awards: Winners: • British Asian Wedding Awards – Regional and National winners • Hitched wedding awards – Top countryside wedding venues • Hotel Housekeeping Honours – Housekeeper of the year • 3 AA Rosette recognition for Murrays and Hotel • Meetings Industry Association A Lists Award – Venue of the Year (Over 300) Shortlist/Finalists: • Conference and Events Awards – Most Versatile Venue finalist • Hotel Marketing Awards – Rising Star 3rd place Bradley Spillman • Good Spa Guide – Best Day Spa finalists • National Fitness Awards – Best Hotel and Gym facility finalists • Meetings Industry Association – C&E ops team of the year finalists, Rising Star 2nd place Davina Burton • Northampton Business Awards – Venue of the Year finalist • Northants Life – Hotel of the Year finalists
Principal risks and uncertainties Management continually monitor the key risks facing the Group together with assessing the controls used for managing these risks on a daily basis. The Board of Directors formally reviews and documents principal risks facing the business at least quarterly. The principal risks and uncertainties facing the Group are as follows: Financing risk The formal bank facility expired in May 2024. At the time of approving this report, the Group has successfully renewed its banking facility, which provides committed funding. The Directors monitor cash flow forecasts and covenant compliance on an ongoing basis and maintain regular dialogue with the Group’s lenders. As a result, the Directors consider financing risk to be appropriately managed. Page 2
WHITTLEBURY PARK ENTERPRISES LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Energy risk Following the Energy crisis in 2023, the company has secured new energy contracts for the next three years at competitive rates. The Directors see energy security as a key part of recovery and are expediting their desire to put renewables in place, reducing its reliance on the national grid, and reducing its carbon footprint. The first step of this journey has been completed as planning permission has been obtained to install solar panels on the roof spaces and car park. Price risk Price of hotel rooms etc is influenced by market activity, which is benchmarked to ensure the Group remains competitive, but there will always be increased pressure on margins due to cost increases beyond our control. Forecasting and gap analysis to budget is reviewed by management on a weekly basis. The sales and marketing management team optimise revenue per available room considering competitor promotional activity and business demand from all sectors impacts yield management. Credit risk Credit risk is managed by the finance team to minimise risk. When credit is not agreed, pre-payment plans are used as the alternative and contracted within the booking terms. The finance team works closely with the board on this and any aged debt. Liquidity risk Cash flows are reported weekly to ensure funds are available to run the business effectively and adjusted through business forecasts. Staffing Whittlebury is fortunate that it is a family business that takes pride in looking after its staff that results in the business having an exceptional employee retention rate. The Company’s performance depends on its ability to recruit, train and retain suitably skilled staff in a competitive labour market. The hospitality sector remains exposed to staffing shortages and wage inflation. The Company mitigates this risk through a three pronged approach (Retention, Reputation and Recruitment). Active recruitment with an employee referral scheme, competitive remuneration, affordable on site accommodation, ongoing staff training, internal progression and engagement initiatives. Staffing levels are continually monitored to align with occupancy and demand. The Group uses the Staff Stability Index (SSI) to measure its ability to retain experienced employees. This is calculated as the percentage of current staff who were also employed a year prior, indicating long-term workforce stability, loyalty, and reduced operational disruption compared to simple turnover rates, with higher scores suggesting better retention of institutional knowledge. For 2024 our SSI was 63%. Whilst lower than its goal of pre pandemic stability at 70+ it is still a good result as we were still recruiting and recovering from post pandemic staff shortages. This means that there is a significant pool of multi talented, multi skilled people that are passionate about the business and experienced enough to train new people coming into the industry. Whittlebury has a good reputation in schools, colleges and locally for being an enjoyable place to work, investing in developing its employees, giving back to the community, and supporting its colleagues. We continue to work directly with all schools and colleges, ensuring that there are no barriers to working for us. We operate 10 different apprenticeship programs ranging from level 2 to level 7 with 19 apprentices currently working in the business. Page 3
WHITTLEBURY PARK ENTERPRISES LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
Revenue is measured as year on year as a percentage. In 2024 there was an increase of 12% compared to 2023. This gives confidence that a good foundation has been laid on which to continue growth into 2025 and beyond. Gross margin is measured as a percentage of turnover. In 2024 gross margin, excluding direct staff costs, was in line with 2023 at 88.4% (2023 - 88.5%). EBITDA (Earnings before interest, tax, depreciation, and amortisation) is measured as a percentage ratio of last year and budget versus actual results, this is reviewed monthly. EBITDA for 2024 grew significantly at £3,242k +51% compared to 2023. Occupancy grew 30% year on year at 60.7%, with Total Revenue per Available Room (TrevPAR) seeing a growth of +12% at £225. Results for the year Revenue for the year was £20,941k (2023 - £18,637k). EBITDA for the year was £3,242k (2023 - £2,143k).
Engagement with employees
Employee involvement remains a key element in the Group's strategy. We regularly engage with employees via meetings, written communications, and electronic media to keep them up to date with business performance. This report was approved by the board and signed on its behalf.
Charles Jeffrey Sargeant Director
Date: 10 March 2026
Page 4
WHITTLEBURY PARK ENTERPRISES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors
The Directors who served during the year were:
Jeffrey Ian Sargeant
Carol Elizabeth Sargeant
Charles Jeffrey Sargeant
Directors' responsibilities statement
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the Consolidated 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 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The Group profit for the year, after taxation, amounted to £75 k (2023 - loss £1,326 k). There were no dividends paid during the current and prior year and the Directors do not propose any dividends at the year end. Page 5
WHITTLEBURY PARK ENTERPRISES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Stakeholder impact
In line with section 172 of the Companies Act 2006, the Group has considered all stakeholders in reviewing strategy and policy as follows: ∙The construction of the apartments is seen as underpinning the sustainability of the business for the long term and the Company remains focused on being able to complete these and get them operational as soon as possible. This project provides additional security of tenure for employees and suppliers. ∙Allied to the construction is a review of the services, including water, electricity and gas for the site. ∙Although there are few long term customer contracts, the business prides itself on its relationship with both larger, corporate customers and the public at large. A significant proportion of transactions are repeat business. ∙Supplier payment terms are set as the end of the month following invoice date and, with the exception of specific outstanding queries, this policy is implemented in full. ∙The Group has a significant headcount from within the local area and is one of the largest privately owned employers in the region. ∙The operation is an AA 4-star rated property and the rating is important for the business as a whole. In order to maintain the quality of operation, exacting standards are implemented and reviewed on a regular basis. ∙The stakeholders are always striving to improve business ratings and in 2024 achieved 3AA Rosettes for its fine dining restaurant and a 4 bubble Spa. The Company also won the following awards: - British Asian Wedding Awards – Regional and National winners - Hitched wedding awards – Top countryside wedding venues - Hotel Housekeeping Honours – Housekeeper of the year winner Tammy Francis and runner up Rita - 3 AA Rosette recognition for Murrays and Hotel - Meetings Industry Association A Lists Award – Venue of the Year (Over 300) The Board take their responsibilities to all stakeholders extremely seriously.
Going concern
As part of the financial reporting process, the management of Whittlebury Park Enterprises Limited and Group is required to assess the ability of the business to continue operating as a going concern for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements. 2024 Financial and operational performance The Hospitality sector has continued to face multiple challenges during 2024, but Whittlebury Park Enterprises Limited Group has demonstrated its ability to achieve strong revenue and conversion growth versus 2023 despite ongoing challenges such as seasonal variations, growth in bedroom stock and continued increase in costs. The Group’s strong revenue performance in 2024 was correctly forecasted by the management team and is reflected in its Key Performance Indicators, such as +12% growth in overall revenue at £20.9m (exactly on budget), where key market segments such as bedrooms and room hire grew +17% and +20% respectively. The additional revenue achieved over 2023 was £2.3m and converted to £1.1m of EBITDA 47.8% conversion. 2024 had 4 record months: ∙July was the highest revenue and EBITDA ever achieved for a single month. ∙October was the highest revenue for an October ever achieved. ∙November was the highest revenue £2.1m and EBITDA £501k for November ever achieved. Page 6
WHITTLEBURY PARK ENTERPRISES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 During 2024 overall visitors to Whittlebury Park has continued to grow, and this can be seen from bedroom occupancy, which grew +30% to 60.7%. The occupancy growth outperformed the primary competitor set, i.e. Whittlebury Park grew 13.7% versus comp set of just 2.0%, and Revenue per available room night (TrevPAR) performance was equally positive with Whittlebury Park growing 19.2% versus the primary comp set of 6.0%. Overall sleeper nights grew +24% at 84,868, with the primary leisure segment of Spa also seeing strong year on year growth of +10% at 18,931 nights, with day spa guests again growing by +7% @ 12,281. Conference delegate volume grew +32% at 28,566, and overall conference delegate bedrooms were +4,931 greater than 2023. Our strong and enduring partnerships with our established corporate customers, regional and national travel agencies/online travel agencies and local businesses have enabled the business to continue expanding our reach and generated solid levels of business on the books. We cherish and embrace these alliances and will continue to foster collaborative relationships for the betterment of the industry and our business. Due to the structure of package rates for the two key market segments, Total Revenue per available Room Night (TrevPAR) once again had a strong year on year growth of +12% at £225, and again outperforming the comp set whose growth was relatively soft at 6.3%. Overall EBITDA growth for 2024 was very positive for Whittlebury Park, +51% +£1.1m versus 2023. 2025 Forecast performance At the time of the 2024 year end the 2025 full year forecast is looking positive @ £21,165K, a growth of +£330K on 2024, with a healthy £700K of business-on-the-books, which is +£1,400K versus the same-period-last-year. Overall occupancy is forecasted to be +10% growth specifically at weekends, which is a reflection of the health and wellbeing markets forecasted as a growth area over the next few years (corporate events as a market segment is predicted to starting to return to strength gradually throughout 2025 with stronger double digit growth in 2026+ TRevPAR is forecasted to improve on 2024 by a few percentage points as the changing in food allocations and competitive pricing settles down, and outperformance of the competitor set will remain strong with a forecasted index of over 150, highlighting Whittlebury Park’s strong performance vs its competitor set. Forecasts have been based on: ∙The Outlook shows that the UK economy is gradually picking up momentum, benefiting from the natural swings of the economic cycle, boosted by a strong first quarter this year and expected second quarter performance. PwC’s analysis raises the annual GDP growth outlook to about 1% for this year, up from the November 2023 projection of 0.5%, and for this to pick up even further in the medium term to around 1.8% by 2026. ∙Moderate revenue growth of 10% based on demand from 2024. ∙Stronger business is on the books for the year vs same period last year. ∙Average rate growth of between 6-12% across the various market segments, but target year on year growth to 9%. ∙Grow Total Revenue per available room (TrevPar) by +10% through totality selling, increasing C&E demand pricing by market appropriate levels. ∙Grow Spa volume overall (Days and Stays combined) with +5-7% increases in rates. ∙Golf remains a solid growth market segment through the detailed management of demand based tee time pricing. ∙Good news story to go to market regarding 2024 investment and imminent 2025 investment. Page 7
WHITTLEBURY PARK ENTERPRISES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Post year end is largest Q1 enquiry volume since 2019. ∙Strong pricing in the sector reflecting demand. ∙Increased payroll from UK budget changes. Based on this, the Board of Directors are confident to grow turnover, albeit at slightly lower margins due to inflation and ongoing supply chain issues, and the shift in growth from Corporate to Leisure. This will enable the business to continue to meet all its commitments for the next 12 months. Funding The Group’s and Company’s borrowing facilities were due for refinancing in May 2024 when Bank of England base rates were at their highest level for decades. The Group has had detailed talks with potential new funders and has shown strong (51%) EBITDA growth in 2024. At the time of approving these financial statements, a new facility has been secured. Summary The Directors have reviewed all the evidence and consider there is every reason to be confident that the Group and Company will continue its recovery from the Pandemic. 2024’s revenue and EBITDA surpassed 2019 levels. Having considered all the circumstances, the Directors are confident the Group will continue to grow its EBITDA in line with its forecasts, which have proved to be achievable over the past two years and refinance successfully as planned and continue to prepare the financial statements on a going concern basis.
Matters covered in the Strategic Report
As permitted by paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report. These matters relate to Principal activities and business review, Financial position at the reporting date, Future developments, Principal risks and uncertainties, Financial key performance indicators and Engagement with employees. Page 8
WHITTLEBURY PARK ENTERPRISES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Greenhouse gas emissions, energy consumption and energy efficiency action
Whittlebury Hall & Spa Ltd | FY 2024 | FY 2023
Energy Consumption break down (kWh) |  |
Electricity | 3,241,918 | 3,022,896
Natural Gas | 2,575,491 | 2,267,956
LPG | 991,292 | 131,114
Total kWh Consumption | 6,808,701 | 5,421,966
Transport Fuel - Litres | 3,395 | 5,112
On Site Transport - Litres | 9,863 | 9,042
Emissions in kg CO2e |  |
Electricity | 671,077 | 641,852
Gas Consumption | 471,727 | 415,399
LPG Consumption | 218,013 | 215,406
Fleet Vehicles on business use | 9,167 | 13,802
On Site transport | 26,630 | 24,413
Total Gross emissions in kg CO2e | 1,396,614 | 1,310,872
Intensity ratio kgs of CO2e per staff member (250 employess at FY end) | 5,655.57 | 3,413.73 (3.4T)
Our Intensity Ratio Performance Scope 1 – This is our fourth year of reporting, but the second complete year we were operating without government restrictions, meaning that the YoY comparison for years 1 & 2 are not like for like. Our intensity ratio per staff member is 5.6 Tonnes of CO2e (an increase of 7% vs the prior year). Average CO2e per person in the UK is currently 12.7 Tonnes, it is difficult to research CO2e of comparable businesses. The increase of 7% is largely down to the business still recovering occupancy form the pandemic. Our Carbon Emissions - Aggregated Footprint for Period Our aggregated footprint for this period is 1,396,614 kg co2e. Our Energy Saving Initiatives In this reporting period we have put actions in place to significantly reduce our CO2e over the next 5 years. The rate at which we can reduce our CO2e will heavily depend on the pace at which the local authority grant permissions to enable us to install renewable energy sources, and the pace at which the national grid is upgraded to allow us to connect. Our solar renewable energy project is split into 2 phases: Phase 1 – Installation of panels on roof space This will reduce our CO2e by 60 tonnes per annum, and should be completed in 2026. Phase 2 – Installation of panels on hotel car park This will reduce our CO2e by 250 tonnes per annum, this project is expected to be completed in 2026; however, due to its scale, delivery may extend into Q1 2027. Page 9
WHITTLEBURY PARK ENTERPRISES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Our Continuous Improvement Plan Our commitment which is detailed in our energy policy is to continually reduce our footprint. Finding a base year to measure this from is difficult as we only started to report SECR since the Covid-19 pandemic and have been building back guest density since then. We anticipate that 2026 will be a good year to use for benchmarking. We annually review consumption, carbon footprint and switch to renewable energy using green initiatives where financially viable. With a goal of becoming carbon neutral by 2030. We are incorporating energy efficient technologies into our standard procurement policy and promote energy efficiency within our supply chain. Our Energy & Environmental Mission Statement Our mission is to become a Net Zero Organisation by 2030 through a program of energy efficiency, procurement of green energy from certified renewable sources and offsetting the balance of our emissions through recognised international carbon off-setting initiatives. It is worth noting that the work that we do maintaining the 700 acres of natural parkland is not currently being used to calculate an off set to emissions. Methodology statement Our methodology used to report states the annual quantity of emissions in kg’s of carbon dioxide equivalent (CO2e) resulting from the total UK energy use from electricity, gas and transport using the annually released Government Conversion Factors for company reporting to measure energy consumption in common units under Scope 1, 2 and 3. Intensity measurement The chosen intensity measurement ratio is total gross emissions in kg CO2e per staff member. Employee numbers are a consistent value applicable to Whittlebury Hall & Spa Ltd. Source of emissions The source of emissions in this report covers our UK energy use and the associated GHG emissions, which relate to: Activities for which we are responsible involving the combustion of gas, consumption of fuel for the purposes of transport and the purchase of electricity by the company for its own use, including for the purposes of transport. The report discloses figures, in kWh, of the annual quantity of energy consumed by Whittlebury Hall & Spa Ltd.
Directors' indemnities
Whittlebury Park Enterprises Limited, the ultimate holding company, has made qualifying third party indemnity provisions for the benefit of the Company Directors during the period and which remain in force at the date of this report.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Directors is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the Directors 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 and the Group's auditor is aware of that information.
Independent auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 10
WHITTLEBURY PARK ENTERPRISES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board and signed on its behalf.
Charles Jeffrey Sargeant Director
Date: 10 March 2026
Page 11
WHITTLEBURY PARK ENTERPRISES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY PARK ENTERPRISES LIMITED Opinion We have audited the financial statements of Whittlebury Park Enterprises Limited ("the Parent Company") and its subsidiaries (the "Group") for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated and Company Statement of Financial Position, Consolidated and Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: ∙give a true and fair view of the state of the Group and the Parent Company’s affairs as at 31 December 2024 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 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. Page 12
WHITTLEBURY PARK ENTERPRISES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY PARK ENTERPRISES LIMITED Other information The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor’s 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. Opinions 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 Group 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 Group 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 light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 Parent Company financial statements are not in agreement with the accounting records and returns; or; ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 5, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Group’s 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 intend either to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 13
WHITTLEBURY PARK ENTERPRISES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY PARK ENTERPRISES LIMITED Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 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. Based on our understanding of the Group and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Group or Parent Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the Group and Parent Company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the occurrence assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; ∙Addressing the risks of fraud through management override of controls by performing journal entry testing; ∙Assessing management’s revenue recognition policy; and ∙Agreeing a sample of revenue transactions pre and post year end to ensure they have been recognised in the appropriate period. Page 14
WHITTLEBURY PARK ENTERPRISES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITTLEBURY PARK ENTERPRISES LIMITED There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 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 auditor’s report. Use of the audit 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. Gareth Jones (Senior statutory auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants & Statutory Auditor The Pinnacle 160 Midsummer Boulevard Milton Keynes MK9 1FF 11 March 2026 Page 15
WHITTLEBURY PARK ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £000 | £000
Turnover | 4 | 20,941 | 18,637
Cost of sales |  | (10,487) | (9,289)
Gross profit |  | 10,454 | 9,348
Administrative expenses |  | (7,625) | (8,167)
Operating profit | 5 | 2,829 | 1,181
Interest receivable and similar income | 9 | 1 | -
Interest payable and similar expenses | 10 | (2,920) | (2,898)
Loss before taxation |  | (90) | (1,717)
Tax on loss | 11 | 165 | 391
Profit/(loss) for the financial year |  | 75 | (1,326)
Unrealised surplus on revaluation of tangible fixed assets |  | 291 | 6,651
Deferred tax on revaluation of tangible fixed assets |  | (73) | (1,662)
Other comprehensive income for the year |  | 218 | 4,989
Total comprehensive (loss)/income for the year |  | 293 | 3,663
Profit/(loss) for the year attributable to: |  |  |
Owners of the parent Company |  | 75 | (1,326)
|  | 75 | (1,326)
Total comprehensive (loss)/income for the year attributable to: |  |  |
Owners of the parent Company |  | 293 | 3,663
|  | 293 | 3,663
The notes on pages 26 to 50 form part of these financial statements.
Page 16
WHITTLEBURY PARK ENTERPRISES LIMITED REGISTERED NUMBER: 08080101 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 98 |  | 60
Tangible assets | 14 |  | 48,566 |  | 48,095
|  |  | 48,664 |  | 48,155
Current assets |  |  |  |  |
Stocks | 16 | 180 |  | 188 |
Debtors | 17 | 966 |  | 757 |
Cash and cash equivalents | 18 | 139 |  | 187 |
|  | 1,285 |  | 1,132 |
Creditors: amounts falling due within one year | 19 | (37,016) |  | (36,752) |
Net current liabilities |  |  | (35,731) |  | (35,620)
Total assets less current liabilities |  |  | 12,933 |  | 12,535
Creditors: amounts falling due after more than one year | 20 |  | (2,111) |  | (1,914)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (1,587) |  | (1,679) |
|  |  | (1,587) |  | (1,679)
Net assets |  |  | 9,235 |  | 8,942
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 1,200 |  | 1,200
Revaluation reserve | 26 |  | 9,489 |  | 9,271
Other reserves | 26 |  | 1,797 |  | 1,797
Profit and loss account | 26 |  | (3,251) |  | (3,326)
|  |  | 9,235 |  | 8,942
Page 17
WHITTLEBURY PARK ENTERPRISES LIMITED REGISTERED NUMBER: 08080101 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Charles Jeffrey Sargeant
Director
Date: 10 March 2026
The notes on pages 26 to 50 form part of these financial statements. Page 18
WHITTLEBURY PARK ENTERPRISES LIMITED REGISTERED NUMBER: 08080101 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 47,153 |  | 46,750
Investments | 15 |  | 4,883 |  | 4,883
|  |  | 52,036 |  | 51,633
Current assets |  |  |  |  |
Cash and cash equivalents | 18 | 1 |  | 3 |
|  | 1 |  | 3 |
Creditors: amounts falling due within one year | 19 | (40,815) |  | (37,688) |
Net current liabilities |  |  | (40,814) |  | (37,685)
Total assets less current liabilities |  |  | 11,222 |  | 13,948
Creditors: amounts falling due after more than one year | 20 |  | (1,794) |  | (1,914)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (1,737) |  | (1,989) |
|  |  | (1,737) |  | (1,989)
Net assets |  |  | 7,691 |  | 10,045
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 1,200 |  | 1,200
Revaluation reserve | 26 |  | 14,263 |  | 14,045
Other reserves | 26 |  | 1,797 |  | 1,797
Profit and loss account | 26 |  | (9,569) |  | (6,997)
|  |  | 7,691 |  | 10,045
Page 19
WHITTLEBURY PARK ENTERPRISES LIMITED REGISTERED NUMBER: 08080101 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the year was £2,572k (2023: loss of £2,539k). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Charles Jeffrey Sargeant
Director
Date: 10 March 2026
The notes on pages 26 to 50 form part of these financial statements. Page 20
WHITTLEBURY PARK ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £000 | £000 | £000 | £000 | £000
At 1 January 2023 | 1,200 | 4,282 | 1,797 | (2,000) | 5,279
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (1,326) | (1,326)
Surplus on revaluation of freehold property | - | 6,651 | - | - | 6,651
Deferred tax on revaluation of tangible fixed assets | - | (1,662) | - | - | (1,662)
Total comprehensive income for the year | - | 4,989 | - | (1,326) | 3,663
At 1 January 2024 | 1,200 | 9,271 | 1,797 | (3,326) | 8,942
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 75 | 75
Surplus on revaluation of freehold property | - | 291 | - | - | 291
Deferred tax on revaluation of tangible fixed assets | - | (73) | - | - | (73)
Total comprehensive income for the year | - | 218 | - | 75 | 293
At 31 December 2024 | 1,200 | 9,489 | 1,797 | (3,251) | 9,235
| The notes on pages 26 to 50 form part of these financial statements.
Page 21
WHITTLEBURY PARK ENTERPRISES LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £000 | £000 | £000 | £000 | £000
At 1 January 2023 | 1,200 | 9,056 | 1,797 | (4,458) | 7,595
Comprehensive loss for the year |  |  |  |  |
Loss for the year | - | - | - | (2,539) | (2,539)
Surplus on revaluation of freehold property | - | 6,651 | - | - | 6,651
Deferred tax on revaluation | - | (1,662) | - | - | (1,662)
At 1 January 2024 | 1,200 | 14,045 | 1,797 | (6,997) | 10,045
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (2,572) | (2,572)
Surplus on revaluation of freehold property | - | 291 | - | - | 291
Deferred tax on revaluation of tangible fixed assets | - | (73) | - | - | (73)
Total comprehensive income for the year | - | 218 | - | (2,572) | (2,354)
At 31 December 2024 | 1,200 | 14,263 | 1,797 | (9,569) | 7,691
| The notes on pages 26 to 50 form part of these financial statements.
Page 22
WHITTLEBURY PARK ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £000 | £000
Cash flows from operating activities |  |
Loss for the financial year | 75 | (1,326)
Adjustments for: |  |
Amortisation of intangible assets | 13 | 14
Depreciation of tangible assets | 400 | 948
Loss on disposal of tangible assets | 4 | -
Interest paid | 2,920 | 2,898
Interest received | (1) | -
Taxation charge | (165) | (391)
Decrease in stocks | 8 | 7
(Increase)/decrease in debtors | (209) | 29
Increase in creditors | 695 | 45
Net cash generated from operating activities | 3,740 | 2,224
Cash flows from investing activities |  |
Purchase of intangible assets | (51) | (18)
Purchase of tangible assets | (584) | (260)
Interest received | 1 | -
HP interest paid | (22) | (15)
Net cash used in investing activities | (656) | (293)
Cash flows from financing activities |  |
Repayment of loans | (18) | (145)
Repayment of other loans | (120) | (160)
New/(Repayment of) finance leases | 308 | (52)
Bank interest paid | (2,898) | (2,882)
Net cash used in financing activities | (2,728) | (3,239)
Page 23
WHITTLEBURY PARK ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
|  | 2024 | 2023
|  | £000 | £000
Net increase/(decrease) in cash and cash equivalents | 356 | (1,308)
Cash and cash equivalents at beginning of year | (486) | 823
Cash and cash equivalents at the end of year | (130) | (485)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 139 | 187
Bank overdrafts | (269) | (672)
| (130) | (485)
The notes on pages 26 to 50 form part of these financial statements.
Page 24
WHITTLEBURY PARK ENTERPRISES LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | New finance leases | At 31 December 2024
| £000 | £000 | £000 | £000
Cash at bank and in hand | 187 | (48) | - | 139
Bank overdrafts | (673) | 404 | - | (269)
Debt due within 1 year | (30,854) | 18 | - | (30,836)
Finance leases | (131) | - | (308) | (439)
| (31,471) | 374 | (308) | (31,405)
The notes on pages 26 to 50 form part of these financial statements.
Page 25
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Whittlebury Park Enterprises Limited ("the Company") is a private company limited by shares, registered and incorporated in England and Wales. The address of its registered office and principal place of business is The Atrium, Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP. The Company's registered number is 08080101. The principal activity of the Company is that of a holding company. The principal activity of the Group is the provision of hotel and spa, leisure, conference, wedding and golf facilities. The functional currency of the Group is Pounds Sterling (£), this being the currency of the primary economic environment in which the Group operates. Monetary amounts included in these financial statements are roundest to the nearest £'000. 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 judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied consistently in both the current and prior year, unless otherwise stated:
| 2.2 | Basis of consolidation
The Consolidated financial statements present the results of the Company and its own subsidiaries (collectively "the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The Consolidated financial statements incorporate the results of business combinations using the acquisition method. In the Consolidated Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 26
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
As part of the financial reporting process, the management of Whittlebury Park Enterprises Limited and Group is required to assess the ability of the business to continue operating as a going concern for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements. 2024 Financial and operational performance The Hospitality sector has continued to face multiple challenges during 2024, but Whittlebury Park Enterprises Limited Group has demonstrated its ability to achieve strong revenue and conversion growth versus 2023 despite ongoing challenges such as seasonal variations, growth in bedroom stock and continued increase in costs. The Group’s strong revenue performance in 2024 was correctly forecasted by the management team and is reflected in its Key Performance Indicators, such as +12% growth in overall revenue at £20.9m (exactly on budget), where key market segments such as bedrooms and room hire grew +17% and +20% respectively. The additional revenue achieved over 2023 was £2.3m and converted to £1.1m of EBITDA 47.8% conversion. 2024 had 4 record months: ∙July was the highest revenue and EBITDA ever achieved for a single month. ∙October was the highest revenue for an October ever achieved. ∙November was the highest revenue £2.1m and EBITDA £501k for November ever achieved. During 2024 overall visitors to Whittlebury Park has continued to grow, and this can be seen from bedroom occupancy, which grew +30% to 60.7%. The occupancy growth outperformed the primary competitor set, i.e. Whittlebury Park grew 13.7% versus comp set of just 2.0%, and Revenue per available room night (RevPAR) performance was equally positive with Whittlebury Park growing 19.2% versus the primary comp set of 6.0%. Overall sleeper nights grew +24% at 84,868, with the primary leisure segment of Spa also seeing strong year on year growth of +10% at 18,931 nights, with day spa guests again growing by +7% @ 12,281. Conference delegate volume grew +32% at 28,566, and overall conference delegate bedrooms were +4,931 greater than 2023. Our strong and enduring partnerships with our established corporate customers, regional and national travel agencies/online travel agencies and local businesses have enabled the business to continue expanding our reach and generated solid levels of business on the books. We cherish and embrace these alliances and will continue to foster collaborative relationships for the betterment of the industry and our business. Due to the structure of package rates for the two key market segments, Total Revenue per available Room Night (TrevPAR) once again had a strong year on year growth of +12% at £225, and again outperforming the comp set whose growth was relatively soft at 6.3%; the index score of 118.9% reinforces the strong market outperformance. Overall EBITDA growth for 2024 was very positive for Whittlebury Park, +51% +£1.1m versus 2023. Page 27
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern (continued)
2025 Forecast performance At the time of the 2024 year end the 2025 full year forecast is looking positive @ £21,165K, a growth of +£330K on 2024, with a healthy £700K of business-on-the-books, which is +£1,400K versus the same-period-last-year. Overall occupancy is forecasted to be +10% growth specifically at weekends, which is a reflection of the health and wellbeing markets forecasted as a growth area over the next few years (corporate events as a market segment is predicted to starting to return to strength gradually throughout 2025 with stronger double digit growth in 2026+ TRevPAR is forecasted to improve on 2024 by a few percentage points as the changing in food allocations and competitive pricing settles down, and outperformance of the competitor set will remain strong with a forecasted index of over 150, highlighting Whittlebury Park’s strong performance vs its competitor set. Forecasts have been based on: ∙The Outlook shows that the UK economy is gradually picking up momentum, benefiting from the natural swings of the economic cycle, boosted by a strong first quarter this year and expected second quarter performance. PwC’s analysis raises the annual GDP growth outlook to about 1% for this year, up from the November 2023 projection of 0.5%, and for this to pick up even further in the medium term to around 1.8% by 2026. ∙Moderate revenue growth of 10% based on demand from 2024. ∙Stronger business is on the books for the year vs same period last year. ∙Average rate growth of between 6-12% across the various market segments, but target year on year growth to 9%. ∙Grow Total Revenue per available room (TrevPar) by +10% through totality selling, increasing C&E demand pricing by market appropriate levels. ∙Grow Spa volume overall (Days and Stays combined) with +5-7% increases in rates. ∙Golf remains a solid growth market segment through the detailed management of demand based tee time pricing. ∙Good new story to go to market regarding 2024 investment and imminent 2025 investment. Post Year end is Largest Q1 enquiry volume since 2019 ∙Strong pricing in the sector reflecting demand. ∙Increased payroll from UK budget changes. Based on this, the Board of Directors are confident to grow turnover, albeit at slightly lower margins due to inflation and ongoing supply chain issues, and the shift in growth from Corporate to Leisure. This will enable the business to continue to meet all its commitments for the next 12 months. Funding The Group’s and Company’s borrowing facilities were due for refinancing in May 2024 when Bank of England base rates were at their highest level for decades. The Group has had detailed talks with potential new funders and has shown strong (51%) EBITDA growth in 2024. At the time of approving these financial statements, a new facility has been secured. Page 28
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern (continued)
Summary The Directors have reviewed all the evidence and consider there is every reason to be confident that the Group and Company will continue its recovery from the Pandemic. 2024’s revenue and EBITDA surpassed 2019 levels. Having considered all the circumstances, the Directors are confident the Group will continue to grow its EBITDA in line with its forecasts, which have proved to be achievable over the past two years and refinance successfully as planned and continue to prepare the financial statements on a going concern basis.
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Group 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 Turnover 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 turnover can be measured reliably; ∙it is probable that the Group 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. Page 29
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Intangible assets
Negative goodwill Negative goodwill arises if the fair value of purchase consideration of a business combination is less than the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, negative goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Website | - |  | 3 - 5 years
|  |  |  | Other | - |  | 2 years
The amortisation expense is charged to administrative expenses in the Consolidated Statement of Comprehensive Income.
| 2.6 | Tangible assets
Tangible assets (other than land and buildings (see 2.7)) 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. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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:
|  |  |  | Plant and machinery | - | over 2 - 15 years
|  |  |  | Motor vehicles | - | over 2 - 10 years
|  |  |  | Fixtures and fittings | - | over 2 - 10 years
Page 30
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Tangible assets (continued)
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 the Consolidated Statement of Comprehensive Income. The depreciation expense is charged to administrative expenses in the Statement of Comprehensive Income.
| 2.7 | Revaluation of land and buildings
Land and buildings are carried at fair value. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the date of the Statement of Financial Position. Refer to note 3. Revaluation gains are recognised in other comprehensive income and accumulated equity. However, the increase shall be recognised in the Consolidated Statement of Comprehensive Income to the extent that it reverses a revaluation decrease of the same asset, previously recognised in the Consolidated Statement of Comprehensive Income.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 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. Cost is based on the cost of purchase on a weighted average basis. At each the date of each Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 31
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Consolidated Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Comprehensive Income. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. Page 32
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Consolidated Statement of Comprehensive Income. Basic 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the Consolidated Statement of Comprehensive Income. They are subsequently measured at fair value with changes in the Consolidated Statement of Comprehensive Income. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the Consolidated Statement of Comprehensive Income. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Page 33
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Interest payable and similar expenses
Interest payable and similar expenses are charged to the Statement of Comprehensive Income 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.
| 2.15 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.16 | Leased assets: the Group as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.17 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income 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 Group in independently administered funds. Page 34
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
| 2.19 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income 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 and the Group operate and generate 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; - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and - Where they relate to timing differences in respect of interests in subsidiaries the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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. Page 35
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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, if the revision affects only that period, or in the period of revision and future periods, if the revision affects both current and future periods. The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Land and buildings valuation (note 14). Land and buildings have been revalued at the year end date by the Directors, with external assistance. The discounted cash flow including exit yield involves judgement and estimate.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Provision of services | 14,208 | 12,698
| Sale of goods | 6,733 | 5,939
|  | 20,941 | 18,637
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Amortisation of intangible assets | 13 | 14
| Depreciation of tangible assets | 400 | 948
| Loss on disposal of fixed assets | 4 | -
Page 36
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Auditor's remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Fees payable to the Group's Auditor in respect of the audit of the Group's annual financial statements | 65 | 44
| Fees payable to the Group's Auditor in respect of: |  |
| All other services | 5 | 4
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £000 | £000
| Wages and salaries | 7,742 | 6,819
| Social security costs | 619 | 532
| Cost of defined contribution scheme | 220 | 198
|  | 8,581 | 7,549
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Hotel operations | 323 | 305
|  | Administration | 19 | 20
|  | Spa operations | 12 | 14
|  | Sales | 29 | 27
|  |  | 383 | 366
Page 37
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Directors' remuneration and key management personnel
|  | 2024 | 2023
|  | £000 | £000
| Directors' emoluments | 122 | 117
| Company contributions to defined contribution pension schemes | 26 | 25
|  | 148 | 142
| During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes. The Directors are considered to be the only Key Management Personnel of the Group and Company.
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Other interest receivable | 1 | -
|  | 1 | -
10. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Bank interest payable | 2,517 | 2,522
| Shareholder loan interest payable | 381 | 361
| Finance leases and hire purchase contracts | 22 | 15
|  | 2,920 | 2,898
| Bank interest payable includes the amortisation of bank financing costs over the period of the loan.
Page 38
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Tax on loss
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on loss for the year | - | (784)
|  | - | (784)
| Total current tax | - | (784)
| Deferred tax |  |
| Origination and reversal of timing differences | (165) | 393
| Taxation on loss on ordinary activities | (165) | (391)
| Factors affecting tax credit for the year
| The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 -25%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Loss on ordinary activities before tax | (90) | (1,717)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | (23) | (429)
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 2 | 3
| Depreciation on finance leases | (33) | -
| Other differences leading to an increase (decrease) in the tax charge | - | 6
| Other differences | (111) | 29
| Total tax credit for the year | (165) | (391)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 39
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the year was £2,572 k (2023 - a loss of £2,539 k).
13. | Intangible assets
| Group
|  | Website | Other | Negative goodwill | Total
|  | £000 | £000 | £000 | £000
| Cost |  |  |  |
| At 1 January 2024 | 352 | 145 | (5,200) | (4,703)
| Additions | 51 | - | - | 51
| Disposals | (35) | - | - | (35)
| At 31 December 2024 | 368 | 145 | (5,200) | (4,687)
| Amortisation |  |  |  |
| At 1 January 2024 | 296 | 141 | (5,200) | (4,763)
| Charge for the year | 11 | 2 | - | 13
| On disposals | (35) | - | - | (35)
| At 31 December 2024 | 272 | 143 | (5,200) | (4,785)
| Net book value |  |  |  |
| At 31 December 2024 | 96 | 2 | - | 98
| At 31 December 2023 | 56 | 4 | - | 60
| The amortisation expense is charged to administrative expenses in the Consolidated Statement of Comprehensive Income. The Company does not have any intangible assets.
Page 40
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Tangible assets
| Group
|  | Land and buildings | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 46,750 | 1,413 | 326 | 6,157 | 54,646
| Additions | 112 | 17 | 6 | 449 | 584
| Disposals | - | (213) | (131) | (10) | (354)
| Revaluations | 291 | - | - | - | 291
| At 31 December 2024 | 47,153 | 1,217 | 201 | 6,596 | 55,167
| Depreciation |  |  |  |  |
| At 1 January 2024 | - | 1,102 | 274 | 5,175 | 6,551
| Charge for the year | - | 63 | 21 | 316 | 400
| Disposals | - | (213) | (127) | (10) | (350)
| At 31 December 2024 | - | 952 | 168 | 5,481 | 6,601
| Net book value |  |  |  |  |
| At 31 December 2024 | 47,153 | 265 | 33 | 1,115 | 48,566
| At 31 December 2023 | 46,750 | 311 | 52 | 982 | 48,095
| Land and buildings have been included under the historical cost convention at a cost of £35,540k (2023 - £35,540k). Freehold buildings are maintained to a high standard and are subject to valuation each year. Consequently, no depreciation is charged against them. Land and buildings have been revalued at the year end date by the Directors, with external assistance. The discounted cash flow including exit yield involves judgement and estimate The net book value of assets held under finance leases is £457k (2023 - £156k). The depreciation expense is charged to administrative expenses in the Statement of Comprehensive Income.
Page 41
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14.Tangible assets (continued)
| Company
|  | Land and Buildings
|  | £000
| Cost or valuation |
| At 1 January 2024 | 46,750
| Additions | 112
| Revaluations | 291
| At 31 December 2024 | 47,153
| At 1 January 2024 | -
| At 31 December 2024 | -
| Net book value |
| At 31 December 2024 | 47,153
| At 31 December 2023 | 46,750
| Please refer to the previous page.
Page 42
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 January 2024 | 4,883
| At 31 December 2024 | 4,883
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding |
| Whittlebury Hall & Spa Limited | Ordinary | 100% |
| Whittlebury Estates Limited * | Ordinary | 100% |
| Whittlebury Hall Limited * | Ordinary | 100% |
| The registered address of all the subsidiary companies is The Atrium, Whittlebury Park, Whittlebury, Towcester, Northamptonshire, NN12 8WP. On 8 October 2025, the subsidiary Whittlebury Estate Limited changed its name to Whittlebury Estates Limited. * Dormant subsidiaries
16. | Stocks
|  | Group | Group
|  | 2024 | 2023
|  | £000 | £000
| Finished goods and goods for resale | 180 | 188
Page 43
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Debtors
|  | Group | Group
|  | 2024 | 2023
|  | £000 | £000
| Trade debtors | 575 | 399
| Other debtors | 4 | 3
| Prepayments and accrued income | 387 | 355
|  | 966 | 757
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Cash at bank and in hand | 139 | 187 | 1 | 3
| Less: bank overdrafts | (269) | (673) | - | -
| The Group holds a right to offset with the bank.
Page 44
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Bank overdrafts | 269 | 673 | - | -
| Bank loans | 30,836 | 30,854 | 30,836 | 30,854
| Trade creditors | 954 | 569 | - | -
| Amounts owed to group undertakings | - | - | 7,785 | 4,983
| Other taxation and social security | 365 | 305 | - | -
| Obligations under finance lease and hire purchase contracts | 122 | 131 | - | -
| Other creditors | 440 | 493 | - | -
| Accruals and deferred income | 4,030 | 3,727 | 2,194 | 1,851
|  | 37,016 | 36,752 | 40,815 | 37,688
| Bank Loans are made up of the following: A £30m facility with HSBC Bank. This is disclosed net of arrangement fees , which are capitalised as part of the overall loan and unwound via interest payable on a monthly basis. This loan accrues interest at an effective rate of 3.62%. Please refer to note 2.3 with regards to re-financing. Security on this loan is held by HSBC Bank by way of a fixed and floating charge over all assets of the Group. A £3.7m Coronavirus Business Interruption loan was taken out in 2020, with HSBC Bank, for the purpose of working capital. The loan accrued interest at an effective interest rate or 3.00% per annum. This loan was consolidated in the year with the HSBC Bank loan as detailed above. Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Obligations under finance lease and hire purchase contracts | 317 | - | - | -
| Shareholders and close family member loans | 1,794 | 1,914 | 1,794 | 1,914
|  | 2,111 | 1,914 | 1,794 | 1,914
| Shareholders and close family member loans accrue interest at 10% per annum, are unsecured, with no set terms for repayment. The shareholders and close family member loans are subordinated to the bank loans. The shareholders and close family members have confirmed that their intention is not to recall the loans within one year of the Balance Sheet date. Included within current liabilities is the interest accrued in the year of £2,193k (2023 - £1,851k).
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WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Loans
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Amounts falling due within one year |  |  |  |
| Bank loans | 30,836 | 30,854 | 30,836 | 30,854
|  | 30,836 | 30,854 | 30,836 | 30,854
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Within one year | 122 | 131 | 122 | 131
| Between 1-5 years | 317 | - | 317 | -
|  | 439 | 131 | 439 | 131
| The amounts due to finance leases are secured on the assets to which they relate.
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WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Financial instruments
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Financial assets |  |  |  |
| Financial assets measured at amortised cost | 139 | 187 | 1 | 3
| Financial assets that are debt instruments measured at amortised cost | 579 | 402 | - | -
|  | 718 | 589 | 1 | 3
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | (38,016) | (38,360) | (42,608) | (39,156)
| Financial assets measured at amortised cost comprise cash and cash equivalents.
| Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and amounts owed by group undertakings.
| Financial liabilities measured at amortised cost comprise bank loans, shareholder loans, trade creditors, amounts owed to group undertakings, obligations under finance lease and hire purchase contracts and accruals.
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WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. | Deferred taxation
| Group
|  | 2024 | 2023
|  | £000 | £000
| At beginning of year | (1,679) | (408)
| Credited/(Charged) to the Consolidated Statement of Comprehensive Income | 92 | (1,271)
| At end of year | (1,587) | (1,679)
| Company
|  | 2024 | 2023
|  | £000 | £000
| At beginning of year | (1,989) | (1,111)
| Credited/(Charged) to the Statement of Comprehensive Income | 252 | (878)
|  | (1,737) | (1,989)
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £000 | £000 | £000 | £000
| Fixed asset differences | 150 | 169 | 19 | (105)
| Tax losses carried forward | 1,952 | 1,864 | 1,952 | 1,828
| On revaluation of property | (4,260) | (4,187) | (4,260) | (4,187)
| Other timing differences | 571 | 475 | 552 | 475
|  | (1,587) | (1,679) | (1,737) | (1,989)
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WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
25. | Called up share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1,200,000 (2023 - 1,200,000) Ordinary shares of £1.00 each | 1,200 | 1,200
| Ordinary shares carry with them voting rights, but no right to any fixed income.
26. | Reserves
Revaluation reserve The Revaluation reserve relates to the net surplus arising from the revaluation of the land and buildings over their original cost. Other reserves Other reserves represent the excess of fair value received on the business combination between the J&C Partnership and the Company, over and above the nominal share capital issued. Profit and loss account The Profit and loss account represents the cumulative profits and losses, after the payment of dividends.
27. | Pension commitments
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £220k (2023 - £198k). Contributions totalling £34k (2023 - £73k) were payable to the fund at the reporting date and are included on the Statement of Financial Position within creditors.
28. | Commitments under operating leases
At 31 December 2024, the company does not have any commitments under operating leases. Page 49
WHITTLEBURY PARK ENTERPRISES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
29. | Related party transactions
| The Company and Group has taken advantage of the exemption available in accordance within Section 33 'Related party disclosure' of FRS 102 not to disclose transactions entered into between two or more members of a group that are wholly owned. Transactions between Group companies have not been disclosed as the Company has taken advantage of the exemption conferred by FRS102 section 33.1A, not to disclose transactions with entities wholly owned by the Group. Rent was also paid to Jeffrey and Carol Sargeant, Directors, of £18k (2023 - £17k). £Nil was outstanding in respect of this rent at the year-end (2023 - £Nil). Shareholders loan repayment to Jeffery and Carol Sargeant, of £60k each (2023 - £160k). £1,794k outstanding at the year-end (2023 - £1,914k).
30. | Controlling party
Jeffrey Ian Sargeant and Carol Elizabeth Sargeant are considered to be the ultimate controlling parties by virtue of their ownership of Whittlebury Park Enterprises Limited.
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