Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 2 APRIL 2023
The directors present their report together with the audited financial statements of The Manor House Hotel (Castle Combe) Limited for the period ended 2nd April 2023.
The principal activity of the group is that of hotel, spa and golf operators. The group’s hotel properties consist of Pennyhill Park, South Lodge, Lainston House, The Manor House Hotel, Royal Berkshire Hotel, Fanhams Hall Hotel, The Castle Inn and now Ansty Hall.
Each of the properties has its own identity and brand. Collectively, the group operates under the brand, ‘Exclusive Collection’. The Exclusive Collection is positioned at the top end of the conference, wedding and leisure market segments. We differentiate our offering through the quality of our hotels and facilities, and through the high level of service we provide. Ansty Hall will be integrated into the brand summer 2024. We continue to invest in the product with an emphasis on bedroom refurbishments around the group. We have also continued to add experiential features such as cabanas at Pennyhill. We have also started an extensive meeting room refurbishment with Pennyhill having significant investment in its terrace meeting wing, and put an emphasis on upgrading the experiential elements of the bathrooms such as feature showers. With a strong focus on differentiating our offering through quality of product and service, the development of our people remains a key focus as we seek to meet and exceed the expectations of our guests. We invest in training for all staff, including operating a chefs’ academy, utilising our own cookery school at Lainston House. Between them, our hotels have 13 AA Rosettes, recognition of the service we offer, and three of our restaurants have been recognised with Michelin stars, with The Pass at South Lodge gaining a star in October 2022. With two spas, a golf course, the cookery school and the Castle Inn adjacent to the Manor House Hotel, we have a range of attractive leisure offerings across our properties. As well as attracting guests to stay at our hotels, these facilities are also enabling us to develop membership models. Membership has been extremely strong this year with both golf and our wellness offering at our two spas showing very positive growth.
The group has generated revenue of £62.9m (2022: £52.2m) and a profit on ordinary activities before taxation of £7.2m (2022: £10.7m).
Across all hotels, the meetings, incentives, conferences and exhibitions market was strong with demand generated from companies wishing to physically get together after the pandemic. Wedding receptions were strong helped by the continued COVID backlog and our flexible approach to couples during the pandemic. We continue our focus on accessibility with our Pennyhill terrace meeting rooms having a state-of-the-art stair lift. At The Manor House we have added an accessible toilet whilst undergoing the restaurant refurbishment and at Royal Berkshire we finished off the addition of a new accessible toilet as well as the stair lift to the meeting rooms.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 APRIL 2023
The directors work to promote the success of the group for the benefit of its members as a whole with regard to its stakeholders and to the matters set out in Section 172 of the Companies Act 2006.
The board operates a standing rolling agenda of items aligned to the group’s operating and reporting cycles with approval, endorsement, review and monitoring functions. The success of the group is determined by positive and effective stakeholder engagement. The group’s key stakeholders are considered to be investors and debtholders, customers, suppliers, employees and the communities and environments in which the group operates. All decisions made by the directors consider the impact on each stakeholder group. Throughout the period the group proactively communicated the organisation’s objectives and strategy to each stakeholder grouping. The Board’s strategy and decisions have been disclosed throughout the financial statements. The directors confirm that throughout the period they have acted in good faith to promote the success of the group for the benefit of its members as a whole.
We generated sales of over £62.9m (2022: £52.2m). We achieved an operating profit of £8.5m (2022: £11.3m).
Earnings before interest, tax, depreciation and amortisation (EBITDA) was £11.7m (2022: £14.5m). We own the freehold of all seven of our hotel properties, giving us a strong balance sheet position. Total bank borrowings of £36m are well supported by the value of our assets.
The group is exposed to events that prevent the normal operation of our hotels, including pandemics, extreme weather events and other operational issues. Having a number of properties, in various locations, provides some mitigation to these operational risks. Some risks are covered by insurance.
We are also exposed to a downturn in demand for hotel stays, due to an economic recession or for other reasons. We seek to mitigate this risk by targeting different market segments, including the conference market, the leisure market, weddings and a membership base. We are impacted by changes in regulation, including legislation relating to employment, the environment and health and safety. The board regularly reviews changes in regulations, ensuring we have in place appropriate processes to maintain compliance, and adapting our business model as necessary.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 2 APRIL 2023
The directors present their report and the financial statements for the period ended 2 April 2023.
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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
The profit for the period, after taxation, amounted to £5,275,737 (2022 - £8,934,497).
Dividends paid during the period totalled £450,000 (2022: £Nil).
The directors who served during the period were:
We continue to be exceptionally focused on respecting our environment. Our zero direct to landfill policy is a focus key for us, and in all major decisions the environmental impact is discussed.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 APRIL 2023
The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company. Employees are consulted regularly on a wide range of matters affecting their current and future interests.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.
report.
The SECR disclosure presents our carbon footprint within the United Kingdom across Scope 1, 2 and to some extent scope 3 emissions, an appropriate intensity metric, the total energy use of electricity, gas and transport fuel and an energy efficiency actions summary taken during the relevant financial year.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 APRIL 2023
Year to 31st March 2023
We achieved a significant reduction in our carbon intensity ratios, with overall emissions broadly unchanged despite higher activity levels as we reopened following covid-related closures in the prior year. This was achieved through operational and technological improvements, including: • Continued capex investment to improve efficiency and switch over to renewables, this included solar panel installation on the roof of the greenkeeping sheds and main clubhouse building at the Manor House golf club. • A new boiler installed at the Castle Inn (efficiency rating improved from the low 60% to the high 80%). • A new main house boiler installed at Pennyhill servicing 76 bedrooms with an efficiency uplift of 10%. • We have an ongoing day to day reduction plan at each property driven by the Technical services managers with projects such as sensor instillation, pipe lagging and light bulb replacements to name a few. We have also been reviewing our service offerings, so we no longer have the outdoor pool at Pennyhill fully heated during the winter or TVs left on standby. • We monitor our consumption on a regular basis via the Schneider dashboard and all of our Technical services managers and general managers are incentivised on a 3% annual reduction of consumption. Our group wide internal communications tool has a channel specifically for sustainability which celebrates our success in this area.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 APRIL 2023
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 it must be stated in the Directors' Report that it has done so. This includes information that would have been included in the business review, duty to promote the success of the group and the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 APRIL 2023
Please refer to note 31.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MANOR HOUSE HOTEL (CASTLE COMBE) LIMITED
We have audited the financial statements of The Manor House Hotel (Castle Combe) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 2 April 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MANOR HOUSE HOTEL (CASTLE COMBE) LIMITED (CONTINUED)
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 period 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.
In the light of the knowledge and understanding of the Group and the 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MANOR HOUSE HOTEL (CASTLE COMBE) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. • We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of Board minutes. • The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. • We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; o Challenging assumptions and judgments made by management in its significant accounting estimates; and o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. • As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: o Posting of unusual journals and complex transactions; o Misappropriation of funds through fraudulent supplier ledger and payroll activity; and o Manipulation of amounts subject to significant judgement or estimate. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MANOR HOUSE HOTEL (CASTLE COMBE) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 2 APRIL 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 2 APRIL 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 2 APRIL 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 2 APRIL 2023
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COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 2 APRIL 2023
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 profit after tax of the parent company for the period was £3,334,877 (2022: £2,576,911).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 2 APRIL 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 2 APRIL 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 2 APRIL 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
The Manor House Hotel (Castle Combe) Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is disclosed on the company information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment 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:
The consolidated financial statements present the results of the Company and its own subsidiaries ("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 purchase method. In the 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. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
2.Accounting policies (continued)
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the consolidated statement of comprehensive income over its estimates economic life.
Patents and trademarks are not amortised and the recognition of amortisation would be immaterial to the financial statements. At each reporting date the company 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. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
2.Accounting policies (continued)
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Rentals paid under operating leases are charged to the consolidated statement of comprehensive income on a straight line basis over the period of the lease. 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 the consolidated statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
2.Accounting policies (continued)
Investments in subsidiaries are valued at cost less provision for impairment. Investments in joint ventures are stated at the group's share of net assets. The company's share of the profits or losses of the joint venture is included in the consolidated statement of comprehensive income using the equity accounting basis. Investments in joint ventures are stated at cost less provision for impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Interest is imputed on the company's long term intercompany loans. Factors taken into account in reaching the imputed interest rate include the company's cost of external borrowing and the terms and conditions of the intercompany loans. Freehold property is not depreciated. This is because. any depreciation charge would be highly immaterial as the property's useful economic life can be measured in centuries, and if the property were to be depreciated the residual value would be significant due to frequent maintenance and refurbishment works. Other key sources of estimation uncertainty: · Tangible fixed assets (see note 14) Tangible fixed assets, other than freehold properties, are depreciated over their useful lives taking into account residual' values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives factors such as product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. - Intangible fixed assets (see note 13) Intangible fixed assets are being amortised over the directors' estimate of its useful life. These estimates are based on a variety of factors such as the expected use of the intangible, the expected useful life of the cash generating units to which the intangible is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
The whole of the turnover is attributable to the group's principle activity of the operating hotel, golf and spa resorts.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
11.Taxation (continued)
A change in the main UK corporation tax rate, announced in the budget on 3 March 2021, was substantively enacted on 24 May 2021 to increase the main corporation tax rate from 19% to 25% on profits over £250,000 from 1 April 2023. In addition the rate for small profits under £50,000 was to remain at 19%, and where the company's profits fall between £50,000 and £250,000, the lower and upper limits marginal relief rules were due to apply. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
Page 41
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
Profit and loss account
Financial assets and liabilities measured at fair value through profit or loss in the current and prior period comprise interest rate swap contracts.
Derivative financial instruments measured at fair value through profit or loss in the group totalled £825,951 (2022: £Nil) at the period end. There were no such derivative financial instruments in the company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 APRIL 2023
The group operates a defined contribution pension scheme. The assets of the scheme are held seperatley from those of the group in an independently administrated fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £535,656 (2022 - £460,435). Contributions totalling £55,915 (2022 - £73,444) were payable to the fund at the reporting date and are included within creditors.
Mr G Pecorelli, a director of the company, and his family control 100% of the issued share capital.
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