ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present the strategic report for the year ended 31 March 2022.
The Consolidated Statement of Income and Retained Earnings set out on page 10 shows that the group’s turnover for the year is £18,297,868 (2021: £6,555,769) and that the group made a profit after tax for the year of £3,809,062 (2021: £104,596).
Turnover has increased by 179% (2021: decreased by 55%) whilst EBITDA increased to £5,475,210 (2021: £915,494). The Group suffered a large reduction in turnover and profit during the year to 31 March 2021 due to COVID closures. The Group opened a new major facility at Foxhills in May 2022, called The Pavilion, which houses a restaurant, leisure facilities for all ages and indoor and outdoor swimming pools. This investment has enabled the Group to grow turnover in the year to 31 March 2022. The Group continues to invest annually in the facilities to keep the product in line with our members and guests’ expectations. The Group ended the year with a healthy balance sheet, displaying a strong net asset and total equity position of £49,361,556 (2021: £47,072,542). The net asset position is helped by a strong cash and in hand balance of £3,415,053 (2021: £4,486,799). The impact of COVID-19 is referred to in the Going Concern note on page 20 note 2.3. The Company repaid a £5m Coronavirus Business Interruption Loan (CBILS) from Handlesbanken on 27th October 2021. The company also repaid a $6m loan from Handlesbanken in June 2021 after recovering the loan from Alexander Fraser Developments Ltd, an associated company.
The directors consider the principal risks and uncertainties faced by the company to be:
∙Competition from rival leisure resorts, golf complexes, health spas and hotels
∙Maintaining the current level of membership
∙Retaining high calibre staff to maintain the reputation of the club
The board monitors these risks and implements policies to mitigate them which include:
∙Regular reviews of member feedback
∙Maintaining excellent relationships between members and management to ensure any concerns are promptly addressed
∙Analysis of the competing clubs in the local areas
∙Offering staff competitive remuneration packages
The group uses KPI’s typical in the leisure business to monitor and measure progress. These include monitoring of sales, EBITDA, and profit before tax as well as more detailed KPI’s such are labour productivity, sales margins and service standards.
The group’s main key performance indicator is Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) which the director monitors monthly.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
The group’s operations expose it to limited financial risks that include liquidity risk and credit risk.
The group’s credit risk is primarily attributable to collection of membership fees. The company manages credit risk by requesting upfront payment for membership fees and deposits, and by employing strict credit control procedures. The group manages day to day cash flow through regular monitoring and forecasting to ensure liabilities can be settled as they fall due. When necessary the group is able to provide support to each of the group companies to meet the day to day liquidity requirements.
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders and other matters in their decision making. The Board of Directors consider that the decisions they have made during the financial year and the way they have acted have promoted the success of the Company for the benefit of its members as a whole, having regard for the stakeholders and matters set out in s172 (1) (a-f) of the Act.
The Mission of the company is ‘when you leave, you feel better than when you arrive’.This applies to everything we do, from the creche to conferences, spa days to Sunday lunch. It applies to everyone, from colleague, client and the community we serve. Naturally, we focus on developing strong long term relationships with all stakeholders through a variety of means, some of which are listed below. Colleagues We understand the importance of our team’s well-being, engagement and motivation. These are essential to the long term success of all concerned. We achieve this through the following:
∙One of our values is ‘to Belong’. The Management foster this through the staff engagement committee, town hall meetings, 1-2-1 meetings, newsletters and other internal communication
∙Offering staff access to our sports facilities to improve health and wellbeing.
∙Encouraging internal promotions and career development.
∙Another of our values is ‘to Make a Difference’, colleagues are encouraged and rewarded for their ideas.
∙Monthly employee awards, annual long service celebration.
∙Preferential rates on dining, spa and retail products and a complimentary hotel stay on each work anniversary.
∙Providing agreed bonuses to recognise great performance and customer service
∙A third value is ‘Never Stop Learning’ so we provide plenty of opportunities for colleagues to develop their skills or add new skills through both internal and external training courses
∙Providing each department with a team-building budget.
∙Access to Hospitality Aid, to provide wide-ranging support when needed.
Suppliers To help us provide the highest quality service to our guests we have developed strong relationships with a wide range of suppliers (over 40 years in at least one case). Whilst the Group recognises the need for cost control, it also recognises the loyalty of long term suppliers that support the business with high quality services. How do we achieve this?
∙A small team can engage regularly with critical suppliers and our Leadership Team are accessible to suppliers.
∙Payment of these suppliers in accordance with our supplier payment policy.
∙All things being equal, we will take a ‘local first’ approach to procurement.
Clients & members
We are privileged to have so many supportive members and clients. The Group recognised this support in particularly during the Covid pandemic with their support and loyalty to the business. We never take for granted our members or clients and seek their opinions on a wide range of matters. How do we achieve this?
∙New member mixers where new members can meet the team and other members and learn about the facilities and activities on offer
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
∙Member surveys, committee meetings.
∙Regular communications with members on upcoming activities and on any issues around the club that may impact on them where they occur. The management often seek the opinion of members through informal contact and will regularly be seen engaging within the operation.
∙All customer reviews are discussed internally and, where possible, addressed directly.
∙Managers who walk the floor, talking to members and guests about any ideas or concerns.
Community
∙Fundraising. Each month both clubs issues vouchers to support local fundraising.
∙Foxhills Community Camps. Set up in 2019, the Camps provide four weeks of safe, supervised fun summer camps for the most deserving local children.
∙Foxhills Foundation. Founded over 30 years ago, the Foundation provides membership and coaching for aspiring local golfers whose circumstance might not enable them to develop a love of the game. Former graduates include Ryder Cup player, Paul Casey.
∙Apprenticeships.
∙Careers advice. Managers visit local colleges to talk to young people considering career options.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their report and the financial statements for the year ended 31 March 2022.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £3,809,062 (2021 - £104,596).
£528,278 dividends were paid (2021: £nil). The director does not recommend payment of a final dividend.
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;
∙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 principal activities of the company and its subsidiaries (the 'group') is that of ownership and operation of Foxhills Golf and County Club and Farleigh Golf Club.
The Group is investing in improving our online presence and customer booking experience and improving our use of technology to assist the operation. The Group also has undertaken the first phase of multi-year improvements to the Golf Courses.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
It is the group’s policy to provide employees with information concerning their roles and responsibilities. This policy is to ensure opportunities are available at every level to improve employees’ and corporate performance. Regular meetings are held which involve directors, managers and staff.
The group is committed to ensuring it recruits and promotes the right people regardless of gender, disability, age, sexual orientation, or race, and is committed to a culture of meritocracy whereby career progression is based on ability. It facilitates opportunity for all employees to progress and regularly review policies and practices. It regards its people as its most important asset and is committed to investing in them to achieve their full potential, without discrimination.
People with disabilities are given equal opportunity wherever they can fulfil the requirements of the job. If an employee becomes disabled during their employment with the company every reasonable effort is made to enable them to continue their career within the group.
The Group has taken the option to exclude from its report any energy and carbon information relating to a subsidiary which would not itself be obliged to include reporting in its own financial statements. The parent company's energy consumption in the United Kingdom for the year is 40,000kWh or lower and therefore is a low energy user, and so is not required to make energy disclosures. Therefore, no disclosures are required in relation to Green House Gas Emissions, Energy Consumption and Energy Efficiency Action.
Agreement on plans to replace an ESSO oil pipeline which crosses the Foxhills golf courses has been reached with ESSO, which reduces the impact of the works on the courses and on the enjoyment of the facilities for customers. The works commenced in October 2022 with scheduled completion in March 2023.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 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 AUDITOR'S REPORT TO THE MEMBERS OF ALEXANDER FRASER HOLDINGS LIMITED
We have audited the financial statements of Alexander Fraser Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2022, which comprise the Group Statement of Income and Retained Earnings, 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 Auditor's 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 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALEXANDER FRASER HOLDINGS 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 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.
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 AUDITOR'S REPORT TO THE MEMBERS OF ALEXANDER FRASER HOLDINGS 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 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 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. We determined that the Companies Act 2006 and the Food Safety Act 1990 were the most significant laws and regulations applicable to the Group. We assessed the extent of compliance with these and other relevant laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company and Group are complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.
∙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:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°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;
°Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount.
°Estimates adopted by management in connection with cut off around the recognition of revenue and deferred income.
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 Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALEXANDER FRASER HOLDINGS 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 Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
1st Floor
Midas House
62 Goldsworth Road
Surrey
GU21 6LQ
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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2022
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 40 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
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COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 40 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Alexander Fraser Holdings Limited ("the company") is a private limited company incorporated and domiciled in England and Wales. The registered office and principal place of business is shown on the company information page.
The group consists of Alexander Fraser Holdings Limited and all of its subsidiaries. Its associate, Alexander Fraser Developments Limited is not included in this consolidation as stated in Note 20. The company's and the group's principal activities and nature of its operations are disclosed in the Directors' Report.
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). Reduced disclosures 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 Income and Retained Earnings in these financial statements. In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements: - Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares; and - Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breached, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income. 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 Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
As at the date of signing the accounts the business is open and trading strongly. We do not expect any material impact on our trade over the winter of 22/23 from COVID-19 and the Group has sufficient resilience to ride out any minor restrictions put in place by the Government over this period.
The Group has no external debt as at 31 March 2022. The Group has a strong cash position as at 31 March 2022 and is in a position to continue to invest in the facilities without the need to raise debt. As a result, the directors are confident that the business can continue as a going concern.
Functional and presentation currency
Transactions and balances
Green fees and related golf and leisure turnover are recognised on the day of sale. Membership fee income is recognised over the life of the membership. Event and room income is recognised when the service has been provided. Turnover includes rental income on assets leased under operating leases and is recognised on a straight-line basis over the lease term.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Goodwill
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over theiruseful lives. Depreciation is only charged once an asset is ready for use within the business and is charged onthe following basis:
The Companies Act requires all property, excluding land, to be depreciated over its useful economic life. However, the directors consider that to depreciate the property would not give a true and fair view, as the value of the property is maintained by the directors' policy of regular maintenance and repair work.
If this departure had not been made, the profit for the year would have been reduced by depreciation. However, the amount of the depreciation cannot reasonably be quantified because depreciation is only one of the many factors reflected in the valuation and the amount which might otherwise have been shown cannot be seperately identified or quantified. Any depreciation charge to the Statement of Comprehensive Income would be immaterial due to the high residual value of the property. Assets under construction Assets in the course of construction are carried at cost, less any identified impairment loss. Cost includes professional fees and the other directly attributable costs that are necessary to bring the asset to its operating condition. Depreciation commences when the assets are ready for their intended use. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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 revises where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: Deferred taxation Deferred tax liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be available. Depreciation of long term leasehold property and freehold property The Companies Act requires all property, excluding land, to be depreciated over its useful economic life. However, the director considers that to depreciate the long term leasehold and freehold property would not give a true and fair view, as the value of the long term leasehold and freehold property is maintained by the director’s policy of regular maintenance and repair work. If this departure had not been made, the profit for the year would have been reduced by depreciation. However, the amount of the depreciation cannot reasonably be quantified because depreciation is only one of the many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. Any depreciation charge to the Statement of Income and Retained Earnings would be material, but the directors do not think it is true and fair to show due to the high residual value of the long term leasehold and freehold property. Investment property valuation Included within the Foxhills estate are Mews properties. These properties are let out to individuals who have no direct links with the group. The properties were last valued in March 2016 as part of the whole estate. A section 106 covenant restricts the ability to sell the properties separately from the estate. Therefore on that basis, the directors have not revalued the investment properties as the restriction means that they are unable to be individually valued on the open market.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 25
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 26
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 27
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 28
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 31
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
16.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Investment property comprises freehold buildings. The fair value of the company’s investment property at 31 March 2016 was arrived at on the basis of a valuation carried out at that date by Savills Charted Surveyors, on an open market basis. Savills Chartered Surveyors are not connected with the company. The valuation was arrived at by reference to market evidence of transaction prices for similar properties.
The directors do not believe that there has been a significant change in the value of the investment property since the valuation due to the reasons held in note 3 (Investment property valuation).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 34
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
See note 25 for the security given in respect of the bank loans.
Page 35
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Page 36
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
26.Deferred taxation (continued)
Page 37
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Revaluation reserve
Capital redemption reserve
Profit and loss account
Page 38
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The group had commitments relating to the acquisition of fixtures and fittings amounting to £172,000 committed to as at 31 March 2022 (2021: £345,000).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The ultimate controlling party is P L Hayton, due to her majority shareholding.
Page 40
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